With the stabilizing of crude prices at the lower band, busy season revenue mix and expected better capacity utilization, second half is expected to be better than the first half, said Anil Jain, managing director of Jain Irrigation.
With the stabilizing of crude prices at the lower band, busy season revenue mix and expected better capacity utilization, second half is expected to be better than the first half, said Anil Jain, managing director of Jain Irrigation.

Jain Irrigation to move global food processing business to new subsidiary

The company reported a stand-alone loss of Rs19.4 crore for September quarter compared with a loss of Rs65 crore a year ago

Mumbai: Jain Irrigation Systems Ltd’s board of directors has approved incorporation of a wholly-owned subsidiary to house its existing global food processing business, the firm said in a BSE filing on Tuesday.

The firm also said that the board has authorized the management to explore value-creation opportunities based upon minority shareholding dilution in the food processing business.

For the quarter ended 30 September, the company reported a stand-alone loss of 19.4 crore. Loss in the same period last year was 65 crore.

Revenue for the reporting quarter increased by 2% to 806.78 crore.

“With the stabilizing of crude prices at the lower band, busy season revenue mix, expected better capacity utilization, second half is expected to be better than the first half," said Anil Jain, managing director of Jain Irrigation.

The company maintained its medium-term target of reaching a debt equity level of 1:1 by fiscal 2016 through various measures at the operational efficiency level and corporate level.

At 11:05am, Jain Irrigation shares were trading at 57.10, up 2.88% on BSE, while the benchmark Sensex was trading at 27,972.7 points, up 0.35%.

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