Jain irrigation

RESEARCH

COMPANY DETAILS

SHARE HOLDING

FINANCIAL HIGHLIGHTS

ANALYST

BSE Code

Promoter

FY09 Consolidated(Rs Crores)

Kinshuk Acharya

[email protected]

092315 49900 / 91-33-3918 0387

FIIs

Debt

Share Capital

Non Promoter Corp.

Net Sales

Financial Institution

PAT

Others

EPS(Rs)

Share Price graph in last 1 year (Rs.)

NSE Symbol

Bloomberg Code

Face Value

Beta

Market Cap (Rs. Crs)

Free Float (%)

52-wk H/L (Rs.)

Avg. Daily Volume

500219

32.4

163

47.71

1274

9.76

2913

5.77

228

4.37

30.8

JISLJALEQS

JI IN

Rs. 10

0.6

4701

67.6

689 / 229

23695

JAIN IRRIGATION SYSTEMS LTD.

01 JULY, 2009

CMP : Rs. 643.00 BUY

INITIATING COVERAGE

COMPANY OVERVIEW

VALUATION & RECOMMENDATION

Jain Irrigation Systems Ltd., is India's biggest and World's second largest

manufacturer of micro irrigation system and is thus the best play on the

government's increased thrust on agriculture and irrigation. The company

has other businesses, which includes piping and agro-processing, have

been exhibiting strong historical growth and are set for strong growth in

the future, driven by increasing investments in infrastructure and

consumer spending.

Management: Anil Jain has been JISL's MD since 1993 and heads all its

businesses, including all its subsidiaries. The founder, Bhavarlal Jain, is the

Chairman of the company.

Plants located all across the world: The Jalgaon plant remains the

company's largest facility in India, manufacturing micro-irrigation

systems, pipes, plastic sheets and agro-processing. The acquisitions of

Terra Agro, and Parle Bisleri's plants added facilities in Coimbatore and

Chittoor for manufacturing MIS systems and food processing equipments,

respectively. Subsequent to recent acquisitions, the company has facilities

in Israel, US, Latin America and South America.

At CMP of Rs. 640, stock trades at forward P/E of 10.4x and 7.3x based on

consolidated expected EPS of Rs. 62 and Rs. 87 for FY11E and FY12E

respectively. We believe, given Jain's positioning in the agri infrastructure

space and potential of its food processing business, that the stock is

reasonably valued at this point of time. Risk to our recommendation,

however, would come from slowdown in MIS, margin compression due to

high resin prices, delay in Government subsidy and unfavorable weather

(inadequate monsoon due to El-nino effect, etc.) disrupting raw material

inputs for food processing activities. Infusion of capital from IFC augurs

well for the company and it can provide further support to the company to

expand its business overseas as well as in executing World Bank funded

irrigation projects.

EUREKA RESEARCH www.eurekasecurities.com


INITIATING COVERAGE

01 JULY 2009

www.eurekasecurities.comEUREKA RESEARCH 2

INVESTMENT RATIONALE

BUSINESS SEGMENTS

• Leading player in Indian Micro Irrigation Space:

A large untapped irrigation market (67% of cultivated land is still rain-fed), coupled with the government's subsidy for

micro-irrigation projects (projected at US$15bn in the Eleventh Five-Year Plan), offers a huge growth opportunity for

makers of micro-irrigation systems. As the company enjoys 55% market share in this segment, it is expected that

conservatively the company will have an opportunity of at least US$5 bn over FY07-12. The company, with its strong

relationships with farmers and strong R&D capabilities is well placed to exploit this opportunity. Furthermore, the

company's overseas acquisitions should offer access to new technology and markets. We estimate a 50% CAGR in

revenues over FY07-10 for the micro-irrigation segment.

• Enhancement of subsidy share by some of the states like AP, MP, UP, Karnataka etc., would provide extra impetus in

enhancing the usage of MIS/SIS system in the coming years.

• Other businesses verticals likely to show strong performance in the future: The piping segment (which contributed

33% of FY09 revenues) should clock 30-35% CAGR growth over the next 2-3 years, driven by investments in infrastructure,

telecom and city gas distribution.

• Dehydrated Vegetables and Fruit Processing would be a major growth driver: Agro-processing is still a nascent

industry in India, with the country processing only ~2% of its produce, however, JISL has focused primarily on the

overseas market with over 75% of its Food Processing sales arising from exports. With increasing consumer awareness of

health foods, there is huge potential for growth in the agri-processing business in the domestic market.(16% of JISL's

FY09 revenues). We expect JISL's sales from Food Processing to grow by over 25-30% going ahead with healthy and

sustainable margins of 16-17%.

• Key risks: Any change in government policy or deceleration in implementation of projects could temper growth.

The company is vulnerable to increase in raw material prices such as polymers and raisins and PVC granules etc., all of

which are crude derivatives. With the expectation that the crude prices are going to be increasing here onwards, there can

be pressure on the operating profit margin of the company going forward if it is unable to pass on the raw material price

increase fully to its end consumers.

All of JISL's businesses micro-irrigation (contributing ~42% of FY09 revenues), piping (~33%), agro-processing (~16%) and

plastics (~7%) are poised to see strong growth, though the plastics segment could see some deceleration on account of the

housing slowdown in the US. Subsequent to recent acquisitions, the share of micro-irrigation is likely to increase in the next

few years.

Revenue Contribution FY09 Revenue Contribution FY08

EUREKA RESEARCH 3


INITIATING COVERAGE

01 JULY 2009

www.eurekasecurities.com

MICRO-IRRIGATION PRESENTS A HUGE OPPORTUNITY

The company received 42% of its revenue from micro irrigation segment in FY09 compared to 35% in FY08. JISL is one of the

few organized players in the micro-irrigation market (including drip and sprinkler systems) in India. In the past, demand for

micro-irrigation systems has stagnated on account of: a) lack of capital; b) lack of incentive for farmers, since water/

power are free; and c) low awareness of the cost benefits of micro-irrigation. JISL, with its extensive dealer network has

sought to deal with the third challenge. Through its efforts at training and educating farmers (JISL organizes visits to its

model farms at Jalgaon), the company has managed to create demand and sustain growth. The government's recent focus

on micro-irrigation and the subsidy plan proposed is likely to do away with the first challenge. In effect, the domestic

micro-irrigation market is poised to see tremendous growth, and JISL, thanks to its existing relationships with farmers and

dominant market share, is well placed to benefit from this.

