Jain Irrigation Q1 net profits up by 57.4%

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Jain Irrigation Q1 net profits up
Jain Irrigation Systems has announced results for quarter ended June, 2011. Company has posted a growth of 57.4% in net profits to Rs 8,235 lakhs from Rs 5,231 lakhs. Net profits have increased on account of increase in operating profits during the quarter. Operating profits have increased by 41.1% to Rs 20,444 lakhs from Rs 14,491 lakhs year-on-year. Operating profits increased due to increased sales as well as increased other operating incomes.

Net sales during the quarter increased by 29.3% to Rs 93,158 lakhs from Rs 72,060 lakhs year-on-year. Net sales have increased from both the segments namely Hi-tech Agri Inputs and Industrial products segment. In Hi-tech Agri Inputs segment, revenues increased by 26.2% to Rs 67,856 lakhs and from Industrial products segment revenues increased by 44.9% to Rs 27,275 lakhs. Also other operating incomes increased significantly during the quarter by 289.9% to Rs 1,973 lakhs. Due to this , total income posted the growth of 31.1% to Rs 95,131 lakhs.

Total expenditures during the quarter increased by 28.6% to Rs 74,687 lakhs from Rs 58,075 lakhs on account of increase in employee costs and higher consumption of raw materials. Despite increase in expenditures , operating profits posted growth of 41.1% year-on-year. Exchange loss has decreased during the quarter to Rs 1,358 lakhs as against loss of Rs 1,974 lakhs in previous year corresponding quarter.

Other income also increased during the quarter by 207.7% to Rs 80 lakhs from Rs 26 lakhs and due to this, profits before interest and tax posted growth of 52.8% to Rs 19,166 lakhs. However interest payments increased during the quarter by 58.1% to Rs 7,757 lakhs and due to this, profits before tax posted growth of 49.4% to Rs 11,409 lakhs.

Tax payments also increased during the quarter by 31.6% to Rs 3,166 lakhs and despite this, net profits after tax posted a growth of 57.4% year-on-year.

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