Jain Returns to Profit in India as Irrigation Sales Increase
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Jain Irrigation Systems Ltd., Asia’s top irrigation-equipment maker, returned to profit in the first quarter, helped by growth in its micro-irrigation business and improved sales in water-challenged India.
Jain, whose drip and sprinkler systems allow farmers to irrigate more land more efficiently with less water, said today in a statement that sales in the quarter ended June rose 2.5 percent to 9.9 billion rupees ($161.8 million) from a year ago. Net income was 161.2 million rupees compared with a 465.1 million-rupee loss in the year-earlier period. That trailed five analysts’ median estimates for a 560 million-rupee profit.