Jain Irrigation Systems Ltd today reported a consolidated net profit of Rs 19.27 crore for the quarter ended September.
Its profit stood at Rs 19.73 crore in the year-ago period.
Total income, however, rose to Rs 1,613.09 crore in the second quarter of this fiscal from Rs 1493.58 crore in the corresponding period of the previous year.
"Considering enormous potential of food processing business, the board has asked management to explore IPO of its food subsidiary 'Jain Farm Fresh Foods Ltd' in the next fiscal year," the company said.
Jain Farm Fresh Foods Ltd is a global leader in processed fruit and vegetable space and has ambitious plan of growth, the company said.
The company also said its CFO Manoj Lodha resigned due to health reasons. The board appointed Atuj Jain, who is currently joint MD, as the CFO of the company.
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