Jain Irrigation tanks 7 per cent post weak Q3FY19

India’s number one micro-irrigation company reported a consolidated PAT of Rs. 91.5 crore for Q3FY19 as against Rs. 67.3 crore in the corresponding quarter last year. Whereas standalone PAT came in at Rs. 63 crore, down 2.62 per cent as against Q3FY18 on account of higher taxes. 

The company’s consolidated revenues came in at Rs. 2,038 crore for the quarter ended December 2018, up 9.22 per cent as against Rs. 1,866 crore YoY aided by 16.6 per cent growth in the plastics division, followed by 10.5 per cent and 5.7 per cent for the agro-processing and hi-tech agri inputs divisions. The EBITDA margin came in at 13.36 per cent. 

Hi-tech agri-inputs division contributed 50 per cent to the company's revenues, followed by plastic and agro-processing divisions contributing 27 per cent and 20 per cent, respectively. 

Exports for the company declined 6.2 per cent YoY and contributed 48 per cent of total revenues whereas the domestic business contributed 52 per cent. 

The company’s working capital days improved to 158 for the quarter ended December 2018 from 168 days in Q3FY18.The company’s consolidated gross debt stood at Rs.51.34 billion with 65 per cent being foreign currency debt. 

On Wednesday, Jain Irrigation was trading at Rs. 50.75 per share, down 6.71 per cent on the BSE.