JISL has sought to bolster its presence in the overseas markets also and has acquired several companies over the past few

years.

TARGET CAPACITY DATE PARTICULARS INVESTMENT DETAILS

Feb-06Eurodrip

May-06Chaplin Watermatics

Acuarius Brands

May-07

FY-07

Greece based, Acquired 7.5% stake,

Access to US, Turkey, Jordon, Egypt, Greece

Acquired for :£3.5m

FY04 revenues :35m

US-based, Acquired 100% stake. JISL entry in

world's largest market, Strong franchise

Access to US, Mexico, Europe and Africa.

Extensive distribution and product line.

Execution of turnkey projects

Consideration :US$6.8m

FY-07 Revenues : US$10m

Revenue potential : US$25m

US based, Acquired 100% stake. Strengthens

presence in the US (2nd largest) Strong brand

equity Strong franchise Possibility of cross

border trade Widest product offerings (Agri,

landscape, Turf, Mining, etc.) strong R&D

Consideration : US$21.5m

FY-07 revenues : US$30m

Revenue potential : US$50m

Israel based, Acquired 51.% stake JISL becomes

the second largest global players in the

micro-irrigation system. Expertise in the large

scale agro-products Presence in France, Italy,

Mexico, Brazil, Chile, Spain and Australia

Strong R&D Possibility of cross border trade

Consideration : US$21.5m

FY-07 revenues : US$75 m

Revenue potential : US$100 m

NaanDan Irrigation, Israel

EUREKA RESEARCH 4


INITIATING COVERAGE

01 JULY 2009


GROWTH DRIVERS IN THE MIS SEGMENT

With agricultural growth decelerating to 1.6% in FY'09 vs 6.5% during the 1960s, the government's focus has recently shifted

towards improving agricultural productivity. Existing methods of irrigation (including canal irrigation) have been found to

be wasteful and micro irrigation is now seen as the best solution. The total irrigation potential from surface and ground

water sources would be around 140mn hectares (MHa). Out of the total sown land, over 71 MHa is rain fed while the

immediate MI potential that can be created through major and medium irrigation projects is 69 MHa, and surface water

based minor irrigation projects is over 17.5MHa. Out of 69 mha (million hectares) under irrigation in India, it is estimated

that only ~3mha is under micro-irrigation as depicted in the following flow diagram, which signifies there exists huge scope

for further Micro Irrigation in India. JISL is the leading player among the organized players accounting for a sizeable chunk of

the MI market.

THE STRUCTURE OF THE COMPANY AFTER ACQUISITION HAS BEEN PRESENTED BELOW

Source: Company

EUREKA RESEARCH 5


INITIATING COVERAGE

01 JULY 2009


SCOPE & OPPORTUNITIES OF MIS IN INDIA

Bharat Nirman targets to cover over 10MHa new

area under irrigation by 2010. It also proposes to

bring in another 5MHa land under irrigation

though improved utilisation of the existing

potential. During the Tenth Plan, the overall

public investment on irrigation was Rs96,720 cr

creating an additional 8.8MHa potential. The

Eleventh Plan proposes an estimated outlay of

about Rs2,10,000 cr on irrigation, with the

potential of creating additional 14MHa and most

of the funds (Rs1,72,000cr) would be earmarked

upon by the State Governments.

To facilitate irrigation growth, the government has taken certain affirmative steps, which will bring about a radical change

in the Irrigation sector going ahead. The government is extending subsidies to the farmers to promote the use of Sprinklers

and Drips for irrigation purposes. Micro Irrigation is a Centrally Sponsored Scheme under which out of the total cost of the MI

System:

• 40% would be borne by the Central Government

• 10% would be borne by the State Government

• The rest would be borne by the beneficiary

Source: Company

COMPONENTS UNDER XI PLAN TARGET

4.2 Mha

2.8 Mha

1.0 Mha

1.8 Mha

2.1 Mh

1.0 Mha

1.0 Mha

1.0 Mha

10 Mha

Completion of ongoing Major and Medium Irrigation projects

Minor irrigation schemes

- Surface Water

- Ground Water

Enhancing utilization of completed projects

- ERM of major and medium projects

- Repair, renovation and restoration of water bodies/ERM of minor irrigation schemes

Ground Water development in area with utilized ground water

potential(for benefit of small & marginal farmers and Tribals & Dalits

TOTAL

EUREKA RESEARCH 6


INITIATING COVERAGE

01 JULY 2009


Apart from the initiative taken by the Central government, certain States are also pushing the farmers to understand the

benefits of MI Systems. States like Andhra Pradesh and Uttar Pradesh etc.,have taken specific steps to promote MI Systems.

Originated in Maharashtra, the concept is now widely being accepted in South India. It is gaining momentum in the Central

and Northern regions of India as well. JISL has witnessed over 100% growth in Madhya Pradesh and similar results are being

witnessed in Punjab and Haryana, among other States.

Besides concentrating on the geographical reach, JISL is also expanding the crop coverage from fruits to cotton, chilly,

vegetables, etc. As for the equipment, over 2/3rds of the parts need replacement in 5-7 years and the remaining steel parts

need replacement in 10-20 years. Hence, the replacement demand is still quite low. Nonetheless, there is an over 95% virgin

market to be tapped, which offers significant potential for future growth. For instance the company currently gets almost

40% of the total Revenue from Maharashtra, while AP is the 2nd largest state for the Company after Maharashtra in revenue

share, however, there is still enough growth potential in these states available for the next 3-4 years. TN and Gujarat are

the fastest growing States after Maharashtra & AP and Gujarat has the highest potential among all the progressive

agriculture states. Punjab, even though on a smaller base, is the fastest growing State in North-East Region. Recently UP has

announced Rs. 400 crore for MI Project and as presented in the earlier table, some of the States under specific schemes are

extending 30% subsidy as their share as against normal 10%.

Jain Irrigation has bagged the prestigious TN-IAMWARM (Irrigated Agriculture Modernisation and Water bodies Restoration

and Management) order of the World Bank valued Rs 77.80 crore covering 22,345 hectare (ha) to be executed during the

current calendar year. The company would supply and install drip and sprinkler irrigation systems in over 22,345 ha covering

25 basins. In addition to supply and servicing of drip and sprinkler irrigation systems, Jains will be involved in promoting

crop diversification and enhancing farm incomes through value-chain building in specific crops.

