Jain irrigation the agri irrigation leader has declared standalone unaudited results for the FY 2007-08. The sales at Rs. 1667.30 crores have registered significant growth of 38%. The domestic sales have grown 51.2% on the back of 65.2% growth in MIS division, 83.9% growth in PE piping division and 85.3% growth in Fruit division of the Company. The exports have however grown 11.7% on the back of over six fold jump in PE piping exports. The domestic export revenue mix was 72.8% vs 27.2% in favour of domestic revenues in FY 2008 reflecting the conscious shift from mix of 66.4% vs 33.6% in the previous years level.

In the business segments, MIS at 63.7%, PE piping at 138.8% and fruit at 45.4% continued to exhibit a strong demand led growth for the Company�s core competence areas. It also reflects the capex incurred in the last 12 months in these businesses which helped build the enhanced capacities in line with the demand growth expectations of the management. The order book for the Q1 FY 2009 is upwards of Rs.650 crores (Rs. 6.5 bn).

The earnings before depreciation, Interest and Tax for the year at Rs. 329 Crores (Rs.3.29 bn) has grown by 56.4% over the last years level of Rs.210.3 Crores (Rs. 2.103 bn). To guard against the rising polymer prices the Company has made efforts to stock higher inventory levels while interest costs have been generally moving up hence the interest costs have also increased from Rs. 65.58 crores to Rs. 113.13 crores.

The Profit before Tax for the year (Rs. 196.1 Crores / Rs. 1.961 bn) has shown a rise of 51.6% against the last year�s level of Rs.129.41Crores (Rs.1.294bn). The Profit after Tax at Rs.139.7 Crores (Rs. 1.397 bn) has shown increase of 40.9% against Rs. 99.1 crores (Rs.0.991 bn) for the last year.

For the Q4 Fy 2008 the Company has reported sales growth of about 33.1% at Rs. 598.9 crores (Rs. 5.989 bn), while the EBIDTA at Rs.125.9 crores (Rs. 1.259bn) is almost 56.1% higher as compared to last year’s level. The Profit after Tax at Rs.36.6 Crores (Rs. 0.366 bn) has shown increase of 7.5% against Rs. 34.0 Crores (Rs.0.34 bn) for the corresponding quarter last year. Lower increase in net profit in this quarter is primarily due to higher tax write off on deferred tax assets. Actually, EBIDTA margins have expanded in this quarter from 17.9% to 21% registering 3.1% increase. As per the accounting standard, consolidated audited results inclusive of overseas acquisitions will be finalised before end July 2008.

Mr. Anil Jain, Managing Director said after the results, �We have registered strong growth and improved profits despite volatile environment. We look forward to another strong year going forward based on new demand especially in domestic markets across our business segments.�

About Jain Irrigation �Jain Irrigation is a diversified Company with more than 5,000 employees and expected standalone turnover in excess of Rs.1800 crores and a product portfolio encompassing Irrigation Products, Piping Products, Plastic Sheets, Dehydrated Foods, Fruit Puree and Juice concentrates. Jain Irrigation has pioneered drip irrigation for small farmers in India and has a major market share in one of the fastest growing irrigation markets in the world and is also the second largest drip irrigation Company in the world.

View Unaudited Working Results Year Ended 31st March, 2008