Page 48 - Plastics News November 2017

BUSINESS NEWS

Jain Irrigation Systems Bags Rs IOC posts nearly 18 per cent

178.39 Cr Order jump in Q2 profit

ain Irrigation Systems has bagged a contract worth Rs ndian Oil Corporation reported a Rs 3,696 crore
J178.39 cr for supply, installation and testing of UGPL Inet profit for the second quarter of 2017-2018.
system of sub minor for irrigation through kundies in Chak This is 18 per cent higher than the Rs 3,122 crore
area for Sardar Sarovar Project command. The project bottomline reported by the public sector refiner in
has been planned to improve water-use efficiency by the corresponding quarter of the last financial year.
50-55 per cent Speaking to reporters, Indian Oil Chairman Sanjiv
from the existing Singh said: “Revenue from operations for the quarter
35 per cent in ending September 30, 2017, was Rs 1,10,637 crore
canal command as compared to Rs 98,708 crore adjusted for the
areas using the impact of the Goods and Services Tax (GST) in the
Pressurised Piped corresponding quarter of 2016-2017. This indicates
D i st ri bu t i on a growth of 12.1 per cent in revenue.” This is first
Network (PDN) quarter that saw the impact of GST exclusion of petrol
and o n-f ar m and diesel on Indian Oil’s balance sheet.
micro irrigation The Director-Finance at Indian Oil, AK Sharma, said:
system in line “The impact is on account of stranded input tax
with the mandate credits, as inputs are taxed under GST but the output
of the Centre under the Prime Minister Krishi Sinchai (petrol and diesel) is not.” There is a Rs 300 crore
Yojana (PMKSY). Jain Irrigation Joint Managing Director hit in the quarter under consideration because of the
Atul Jain said the company has successfully commissioned input credit standing and this is likely to rise to 2,000
many micro-irrigation projects on turnkey basis in crore in the full financial year, he added.The gross
Maharashtra, Karnataka, Gujarat, Himachal Pradesh and refinery margin or the net gains the refiner makes
others. The project will irrigate 51051 Ha Command Area per barrel of crude oil stood at $7.98 per barrel in the
of Sardar Sarovar Project through underground pipeline quarter under consideration. This stood at $4.32 per
network of length 1400 km. barrel in the corresponding quarter of the last financial
year. On the sidelines of the conference, an IOCL
The work will be executed in 15 months. Three districts
will be benefited from the project-Vadodara, Panchmahal official said that the company had expressed interest
in some of the oil-producing fields in the United Arab
and Bharuch of Gujarat State. Two hundred villages of Emirates and was planning to invest in a consortium led
six talukas –Padra, Waghodia, Vadodara, Dabhoi,Karjan by ONGC Videsh Limited. There was also an inventory
and Jambusar will be the beneficiaries. Jain Irrigation
Systems is a multinational company providing solutions
in agriculture, piping and infrastructure, PVC Pipes,
renewable energy and financial services. The pressurised
pipes will be used because of the limitations of the
traditional irrigation projects, current land acquisition
challenges and resistance from farmers to accept open
canal networks. This project, he said, has enlarged the
company’s credentials for an upcoming agricultural and
irrigation infrastructure upgrade in the country. It will
fulfill “the national agenda of ‘Har khet ko pani’ and ‘more
crop per drop’. This will ensure higher productivity and gain of Rs 1056 crore in the quarter compared to an
sustainable income for farmers”, Jain Irrigation said in the inventory loss of Rs 686 crore. Total product sales rose
filing.The Maharasthra-based Jain Irrigation makes micro- to 19.009 tonnes in the quarter ending September 30,
irrigation systems, PVC and HDPE pipes, plastic sheets and from 18.465 tonnes in the corresponding quarter of
agro-processed products, among others. the last financial year.

Plastics News N ovember 2017 48