Jain Irrigation jumps on 58% net rise

Shares up 5% at Rs 79

Jain Irrigation has gained 5% in late morning deals after posting a 58% rise in Q4 profit after tax (PAT) at Rs 173.4 crore from Rs 109.3 crore reported in the same quarter, a year ago.

The company's net sales stands at Rs 1,211.6 crore in Q4FY12 - a jump of 1% from Q4FY11's Rs 1200 crore. Export sales has increased 17% to Rs 191.2 crore from Rs 163.4 crore in the year ago period.

Meanwhile, there has been a marginal growth in micro irrigation system (5%) and pipe business. This is a results of the company's effort to reduce high receivable label and improve cash collection. Overall global sale during FY12 is estimated at around Rs 5,000 crore, registering overall 19% growth.

The stock is up 5% at Rs 79.15. Around 4,71,000 shares have been traded on the BSE so far, as against a two week average of 5,21,000 shares.