TN-IAMWARM

MICRO IRRIGATION STATEW WISE SUBSIDY AVAILABILITY

JAIN IRRIGATIONSTATES

Maharashtra

Gujarat

Andhra Pradesh

Tamil Nadu

Karnataka

Madhya Pradesh

Chattisgarh

Punjab

Bihar

Himachal Pradesh

Rajasthan

Kerala

Uttar Pradesh

Uttarkhand

GOVERNMENT SUBSIDIES

DRIP

50%

50%

70%

50%

50%

50%

50% 50%

50%

50%

50%75%

50%

50%

70%

70%70%

70%70%

75%75%

60%60%

70%70%

75%75%

50%

50%

50%

50%

50%

50%

50%

50%

60%

60%

60%

60%

35%

30%

65%

SPRINKLER MARKET SHARE

Source: Company

EUREKA RESEARCH 7


INITIATING COVERAGE

01 JULY 2009


A government-appointed task force has proposed to bring 14 mha under micro-irrigation during the Eleventh Five-Year Plan

(FY07-12) at an estimated cost of US$15bn and a subsidy plan under which, 50% of the equipment cost would be funded by

the government and the balance by the farmer (institutional credit access provided for). We estimate a market opportunity

of US$5bn (assuming 5mha comes under micro-Irrigation, with every 1mha translating into a US$1bn market opportunity).

As mentioned earlier, JISL, with a market share of 55% in micro-irrigation in FY'09, established relationships with farmers in

high-growth areas (including Maharashtra and Andhra Pradesh) and an extensive dealer network (1,685 outlets currently),

is ideally placed to benefit from this opportunity.

In terms of industry size, the company is suitably poised to reap the benefit of the huge opportunity that exist in the micro

irrigation as an industry as depicted by the following table:

Total potential for the irrigated area is about Rs. 2,613 bn (~US$ 67 bn)

REGIONS

Western 55%

40%

5% PUN & HP

RAJ

OS*

OS

TN

AP

MP & CG

GUJ

MH 85%

128%

149%

48%

98%

23%

221%

80%

94% 100 - 200%

80 - 100%

80 - 100%

50 - 60%

60 - 80%

50 - 60%

80 - 100%

60 - 80%

50 - 60%

Southern

North East

* North-East Other States (OS) includes UP & Bihar

STATESHISTORICAL GROWTH

(last 2 yrs.)EXPECTED GROWTH

(next 3 yrs.)CURRENT REVENUE

SHARE

Source: Company

Source: Company

Source: Company

DEALER NETWORK

CURRENT / EXPECTED INDUSTRY SIZE

STATE Plant Offices Depot Dealers

7309154

-

-

2

1

-

3

-

10

1

3

4

5

3

22

15

69

3

2

1

3

5

4

11

38

124

158

133

57

25

283

175

1,685

Maharashtra

Madhya Pradesh

Karnataka

Gujarat

Tamil Nadu

Rajasthan

Andhra Pradesh

Other States

TOTAL

CONTINENT Plant Offices Distributors

150

16

253

200

257

15

5

891

2

-

5

3

7

1

3

21

1

-

2

2

6

-

2

13

Australia

Middle East

Europe

South America

North America

Africa

Asia

TOTAL

REVENUE (YEARLY)

US$ 207 MILLION

US$ 410 MILLION

US$ 1-2 BILLION 1 - 2 Mha

600k Hectors

310k HectorsJAIN

INDUSTRY

ANNUAL POTENTIAL (in next 2-3 years)

AREA COVERED (AVERAGE)

EUREKA RESEARCH 8


INITIATING COVERAGE

01 JULY 2009


GLOBAL SCENARIO

PRICE & REALIZATION MECHANISM OF MIS FROM FARMERS

Globally too, the penetration of MI is about 14% with the American region leading the way with over 13.3MHa area under MI.

Europe comes in second, with 10.1MHa area under MI. The Asian region with maximum arable land of over 194MHa is the

most under-utilised in terms of MI, with only 6.8 Mha area under MI.

(Area in Million Hectares)

Global coverage of Sprinkler and Drip Irrigated Areas is 33 Mha & 6 Mha, respectively. Area under Drip Irrigation increased

almost six fold during last 20 years from1.1 Mha in 1986 to 6.1 Mha at present. The driver, so far, for such growth has been

the conversion of Gravity/Sprinkler farmers to drip irrigation farmers. However along with the trend of this conversion

continuing in the international market, scope for Replacement Market would also act as a growth driver in the future.

The average cost of Drip Irrigation System is in the range of Rs. 40,000-50,000/ Ha depending on the location, and

assistance of a maximum 50% is provided to the beneficiary. The average cost of Sprinkler Irrigation System is lower at

Rs13,500-17,500/ Ha depending on the Sprinkler system. Financial assistance up to 50% is provided in case of Sprinkler

Systems subject to a maximum limit of Rs7,500. The difference is primarily due to the movable characteristics of Sprinkler

Irrigation Systems, which can actually cover more than a hectare area by moving around the sprinkler. JISL is actively

involved in providing MI systems to the farmers. The Central and State government subsidies are directly given to JISL. The

money is usually received in 90-180 days but usually there some procedural issues that could delay it. But, till date

importantly, there have been no bad debts in this regard. The farmers usually contribute through their own savings or

through loans from banks and the company receives the money almost immediately after the system is installed.

Region

1

Americas 2

35

46

53

5

174

41.9 13.3 1.9 15.2 36%

47%

4%

18%

42%

14%

11.9

8.6

2.3

1.1

39.1

1.8

1.8

0.4

0.2

6.1

10.1

6.8

1.9

0.9

32.9

25.2

194

12.5

2.6

276.1

Europe

Asia

Africa

Ocenia

World Total

2 3 4 5 6 = 4+5 7 = 6/3

No. ofCountries

AvailableIrrigated Area

SprinklerIrrigated Area

DripIrrigated Area

Total MicroIrrigated Area

Proportion ofAvailable

Irrigated Area

EUREKA RESEARCH 9


INITIATING COVERAGE

01 JULY 2009


MICRO IRRIGATION SUBSIDY ADMINISTRATION & CASH-TO-CASH CYCLE

Collection Cycle:

Subsidy Administration

Subsidy Disbursement

Average Cost (per Hector)

Drip & Sprinkler UD$ 1000

Subsidy 50%

(Federal 40% & State 10%)

Farmers' Contribution 50%

(Cash Contribution/

Loan from Banks)

Get Collected 5-10% Advance

and the Balance on InstallationGet Collected in 90-180 Days

Source: Company

Source: Company Presentation

EUREKA RESEARCH 10


INITIATING COVERAGE

01 JULY 2009


IN-HOUSE R&D AND TECHNOLOGY TRANSFER SUPPORT GROWTH

States having micro irrigation projects in the process of implementation

Financial Performance Analysis-MIS Segment

PIPING BUSINESS

The company's recent foray into new crops such as cotton (on which yields have improved 2-3 times during the past season)

has been supported by technology transfer from its recent acquisitions, including that of the Israel-based Naan Dan

Irrigation. This new technology and in-house innovations would enable the company to foray into newer crops (including

potato, oilseeds and chillies) and regions (including Chhattisgarh and Rajasthan). Product innovations should also help the

company maintain margins in the face of spiralling raw-material prices (eg, polymer, which accounts for more than 50% of

costs), without raising prices for farmers.

