Jain Irrigation Systems gained 2.91% to Rs 102.40 at 9:40 IST on BSE after the company reported consolidated net profit of Rs 28 crore in Q2 September 2016 compared with consolidated net loss of Rs 5.4 crore in Q2 September 2015.
The result was announced after market hours yesterday, 10 November 2016.Meanwhile, the S&P BSE Sensex was down 338.70 points or 1.23% at 27,110.37.
On BSE, so far 1.9 lakh shares were traded in the counter as against average daily volume of 9.84 lakh shares in the past one quarter. The stock hit a high of Rs 103 and a low of Rs 100.30 so far during the day. The stock had hit a 52-week high of Rs 109.25 on 30 October 2016. The stock had hit a 52-week low of Rs 47 on 17 February 2016. The stock outperformed the market over the past one month till 10 November 2016, advancing 2.31% compared with 2.01% fall in the Sensex. The scrip also outperformed the market in past one quarter, jumping 33.56% as against Sensex's 0.93% fall.
The mid-cap company has equity capital of Rs 92.03 crore. Face value per share is Rs 2.
Jain Irrigation Systems' total income rose 8.69% to Rs 1464.60 crore in Q2 September 2016 over in Q2 September 2015. Revenue rose by registering positive growth in all the business divisions except other businesses.
Managing Director and CEO of the company Anil Jain said that 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 to achieve good Q2 performance. On the back of adequate monsoon, company expects robust positive business conditions for the next few quarters. The company shall incrementally achieve much better working capital cycle in the second half of the year ending 31 March 2017 (FY 2017), he added.
Jain Irrigation Systems is 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.
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