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Mumbai, July 20

Jain Irrigation has reported a 60.6 per cent growth in its net profit for the first quarter of fiscal 2007-08. The net profit increased to Rs. 28.22 crore from Rs. 17.57 crore for the corresponding quarter last year. The company’s net sales grew by 42.4 per cent in Q1 to Rs. 327.40 crore from Rs. 229.95 crore in the corresponding quarter last year. EPS (basic) for the quarter has doubled to Rs 4.53 from Rs 3.01 for the same period last year. Operating profit of the c ompany for the quarter has gone up to Rs. 658 crore (Rs. 418 crore). The PE pipes segment has shown a 234 per cent growth in revenues on year-on-year basis while micro and sprinkler division has continued to grow at 74 per cent, during the quarter. The onion division has grown 115 per cent, albeit on a smaller base. The fruit processing division has grown 75 per cent showing robust trend in the quarter. Approximately 50 per cent of ZCCB holders have opted and converted the ZCCB’s during the quarter resulting in increased equity base at Rs 65.12 crore. The conversion has taken place at Rs 345.59 per share. The company said it has integrated Pune-based Eurissko Agro Ltd after an approval from the High Court . Last month it acquired 50 per cent stake in Naandan Jain Irrigation C. S. Ltd. —

Our Bureau

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