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Jain Irrigation has reported that its net profit was up 58 per cent at Rs 82 crore (Rs 52 crore) in the first quarter of this fiscal on the back of improved performance by the agro processing business. Revenue was up 29 per cent at Rs 932 crore (Rs 721 crore).
The company has announced a dividend of Rs 1 per equity share.
Mr Anil Jain, Managing Director, Jain Irrigation, said the major driver for the growth has been buoyancy in rural demand backed by rising income of farmers who are getting higher prices for their produce especially cash crops.
“Besides the products, services offered by us have helped farmers improve their productivity as well as reduce input cost. With the reasonable monsoon across the country, we expect higher demand due to improved focus on agriculture productivity which can mitigate food inflation,” he said.
Micro Irrigation System business has grown 31 per cent, pipe business 4 per cent, agro processing business 80 per cent. In the agro processing business, onion dehydration was up 24 per cent and mango pulp 106 per cent.
“Though we continue to remain cautious on the inflationary and volatile environment, the company is increasing production capacity to meet growing demand,” said Mr Jain.
EBIDTA for the quarter was at Rs 230 crore (Rs 165 crore) demonstrating a growth of 39 per cent.
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