Jain irrigation reports consolidated net profit of Rs 36.64 crore in Q1

On Tuesday, Jain Irrigation reported a consolidated net profit of Rs 36.64 crore for the June quarter, driven by robust sales performance. The company had experienced a net loss of Rs 5.79 crore in the same period of the previous year, as stated in a regulatory filing.

During the April-June quarter of the 2023-24 fiscal year, the total consolidated income rose to Rs 1,701.04 crore, a significant increase from Rs 1,416.16 crore in the corresponding period of the previous year.

While revenue from high-tech agricultural input products saw a slight decline to Rs 536.66 crore from Rs 553.37 crore, revenue from the plastic division surged to Rs 722.17 crore in the first quarter, surpassing the Rs 417.73 crore recorded in FY23.

The agro-processing division also experienced a marginal increase in revenue, reaching Rs 438.63 crore compared to Rs 432.49 crore in the same period last year, according to the filing.

Expenses remained elevated at Rs 1,646.67 crore, up from Rs 1,393.44 crore in the previous year.

Based in Jalgaon, the company specializes in the manufacturing of micro-irrigation systems, PVC and HDPE pipes, plastic sheets, agro-processed products, and various other agricultural inputs.

With input from PTI