Despite significant slowdown in FY09, the company has managed to increase the volume of sale significantly in FY09. Major

growth for the company came from Andhra Pradesh growing at 69%, Tamil Nadu 280%, Uttar Pradesh 620% and Karnataka at

65% respectively. The margin for this segment improved by 100 bp for the full year, due to change in product mix of value

added products and lower raw material prices.

The piping segment contributes 38% of revenues and is exposed to growing end-markets such as telecom infrastructure, gas

distribution and public investments in rural and urban infrastructure. Poly-ethylene (PE) pipes find extensive use in gas

distribution, telecom infrastructure, and water supply and sewage systems. PE pipes score over metal pipes because the

former have lower friction and are easier to install while costing the same. The company has expanded its product range in

STATES

Andhra Pradesh

Chandigarh

Tamil Nadu

Rajasthan

STATES

Proposes to cover 0.2 mha under micro irrigation: Budgeted Outlay Rs 11.7 bn

Bring more land under micro irrigation: Budgeted outlay Rs 250 mn

Modernisation of Irrigation facilities (including micro irrigation systems) over 5 year period: Outlay of Rs 254 bn

Proposes to cover 0.6-0.7 mha under micro irrigation: Budgeted Outlay Rs 20 bn

Rs. Cr. FY09YOYGROWTH

YOYGROWTH

Q4FY08Q4FY09

24305

327.7

127

134828.2

52252.62

39%

20.5

6%

200.7

82575.6

106.4

32

43777

16090

241.3

92.8

149968.9

57675.57

38%

17.4

7%

148.5

92293.35

75.4

31%

46861.4

51%

36%

37%

-10%

-9%

18%

35%

41%

-7%

60302

951.5

348.4

157789

57776

37%

65

7%

603.1

100013

283.4

30%

46997

41339

619.9

227.6

149955.2

55056.97

37%

49.5

8%

392.3

94898.28

178.1

29%

43082.8

46%

53%

53%

5%

5%

31%

54%

59%

9%

FY08

Sales Qty. (in tonnes)

Revenue

Contribution

Revenue / tonne (in Rs.)

Contribution / Revenue

Fixed Cost / Revenue

Contribution / tonne (in Rs.)

Fixed Cost

Variable Cost

EBIDTA

EBIDTA / tonne

Variable Cost / Tonne

EBIDTA margin

EUREKA RESEARCH 11


INITIATING COVERAGE

01 JULY 2009


this business to include PVC pipes, HDPE pipes, cable-duct pipes and gas pipes. The piping segment has also historically

supported production of micro-irrigation systems, for which pipes constitute 27% of raw-material costs.

JISL has traditionally been in the PVC Pipes business, which were primarily used by the farmers for irrigation purposes and

some portion was utilised for the drinking water supply schemes. Over the past three years however, this Segment has

evolved with different applications for the pipes ranging from being used in the city gas distribution networks, for sewage

and waste disposal, telecom cables, etc. Some of JISL's esteemed clients include Vodafone, Bharti, Gujarat Gas Company

and IGL, among others.

So far rapidly growing GDP and the infrastructure boom have fueled growth of the Piping Segment, which has clocked 30-

40% growth over the past 2-3 years. Earlier, JISL was restricted to a max of 300mm diameter pipes but, now the company

manufactures even 1+ meter diameter pipes depending on the application. Although at a nascent stage, this business is

rapidly gaining momentum in the Exports market.

After gaining a foothold in manufacturing and inventing newer applications, JISL is poised for implementing turnkey water

projects. With the rise in urban population, some state governments have plans to implement 24/7 pressurised water in the

big cities. This project requires an entire system from pumps to filtration to nodal pipelines up to the domestic consumer as

well as metering and monitoring. JISL has implemented a pilot project at couple of locations, response from which has been

encouraging. Management believes that implementation of such projects is likely to create a significant business

opportunity in future. JISL has recently signed an MoU for co-operating and working together with Mekorot, the National

Water Company of Israel for the development of water infrastructure projects in India the details of which has been

discussed in detail later in this report. This affirms the vast potential which can be exploited domestically and along with an

experienced player like Mekorot, we believe JISL will be able to tap this market successfully. However, for the time being

there is a status co in this venture, as in the wake of the global recession, the company is giving more focus in its existing line

of business.

JISL is also planning to launch piping products for plumbing applications as well as pipes for home drainage. The company

commands a leading position in supplying pipes for city gas distribution companies. Currently, only 5-7 cities are covered

under city gas distribution and the soaring oil prices have prompted expansion of the city gas distribution network across

cities. This expansion is likely to result in significant demand over the next few years. Domestically, JISL competes with

Finolex, Supreme and Duraline in the Pipes Segment. But, the market is large enough to accommodate all the players, thus

eliminating threat from competition.

The company expects a CAGR of 40% in this segment's revenues

over FY08-11E. We believe growth in demand for HDPE & MDPE

pipes could accelerate further, driven by public investments in

water distribution systems, sewage systems and urban

infrastructure, and private investment in telecom infrastructure

and gas distribution systems.

Orders from existing clients (among them Indraprastha Gas and Airtel) and new project wins (including the water

distribution project in Karnataka) should continue to drive the momentum. The company's foray in the water project

GROWTH DRIVER IN PIPING SEGMENT

EUREKA RESEARCH 12


INITIATING COVERAGE

01 JULY 2009


execution segment in JV with Mekorot, would also contribute significantly to the volume growth in this segment. In

addition, infrastructure investments in Africa and the Middle East would also bring about significant growth in export

revenues. While EBITDA margins in this segment have hovered around 10-12% in the last few years, this segment could see

potential margin expansion of 100bps over the next few years. In the 11th 5 year plan over US$ 42 bn has been allocated for

infrastructure development and this would drive as the growth driver for the company going forward.

