Jain Irrigation

The uptick follows the company's recent signing of a MoU with the Coffee Board of India, aimed at the commercial launch of advanced, high-quality, disease-resistant coffee plants.

Jain Irrigation on Friday reported a more than three-fold jump in its consolidated net profit to Rs 976.9 crore during the March 2023 quarter and reduced debt by Rs 2,800 crore post-merger of its global arm with Rivulis. The company had posted a consolidated net profit of Rs 279.06 crore in the year-ago period, according to a regulatory filing. Its total income increased 27.14 per cent to Rs 1,745.41 crore during the fourth quarter of 2022-23 from Rs 1,372 crore a year ago. For the full 2022-23, the company's net profit more than doubled to Rs 831.94 crore compared to Rs 328.63 crore in FY22. The total income increased to Rs 5,761.80 crore from Rs 4,749.94 crore in the said period. "The company is back on track. Overall, it has been a good quarter. We have successfully completed the merger of Jain International Trading with Rivulis (backed by Singapore-based Temasek Group). This transaction has helped reduce the company's debt by Rs 2,800 crore," Jain Irrigation CEO and Vice ...

Going forward Jain Irrigation Systems will focus on improving the India business to drive higher growth and margin in one of the fastest growing irrigation markets in the world

The cash proceeds will be used to pay off Rs 2,700 crore of overseas debt

The interest payment was due on February 1, 2020, and the 30-day grace period ended on March 3, 2020, S&P said in a statement

S&P said there was a high likelihood that the company would be classified as a nonperforming asset by its relationship bankers

As on April 1st, the company had more than Rs 5,000 crore worth of orders in hand. It has total 33 manufacturing plants worldwide and 12,000 associates

An unsecured note is a loan that is not secured by the issuer's assets