Jain Irrigation reaps rich Q1
Jain Irrigation is the top gainer since the opening bell. Hitting an intra day high at Rs.77.30, it is just inches away from its 52-week high scaled on 10th August at Rs.78.50.
Driven by a good balanced export and Indian operations, the company, for Q1FY17 posted a very robust result – on a 4% (YoY) rise in consolidated total income at Rs.1713 crore, the company’s net profit was up over 4 times at Rs.58 crore, up from Rs.14 crore.
EBITDA also showed a good increase of 17% at Rs.233 crore while margins improved from 12.2% to 13.6%. Interest cost stands at Rs.10 crore, up over 12% though this was offset by tax outgo rising from Rs.1.5 crore to over Rs.8 crore. Company’s equity is huge at Rs.95.30 crore.
In terms of its verticals, Hi-tech agri inputs, which includes micro irrigation systems and tissue culture, showed a 7% drop in Indian operations due to lack of water while exports rose 10%. Agro processing unit grew 8% led mainly by an unexpected 29% jump in Indian business. Its plastics division showed a 20% growth.