Jain Irrigation posted a much better than expected numbers for Q4Fy13, with a topline of Rs.1209 crore, up for the first quarter through the entire year. Net profit was at Rs.42 crore, down 76% on YoY but much better than the net loss of Rs.31 crore in Q3. The market is now looking ahead. The company in FY13, reduced receivables by Rs.400 crore and said that there is scope for further reduction in Fy14. It plans to bring down debt by Rs.500 crore in FY13. Its consolidated debt (long term borrowings + short term borrowings) as at 31^st March 2013 stands at Rs.3437 crore, marginally lower than Rs.3428 crore for Fy12. Thus debt continues to remain a big issue and eating away substantial earnings. Consolidated interest outgo for Fy13 was at Rs.516 crore and this was 10% of the net sales.

And MIS, its mainfray, which saw a 25% degrowth in FY13 is estimated to see a growth of 20% in FY14 with an upside potential of 25%. The company stated that it is seeing good business in Maharashtra where the state Govt has made it mandatory for banana and sugarcane cultivators to use drip irrigation. And the company feels that this could mean a business worth Rs.10,000 crore spread over the next few years.