The company registered a revenue growth of 84% from Maharashtra region, 2.3 times from Karnataka 47% from Tamil Nadu

and 86% from Madhya Pradesh.

The PE pipe division underperformed significantly as a result of slowdown in telecom sector for duct application, which

declined by 57% in Q4FY09. During same period last year, Alcatel bought large quantities for export market. However, water

distribution application which grew by 57% during Q4FY09 has helped to bridge part of the deceleration.

Financial Performance Analysis-Pipe Segment

Performance Analysis - PVC Pipes

In Rs. Crore FY09YOYGROWTH

YOYGROWTH

Q4FY08Q4FY09

20024

127.9

15.6

63873.35

7790.651

12%

4.3

3%

112.3

56082.7

11.3

9%

5643.228

13426

94.5

10

70385.82

7448.235

11%

3.9

4%

84.5

62937.58

6.1

6%

4543.423

49%

35%

56%

-%

5%

10%

33%

85%

24%

65758

413.5

44.6

62882

6782.4

11%

12.7

3%

368.9

56100

31.9

8%

4851.1

46221

289.6

33.2

62655.5

7182.882

11%

10.1

3%

256.4

55472.62

23.1

8%

4997.728

42%

43%

34%

0%

-6%

26%

44%

38%

-3%

FY08


Revenue

Contribution





Fixed Cost

Variable Cost

EBIDTA

EBIDTA / tonne


EBIDTA margin

Performance Analysis - PVC Pipes


YOYGROWTH

Q4FY08Q4FY09

10016

93

15.5

92851.44

15475.24

17%

3.8

4%

77.5

77376.2

11.7

13%

11681.31

11770

121.2

21.2

102973.7

18011.89

17%

3.3

3%

100

84961.77

17.8

15%

15123.19

-15%

-23%

-27%

-10%

-14%

15%

-23%

-34%

-23%

30983

333.7

55.6

107704

17945

17%

13.6

4%

278.1

89759

42

13%

13556

36837

373

56.6

101256.9

15364.99

15%

10.1

3%

316.4

85891.9

47.8

13%

12976.08

-16%

-11%

-2%

6%

17%

35%

-12%

-12%

4%

FY08


Revenue

Contribution





Fixed Cost

Variable Cost

EBIDTA

EBIDTA / tonne


EBIDTA margin

EUREKA RESEARCH 13


INITIATING COVERAGE

01 JULY 2009


For the full year duct application declined by 59%, while Water and Gas application grew by 65% and 2% respectively.

Moreover, High polymer prices and slowdown in infra structural sector resulted into sever under performance of the division

during FY09.

Leveraging its strong relationships with farmers, the company entered the processed fruits and vegetables business about a

decade ago. Currently, mangoes contribute a large share of fruit processing revenues, with Coke being the largest client.

JISL has been aggressive in pursuing inorganic growth in this segment. The acquisition of Parle Bisleri's facility in February

2006 made JISL the largest fruit processor in the country. With the acquisition of US-based Cascade Specialties in Nov-06,

the company's total onion dehydrating capacity increased to 25000 MTs and enabled JISL to become the third largest onion

dehydrator in the world. The company is looking to foray into newer fruits and vegetables, including citrus fruits, green

peas and carrots. The company is also engaged in other businesses including bio-tech tissue culture (for fruits, vegetables

and flowers). While this business is small (contributing <15% of JISL's sales during FY08), it has significant scope for growth,

with demand from both domestic and overseas markets expected to be healthy.

In the Dehydrated Vegetables Segment, JSIL is primarily focused on the Onion Dehydration market, which is growing at 7-8%

pa. India currently is second next to the US in Onion Dehydration capacity. The world-over, Onion Dehydration capacity

stands at around 1,75,000MT while JSIL ranks third with a total capacity of about 25,000MT. Acquisition of controlling stake

in Cascade Specialties has given JISL access to the largest market in the world ie., the US. JSIL has already rationalised

operations in India at two locations from the earlier five locations. This has in turn improved the company's efficiency levels

in the Segment. India is the second largest producer of fruits after China. Although, India accounts for around 10% of the

total global fruits production, fruit processing has been limited to a mere 2% of the production. Hence, realising the

opportunity, JISL has rationalised its operations and has already put up significant capacities.

During FY2007, the Fruit Processing Segment registered volume growth of over 100%, which signifies the potential of this

Segment. The domestic fruit juice and nectar business is growing at a CAGR of around 25%, which offers a good potential for

JISL. Also, there is a rapid growing demand for Mango, Pomegranate and other fruit juices from the overseas market

providing a sizeable opportunity. Currently, the company supplies bulk fruit juices under the brand name, Farm Fresh. This

business fetches healthy Margins of 16-17%, which are sustainable going ahead. India is lacking in Cold Supply Chain for

transportation of fruits and vegetables. By virtue of its perishable nature, some output is always lost during normal

transportation. But, JISL has developed its own cold supply chain for its Food Processing business.

JISL's agro-prrocessing revenues registered a 35% CAGR (JISL ex-acquisitions) over FY03-09. The company expects to

register a growth of 40%+ in the domestic market and 25%+ in the overseas market in the next 3 years. The company has

aggressively pursued growth in this business; for instance, its acquisition of the US based Cascade Specialities in November

2006 has made JISL the world's third largest manufacturer of dehydrated onions. With India being the world's second largest

producer of fruits and vegetables, yet processing only 2% of all its produce (vs 50-80% in Brazil, Malaysia, Israel and the US),

this market has huge scope for growth.

AGRO PROCESSING BUSINESS

Agro-processing: expect rapid growth to continue

EUREKA RESEARCH 14


INITIATING COVERAGE

01 JULY 2009


Currently for FY10, the company has an order book position of Rs. 278 crore including Rs. 75 crore order for

dehydrated onion. Coca Cola is one of the most important customer of the company and an order worth Rs. 158 crore

has been placed with the company for FY 10, compared to Rs. 80 crore order placed by the company in FY09.

The company plans to expand its product portfolio (which currently includes processed mangoes, pomegranates and guava)

to oranges and other citrus fruits.

There has been a significant de-growth that happened in terms of volume during FY09, mainly because of the fact that many

of the American and European customers deferred their delivery during the period in question. However, as per the

management there has not been any cancellation of the orders so far. Thus, the volume off take would be higher in the

current fiscal going forward. However, the company managed to get higher realization to the extent of 43% in FY09, mainly

because of the fact that the company was able to pass on the higher mango prices to the customers and because of the

rupee depreciation. Rupee depreciation also helped in maintaining margin for the company in this segment.

