The Hindu Business Line : Jain Irrigation posts muted growth in Q4

Mumbai, April 21 Jain Irrigation has posted a 7.5-per cent rise in net profit at Rs 37 crore in the fourth quarter ended March 31, 2008, against Rs 34 crore logged in the corresponding period last year. Sales grew 33 per cent to Rs 599 crore (Rs 450 crore).

Lower growth in net profit in the fourth quarter is primarily due to higher tax write off on deferred tax assets. EBIDTA (Earnings Before Interest, Taxes, Depreciation and Amortisation) margins have expanded in this quarter from 17.9 per cent to 21 per cent, the company said.

According to the accounting standard, consolidated audited results inclusive of overseas acquisitions will be finalised before end July.

Strong exports

For the fiscal 2008, the net profit increased to Rs 140 crore against Rs 99 crore last year. The sales were up 38 per cent to Rs 1,667 crore. The domestic sales have grown 51 per cent on the back of 65 per cent rise in MIS division, 84 per cent growth in PE piping division and 85 per cent jump in fruit division.

Exports grew 12 per cent on the back of over six-fold jump in PE piping exports. The order book for the first quarter in the financial year 2009 was Rs 650 crore.

Mr Anil Jain, Managing Director, said, “We have registered strong growth and improved profits despite volatile environment.”

The company shares on the BSE rose 3.56 per cent to Rs 654 on Monday.

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