Un-audited Standalone and Consolidated Financial Results For the quarter ended June 30, 2023
Standalone Revenue up 32.9% to ₹ 11,460 million
Standalone EBITDA up 43.4% to ₹ 1573 million
Standalone PAT up 5.8x to ₹ 262 million
Consolidated Revenue up 20.1% to ₹ 17,010 million
Consolidated EBITDA up 25.9% to ₹ 2,271 million
Consolidated PAT up 3.1x to ₹ 366 million
*Result from continuing operations
Jain Irrigation Systems Limited, the largest Micro Irrigation Systems Company in the country, has announced Un-audited Standalone and Consolidated results for the first quarter ended on June 30, 2023.
Standalone Performance Overview: 1Q FY24
Overall revenue growth of 33% due to strong demand from retail market, particularly from Maharashtra, Western and Southern India with continued demand from Jal Jeevan Mission (JJM).
Hi-Tech Agri segment overall revenue was almost flat due to anticipated drop in projects and exports revenue. However, we saw significant growth in both MIS Retail (20%) and Tissue culture (44%) division as the Company continued to focus more on these business verticals
Plastic Division has demonstrated massive growth of 103% in Q1FY24. This growth was driven by supply under JJM and strong demand from retail business for PVC pipes (33%) mainly from Maharashtra and Western states.
Better realization coupled with operational efficiency and better capacity utilization led to an increased EBITDA from ₹ 1,097 mio to ₹ 1,573 mio on y-o-y basis.
The Company has repaid long term debt ₹ 1,458 mn in the last 12 months (excluding the impact of FV gain on 0.01% NCD)
Order book: Stands at ₹ 9,062 million which includes orders of ₹ 4,041 million for Hi-tech Agri Input Products Division, ₹ 5,021 million for Plastic Division
Consolidated Performance Overview: 1QFY24:
Revenue growth was driven mainly by Pipe and MIS Retail divisions in India during the quarter. EBITDA margin has shown considerable improvement on account of better realization and margins in Plastic division.
The significant growth in both MIS Retail (20%) and Tissue culture (44%) division with anticipated decrease in revenue from projects and export has led to marginal drop in revenue of Hi-Tech segment by 3.0%
The Company demonstrated significant growth of 72.9% in Plastic Division driven by supply under Jal Jeevan Mission (JJM) and strong demand from retail for PVC pipes mainly from Maharashtra and PE pipes for JJM
The vegetable dehydration division in India has grown by 9.8% and overseas Agro division grew by 7.6%. The fruit processing division has reported a de-growth due to non-availability of finished goods on account of lack of raw material in the last processing season
Order book: Stands at ₹ 19,290 million which includes orders of ₹ 4,041 million for Hi-tech Agri Input Products Division, ₹ 5,236 million for Plastic Division and ₹ 10,013 million for Agro Processing Division
Vice Chairman and Managing Director of the Company, Mr Anil Jain said:
We are pleased to share with you very positive financial results of the first quarter ended as on June 30, 2023. The Company witnessed significant revival of demand in MIS, Pipe and Tissue Culture business during the quarter. The Company got back on strong footing with focused approach and strategy to reduce project business while gaining market share in MIS, Pipes and Tissue culture.
Strong volume demand in MIS, Pipes, Tissue Culture even with subdued resin prices and better working capital management, helped the Company on a consolidated basis to post 20% growth in Revenue and 26% in EBITDA during the quarter. The Company is committed to reduce its overall debt, improving working capital cycle and margins while managing the growth.
The Company continues to focus on its product innovation, sustainable environmental solution to farmers and retail business by expanding its dealers network across India. We expect continued positive momentum in the second half of the current fiscal.
About Jain IrrigationOur Company, Jain Irrigation Systems Limited (JISL) with it’s motto ‘Small Ideas, Big Revolutions’ with more than 9,000 associates worldwide and revenue of ₹ 57 Bn, is an Indian multinational company with manufacturing plants in 19 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’. JISL is listed in NSE-Mumbai at JISLJALEQS and in BSE at code 500219.
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