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News @ Jains - Jain Irrigation-Net Jumps 97%

Drip Irrigation leader, Jain Irrigation, has declared excellent financial results for 2Q of FY 2005-06. Revenue has grown by 31% and net profit is at Rs.8.13 crores, showing a 97% jump over corresponding quarter.

For 1H of FY 2005-06 revenue has grown by 27%, operating profit by 24% and profit at net level has jumped by 119%.

The Hi-Tech agri input product segment has reported 59% growth while the industrial products segment shows a 17% growth for 2Q. The growth during 1H for these segments are comparable at 42% & 16% respectively. While the Agri Input Division has contribued 21% of segment profit before interest & tax whereas the industrial products segment has contributed about 15%. Historically, revenue for 1H accounts for about 35% of total revenue for the year.

The upcoming 2H is the main revenue and profit generating period of the year for the Company. Company has robust order book to maintain similar performance in the coming 6 months.

The Company had recently announced merger of unlisted Company, Terra Agro, Coimbatore, with itself with 1st April 2005 as the appointed date of merger. The Company hopes to complete the merger in FY 2005-06.

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