Jain Irrigation hits new high
Jain Irrigation has hit a new 52-week high today at Rs.119.90 and it currently remains strongly in the green, up almost 7.5%.
The stock has hit a high on the back of its very good performance for Q4FY14. On a consolidated basis, net profit for the quarter came in at Rs.75 crore, up 39% (YoY) and sequentially, the spike up was much sharper, up 188%. Net sales was at Rs.1806 crore, up11% (YoY) and up 33% (QoQ). The market is probably celebrating the standalone numbers, which were more exuberant, with net profit up 95%. The forex gain of Rs.100 crore in the standalone numbers helped immensely.
The company ended FY14 with a consolidated net loss of Rs.40 crore v/s net profit of Rs.3 crore in FY13. Net debt of the company as at 31st March, down 9%(QoQ) at Rs.2820 crore. Its cash to cash cycle has reduced to 136 days (DSO) v/s 164 days (DSO) on a YoY.