News at Jains

Audited Standalone and Consolidated Financial Results For the quarter / year ended March 31, 2019

Jain Irrigation Systems Limited, the largest Micro Irrigation Systems Company in the country and second largest globally, has announced audited standalone and consolidated results for fourth quarter and twelve months of FY 2019.

Key Highlights:

• Consolidated Revenue decreased by 5.99% at INR 25,831 Mn in Q4 FY19 on yoy basis, Standalone Revenue decreased by 13.88% at INR 13,346 Mn

• Consolidated EBIDTA increased by 1.16% at INR 4,364 Mn in Q4 FY19, Standalone EBITDA decreased by 3.36% at INR 2,907 Mn

• Consolidated PAT decreased by 39.37% at INR 562 Mn in Q4 FY19, Standalone PAT decreased by 48.37% at INR 823 Mn

• Consolidated Revenue increased by 8.63% at INR 85,769 Mn in y e FY19, Standalone Revenue increased by 4.28% at INR 44,428 Mn

• Consolidated EBIDTA increased by 9.18% at INR 12,577 Mn in y e FY19, Standalone EBITDA increased by 11.95% at INR 8,505 Mn

• Consolidated PAT increased by 14.87% at INR 2,542 Mn in y e FY19, Standalone PAT decreased by 16.58% at INR 2,345 Mn

• Global order book now stands at over INR 50 billion

Vice Chairman and Managing Director of the company, Mr Anil Jain said:

"We take pleasure in sharing the audited financial results of the Company for fourth quarter and year ended March 31, 2019. The Company has grown its consolidated annual revenue by 10% and maintained its profit margins with a 15% increase in consolidated annual net profit. This growth has been made possible mainly by good performance in the first three quarters, which was offset by a subdued performance in the fourth. In the fourth quarter, our businesses were subdued due to reasons like low farm produce realisations, drought conditions in certain parts of India, a slowdown on account of the code of conduct of elections, inadequate availability of capital to the farmers. This impacted the collections in the short term.

The overseas business has grown more than the domestic business. Also, our subsidiary foods company has grown well and as per expectations, with a few timely product launches in new territories and channels. In the coming year, the Company would follow a mix of strategies in various markets–while consolidating in some matured ones and taking advantage of growth opportunities in certain others.

As regards the position of debt, the Board of Directors has resolved to bring down the debt of the Company and its subsidiaries by at least Rs 20 billion over a period of 12 to 24 months. This would include a mix of corporate actions of demerger, divestment and equity infusion in our three businesses in India and overseas. We would appoint bankers to guide us through this process by September 2019.

We are cautious yet hopeful of a good ensuing monsoon and would be able to give guidance for growth in this year towards the end of the second quarter. Meanwhile, we have a good order book of over Rs 50 billion and our focus would be to execute this efficiently. While we wait for fresh policy initiatives from the continued new Government at the Centre, we believe we are positioned well for encashing the emerging opportunities in the Sector."

About Jain Irrigation
Our Company, Jain Irrigation Systems Limited (JISL) with it’s motto ‘Small Ideas, Big Revolutions’ with more than 10,500+ associates worldwide and revenue of ­USD 1.2 Bn, is an Indian multinational company with manufacturing plants in 30 locations across the globe. JISL, its subsidiaries and associates are 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 since more than 34 years. It has pioneered a silent Productivity Revolution with modern irrigation systems and innovative technologies in order to save precious water and has helped to get significant increase in crop yields, especially for millions of the small farmers. It has also ushered in new concept of large scale Integrated Irrigation Projects (IIP). ‘More Crop Per Drop™’ is the company’s approach to water security and food security. All the products & services of JISL help create sustainable future while fulfilling its vision ‘Leave this world better than you found it’. JISL is listed in NSE-Mumbai atJISLJALEQS and in ESE at code 500219.

DISCLAIMER:
The information in this release has been included in good faith and is for general purposes only. It should not be relied upon for any specific purpose and no representation or warranty is given as regards to its accuracy or completeness. No information in this press release shall constitute an invitation to invest in Jain Irrigation Systems Limited. Neither Jain Irrigation Systems Limited, nor their or their affiliates’ officers, employees or agents shall be liable for any loss, damage or expense arising out of any action taken on the basis of this release, including, without limitation, any loss of profit, indirect, incidental or consequential loss.