MUMBAI, 15 NOVEMBER, 2019 (GPN) – Jain Irrigation Systems Limited, (JISL) the largest micro irrigation systems company in the country and second largest globally, has announced un-audited standalone and consolidated results for second quarter of FY 2019-20 in the Board meeting held on November 14.

Highlights of Second Quarter of FY2019-20:

§ Consolidated Revenue of INR 13,88.3 crore and EBIDTA of INR 80.4 crore

§ Stable overseas operations

§ India Operations impacted by tight liquidity conditions and very wet season

§ Debt Resolution is work in progress with Bankers

The Vice Chairman and Managing Director of the Company, Mr Anil Jain said: “The second quarter of this year has been challenging for the Company. The Company is striving hard to come out of this situation. Amongst the various steps taken, the main ones include – firstly, liquidity management to realize the receivables and vendor management; secondly, managing the ICA framework with the banks and, thirdly, deleverage by continuing with the pursuits on corporate actions. The overseas operations, however, are stable and have grown by 10% on a y-o-y basis.”

Admittedly, these are trying times for JISL, but the Company has the wherewithal to emerge out of this sooner than later. It is a known fact that JISL’s businesses have a long track record and a sound backing of knowledge, experience and significant assets. JISL is making efforts to strengthen the Balance Sheet, and, once done, it would reactivate itself to cater to the underlying demand. Meanwhile, the focus is on implementation of the orders in hand and executing shorter working capital business. JISL is working in the basic sector of the economy and the steps taken by the Government in sectors like agriculture, water, irrigation, roads, gas, food processing are in the right direction to propel the demand further for JISL’s quality products. JISL is sincerely thankful to all the stakeholders for their continued support and faith in the Company.