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Jain Irrigation Systems Results: Latest Quarterly Results & Analysis

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Jain Irrigation Systems Ltd. 20 May 2024 15:33 PM
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FY24 Annual Result Announced for Jain Irrigation Systems Ltd.

Plastic Products company Jain Irrigation Systems announced FY24 results:

  • Consolidated Revenue up by 7.0% for FY24 on YoY basis
  • Consolidated EBITDA up by 16.8% for FY24 on YoY basis
  • Consolidated PAT of Rs 910 million for FY24 as against loss after tax of Rs 1,208 million last year
  • Standalone Revenue up by 5.7% for FY24 on YoY basis
  • Standalone EBITDA up by 10.3% for FY24 on YoY basis
  • Standalone PAT up by 41.2% to Rs 555 million for FY24 on YoY basis

Vice Chairman and Managing Director of the Company, Anil Jain said: "The world, including India, faces significant challenges due to climate change. Elevated temperatures and unpredictable weather patterns have disrupted agriculture and related industries. Farmers engaged in valueadded agriculture have been particularly affected.

Despite these challenges, the company saw substantial increase of 25% in retail business. The Company strategically reduced its exposure to project-based business and increased focus on retail and export markets which has changed overall revenue mix with better margins and lower working capital intensity.

Our international businesses have demonstrated resilience, with strong growth in both revenue and profitability, approaching pre-pandemic levels.

Normal monsoon has been predicated in current year. There could be some impact on overall business in the first quarter of FY25 due to general elections, however, we remain committed to deleveraging and improving profitability by remaining focused on quality of business and growing our retail business significantly."

Result PDF

Result PDF

Plastic Products firm Jain Irrigation Systems announced Q1FY23 Result :

  • Consolidated:
    • Revenue increased by 14.9% on YoY basis by registering positive growth in all major business divisions
    • Hi-tech Agri Input Products Division registered growth of 9.3% YoY.
    • Plastic Division registered growth of 21.4% YoY on account of strong growth in retail business.
    • Agro Processing Division registered growth of 24.2% YoY on account of higher sales from domestic and overseas market.
    • EBITDA for 1QFY22 had increased from 2,638 to 2,693 on YoY basis.
    • Strong Global order book stands at Rs 34,188 million which includes orders of Rs 20,255 million for Hi-tech Agri Input Products Division, Rs 6,086 million for Plastic Division and Rs 7,847 million for Agro Processing Division.
    • Improvement in working capital cycle from 232 days to 183 days on YoY basis.
    • Consolidated gross debt as on Jun 30, 2022 – at Rs 64.92 Bn, slightly increased from March 31, 2022 due to sharp depreciation in Rupee against US Dollar.
  • Standalone:
    • Overall total revenue expanded by 23.7%.
    • Hi-tech Agri Input Products Division registered strong growth 22.9% YoY.
    • Plastic Division also registered good growth of 23.3% YoY
    • Current India order book stands at Rs 20,278 million which includes orders of Rs 14,440 million for Hi-tech Agri Input Products Division, Rs 5,838 million for Plastic Division.
    • Improvement in working capital cycle from 411 days to 294 days on YoY basis and from 314 days to 294 days on QoQ basis
    • Standalone net debt as on Jun 30, 2022 – at Rs 26.33 Bn, slightly reduced from March 31, 2022.

 

Result PDF

Jain Irrigation Systems announced Q4FY22 results:

  • Q4FY22 (consolidated):
    • Revenue increased by 16.2% on YoY basis by registering positive growth in all major business divisions
    • Hi-tech Agri Input Products Division registered growth of 6.8% YoY on account of good demand in overseas market.
    • Plastic Division registered growth of 50.1% YoY on account of strong growth across all the product lines.
    • Agro Processing Division registered growth of 17.3% YoY on account of higher sales from domestic and overseas market.
    • EBIDTA margin for 4QFY22 increased from 11.2% to 12.7% on YoY basis
    • Substantial increased in PAT due to one-time gain (exceptional item) from implementation of resolution plan of debt restructuring in India. 
  • FY22 (consolidated):
    • Overall revenue increased by 25.6% on account of positive growth in all major business divisions in India and overseas.
    • Hi-tech Agri Input Products Division registered revenue growth of 20.9% YoY growth.
    • Plastic Division registered strong growth of 43.0% YoY growth. 
    • Agro Processing Division improved significantly and registered growth of 24.4% YoY growth.
    • EBIDTA margin for FY22 at 13.1% increased by 487 basis point on YoY basis
    • Substantial increase in PAT due to one-time gain from implementation of resolution plan of debt restructuring in India and Bond restructuring in overseas subsidiary.
    • Strong Global order book stands at Rs 35,928 Mn which includes orders of Rs 20,284 Mn for Hi-tech Agri Input Products Division, Rs 6,276 Mn for Plastic Division and Rs 9,362 for Agro Processing Division. 
  • Q4FY22 (Standalone):
    • Overall total revenue expanded by 12.2% lead by growth in the Plastic product division.
    • EBIDTA margin for 4QFY22 at 12.2%.
    • Substantial increase in PAT due to one-time gain (exceptional items) from implementation of resolution plan of debt restructuring in India.
  • FY22 (Standalone):
    • Overall total revenue expanded by 30.7%.
    • Hi-tech Agri Input Products Division registered strong growth 27.0% YoY.
    • Plastic Division also registered good growth of 37.7% YoY
    • Current India order book stands at Rs 20,503 Mn which includes orders of Rs 14,470 Mn for Hi-tech Agri Input Products Division, Rs 6,228 Mn for Plastic Division. 

