Jain Irrigation aims for over 20% growth this fiscal

Written by Sandip Das | New Delhi | Updated: Jan 30 2011, 04:49am hrs
Despite the prolonged monsoon last year, homegrown irrigation major Jain Irrigation Systems (JIS) is bullish about the current fiscal and aiming at growing at more than 20% in comparison to the last year.

JIS, world's second largest drip irrigation company is targeting to increase turnover by 23% through expansion in western and northern parts of the country.

We will continue to strength and expand our drip irrigation and piping business as there is huge potential for it in the northern, western and southerns parts of the country, Anil Jain, managing director, JIS told FE. Last fiscal JIS had a turnover of around Rs 3,400 crore.

Meanwhile, the company declared its quarter three results by announcing that its turnover has increased by 10% to Rs 693 crore in comparison to same period last fiscal. The company said that overall micro irrigation business has shown a growth of 19% during the third quarter with Andhra Pradesh witnessing a high growth of 59%.

Jalgaon (Maharashtra)-based JIS also focuses on widely used equipments for taking up agricultural activities like irrigation, pipes, sprinklers, plastic sheets, food beverage etc.,

Although the company, since its inception in 1960s, has been operating in the mostly western and southern parts of the countr, during the last few years, the customer base of the company has also expanded to eastern and northern parts of the country.

Jain stated that for the last five decade successive governments did not pay enough attention to agriculture. However, there have been various measures taken by central and state governments towards boosting agricultural productivity. He said with the thrust on the social sector programme by the UPA government, which had given boost rural economy, the demand for the agricultural products have gone up significantly.

JIL stock at the Bombay Stock Exchange witnessed a decline of 5% rise on Friday and closed at Rs 214.