News @ Jains - Jain Irrigation Revenue Up at 41% for the year 2006-07

Jain Irrigation, the agriculture major has declared its strong results for the FY 2006-07.

Net sales and operating income for the entire year grew at 41% to Rs. 12080 million. The Micro Irrigation division had a robust growth at 74% for the year, while Fruit division has grown at 102% for FY 2006-07. The exports have crossed Rs. 4060 million showing growth of about 42% over last year. The domestic revenue grew at about 40% in FY 2006-07.

The PBDIT has grown substantially at 62% to Rs. 2226 million while PBT has grown at 97% to Rs.1261 million. Due to provision of Rs. 262 million of deferred tax liability, the PAT has grown at 35% to Rs. 910 million.

In Q4 the sales have grown at 36% to Rs. 4494 million backed by excellent growth in Micro Irrigation & Fruit Processing business. For Q4 the PBDIT is Rs. 873 million reflecting a 65% growth, whereas PBT has grown by 84% at Rs. 568 million.

The Company has good orders on hand and will continue with strong momentum of growth in current financial year on back of excellent prospects in Micro Irrigation, Piping Products & Agro Processing division.

The Company had recently announced acquisition of Aquarius Brands, Inc., USA, to become a real time global player in the irrigation market. Major impact of all recent acquisition will only be felt in current fiscal year.

Mr. Anil Jain, Managing Director said “Increased focus on agriculture by all stakeholders of economy and increased allocation of funds for rural & urban infrastructure development in India from Governments as well as Banks auger well for Company to maintain higher growth on a sustainable basis.”