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Jain Irrigation Systems Limited announces Q2FY21 results

Posted On: 2020-11-10 10:53:49 (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 second quarter & half year of FY 2021.

Highlights of Q2 and H1 FY 21:

- Consolidated Revenue was at INR 12,683 Mn in Q2 FY21,Standalone revenue was at 3,947 Mn
- Consolidated EBIDTA was at INR 734 Mn in Q2 FY21, Standalone EBITDA was at INR 58 Mn
- Consolidated PAT was at INR (1,703) Mn in Q2 FY21, Standalone PAT was at INR (1,069) Mn
- Consolidated Revenue was at INR 26,559 Mn in H1 FY21,Standalone revenue was at 8,657 Mn
- Consolidated EBIDTA was at INR 1,512 Mn in H1 FY21, Standalone EBITDA was at INR 144 Mn
- Consolidated PAT was at INR (3,290) Mn in H1 FY21, Standalone PAT was at INR (2,099) Mn
- Global order book now stands at over INR 43 billion

Vice Chairman and Managing Director of the Company, Mr Anil Jain said: "The Company is passing through a phase where we are overcoming shortcomings of the past and, at the same time, gearing towards laying the building blocks for the future. This essentially means that focus is on operations and efficiency improvement in the existing businesses and also on making choices for extensions to the businesses. The macro environment presents good opportunities and hence the need to make these choices for vertical and horizontal growth.

The Q2 performance has been steady, in India and abroad, on expected lines, given the situation of debt and the pandemic. The overseas businesses have shown resilience in all formats and confirm the underlying demand for, and the edge of, our products.

We continue to take all the precautionary measures and have maintained highest safety standards during the pandemic while running and managing the operations, though the overall capacity utilization has remained low. We have also made progress on the debt resolution front. Various deliberations and negotiations with all the lenders have been done in order to ensure that the interest of all stakeholders including lenders is protected. We expect to complete the process over next few months.

The Management continues to make a good effort to turning around the fortunes of the Company. We continue to seek the fervent support of our associates, bankers, customers, suppliers and well-wishers in our endeavors."

Shares of JAIN IRRIGATION SYSTEMS LTD. was last trading in BSE at Rs.14.6 as compared to the previous close of Rs. 15.15. The total number of shares traded during the day was 455123 in over 1012 trades.

The stock hit an intraday high of Rs. 15.6 and intraday low of 14.4. The net turnover during the day was Rs. 6755244.

Source: Equity Bulls

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