Jain Irrigation Systems jumps on trimming losses in Q2 results

Jain Irrigation Systems jumped 6.94% to Rs 57.05 at 15:20 IST on BSE after the company reported consolidated net loss of Rs 23.59 crore in Q2 September 2014 compared with net loss of Rs 80.70 crore in Q2 September 2013.

The Q2 result was announced after market hours on Monday, 10 November 2014.

Meanwhile, the S&P BSE Sensex was up 36.77 points or 0.13% at 27,917.04.

On BSE, so far 10.15 lakh shares were traded in the counter as against average daily volume of 4.39 lakh shares in the past one quarter.

The stock hit a high of Rs 87.75 and a low of Rs 79.50 so far during the day. The stock had hit a 52-week high of Rs 133.45 on 8 July 2014. The stock had hit a 52-week low of Rs 56.45 on 26 February 2014.

The stock had underperformed the market over the past one month till 10 November 2014, rising 4.49% compared with the Sensex's 6% rise. The scrip had also underperformed the market in past one quarter, falling 16.21% as against Sensex's 10.05% rise.

The mid-cap firm has an equity capital of Rs 88.62 crore. Face value per share is Rs 2.

Jain Irrigation Systems' total income rose 4.54% to Rs 1279.87 crore in Q2 September 2014 over Q2 September 2013.

Overall EBITDA margin stood at 13.1% in Q2 September 2014 as compared to 13.2% in Q2 September 2013. Cash profit for consolidated operations stood at Rs 37.60 in Q2 September 2014. Contribution of overseas operations in consolidated revenue is at 35% in Q2 September 2014. Strong growth was seen in Micro Irrigation of 21.8% & Onion Dehydration of 21.4% during the quarter.

Jain Irrigation Systems announced today, 11 November 2014, that the board of directors of the company at its meeting held on 10 November 2014, inter alia, has approved incorporation of wholly owned subsidiary to house its existing global food processing business. The management was further authorised to take necessary steps to complete all legal and regulatory processes. The board has further authorised the management to explore value creation opportunities based upon minority dilution in the same.

The corporation has multi product industrial profile and is manufacturers of Drip and Sprinkler Irrigation Systems and Components; PVC Pipes, Polyethylene (HDPE, MDPE) & Polypropylene Piping Systems; Plastic Sheets (PVC & PC sheets); Agro Processed Products includes Dehydrated Onions and Vegetables; Processed Fruits (Purees, Concentrates & Juices); Tissue Culture, Hybrid & Grafted Plants; Greenhouses, Poly and Shade Houses; Bio-fertilizers; Green energy solutions includes Solar Photovoltaic (Solar lighting and appliances, Solar pumping systems), Solar water heating systems, Bio-Energy sources; Financial Services and other agricultural inputs

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