Jain Irrigation Q1 PAT Dips 66.7% to Rs 12.2 cr

Mumbai, Jul 31 (PTI) Jain Irrigation Systems on Wednesday reported a 66.7 per cent on-year decline in consolidated profit after tax (PAT) at Rs 12.2 crore for the first quarter ended June 30, 2024.

The company's PAT stood at Rs 36.6 crore during the corresponding quarter of the previous fiscal, Jain Irrigation Systems said in a regulatory filing.

Revenue of the company witnessed a dip of 13.1 per cent during the quarter under review at Rs 1,477.9 crores, compared to Rs 1,701 crore in the same period of the previous fiscal, the company added.

"As anticipated, Q1 FY25 had lower revenue and consequently had an impact on margins. The overall revenue was lower by around 13 per cent on consolidated basis mainly due to lower domestic sales on account of institutional business of Jal Jeevan Mission.

"We continued to reduce project business as planned," Jain Irrigation Systems Vice Chairman and Managing Director Anil Jain said.

Historically, during rainfall, the business environment is softer for micro irrigation, however, the company expects demand revival and pent-up demand in H2 FY25, on the back of good monsoon and government announcement in the recent Budget for higher support and commitment to agriculture, irrigation sector, Micro, Small & Medium Enterprises (MSME) and agri-related businesses, he said.

"We expect good business opportunities in all our business verticals going forward. The company continues to focus on creating sustainable profitable growth," Jain added.