Jain Irrigation System limited - January, 2012

Date: January 23, 2012
Pages: 17
US$ 500.00
Publisher: Cni Research Ltd
Report type: Company Report
Delivery: E-mail Delivery (Word), CD-ROM Mail Delivery, Online Subscription, Hard Copy Mail Delivery, E-mail Delivery (PDF)
ID: JEF820565E1EN

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Jain Irrigation System limited - January, 2012
Initiating Coverage
We like JISL for strong distribution network; leadership position in micro irrigation, robust growth expected in piping business demand is to be driven by Agriculture, 2QFY12 net profit decline 81% YoY coz of forex losses but operating performance is much better. Company has acquired overseas business & expect likely to grow 10% in FY 12 to FY14; we expect India’s micro irrigation business to post robust growth on account of renewed policy focus on micro irrigation. JISL has plans to set up a non-banking financial company (NBFC) to fund farmers for purchasing MIS systems, while also discounting Jain’s receivables. The company believes that bank funding for farmers is constrained and that access to capital matters much more to farmers than interest rates. Fastest subsidy disbursement through renewed policy focus on micro irrigation would help reduce working capital intensity.

Micro irrigation sector has attracted many new entrants into this sector even as existing players such as netafim, nagarjuna fertilizer, finolex industries continue to expand their operation but JISL has sufficient lead in terms of huge distribution network of the company, leadership position in micro irrigation with 55% in drip irrigation & 35% in sprinkler irrigation.
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Jain Irrigation System limited - January, 2012
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