Jain Irrigation rallies 16% after results

The share price on Monday soared 16.4% to Rs 66.15 on the NSE, after the company reported a consolidated net profit of Rs 98.5 cr for the quarter ended March

Shares of Jain Irrigation Systems have soared 16.4 per cent to Rs 66.15 on the NSE, after the company reported a consolidated net profit of Rs 98.5 crore for the quarter ended March 2015 (Q4) against Rs 75.3 crore in the year-ago quarter. The stock saw a sudden spurt of activity during the first half of the day, jumping up about 18 per cent and continued to trade in the same range through the day.

Consolidated revenue grew 12 per cent to Rs 2,104 crore from Rs 1,880 crore in the corresponding quarter of the previous financial year.

The pipe business has started seeing growth based on new orders from infrastructure players. The food business has achieved a high growth rate for the whole year, with increase in domestic as well as export market, said Anil Jain, managing director and CEO.

The company reduced its consolidated debt by Rs 362 crore during the quarter, he added.

The stock opened at Rs 62 and touched a high of Rs 65.45 on the NSE.