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Jain Irrigation shares rose 16% post Q4 results

During January-March 2015, other income of Jain Irrigation grew 1,130.46 per cent yoy to Rs 15.56 crore.

BT Online Bureau        Last Updated: May 18, 2015  | 16:45 IST
Jain Irrigation shares rose 16% post Q4 results

Shares of Jain Irrigation jumped 16.46 per cent to Rs 66.15 on Monday post the announcement of Q4 earnings. The company had announced the fourth quarter result on Friday post market hours.

For the quarter ended March 2015, the company registered consolidated net profit of Rs 97.67 crore, up 31.65 per cent, against Rs 74.19 crore in the corresponding quarter a year ago. Gross sales increased by 11.78 per cent year-on-year (yoy) to Rs 2,070.59 at the end of the quarter under review.

During January-March 2015, other income of Jain Irrigation grew 1,130.46 per cent yoy to Rs 15.56 crore.

During the quarter under review, the company has reduced its consolidated debt by Rs 362 crore.

"The company's outlook for coming years is cautiously optimistic because of continued challenges in agriculture and rural area. Post monsoon better clarity will emerge. Meanwhile, the company remain on the path to another year of growth and profitability while further deleveraging the balance sheet," the company said in a release.

The stock opened the day at Rs 61.50 and touched a high of Rs 66.85 on the Bombay Stock Exchange.

The trading volumes of Jain Irrigation shares jumped more than five-fold on Monday till 10.30 am.

The company is the largest micro-irrigation company in India and the second largest globally.

 

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