Jain Irrigation, the largest micro irrigation Company in the country and the second largest globally, has announced impressive standalone results for the period ended 30th June 2010.

The net sales for the quarter were at Rs 721 Crores resulting into a growth of 30% for continued businesses (against corresponding quarter net sales in FY10 at Rs 567 Crores). All business segments have contributed positively in achieving the growth at corporate level. Overall MIS Business (Micro Irrigation Systems) has shown a steady growth of 44%, with Andhra Pradesh recording a high growth of 145%, Pipe business grew by 13% and agro processing business recorded a growth of only 11% due to late season. Overall exports for the Company were up by 10%, PVC sheet business has come back to growth path by recording a growth of 63% on lower base of last year.

Corporate EBIDTA for the quarter was at Rs 165 Crores (Rs 126 Crores) demonstrating a growth of 31%. Our continued focus coupled with improved credit rating has helped us keeping our finance cost under control, which was up just 3% at Rs 49 Crores.

In this quarter Currency Exchange volatility, as triggered by Euro Zone sovereign uncertainties, has resulted into a notional loss compared to a notional gain in the corresponding quarter in the previous year. Excluding this notional gain/loss, Comparable Profits on pre tax basis has gone up by 51% at Rs 96 Crores.

Mr Anil Jain, Managing Director of the Company said, “Our Company continues to deliver overall good operating performance during this quarter as well and specially in micro irrigation business. Good monsoon in current year may have some slowdown impact during monsoon months in the current quarter but shall result into good recharging of underground water levels and shall improve business environment in the second half of the year. Recently we have also got a very large Micro irrigation order from Govt. of Karnataka. We are continuously gearing up our production capacity and other resources to maintain the growth momentum.”

The results were approved at Board Meeting on 9th August, 2010 at Jalgaon.

The Board has also approved audited standalone and consolidated results for the year ending March 2010. Consolidated Revenue for the year FY10 was up by 20% at Rs. 3386 Crores (Rs 2820 Crores in FY2009). EBITDA grew by 18% at Rs 600 Crores (Rs 508 Crores in FY2009). At PAT level of Rs 249 Crores (Rs 133 Crores in FY2009), after considering a forex gain, mostly notional, of Rs 87 Crores (forex loss, mostly notional, of Rs 60 Crores in FY2009), the Company has achieved a growth of 87%.

Board of Directors have recommended to shareholders a dividend of 45% (Rs 4.5/Share) on its ordinary outstanding shares.

In addition Board has also approved and recommended to shareholders to split face value of shares from Rs 10 per share to Rs 2 per share.