Performance Analysis - Fruit Pulp & Puree


YOYGROWTH

Q4FY08Q4FY09

8839

59.9

16.6

67767.85

18780.41

28%

5.5

9%

43.3

48987.44

11.1

19%

12557.98

17777

71.7

16.9

40333.01

9506.666

24%

5.2

7%

54.8

30826.35

11.7

16%

6581.538

-50%

-16%

-2%

68%

98%

6%

-21%

-5%

91%

35733

218.3

56.7

61092

15868

26%

13.9

6%

161.6

45224

42.8

20%

11978

39021

167.1

44.7

42823.1

11455.37

27%

10.4

6%

122.4

31367.73

34.4

21%

8815.766

-8%

31%

27%

43%

39%

34%

32%

24%

36%

FY08


Revenue

Contribution





Fixed Cost

Variable Cost

EBIDTA

EBIDTA / tonne


EBIDTA margin

Performance Analysis - Dehydrated Onions / Veg


YOYGROWTH

Q4FY08Q4FY09

4146

48.4

13

116739

31355.52

27%

3

6%

35.4

85383.5

10

21%

24119.63

3889

42.4

12.3

109025.5

31627.67

29%

2.3

5%

30.1

77397.79

10

24%

25713.55

7%

14%

6%

7%

-1%

30%

18%

0%

-6%

11514

133.4

46.3

115859

40212

35%

10.1

8%

87.1

75647

36.2

27%

31440

8803

88

19.2

99965.92

21810.75

22%

6

7%

68.8

78155.17

13.1

15%

14881.29

31%

52%

141%

16%

84%

68%

27%

176%

111%

FY08


Revenue

Contribution





Fixed Cost

Variable Cost

EBIDTA

EBIDTA / tonne


EBIDTA margin

EUREKA RESEARCH 15


INITIATING COVERAGE

01 JULY 2009


Dehydrated onions and vegetable witnessed a 31% growth in volume terms and 52% in value terms in FY09. Revenue Growth

from Europe has been 27% and from Other Countries 65% for the 4th Quarter. EBITDA margin dropped by 300 bp in Q4FY09 on

account of higher onion price, which the company was unable to pass on completely, to its end consumers. For the full year

the company saw a revenue growth of 54% from the US, 46% from Europe and 21% from Australia. EBITDA margin improved

by 12% compared to last fiscal due to higher sales realization, better cost absorption and rupee depreciation.

The plastic sheets business (including PVC and PC sheets), which contributed ~7% of revenues during FY09, is levered to the

building and construction industry and derives most of its revenues from exports. With the US contributing 65% of JISL's PVC

sheet revenues, we expect a 12% annualised decline in this division's revenues over FY09-10E. This would also reduce the

segment's contribution to the company's revenues to 5-7% by FY10. However, the company is looking for other markets such

as Australia, New Zealand, etc. for its future growth. This, however, is likely to be time consuming and may not provide any

respite to the company in the short run. Moreover, the recent housing data that are coming out of the US is also showing

marginal growth () this might indicate that some stability may be returning in the US housing market, if that is the case

indeed, then it augers well for this division of the company going forward.

As is evident from the above table, slow down in the US and European housing market has taken its toll on the business for

the company with sales volume and total revenue dropping by 20% and 12% respectively for FY09. Though in the last quarter

softening polymer prices and rupee depreciation resulted into margin improvements, higher average polymer price for the

whole year and volume de-growth resulted into overall contraction in margins for FY09.

Plastic sheets could face headwinds in the near-term

Performance Analysis - PVC Sheets


YOYGROWTH

Q4FY08Q4FY09

2855

28.4

6.3

99474.61

22066.55

22%

1.7

6%

22.1

77408.06

4.7

17%

16462.35

3935

35.9

7

91232.53

17789.07

19%

2.2

6%

28.9

73443.46

4.8

13%

12198.22

-27%

-21%

-10%

9%

24%

-23%

-24%

-2%

35%

11534

116.6

20.

101092

17860

18%

4.8

4%

96

83232

15.8

14%

13699

14435

132.1

26.5

91513.68

18358.16

20%

6.3

5%

105.6

73155.52

20.4

15%

14063.04

-20%

-12%

-22%

10%

-3%

-24%

-9%

-22%

-3%

FY08


Revenue

Contribution





Fixed Cost

Variable Cost

EBIDTA

EBIDTA / tonne


EBIDTA margin

Capital Expenditure (Rs. Mn)

Debt / Equity

FY12E

1500

0.6

FY11E

2000

0.7

FY10

1900

0.8

FY09

3000

1

FY08

2000

1.5

FY07

2563

2.8

FY06

1128

3.1

EUREKA RESEARCH 16


INITIATING COVERAGE

01 JULY 2009


Margin has improved mainly on account of higher sales realization in export market.

· Equity IFC has infused $15 Mn in Equity shares of the company. The pricing of the allotment has been as per DIP

guidelines in the range of Rs. 350 Rs. 375. This would means that IFC would get 2 mn shares leading to a 2.69% stake for

IFC

· Debt IFC has already lent $30 Mn in the last 24 months and would lend $30 Mn further in 2 tranches over 8 year tenure.

The interest cost for these loans would be at the rate of 200 bp over Libor. This is considerably lower compared than the

existing rate of about libor+6% in the international market.

These funds would be used for strengthening of Balance Sheet and for expansion of existing business.

Another great advantage of having IFC as a share holder is that the company would not only receive expertise in water

related project execution, it would also be able to secure some of the orders for projects executed by World bank funding.

One such example would be the orders worth Rs. 77.8 crore that the company bagged for TN-IAMWARM project funded by

World Bank. Similar projects that are funded by World Bank abroad (for example in South Africa etc.,) could also come the

company's way going forward.

The company has plans to invest Rs. 190 crore in FY10 for capacity expansion. Of this about 65% of the total fund to be

utilized in expanding the MIS/SIS division and the rest of it will go in augmenting capacity of Piping and Agro Processing

Division.

