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Jain Irrigation global orders over Rs 4000 Crores - Total Revenue goes up by 30%

Jain Irrigation Systems Ltd, largest micro irrigation company in India and second largest in the world has announced standalone and consolidated financial results for the 3rd Quarter (Q3) and for 9 months ending on December 31, 2017 (FY 2017-18). Consolidated income of the company has increased by 30.8%. Jain Irrigation has listed global orders worth over Rs 4000 crores. These financial results were approved at the Board of Directors meeting held in Mumbai.

Features of Financial Results:

Consolidated income went up by 30.8% and 13.4% in the third Quarter (Q3) and in the first 9 months ended on December 31, 2017.

Earnings Before Interest, Depreciation and Taxes (EBIDT) increased by 25.8% to reach Rs 25.23 crores.

Global orders for different projects were worth Rs 4025.3 crores in hand.

Jain Irrigation recently got order for Jalgaon’s Amrut Water Supply worth Rs 183 crores.

Also JISL received order for Future Ready Micro Irrigation Project with "water to every farm" and worth Rs 125.7 crores.

Consolidated Financial Results

  • Consolidated revenue rose by 30.8% after long duration.
  • Business of micro Irrigation products increased by 48.7% due to the rising business in the domestic market and acquisitions done in the US. Micro Irrigation sales in India project business rose by 110.8%, exports increased by 108% and retail sales by 11.3%.
  • Plastics Division registered a growth of 33% on account of strong growth in PE pipes, PVC pipes and PVC sheet business.
  • Agro Processing Division showed 6.6% growth on account of sales growth in India. It’s exports were lower due to loss of onion and garlic inventory in fire.
  • EBIDTA margin for Q3FY18 results was 13.4%.
  • Profit After Tax (PAT) was Rs 67 crores.

9 months Consolidated Financial Results

  • Total Revenue increased by 13.4% YoY basis on account of positive growth in all major divisions.
  • Total income of micro irrigation Products and Tissue Culture Division registered a strong growth of 25.5%.
  • Agro Processing Division recorded flattish growth due to lower realization, strong rupee and loss of sales in third quarter (Q3) due to fire.
  • Plastic Division recorded a growth of 10.4%.
  • EBIDTA margin was 13.9% as against 14.1% compared to corresponding period.
  • PAT has increased by 31.5% on YoY basis.
  • Global order book showed orders in hand at Rs 4025.3 crores which includes orders of Rs 1831.5 crores for Hi-Tech Agri Input Products division, Rs 1187.5 crores for Plastic Division, Rs 890.1 crores for Agro Processing Division and Rs 116.2 crores for other divisions.

Standalone Financial Results Highlights

  • Exports rose by 53.4% and there was also an increase of 27.6% in the business from domestic market. So Consolidated income increased by 30.4%.
  • Hi-Tech Agri Input Products showed a strong growth of 35.2% due to more offtake in domestic and export markets. Micro irrigation sales in India rose by 11.3% because there were good retail sales in Andhra Pradesh and Maharashtra but there was sluggish demand in Tamil Nadu, Gujarat & Karnataka. Micro irrigation products business rose by 110.8%.
  • Plastic Division grew by 33% due to strong growth in PVC pipes by 32.7%, in PE pipes 34.6% and in Plastic Sheet by 22.2%. PE pipes business growth is on account of continued institutional and projects sales. PVC pipes retail sales have grown by 31%.

Standalone Financial Results for first 9 months

  • Total revenue from operations increased by 11.4% because of positive growth in both export and domestic markets.
  • Hi-Tech Agri Inputs Products Division registered 14.9% YoY growth. Exports increased by 104%. Micro Irrigation projects business has grown by 70%.
  • Plastics Division rose by 10.8% for the 9 months ended on 31st December 2017 on YoY basis.
  • PAT was Rs 121.60 crores as against Rs 40.5 crores in the first 9 months of FY 2017-18.
  • Current India order book stands at Rs 2487.6 crores which includes orders of Rs 1320 crores for Hi-Tech Agri Input Products Division, Rs 1158.5 crores for Plastic Division and Rs 9.10 crores for other divisions.

"We are pleased to share with you the results of December 2017. We have achieved significant growth in revenue and earnings in line with our expectations. We believe this strong momentum will carry forward in current quarter as well as foreseeable future. Our underlying businesses are receiving continual traction due to positive demand and our execution capacity. We plan to remain focused on the Balance Sheet while managing very high growth rates."
-Anil Jain, Managing Director and Vice-Chairman, Jain Irrigation Systems Ltd.