Jain Irrigation bountiful harvest

Jain irrigation is doing extremely good today morning. The stock has breached the 15% upper circuit at Rs.65.40 and it now galloping ahead, up almost 17% at Rs.66.25. Volumes have jumped up over 4 times.

The market is thrilled to bits with this performance of Jain Irrigation for Q4Fy15. Consolidated revenue rose 20% (YoY) at Rs.2104 crore. EBITDA was up 12% at Rs.314 crore and PAT was at Rs.98 crore, up by a strong 30%.

The growth in net profit was mainly led by a higher other income component, lower interest outgo and slower pace of growth in depreciation. The market is especially enthused by the fact that it has managed to reduce its debt by Rs.360 crore in Q4FY15 and it plans to reduce it by another Rs.300 crore in current fiscal. The company is planning to raise money by selling 25-30% stake in its food processing business by September’15.