Vice Chairman and Managing Director of the Company, Mr Anil Jain said: “We are pleased to announce the audited financial results of the Company for the fourth quarter and year ended March 31, 2022. The Company has registered an all-round growth — the consolidated revenue has increased 25.6% yoy and the EBIDTA has increased by almost 100%.

At the end of the third quarter, we had laid out certain things to do and am happy to share that the fourth quarter has been very satisfactory on those fronts. The Resolution of Debt of the Company was implemented in end March 2022 and this was a culmination of sustained hard work of all stake holders involved. This has laid the foundation for working with new energy from hereon to create sustained growth with creation of free cash flow as main barometer. The operations of the Company have turned around sustainably in the year completed and are stable. The business environment is dynamic, yet, the challenges of raw material inflation and international supply chain disruption are posing some headwinds. The focus is also on completing the pending EPC order book and recovery of the dues involved therein.

We wish to sincerely thank the various stakeholders - employees, banks, financial institutions, shareholders, suppliers and customers - for their wholehearted support.”

Result PDF

Jain Irrigation Systems declares Q3FY22 result:

  • Consolidated Performance Overview 3QFY22:
    • Revenue increased by 21.2% on YoY basis by registering positive growth in all major business divisions
    • Hi-tech Agri Input Products Division registered growth of 14.7% YoY on account of good demand in domestic.
    • Plastic Division registered growth of 36.1% YoY on account of strong growth from PE pipes & Sheet business.
    • Agro Processing Division registered growth of 29.0% YoY on account of higher sales from domestic market.
    • EBIDTA margin for 3QFY22 at 10.8% increased by 310 basis point on YoY basis
  • Consolidated Performance Overview For 9MFY22:
    • Overall revenue expanded by 30.0% on account of positive growth in all major business divisions.
    • Hi-tech Agri Input Products Division registered revenue growth of 27.8% YoY growth.
    • Plastic Division registered strong growth of 39.9% YoY growth.
    • EBIDTA margin for 9MFY22 at 13.3% increased by 640 basis point on YoY basis
    • Substantial increased in PAT due to one-time gain from implementation of resolution plan of Bonds in overseas subsidiary.
    • Strong Global order book stands at Rs 38,037 Mn which includes orders of Rs 21,131 Mn for Hi-tech Agri Input Products Division, Rs 6,194 Mn for Plastic Division and Rs 10,700 for Agro Processing Division.
  • Standalone Performance Overview: 3QFY22
    • Overall total revenue expanded by 21.7% lead by growth in the both businesses i.e. Hi-tech Agri Input Products Division and Plastic product division.
    • EBIDTA margin for 3QFY22 at ~12.9% increased by 570 basis point on YoY basis
  • Standalone Performance Overview: 9MFY22
    • Overall total revenue expanded by 40.6%.
    • Hi-tech Agri Input Products Division registered strong growth 46.1% YoY.
    • Plastic Division also registered good growth of 30.8% YoY
    • 9MFY22, significant reduction in loss after tax by 74% compare to 9MFY21
    • Current India order book stands at Rs 20,871 Mn which includes orders of Rs 14,700 Mn for Hi-tech Agri Input Products Division, Rs 6,169 Mn for Plastic Division.

The Vice Chairman and Managing Director of the Company, Mr Anil Jain said: “The third quarter of this year has been steady on the operational front. The standalone and consolidated revenue have grown around 21% yoy. We have, thus, grown in each of the three quarters of this financial year. The profitability has also improved tremendously on a 9 month basis compared to last FY, as shown by the big growth in consolidated EBIDTA numbers. This is a reassuring turnaround as compared to the past two years. The outlook for this quarter is robust too.