IFC FINANCING

Performance Analysis - Polycarbonate Sheets


YOYGROWTH

Q4FY08Q4FY09

696

14.6

1.9

209770.1

27298.85

13%

0.4

3%

12.7

182471.3

1.5

10%

21551.72

854

15.8

1.2

185011.7

14051.52

8%

0.5

3%

14.6

170960.2

0.7

4%

8196.721

-19%

-8%

58%

13%

94%

-20%

-13%

114%

163%

2704

56.1

7.6

207470

28107

14%

1.3

2%

48.5

179364

6.3

11%

23299

3002

57.2

4.8

190539.6

15989.34

8%

1.3

2%

52.4

174550.3

3.6

6%

11992.01

-10%

-2%

58%

9%

76%

0%

-7%

75%

94%

FY08


Revenue

Contribution





Fixed Cost

Variable Cost

EBIDTA

EBIDTA / tonne


EBIDTA margin

EUREKA RESEARCH 17


INITIATING COVERAGE

01 JULY 2009


BUSINESS OVERVIEW AND LATEST DEVELOPMENTS

Micro-irrigation systems

Last year JISL acquired controlling stake of 69.75% in Switzerland-based Thomas Machines S. A. (TM). TM is a manufacturer

of specialist machines and equipments including drip irrigation lines, quality control and test equipment, automation

equipment, laser machine centers and laser products. TM also holds valuable IPRs and cutting edge technology in both

irrigation and composite pipes business. This acquisition will help JISL build its capabilities and help it gain foothold in new

generation drip lines including 'Precision Irrigation' products.

All these acquisitions have provided access to overseas markets and new technology that can be transferred and used

effectively in the domestic market. Anecdotal evidence suggests that JISL has gained traction in new markets including

Punjab, Haryana, Uttar Pradesh and Delhi, thanks to new products and technology. Furthermore, we believe the company

has been financially prudent in its pursuit of inorganic growth. The company paid 4-5x EBITDA for its acquisitions which

according to JISL are about half the multiple paid by John Deere for its acquisition of Plastro.

Plastic sheets: US housing slowdown could be a drag

JISL manufactures both poly-vinyl chloride (PVC) and polycarbonate (PC) sheets in India, with an installed capacity of

~37,000 mtpa. It is expected that the plastics segment's contribution to JISL's revenues will fall from the current ~7% to 5%

by FY10E. Almost all of its plastic sheets revenues are derived from exports. However, the company is trying to enter new

markets such as Australia, New Zealand etc. to enhance its geographical diversification and reduce its dependence on USA

for the revenue generation of this segment.

PVC sheets are used in signages, displays and increasingly in construction, in place of lumber. PVC sheets are beginning to

find use in windows, sidings and roofing. PC sheets are used in building, construction, advertising signs and displays. The PC

sheets business currently contributes ~2% (fallen from 5% for FY08) of revenues and we expect modest growth in this

business in the near term.

PROVISIONS MADE IN THE BUDGET 2008-09

In the budget the allocation for micro-irrigation spends has been reduced from Rs. 5.5 bn to Rs5bn. However, that ignores

the 129% increase in allocation to other Plan programmes that directly benefit the company's micro-irrigation systems (MIS)

business. Strong growth in public sector expenditure on irrigation and infrastructure would support our expectation of 35%

CAGR in revenues.

Micro-irrigation: During 2008-09, we estimate Rs17.5bn public spending on micro-irrigation, under the following schemes.

In the interim budget presented in February 09, Rs. 4 bn has been allocated for Micro irrigation Scheme and Rs. 11 bn

for national food security mission, to be spent in FY09-10.

JISL MoU with Israeli water management firm Mekorot to bring huge synergies JISL announced an MoU with Mekorot last

year, a leading Israel based water management company. The two companies are looking to jointly bid for water

management projects in India, which we believe represent a potential US$35bn opportunity. This tie-up should support

JISL's growth in the piping segment, in which we expect a revenue CAGR of 35% CAGR over FY07-10.

Water management presents a large business opportunity. The allocated spend on water supply and sanitation in the

Eleventh Five- Year Plan and proposed waste treatment and desalination projects offer a US$35bn business opportunity.

JISL indicated that project announcements in this space should begin over the next 3-12 months (notably from Maharashtra,

Gujarat, Tamil Nadu, Madhya Pradesh and Karnataka). Mekorot brings proven technical expertise. Mekorot (FY06 revenues:

US$700m revenues) manages more than 70% of all water supply in Israel. The company brings to the table a proven

technology that is also low-costan important competitive advantage in bidding for government projects. We believe the

two companies are likely to bid for projects on an equal-share basis (~50:50), with JISL offering business development and

execution capabilities and Mekorot, the requisite technology.

Water supply remains a focus area in the eleventh five-year plan. The Planning Commission proposes an allocated spend of

US$35bn during FY07-12 on water supply projects in urban and rural areas. Of the total budgeted spend, 51% would come

from the central government and the rest from the states. According to JISL, many state governments and municipalities

are currently evaluating water supply projects and are likely to invite bids and award projects over the next 12 months. We

believe Maharashtra, Gujarat, Tamil Nadu, Andhra Pradesh, Karnataka, Madhya Pradesh and Chattisgarh would be the

forerunners. Waste water treatment projects are witnessing momentum. JISL expects near-term opportunities to arise

from expansion plans for water treatment facilities in JNNURM (Jawaharlal Nehru National Urban Renewal mission) funded

Programme Estimated

Outlay

(Rs. Bn)

Estimated

Share of

MIS Outlay

Details

In Rs. Crore

Micro Irrigation Outlay under AIBP 5

6.8

3.5

9.8

58.8

10%

15%

20%

30%

100%

Command Area Development

Rain-fed Area Development

National Food Security Mission

Rashtriaya Krishi Vikas Yojna

(Rs 250 bn plan)

(Rs. 48.8 bn plan)

Subsidized MIS equipment to the extent of 50%

State initiatives for development of integrated irrigationprojects(funded by world bank)

Opportunity for makers of sprinklers, mainly through supportmeasures to grow more than one crop

Opportunity for makers of sprinklers, mainly throughprogramme target to improve productivity of crops

Permits states to draw on funds to offer a higher subsidy(>10% provided currently) on MIS equipment sales

EUREKA RESEARCH 18


INITIATING COVERAGE

01 JULY 2009


EUREKA RESEARCH 19


INITIATING COVERAGE

01 JULY 2009


cities such as Mumbai, Pune and Bangalore. The company estimates the potential opportunity from these projects at

US$1.2bn.

MoU offers JISL access to proven technology. JISL had earlier acquired (in May 2007) a majority stake in

Israel-based NaanDan Irrigation, which offered the company access to improved micro-irrigation technology and

strengthened its position as a leading player in the MIS business. Similarly, we believe that JISL's tie-up with Mekorot and

access to proven technology should enable the company to position itself as a strong player in the water management

business.

