Jain Irrigation Systems Ltd, a company known for manufacture of processed foods, irrigation systems and so on, recently released audited standalone and consolidated results for the 4th quarter and 12 months ended March 31, 2015.
According to a press release, in Q4FY15, overall revenue has shown positive growth of 12.7%. Revenue in Micro Irrigation (MIS), PVC pipes, PE pipes & tissue culture plants increased by 3.8%, 12.2%, 68.9% and 72.2%, respectively on YoY basis. Solar products saw negative growth of 27% while PVC experienced 41.1% degrowth due to structural change in the business model by shifting of production lines from India to Europe.
Onion dehydration & fruit processing has shown phenomenal growth of 33.8% and 19.4% on YoY basis. Domestic business improved by 13.8% and export business improved by 8.8% in the current quarter reversing the trend with Q3FY15.
In audited standalone for the year ended on March 31, 2015, domestic Micro Irrigation (MIS) business grew by 17.4% on YoY basis. Overall revenue grew marginally by 2.4% on YoY basis. Overall MIS grew positively by 6.4%, onion dehydration by 36.8%, fruit processing by 19.4% and tissue culture by 18.2%. PVC pipes declined by 4.1%, PE pipes declined by 10.8%, PVC sheets declined by 28.6% and solar products declined by 30.8%. Domestic business grew by 5.1% but export has declined by 6.9%. Exports business has grown by 9.6% in PVC pipes, 32.4% in PE pipes, 21.3% in fruit processing & 29.6% in onion dehydration while exports of MIS products have declined by 45.1%. However, low exports of MIS were compensated by increased exports in food and other segments. Reported PAT for year FY1S is of Rs 49.4 crore as against Rs 3.9 crore in corresponding Year FY14. PAT has been substantially increased by Rs 45.5 crore.
Audited consolidated standalone for the year ended on March 31, 2015: Overall revenue growth stood at 5.4%. Positive growth in micro irrigation at 7.1%, onion dehydration at 18.1%, fruit processing at 18.5%. However, pipes and other products reported negative growth of 6.6% and 1.1% respectively. Contribution of overseas market in consolidated revenue is at 45%. Overseas revenue grown by 5.7%. Overall EBIDTA margin at 13.6% as against 14.2% for corresponding Year FY14. Consolidated PAT for FY15 has been improved to Rs 55.4 crore as compared with loss of Rs 39.8 crore last year.
Anil Jain, MD and CEO, Jain Irrigation Systems Ltd, stated, "Our company has declared satisfactory results. We have maintained double digit growth despite significantly adverse agriculture situation in the country. Pipe business has started seeing growth based on new orders from infrastructure players.
Food business has achieved high growth rate for whole year with increase in the domestic as well as export market.”
He added, “Apart from good results (consolidated net profit of Rs 98.5 crore for Q4FY15), we have also reduced our consolidated debt by Rs 362 crore in line with our stated plan to deleverage company while ensuring positive growth. Our outlook for the coming year is cautiously optimistic because of continued challenges in agriculture and rural area. Post-monsoon better clarity will emerge. Meanwhile we remain on the path to another year of growth and profitability while further deleveraging our balance sheet."
