• 14^th Nov, 2019

Un–Audited Standalone and Consolidated Financial Results For the quarter ended September 30, 2019

Jain Irrigation Systems Limited, the largest Micro Irrigation Systems Company in the country and second largest globally, has announced un–audited standalone and consolidated results for second quarter of FY 2020.

Highlights of Q2:

• Consolidated Revenue of INR 13,883 Mn and EBIDTA of INR 804 Mn

• Stable overseas operations

• India Operations impacted by tight liquidity conditions and very wet season

• Debt Resolution is work in progress with Bankers

The Vice Chairman and Managing Director of the Company, Mr Anil Jain said:
"The second quarter of this year has been challenging for the Company. The Company is striving hard to come out of this situation. Amongst the various steps taken, the main ones include – firstly, liquidity management to realize the receivables and vendor management; secondly, managing the ICA framework with the banks and, thirdly, deleverage by continuing with the pursuits on corporate actions. The overseas operations, however, are stable and have grown by 10% on a y–o–y basis.

Admittedly, these are trying times for us, but our firm belief is that the Company has the wherewithal to emerge out of this sooner than later. It is a known fact that our businesses have a long track record and a sound backing of knowledge, experience and significant assets. We are committed in our efforts to strengthen the Balance Sheet, and, once done, the Company would reactivate itself to cater to the underlying demand. Meanwhile, the focus is on implementation of the orders in hand and executing shorter working capital business. We are in the basic sector of the economy and the steps taken by the Government in sectors like agriculture, water, irrigation, roads, gas, food processing are in the right direction to propel the demand further for our products. We are sincerely thankful to all the stakeholders for their continued support and faith in us.

About Jain Irrigation
Our Company, Jain Irrigation Systems Limited (JISL) with it’s motto ‘Small Ideas, Big Revolutions’ with more than 11,500 associates worldwide and revenue of ∼USD 1.15 billion, is an Indian multinational company with manufacturing plants in 33 locations across the globe. JISL, its subsidiaries and associates are engaged in manufacturing of Micro Irrigation Systems, PVC Pipes, HDPE Pipes, Plastic Sheets, Agro Processed Products, Renewable Energy Solutions, Tissue Culture Plants, Financial Services and other agricultural inputs since more than 34 years. It has pioneered a silent Productivity Revolution with modern irrigation systems and innovative technologies in order to save precious water and has helped to get significant increase in crop yields, especially for millions of the small farmers. It has also ushered in new concept of large scale Integrated Irrigation Projects (IIP). ‘More Crop Per Drop™’ is the company’s approach to water security and food security. All the products & services of JISL help create sustainable future while fulfilling its vision ‘Leave this world better than you found it’. JISL is listed in NSE–Mumbai at JISLJALEQS and in BSE at code 500219.

DISCLAIMER:
The information in this release has been included in good faith and is for general purposes only. It should not be relied upon for any specific purpose and no representation or warranty is given as regards to its accuracy or completeness. No information in this press release shall constitute an invitation to invest in Jain Irrigation Systems Limited. Neither Jain Irrigation Systems Limited, nor their or their affiliates’ officers, employees or agents shall be liable for any loss, damage or expense arising out of any action taken on the basis of this release, including, without limitation, any loss of profit, indirect, incidental or consequential loss.