Jain Irrigation Q2 net profit at Rs 28.05 cr

Jain Irrigation Systems Ltd today posted a consolidated net profit of Rs 28.05 crore during the second quarter of the ongoing fiscal, on higher income.
The company has reported a net loss of Rs 5.42 crore in the same period last year, it said in a BSE filing.
Total income increased to Rs 1,464.6 crore during July-September quarter of the 2016-17 fiscal from Rs 1,347.4 crore in the same period last year.
The company's revenue from high-tech division increased to Rs 700.83 crore during the second quarter from Rs 617.10 crore in the year-ago period.
The income from plastic division improved marginally to Rs 327.63 crore as against Rs 323.44 crore a year ago, while the revenue from agro-processing business increased to Rs 56.62 crore from Rs 42.01 crore, the filing added.

The company's domestic and export order book now stands at Rs 1,572.1 crore. It had recently bagged orders worth Rs 284.43 crore for hi-tech city water supply project.

Commenting on the performance, Jain Irrigation Managing Director and CEO Anil Jain said: "Double digit growth in micro irrigation and agro-procession division in India coupled with strong growth in certain overseas markets for micro-irrigation business, helped us achieve this performance."
On the back of good monsoon, the company expects robust positive business conditions for next few quarters, he said.
"We shall remain vigilant about commodity price cycles and continued climate change threats. We shall incrementally achieve much better working cycle in second half," he added.

The company has manufacturing plants at 28 locations across the globe. It manufactures micro-irrigation systems, PVC pipes, HDPE pipes, plastic sheets, agro-processed products, renewable energy solutions, among others.