Jain Irrigation disappoints with dismal Q1FY20 numbers

Jain Irrigation Systems Ltd (JISL) disappointed the markets with a dismal financial performance for the April-June quarter of FY20. The company has reported 62.65 per cent decline in net profit at Rs. 16.30 crore for the Q1FY20 compared to net profit of Rs. 43.64 crore in the year-ago period.

Revenue dropped by 22.02 per cent to Rs. 82.81 crore in Q1FY20 compared to Rs. 106.20 crore in Q1FY19. The total income fell by 22.96 per cent to Rs. 85.09 crore for the Q1FY20 from net profit of Rs. 110.45 crore in the year-ago period.

On a consolidated basis, net profit tumbled by 74 per cent to Rs. 22.14 crore in Q1FY20 from net profit of Rs. 85.18 crore in the year-ago period. It was lower from net profit of Rs. 56.15 crore for March quarter FY19. Revenue dropped by 8.24 per cent to Rs. 1,891.32 crore in Q1FY20 compared to Rs. 2,152.82 crore in Q1FY19. Total income during the June quarter fell 9.41 per cent to Rs. 1,950.17 crore from Rs. 2,152.82 crore in the same period last year.

The market has been witnessing immense selling pressure on account of economic uncertainty concerns in the global as well as domestic markets. For the last one year, the stock has given a negative return of 71.32 per cent.

Meanwhile, on Friday, the stock of Jain Irrigation closed at Rs. 21.75 per share, down by 2.68 per cent on BSE. It hit 52-week high of Rs. 89.00 per share and 52-week low of Rs. 16.00 per share.