Jain Irrigation Systems Limited reported unaudited standalone and consolidated earnings results for the second quarter and six months ended September 30, 2017. For the quarter, on standalone basis, the company reported revenue from operations of INR 7,682.7 million compared to INR 7,418.1 million a year ago. Profit before tax was INR 195.1 million compared to loss before tax of INR 54.1 million a year ago. Profit after tax was INR 160.4 million compared to INR 46.9 million a year ago. Basic and diluted earnings per share were INR 0.31 compared to INR 0.09 a year ago. Total income was INR 7,785.7 million against INR 7,501.9 million a year ago. Profit before tax and share in net profit of associate was INR 195.1 million against loss of INR 54.1 million a year ago.

For the six months, on standalone basis, the company reported revenue from operations of INR 17,406.5 million compared to INR 17,288.2 million a year ago. Profit before tax was INR 583.4 million compared to INR 339.5 million a year ago. Profit after tax was INR 569.1 million compared to INR 399.9 million a year ago. Basic and diluted earnings per share were INR 1.10 compared to INR 0.78 a year ago. Total income was INR 17,634.9 million against INR 17,441.8 million a year ago. Profit before tax and share in net profit of associate was INR 583.4 million compared to INR 339.5 million a year ago.

For the quarter, on consolidated basis, the company reported revenue from operations of INR 15,982.1 million compared to INR 14,780.2 million a year ago. Profit before tax was INR 198.2 million compared to INR 127.1 million a year ago. Profit after tax was INR 143.3 million compared to INR 301.0 million a year ago. Profit attributable to equity holders of the parent was INR 106.4 million compared to INR 280.5 million a year ago. Basic and diluted earnings per share were INR 0.21 compared to INR 0.55 a year ago. Total income was INR 16,130.9 million against INR 14,935.8 million a year ago. Profit before tax and share in net profit of associate was INR 188.0 million compared to INR 119.6 million a year ago. EBITDA was INR 2,190 million against INR 1,900 million a year ago. Total cash generated from operation was about INR 174 million.

For the six months, on consolidated basis, the company reported revenue from operations of INR 33,317.3 million compared to INR 31,955.3 million a year ago. Profit before tax was INR 674.1 million compared to INR 827.0 million a year ago. Profit after tax was INR 613.1 million compared to INR 916.6 million a year ago. Profit attributable to equity holders of the parent was INR 549.7 million compared to INR 865.7 million a year ago. Basic and diluted earnings per share were INR 1.07 compared to INR 1.69 a year ago. Total income was INR 33,599.5 million against INR 32,200.1 million a year ago. Profit before tax and share in net profit of associate was INR 658.3 million compared to INR 813.0 million a year ago. EBITDA was INR 4,680 million against INR 4,410 million a year ago. PAT is down from INR 860 million to INR 550 million, partially lower due to depreciation and taxation issue.

In the second half, the company expects much better performance on various counts because of much higher sales and level of profitability which would be there. The company expects INR 84,000 million in terms of revenue, and INR 12,500 million of EBITDA; then that should result into at a PAT level that it would be much more than the last year. And the company expects revenue to be around 20%, EBITDA to be 23%, 24% and PAT to be higher than the EBITDA in terms of the growth compared to the last year.

The company provided effective tax rate guidance for the fourth quarter of fiscal year 2018. Effective tax rate is going to be likely to be around 27% or so because in food business or other businesses, the company does get some credit plus the company does get some credits related to R&D and so on. So, effective tax rate one can assume at close to about 27%.