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News at Jains
Jain Irrigation’s Q3FY 2019-20, 9 months Financial Results announced
Jain Irrigation Systems Ltd. (JISL), the largest micro irrigation systems company in the country and the second largest globally, has announced standalone and consolidated results for the third quarter of FY2019-20 (Q3) and 9 months ended on 31 December 2019.
Highlights of Q3 FY2019-20
- Jain Irrigation’s Q3FY2019-20 consolidated income was INR 1300 crore and the loss (PAT) was INR 283.80 Crore. class="paral"
- Debt resolution is progressing with lenders. class="paral"
- Reduction in receivables in the quarter (Q3FY2019–20). class="paral"
"The Company has been engaged with the lenders and professional advisors is ongoing to approve the resolution plan. The same is likely to be completed in near future subject to regulatory compliances and internal approvals of lenders. As on the end of quarter, the Company has overdues to the working capital and term loan lenders aggregating INR 525.7 crore, which is part of resolution plan. As at December 31, 2019, standalone and consolidated net worth of the Company stand at INR 4444.1 crore and INR 3932.7 crore respectively. Post implementation of the resolution plan, the Company’s ability to pay debt obligations and to optimise operations will improve significantly.
Meanwhile, the Union Budget has created fresh opportunities for our businesses in the foreseeable future and we will continue to serve small and large farmers in their quest to reduce cost and improve their productivity and income. The focus presently is on completion of the orders in hand and improving capital efficiencies."
– Anil Jain,
Vice–Chairman and Managing Director,
Jain Irrigation Systems Ltd.
