Audited Standalone and Consolidated Financial Results Forthe quarter /year ended March 31,2020
Jain Irrigation Systems Limited, the largest Micro Irrigation Systems Company in the country and second largest globally, has announced audited standalone and consolidated results for the fourthquarter and the twelvemonths of FY 2020.
Consolidated Revenue was at INR 16,362 Mn in Q4FY20 on yoy basis, Standalone Revenuewas at INR 3,825 Mn
Consolidated PAT wasat INR (7,194) Mn in year endedFY20, Standalone PAT wasat INR (5,083)Mn
Global order book now stands at over INR 43 billion
The Vice Chairman and Managing Director of the Company, Mr Anil Jain said:
""The audited financial results of the Company for the fourth quarter and year ended March 31, 2020 reflect the challenges faced by the Company. The standalone performance is expectedly affected due to liquidity constraints during the year. As was mentioned earlier, the debt resolution was initiated in second quarter of the year and we have progressed a lot on the path towards debt resolution plan and are now in final stages subject to approvals from lenders. The performance of the overseas companies has seen a relative outperformance, compared to the Indian operations.The profitability is also impacted due to certain significant prudentprovisions for doubtful receivables and one –off expensesconsidering current economic environment.
Admittedly, this is the worst financial performance in our history of the Company. The period of last twelve months has been used for taking appropriate steps for turning around. Post implementation of the resolution plan, the Company’s ability to optimizethe operations will improve significantly. We believe that the lost ground will beregained in a calibrated manner. The Company has a great mix of industrial and consumer products which are known in the market and stand for high utility and quality. Our manufacturing facilities have significant capacities, which are scalable and resilient to changes. Also,in post Covid world,agriculture & finance shall do much better.
The Covid –19 pandemic is also a reason for the adverseperformance, since the fourth quarter is the biggest quarter for us historically. Given these challenging conditions, the Company has delivered a reasonable performance of customer retention and cost reductionin most geographies. Our employees’ health and safety has been our top priority, and we launched programs for safe return to work, skilling and wellnesspost April.
The recent initiatives announced by the Government in the areas of agriculture and indigenization gives us many opportunities in our sectors to scale up. Themood in the Company is to work with gusto like a young Company, which has also a rich legacy. We have a good order book and our focus in FY 2021 is tofind ways and means tominimize working capital, reduce cost,build volumesand recover the receivables. We aresincerely thankful to the support given by our employees, banks, financial institutions, advisors and well –wishers during these tough times."
About Jain Irrigation
Our Company, Jain Irrigation Systems Limited (JISL) with it’s motto ‘Small Ideas, Big Revolutions’ with more than 10,500+ associates worldwide and revenue of~USD 1.2Bn, is an Indian multinational company with manufacturing plants in 30 locations across the globe. JISL, its subsidiaries and associates are engaged in manufacturing of Micro Irrigation Systems, PVC Pipes, HDPE Pipes, Plastic Sheets, Agro Processed Products,Renewable Energy Solutions, Tissue Culture Plants, Financial Services and other agricultural inputs since more than 34 years. It has pioneered a silent Productivity Revolution with modern irrigation systems and innovative technologies in order to save precious water and has helped to get significant increase in crop yields, especially for millions of the small farmers. It has also ushered in new concept of large scale Integrated Irrigation Projects (IIP). ‘More Crop Per Drop™’ is the company’s approach to water security and food security. All the products & services of JISL help create sustainable future while fulfilling its vision ‘Leave this world better than you found it’.
The information in this release has been included in good faith and is for general purposes only. It should not be relied upon for any specific purpose and no representation or warranty is given as regards to its accuracy or completeness. No information in this press release shall constitute an invitation to invest in Jain Irrigation Systems Limited. Neither Jain Irrigation Systems Limited, nor their or their affiliates’ officers, employees or agents shall be liable for any loss, damage or expense arising out of any action taken on the basis of this release, including, without limitation, any loss of profit, indirect, incidental or consequential loss.