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Jain Irrigation has reported 59 per cent increase in net profit at Rs 173 crore (Rs 109 crore) in the fourth quarter. Sales were up by one per cent at Rs 1,212 crore (Rs 1,200 crore).
The company recorded a forex gain of Rs 30 crore in the quarter against Rs 10 crore registered in the same period last year.
The company has recorded a tax write back of Rs 44 crore in the quarter.
Mr Anil Jain, Managing Director, said the year passed by has been almost like a perfect storm for us. “We have faced slowing sales growth, increasing delay in release of government subsidy receivables and high working capital and interest costs, besides high oil and polymer prices,” he said.
While growth in micro irrigation systems was down five per cent, pipe business declined marginally.
The agriculture product processing business registered a flat growth.
Solar business has shown a robust growth, said the company in a press release.
Exports rose 17 per cent to Rs 191 crore on the back of robust demand for micro irrigation systems.
The company's net profit was down nine per cent at Rs 268 crore for the fiscal ended March due to significant mark-to-market foreign exchange loss.
The forex loss for the fiscal was at Rs 68 crore against a gain of Rs 65 crore in the same period last year.
Sales revenue for the fiscal was up at Rs 3,710 crore (Rs 3,251 crore).
The company's shares were up 1.21 per cent at Rs 75 on Friday.
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