The Hindu Business Line : Jain Irrigation net jumps 84% in Q2

Mumbai, Oct. 23 Jain Irrigation Systems Ltd has posted a net profit of Rs 30 crore, up 84.4 per cent for the second-quarter ended September 2007 compared to same period last year.

Net sales for the quarter grew 45.5 per cent to Rs 329.26 crore (Rs 226.34 crore).

Both revenues as well as profits from the Hi-tech Agri Input division grew more than the growth resulting from the industrial products segment.

Revenues from the Hi-tech Agri division doubled to Rs 147.64 crore (Rs 98.76 crore).

The profits from the hi-tech division reported a 114 per cent jump at Rs 43.18 crore (Rs 20.16 crore).

Internal departments

In terms of internal departments, the polyethylene pipes have registered over 250 per cent growth at Rs 82 crore ((Rs 23 crore). The product is used in telecommunication, gas and water distribution.

The company has received order from the France-based telecom giant for supply of the polyethylene pipes for use as telecom duct pipes, said Mr Anil Jain, Managing Director.

On the back of a strong mango season, the fruit division has registered a 36.5 per cent growth reflecting the benefits of a two location processing strategy adopted by the company.

However, the PVC sheet division witnessed a 25 per cent decline as a result of the slowdown induced on account of US housing.

Interest costs for the quarter increased to Rs 26.45 crore from Rs 14.80 crore due to increased utilisation of borrowed funds and overall finance cost increase.

Earning per share (basic and diluted) for the quarter was reported 90 per cent up at Rs 5.29 from Rs 2.78.

Its share price closed at Rs 533.50 on the BSE.