Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

Buy Jain Irrigation Systems

44 sec read

Jain Irrigation Systems
Research: Morgan Stanley
Rating: Buy
CMP: Rs 622

Morgan Stanley has retained its ‘overweight’ rating on Jain Irrigation Systems (JISL). Strong momentum in micro irrigation systems (MIS) and fruits & vegetables (FV) processing continues to drive growth.

 

Margins have expanded by 270 bps in 9M FY08 to 18.6%, led by faster growth in micro irrigation, which now comprises 33% of JISL’s standalone revenues, against 28% in the previous corresponding period. In Q3 FY08, JISL reported standalone revenues of Rs 400 crore (36% y-o-y growth) and EBITDA of Rs 82 crore (75% y-o-y growth).

MIS grew 69% y-o-y to Rs 170 crore, driven by strong growth in all key states. EBITDA margins of the business expanded by 60 bps y-o-y, driving EBITDA growth of 72%. It currently has an MIS order book of around Rs 330 crore, which will largely be executed by March ’08.

Agro-processing (AP) grew 76% y-o-y, driven by 170% growth in FV processing to Rs 41.8 crore, while onion dehydration declined 52%. The plastics business grew 11% y-o-y to Rs 200 crore, impacted by lower exports to the US (PVC sheets) and slowdown in domestic PVC pipes business. Morgan Stanley estimates that margins will expand over the next 3-5 years, with faster growth in MIS and earnings growth, which will push up revenues

Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

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