Company Detail Report

CMP: 58.85 APRIL 20th, 2019 JAIN IRRIGATION SYSTEMS LTD ISIN: Result Update (CONSOLIDATED BASIS): Q3 FY19 Overweight INE175A01038 Index Details SYNOPSIS Stock Data Jain Irrigation Systems Limited, the largest Micro Plastic products Sector Irrigation Systems Company in the country and BSE Code 500219 second largest globally. Face Value 2.00 52wk. High / Low (Rs.) 118.35/49.00 The company achieved a consolidated turnover of Volume (2wk. Avg.) 810000 Rs. 20376.90 mn for Q3 FY19 as against Rs. Market Cap (Rs. in mn.) 30346.00 18896.30 mn in Q3 FY18, an increase of 7.84%. Annual Estimated Results(A*: Actual / E*: Estimated) During the quarter, consolidated EBIDTA is Rs. Years(Rs in mn) FY18A FY19E FY20E 3138.70 mn as against Rs. 2603.80 mn in the Net Sales 79990.60 88775.26 99428.29 corresponding period of the previous year, up by EBITDA 11127.30 12840.42 15607.21 20.54%. Net Profit 2212.80 3162.24 4574.94 During Q3 FY19, consolidated PBT increased by EPS 4.29 6.13 8.87 79.31% to Rs. 1044.50 mn from Rs. 582.50 mn in P/E 13.71 9.60 6.63 Q3 FY18. Shareholding Pattern (%) During the quarter, consolidated Net profit rose by 35.95% and stood at Rs. 914.70 mn against Rs. As on Dec 2018 As on Sep 2018 672.80 mn in Q3 FY18. Promoter 28.64 28.64 EPS of the company stood at Rs. 1.77 during the quarter, as against Rs. 1.40 per share over previous Public 71.36 71.36 year period. -- -- Others The company’s global order book now stands at Rs. 1 Year Comparative Graph 51928 Mn. Consolidated Revenue increased by 17.63% at Rs. 59539 Mn in 9M FY19, Standalone Revenue increased by 16.70% at Rs. 31082 Mn. Consolidated EBIDTA increased by 13.97% at Rs. 8213 Mn in 9M FY19, Standalone EBlTDA increased by 21.98% at Rs. 5599 Mn. Consolidated PAT increased by 54.03% at Rs. 1981 Mn in 9M FY19, Standalone PAT increased by 25.16% at Rs. 1522 Mn. Net Sales and PAT of the company are expected to grow at a CAGR of 11% and 78% over 2017 to 2020E, respectively. JAIN IRRIGATION SYSTEMS LTD S&P BSE SENSEX

Results updates- Q3 FY19,

(Rs in million) Dec-18 Dec-17 % Change

Revenue 20376.90 18896.30 7.84%

Net Profit 914.70 672.80 35.95%

EPS 1.77 1.40 26.41%

EBIDTA 3138.70 2603.80 20.54%

The company achieved a consolidated turnover of Rs. 20376.90 million for the 3rd quarter of the financial year 2018-19 as against Rs. 18896.30 millions in the corresponding quarter of the previous year, an increase of 7.84%. During the quarter, Net profit rose by 35.95% and stood at Rs. 914.70 million against Rs.672.80 million in the corresponding quarter ending of previous year. Reported earnings per share of the company stood at Rs. 1.77 during the quarter, as against Rs. 1.40 per share over previous year period. Profit before interest, depreciation and tax is Rs. 3138.70 million as against Rs. 2603.80 million in the corresponding period of the previous year, up by 20.54%.

Break up of Expenditure

% (Rs in million) Q3 FY19 Q3 FY18 CHNG

Cost of materials 10815.80 9896.90 9% consumed

Employees benefits 2396.80 2323.60 3% expenses

Depreciation & Amortization 758.00 841.20 -10% Expense

Other expenses 4871.30 4449.90 9%

Performance Overview-Q3 FY19:

Standalone:

Standalone Revenue of Hi-Tech Agri inputs registered a growth of 10.9% at Rs. 6167 mn as on 31st Dec 2018 with Order Book position of Rs. 24311 mn.

Standalone Revenue of Plastic registered a growth of 9.0% at Rs. 4664 mn in Q3 FY19 with order book position of Rs. 11749 mn.

Other Segment of the company registered Order Book Position of Rs. 70 mn as on 31st Decs, 2018.

Consolidated:

Consolidated Revenue of Hi-Tech Agri inputs registered a growth of 5.7% at Rs. 10238 mn as on 31st Dec 2018 with Order Book Position of Rs. 30107 mn.

Consolidated Revenue of Plastic registered a growth of 16.6% at Rs. 5496 mn in Q3 FY19 with order book position of Rs. 12055 mn.

Other Segment of the company registered Order Book Position of Rs. 537 mn as on 31st Dec, 2018.

Exports From India:

The Hi-Tech Agri Inputs exports registered at Rs.787 mn in Q3 FY19 and Rs. 2173 mn in 9M FY19.

