 "Jain Irrigation Systems gains post Q2 earnings")
Jain Irrigation Systems was trading higher by 4% at Rs 104 on BSE in an otherwise weak market after the company reported a consolidated net profit of Rs 28 crore for the quarter ended September 30, 2016 (Q2FY17). It had posted a net loss of Rs 5.4 crore in the same quarter last year.
Total income from operations grew 8.2% at Rs 146 crore against Rs 135 crore in the corresponding quarter of previous fiscal.
EBITDA ((earnings before interest, taxes, depreciation, and amortization) margin was at 13% as against 12.8% in Q2FY16.
“Double digit growth in micro irrigation and agro processing division in India coupled with strong growth in certain overseas markets for micro irrigation business, helped us achieve this performance,” Anil Jain, managing director and CEO of Jain Irrigation Systems said.
On back of adequate monsoon we expect robust positive business condition for next few quarters, he added.
The company has order book position of Rs 1,572 crore which consist of Rs 825 crore for hi-tech agri input products division and Rs 466 crore for agro processing division.
The stock hit an intra-day high of Rs 105 on BSE. At 10:56 am, a combined 6.58 million shares changed hands on the counter on BSE and NSE. The S&P BSE Sensex was down 1.4% or 373 points at 27,144.
Total income from operations grew 8.2% at Rs 146 crore against Rs 135 crore in the corresponding quarter of previous fiscal.
EBITDA ((earnings before interest, taxes, depreciation, and amortization) margin was at 13% as against 12.8% in Q2FY16.
“Double digit growth in micro irrigation and agro processing division in India coupled with strong growth in certain overseas markets for micro irrigation business, helped us achieve this performance,” Anil Jain, managing director and CEO of Jain Irrigation Systems said.
On back of adequate monsoon we expect robust positive business condition for next few quarters, he added.
The company has order book position of Rs 1,572 crore which consist of Rs 825 crore for hi-tech agri input products division and Rs 466 crore for agro processing division.
The stock hit an intra-day high of Rs 105 on BSE. At 10:56 am, a combined 6.58 million shares changed hands on the counter on BSE and NSE. The S&P BSE Sensex was down 1.4% or 373 points at 27,144.