Piping segment should benefit from implementation of water projects. JISL manufactures HDPE (hidensity polyethylene)

pipes, which should increasingly find use in water supply projects. Implementation of such turnkey water management

projects supports our revenue CAGR forecast of 35% during FY07-10.

Capacity Utilization and Expansion

Operating Capacities are about 70-80% of the Installed Capacities & Utilization is around 80-90% of that Capacity expansion

across major Business Unit under implementation. Plan to set-up regionalize manufacturing facilities for better market

servicing has been envisaged. New Capex to Turnover Ratio Expected to be 1:5 post FY'09.

Existing Capacity

Mumbai 1000 MLD 4500 MLD

160 MLD

1250 MLD

Pune

Bangalore

Proposed Capacity

Entity

Mekorot

Capabilities

Proven track record: Runs approx. 3000 installations, provides 70% of water supply in Israel,Offers viable and cost effective technologies

Is in a position to leverage its long standing relatioships with several government entitiies

Company is likely to bid on equal share basis (50:50) for projects

JISL

MoU

High Synergies Expected Out of JISL & Mekorot JV

EUREKA RESEARCH 20


INITIATING COVERAGE

01 JULY 2009


Financial Performance

JISL has been on a strong growth trajectory over the past few years and has delivered a 40% CAGR growth in consolidated

Revenues over FY2006-08. Also, acquisition of loss-making companies and successfully integrating these companies

resulted in PAT growing at a CAGR of 48% in the mentioned period. The company's OPMs have however, been fluctuating

primarily due to the integration of new businesses and increase in the raw material prices. JISL has nevertheless managed

to maintain its OPMs at 14-15%. Going forward, we expect that on account of better product mix and scale of economies the

operating margin would increase to 16%-17%.

EUREKA RESEARCH 21


INITIATING COVERAGE

01 JULY 2009


EUREKA RESEARCH 22


INITIATING COVERAGE

01 JULY 2009


FINANCIALS

PROFIT & LOSS A/C (CONSOLIDATED)

BALANCE SHEET (CONSOLIDATED)

In Rs. Crore 2012E2011E2010E2009E2008

2216 2913 3776 4862 6332

1082

30

143

129

841

168

673

12

660

87.4

823

30

139

121

593

119

474

9

466

61.6

631

30

132

110

419

84

335

6

329

43.5

477

30

128

90

290

58

232

4

228

30.8

344

40

133

57

194

54

140

4

3

134

Sales

Operating Income

Other Income

Interest

Depreciation

PBT

Tax

PAT

Less : Pre-operative Loss

Less : Minority

PAT after MI

EPS (in Rs.)

In Rs. Crore FY12EFY11EFY10EFY09EFY08

161

36

680

65

941

1275

2216

1381

486

895

120

64

1770

809

656

5

300

104

737

675

62

2216

163

994

69

1226

1274

1676

575

1101

75

64

2476

1132

917

7

420

124

1340

1227

113

2500

2500

164

1320

75

1559

1309

1891

685

1206

60

64

3209

1467

1189

10

544

216

1888

1729

159

2868

2868

164

1716

84

1964

1429

2091

806

1285

35

64

2431

2227

204

4133

1889

1531

12

700

307

3393

3393

164

2279

96

2540

1429

2241

934

1307

25

64

5383

2460

1994

16

912

356

3166

2900

266

3969

3969

Equity Share Capital

Share Warrants

Reserves

Minority Interest

Net Worth

Borrowing

Sources

GFA

less : dep

NFA

CWP

Investments

Current Assets

- Inventory

- Debtors

- Deferred tax assets/(liabilities)

- Loans & advances

Cash & Bank Balances

Current Liabilities

USES

- Liabilities

- Provisions

Registered Office :

Corporate Office :

Mumbai Office :

7 Lyons Range, 2nd Floor, Room No. 1, Kolkata - 700001

B3/4, Gillander House, 8 N S Road, 3rd Floor, Kolkata - 700001Phone : 91-33-2210 7500 / 01 / 02, Fax: 91-33-2210 5184e: [email protected]

909 Raheja Chamber, 213 Nariman Point, Mumbai-400021Phone : 91-22-2202 5941 / 5942e: [email protected]

DISCLAIMER : The information in this report has been obtained from sources, which Eureka Research believes to be reliable, but we do not hold ourselves responsible for its completeness in accuracy. All estimates and opinions in this report constitute our judgement as of this date and are subject to change without notice. Eureka Research will not be responsible for the consequence of reliance upon our opinion or statement contained herein or for any omission. Any feedback can be mailed to the following ID.

Analyst : Kinshuk Acharya

Email : [email protected]

Phone : 092315 49900 / 91-33-3918 0387

EUREKA RESEARCH 23


INITIATING COVERAGE

01 JULY 2009


BASIC RATIOS

In Rs.

19.42

44.1

18

108.16

2.2

FY 08

16%

23%

FY 08

152

133

132

170

FY 08

36.05

27.95

6.47

2.7

15.4

FY 08

1.5

30.8

58.4

34.0

165.7

3.1

FY 09E

25%

19%

FY 09E

115

142

184

142

FY 09E

20.8

18.8

3.9

2.0

11.6

FY 09E

1.0

43.5

41.4

52.5

206.2

5.2

FY 10E

27%

22%

FY 10E

115

142

201

128

FY 10E

14.7

12.2

3.1

1.6

9.0

FY 10E

0.8

61.6

41.5

75.9

259.8

7.4

FY 11E

30%

26%

FY 11E

115

142

201

128

FY 11E

10.4

8.4

2.5

1.2

7.0

FY 11E

0.7

87.4

41.8

109.3

335.9

10.5

FY 12E

34%

29%

FY 12E

115

142

202

128

FY 12E

7.3

5.9

1.9

0.9

5.3

FY 12E

0.6

EPS

Growth in EPS %

Cash EPS

Book Value per share

Dividend per share

Profitability Ratios

ROE

ROCE

Turnover Ratios

Debtors (days of sales)

Inventory (days of sales)

Creditors (days of total expenditure)

NWC (days of sales)

Valuations

P/E

Cash P/E

P/BV

EV/Sales

EV/EBIDTA

Leverage Ratio

Debt/Equity

FY12EFY11EFY10EFY09EFY08

Jain irrigation

Documents

Transcript of Jain irrigation