* Consolidated financials are comparable as they include performance of Agro Processing Division, now a subsidiary. However, standalone financials of the Company for this quarter are not comparable as 1QFY17 does not include Agro Processing Division.
India 13 August 2016: Jain Irrigation Systems Limited (‘JISL’ or ’the Company’), the largest micro irrigation company in the country and second largest globally, has announced unaudited standalone and consolidated results for 1st quarter of the financial year 2016-17 (FY17) as per Ind AS.
Four Fold increase in the consolidated profit after tax for 1QFY17
Key Highlights:
Consolidated sales for 1Q FY17 grew by 4%
Consolidated net profit after tax for 1QFY17 to INR 585 Mn
Standalone net profit after tax for 1QFY17 up by 61.2% to INR 353 Mn
Current India order book stands at ~INR 16,500 Mn
Consolidated EBIDTA for 1QFY17 stood at INR 2,514 Mn
Management Comments:
Vice Chairman and Managing Director of the Company, Mr. Anil Jain said “Our Stellar performance on margins show that we are moving into positive growth and earnings cycle. As expected, revenue growth will remain muted in first half but shall generate significant growth in second half based on existing order book and expected orders in pipelines. We will remain focused on disciplined execution. We thank all our stakeholders for their support”
Consolidated Performance Overview 1Q FY17:
Hi-tech Agri Inputs Products division includes Micro Irrigation Systems and Tissue Culture business. Consolidated Micro Irrigation Systems business de-grew by 6.7% due to lower sales in India. Overseas micro irrigation business expanded by 10.3%. Primary reason for slow growth in Indian market is attributed to lower availability of water during early part of the year in the key markets of the Company such as Maharashtra.
Overall Agro Processing Division improved by 7.9%. The growth was led by stellar performance of USA operations. However, the Company had less than expected growth in exports from India though domestic business grew by 29.0%.
Plastics Division includes Piping and Plastic Sheet business. Consolidated Pipe Division increased by 20% in line with growth of Indian business which continues to have strong order book and business outlook. Sheet Business grew by 8.4%
Standalone Performance Overview 1Q FY17:
Standalone financials of the Company for this quarter are not comparable as 1QFY17 does not include Agro Processing Division.
Overall standalone revenue increased by 4.1% led by 4.7% growth in Domestic Business and negative growth of 5% in exports as compared with same period last year
Hi-tech Agri Inputs Products division de-grew by 9.2%, within which Micro Irrigation Systems business had negative growth of 12.3 %. Tissue Culture grew by 11.4%
Plastics Division grew by 17.6%. Within Plastics Division, piping business registered double digit growth on account of continued institutional sales. Plastic sheets business remained subdued.
Other division grew by 72% though on a lower base
EBIDTA for 1QFY2017 stood at ~17% on account of lower commodity prices. Net profit for 1QFY17 is INR 353.0 Mn against net profit of INR 219.5 Mn for 1QFY16 (as restated for Ind AS)
The Board approved unaudited standalone and consolidated results for 1st quarter of FY 2017.
About Jain Irrigation:
Our Company, Jain Irrigation Systems Limited (JISL) with it’s motto ‘Small Ideas, Big Revolutions’ has more than 10,000 associates worldwide and revenue of 60 billion rupees, is an Indian multinational company with manufacturing plants in 28 locations across the globe. It is engaged in manufacturing of Micro Irrigation Systems, PVC Pipes, HDPE Pipes, Plastic Sheets, Agro Processed Products, Renewable Energy solutions, Tissue Culture Plants, Financial Services and other agricultural inputs since last 34 years. It has pioneered silent revolution with modern irrigation systems and innovative technologies in order to save precious water and has helped to get significant increase in crop yields, especially for millions of the small farmers. It has also ushered in new concept of large scale Integrated Irrigation Projects (IIP). ‘More Crop Per DropR. is company’s approach to water security and food security. All the products & services of JISL help create sustainable future while fulfilling its vision ‘Leave this world better than you found it’. JISL is listed in NSE-Mumbai at JISLJALEQS and in BSE at code 500219. Please visit us at www.jains.com.