On the financials side, the major focus during the quarter has been to achieve closure of the Debt Resolution process. We are pleased to mention that we received the formal approvals of all lenders. Since the quarter end, execution of “Master Restructuring Agreement” (MRA) is completed by 12 out of 12 ICA Lenders and 100% by value, along with the Security Trustee and Company for the Resolution Plan to be implemented. Further, in the next few weeks the Company shall execute Security documents and fulfill the Conditions Precedent for MRA to be declared “effective”.

The overseas companies are seeing a good traction and the abatement of covid holds a good promise for a steady performance. Covid and supply chain costs caused disruptions in a few geographies from time to time, but we have been able to manage the adversities reasonably well. The demand environment from agriculture sector is robust and the initiatives taken by the Government would stand us in good stead. We are watchful of the rising inflation and are taking steps to protect the profitability.

We are thankful to all stake holders for the support and patience, which has helped the Company in achieving the objectives.”

 

 

Result PDF

Highlights:

  • Consolidated  2QFY22:
    • Revenue increased by 36.8 % on YoY basis by registering positive growth in all major business divisions
    • Hi-tech Agri Input Products Division registered growth of 36.7% YoY on account of good demand in domestic as well as international market.
    • Plastic Division registered growth of 50.5% YoY on account of strong growth from PVC pipes & PVC Sheet business
    • Agro Processing Division registered growth of 23.8% YoY on account of higher sales from domestic market
    • EBIDTA margin for 2QFY22 at 14.2% increased by 730 basis point on YoY basis
    • Substantial increase in PAT due to one-time gain from implementation of resolution plan of Bonds in overseas subsidiary.
  • Consolidated For H1FY22:
    • Overall revenue expanded by 34.7% on account of positive growth in all major business divisions.
    • Hi-tech Agri Input Products Division registered revenue growth of 34.9% YoY growth.
    • Plastic Division registered strong growth of 41.8% YoY growth.
    • EBIDTA margin for 1HFY22 at 14.5% increased by 810 basis point on YoY basis
    • Substantial increased in PAT due to one-time gain from implementation of resolution plan of Bonds in overseas subsidiary.
    • Current Global order book stands at INR 38,273 Mn which includes orders of INR 20,663 Mn for Hi-tech Agri Input Products Division, INR 6,928 Mn for Plastic Division and INR 10,682 for Agro Processing Division.
  • Standalone 2QFY22
    • Overall total revenue expanded by 60.1% lead by strong growth in the both businesses i.e Hi-tech Agri Input Products Division and Plastic product division.
    • EBIDTA margin for 2QFY22 at ~14.6% increased by 1310 basis point on YoY basis
    • Significant reduction in loss after tax at INR 379 Mn as against INR 1,069 Mn in 2QFY21 on account of improvement in the EBIDTA margin.
  • Standalone 1HFY22
    • Overall total revenue expanded by 52.0%.
    • Hi-tech Agri Input Products Division registered strong growth 61.9% YoY.
    • Plastic Division also registered good growth of 34.8% YoY
    • 1HFY22, significant reduction in loss after tax by 74% compare to 1HFY21
    • Current India order book stands at INR 22,182 Mn which includes orders of INR 15,616 Mn for Hi-tech Agri Input Products Division, INR 6,566 Mn for Plastic Division.

The Vice Chairman and Managing Director of the Company, Mr Anil Jain said:  “We are pleased to announce the unaudited financial results of the Company for the second quarter and first half of FY 2021-22. There is a good all-round performance in the operations. The standalone revenue has seen 60.1% increase YoY and consolidated revenue has seen 36.8% increase YoY in 2nd quarter FY22.

The profitability performance is equally good during the quarter. This performance is despite the inflationary headwinds in polymers and logistics cost increases globally. The present global order book is at INR 38,273 million which gives the revenue visibility for next quarters. The net working capital efficiency, measured in terms of DSO (days’ sales outstanding) has improved across standalone and consolidated operations. This shows better recovery of receivables.

During the quarter, one of our subsidiaries, i.e. Jain International Trading B.V. has successfully completed resolution plan with the existing bond holders. The restructuring will provide both long term stability and additional liquidity for the Group. Further, there has been a good progress on the Debt Resolution Plan of the Company. The company has received sanction letters in line with on-going resolution plan (RP) of its credit facilities from the lead bank and few other lenders as well and expects to fully implement the RP within next few weeks post receipt of sanction from other lenders and completion of various other procedural and legal formalities and other conditions precedent as part of the approved RP. We remain optimistic about early and successful completion of all these efforts based uponcurrent status of the Plans. We again thank the various stakeholders - employees, banks, financial institutions, shareholders, suppliers and customers - for their continued support.”

 

Result PDF

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