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Jain Irrigation Systems Limited announces financial results for the quarter ended June 30, 2020

Posted On: 2020-09-16 00:32:49 (Time Zone: Arizona, USA)

Jain Irrigation Systems Limited, the largest Micro Irrigation Systems Company in the country and second largest globally, has announced unaudited standalone and consolidated results for the first quarter of FY 2021.

Highlights of Q1 FY 21:

- Consolidated Revenue was at INR 13,876 Mn in Q1 FY21,Standalone revenue was at 4,710 Mn
- Consolidated EBIDTA was at INR 777 Mn in Q1 FY21, Standalone EBITDA was at INR 86 Mn
- Consolidated PAT was at INR (1,586) Mn in Q1 FY21, Standalone PAT was at INR (1,029) Mn
- Global order book now stands at over INR 42 billion

Vice Chairman and Managing Director of the Company, Mr Anil Jain said: "A major part of this quarter was under lockdown due to the pandemic and our headquarter district of Jalgaon is one of the worst affected. We have taken various precautionary measures while running the operations at all our manufacturing locations and offices. Like other industries, this has impacted productivity on certain fronts as associates came in and out of quarantine due to safety protocols during this period. However, we maintained a steady pace of activity at the plants and offices/work from homes to ensure completion of a number of activities. In terms of performance, the India operations have done well with a turnover of Rs 500 crores by being within means and by selling on cash basis, though the capacity utilization has been expectedly low. The overseas operations have done comparatively better and continue to see a steady demand flow for the products.

Good progress has been made on the Debt Resolution activity in this period and we are inching closer to getting the India debt resolved with the lenders. We have coordinated various activities with the wide consortium of banks, auditors and advisors during these Covid times. Given these challenging conditions, the Company has delivered a reasonable performance of customer retention and cost reduction in most geographies. Our employees' health and safety has been our top priority, and we launched programs for safe return to work and wellness post April.

We have many things to look forward to in the remaining quarters of the year. The Management continues to make a good effort to turning around the fortunes of the Company. We pray that nature will soon help in overcoming the covid virus and things normalize."

Shares of JAIN IRRIGATION SYSTEMS LTD. was last trading in BSE at Rs.15.65 as compared to the previous close of Rs. 14.91. The total number of shares traded during the day was 2468947 in over 2183 trades.

The stock hit an intraday high of Rs. 15.65 and intraday low of 15.15. The net turnover during the day was Rs. 38486716.

Source: Equity Bulls

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