Aims 30-50 pc topline growth this fiscal; moots 18% dividend

Our Bureau

Mumbai, June 29

Jain Irrigation Systems Ltd expects a 30-50 per cent topline growth during the current fiscal, as it has strong orders in all its business. The company believes its focus area would be plastics and food products.

It has announced a 42 per cent increase in revenues from Rs 604.81 crore to Rs 858.9 crore. PBDIT grew by 39 per cent.

Net profit has more than doubled from Rs 32.4 crore in 2004-05 fiscal to Rs 67.17 crore in 2005-06 fiscal. Exports have contributed Rs 289 crore to overall revenue.

In the micro/sprinkler systems division, projects such as Andhra Pradesh Micro Irrigation Project and Gujarat Green Revolution Co. Ltd have helped the company achieve historic growth levels.

"Allocation of higher subsidy through Government programmes also enhanced growth opportunities for the division,'' the company said in a news release.

The recent acquisition of drip irrigation companies, Chapin Watermatics USA and Eurodrip S.A. Greece would further enhance growth in this division.

"Continuing telecom expansion and identification of new business opportunities in the areas of water distribution have been highlights of growth in the PE pipes business. PVC pipes sales will maintain growth momentum due to aggressive Government programme's for drinking water supply to all villages and additional irrigation to 10 million hectares,'' the release said.

The company has recommended payment of 18 per cent dividend at Rs 1.8 per share.

(This article was published in the Business Line print edition dated June 30, 2006)
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