Business Daily from THE HINDU group of publications
Friday, Jan 25, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Friday, Jan 25, 2008 ePaper | Mobile/PDA Version |
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Corporate Results
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Plastics Jain Irrigation net up 43% Our Bureau Mumbai, Jan. 25 Jain Irrigation Systems has reported a 43.29 per cent increase in its net profit for the quarter ending December 31, 2007. Net profit for the period increased to Rs 44.85 crore from Rs 31.30 crore for the same period last year. The company’s profits have increased despite high interest cost, which has gone up by 76 per cent to Rs 30 crore (Rs 17 crore). “We have made efforts to stock higher inventory levels in view of the rising raw material prices. As a net effect, we have been able to set off rising cost of raw materials,” said Mr Anil Jain, Managing Director, Jain Irrigation. New StrategyWith expectation of softer interest costs in the following quarters, profits will be boosted further with the adoption of this strategy, he said. The company’s sales for the quarter increased by 36 per cent to Rs 411 crore (Rs 302 crore). Domestic sales grew 51.7 per cent to Rs 309 crore (Rs 203 crore). Export sales were at Rs 102 crore, a growth of 4.1 per cent. For the nine months ended December 2007, the company registered a 58 per cent rise in net profit to Rs 103.1 crore. The company has issued warrants to the promoters in two portions, the total exercise of which would give the company additional equity of Rs 500 crore. The share price of the company closed at Rs 629.90 on the BSE. More Stories on : Plastics
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