Q3FY22 Quarterly Result Announced for Jain Irrigation Systems Ltd.
Jain Irrigation Systems declares Q3FY22 result: Consolidated Performance Overview 3QFY22: Revenue increased by 21.2% on YoY basis by registering positive growth in all major business divisions Hi-tech Agri Input Products Division registered growth of 14.7% YoY on account of good demand in domestic. Plastic Division registered growth of 36.1% YoY on account of strong growth from PE pipes & Sheet business. Agro Processing Division registered growth of 29.0% YoY on account of higher sales from domestic market. EBIDTA margin for 3QFY22 at 10.8% increased by 310 basis point on YoY basis Consolidated Performance Overview For 9MFY22: Overall revenue expanded by 30.0% on account of positive growth in all major business divisions. Hi-tech Agri Input Products Division registered revenue growth of 27.8% YoY growth. Plastic Division registered strong growth of 39.9% YoY growth. EBIDTA margin for 9MFY22 at 13.3% increased by 640 basis point on YoY basis Substantial increased in PAT due to one-time gain from implementation of resolution plan of Bonds in overseas subsidiary. Strong Global order book stands at Rs 38,037 Mn which includes orders of Rs 21,131 Mn for Hi-tech Agri Input Products Division, Rs 6,194 Mn for Plastic Division and Rs 10,700 for Agro Processing Division. Standalone Performance Overview: 3QFY22 Overall total revenue expanded by 21.7% lead by growth in the both businesses i.e. Hi-tech Agri Input Products Division and Plastic product division. EBIDTA margin for 3QFY22 at ~12.9% increased by 570 basis point on YoY basis Standalone Performance Overview: 9MFY22 Overall total revenue expanded by 40.6%. Hi-tech Agri Input Products Division registered strong growth 46.1% YoY. Plastic Division also registered good growth of 30.8% YoY 9MFY22, significant reduction in loss after tax by 74% compare to 9MFY21 Current India order book stands at Rs 20,871 Mn which includes orders of Rs 14,700 Mn for Hi-tech Agri Input Products Division, Rs 6,169 Mn for Plastic Division. The Vice Chairman and Managing Director of the Company, Mr Anil Jain said: “The third quarter of this year has been steady on the operational front. The standalone and consolidated revenue have grown around 21% yoy. We have, thus, grown in each of the three quarters of this financial year. The profitability has also improved tremendously on a 9 month basis compared to last FY, as shown by the big growth in consolidated EBIDTA numbers. This is a reassuring turnaround as compared to the past two years. The outlook for this quarter is robust too. On the financials side, the major focus during the quarter has been to achieve closure of the Debt Resolution process. We are pleased to mention that we received the formal approvals of all lenders. Since the quarter end, execution of “Master Restructuring Agreement” (MRA) is completed by 12 out of 12 ICA Lenders and 100% by value, along with the Security Trustee and Company for the Resolution Plan to be implemented. Further, in the next few weeks the Company shall execute Security documents and fulfill the Conditions Precedent for MRA to be declared “effective”. The overseas companies are seeing a good traction and the abatement of covid holds a good promise for a steady performance. Covid and supply chain costs caused disruptions in a few geographies from time to time, but we have been able to manage the adversities reasonably well. The demand environment from agriculture sector is robust and the initiatives taken by the Government would stand us in good stead. We are watchful of the rising inflation and are taking steps to protect the profitability. We are thankful to all stake holders for the support and patience, which has helped the Company in achieving the objectives.” Result PDF14-02-2022