Plastic Segment Exports of the company stood at Rs. 256 mn in Q3 FY19 and with Rs.1376 mn in 9M FY19.

Key Highlights:

 Consolidated Revenue increased by 17.63% at Rs. 59539 Mn in 9M FY19, Standalone Revenue increased by 16.70% at Rs. 31082 Mn. Document code: FOTL_200420193_3 Copyright © 2016 Firstobject Technologies Ltd. All rights reserved  Consolidated EBIDTA increased by 13.97% at Rs. 8213 Mn in 9M FY19, Standalone EBlTDA increased by 21.98% at Rs. 5599 Mn

 Consolidated PAT increased by 54.03% at Rs. 1981 Mn in 9M FY19, Standalone PAT increased by 25.16% at Rs. 1522 Mn

 Global order book now stands at Rs. 51928 Mn.

COMPANY PROFILE

The Company, Jain Irrigation Systems Limited (JISL) with it’s motto 'Small Ideas, Big Revolutions’ with more than 12,000+ associates worldwide and revenue of Rs. 80 Billion, is an Indian multinational company with manufacturing plants in 30 locations across the globe. JISL, its subsidiaries and associates are engaged in providing solutions in agriculture, piping, infrastructure through manufacturing of Micro Irrigation Systems, PVC Pipes, HDPE Pipes, Plastic Sheets, Agro Processed Products, Renewable Energy Solutions, Tissue Culture Plants, Financial Services and other agricultural inputs since more than 34 years. It has pioneered a silent Productivity Revolution with modern irrigation systems and innovative technologies in order to save precious water and has helped to get significant increase in crop yields, especially for more than 6 million small farmers. It has also ushered in new concept of large scale Integrated Irrigation Projects (IIP), ’More Crop Per Drop‘M’ is the company’s approach to water security and food security. JISL is early pioneer for IOT in the agri—sector and is leading efforts to create global solutions with precision agriculture. It's food brand 'Jain FarmFresh’ is well known all over the world for quality and consistency. All the products and services of list help create a sustainable future while fulfilling its vision to ’Leave this world better than you found it’.

Document code: FOTL_200420193_3 Copyright © 2016 Firstobject Technologies Ltd. All rights reserved FINANCIAL HIGHLIGHT (CONSOLIDATED) (A*- Actual, E* -Estimations & Rs. In Millions) Balance Sheet as of March 31, 2017 -2020E FY-17A FY-18A FY-19E FY-20E ASSETS Non-Current Assets a) Property, plant and equipment 43571.87 45542.55 47364.25 49732.46 b) Capital Work in Progress 642.15 1215.55 1519.44 1823.33 c) other Intangible assets 754.75 864.67 968.43 1065.27 d) Goodwill on consolidation 3447.94 6189.22 7303.28 8398.77 e) Investment property 256.93 247.47 240.05 235.24 f) Equity accounted investees 789.00 830.61 863.83 907.03 g)Financial Assets i) Investments 22.23 16.44 19.40 22.31 ii) Loans 43.87 31.44 26.72 24.59 iii) Other financial assets 1351.66 1696.41 2001.76 2302.03 h) Other non-current assets 998.27 772.32 679.64 611.68 i) Deferred tax assets (net) 1488.51 1159.35 1043.42 959.94 j) Income tax assets (net) 389.37 214.09 171.27 145.58 1. Sub - Total Non- Current Assets 53756.55 58780.12 62201.50 66228.23 Current Assets a) Inventories 22580.73 24565.25 26284.82 27599.06 b) Biological assets 615.66 756.06 892.15 1025.97 c) Financial Assets i) Trade receivables 22821.48 25274.26 27548.94 29477.37 ii) Cash and Cash equivalents 1111.20 1969.19 2520.56 3150.70 iii) Other Balances with Banks 1549.59 2216.86 2771.08 3325.29 iv) Loans 256.40 324.26 405.33 486.39 v) Other financial assets 537.46 526.24 505.19 490.03 d) Other current assets 8325.77 8266.94 8018.93 7858.55 2. Sub - Total Current Assets 57798.29 63899.06 68947.00 73413.37 Total Assets (1+2) 22821.48 25274.26 27548.94 29477.37 EQUITY AND LIABILITIES EQUITY a) Equity Share Capital 958.92 1031.30 1031.30 1031.30 b) Other Equity 40618.69 42479.20 45641.44 50216.38 c) Non-Controlling Interest 1089.03 1302.09 1497.40 1647.14 1. Total Equity 42666.64 44812.59 48170.14 52894.83 Liabilities Non Current Liabilities a) Financial Liabilities i) Borrowings 22198.97 26489.06 28078.40 29482.32 ii) Other Financial Liabilities 999.93 741.49 645.10 580.59 b) Provisions 269.06 330.07 396.08 467.38 c) Deferred tax Liabilities (Net) 4881.95 4633.08 4447.76 4314.32 2. Sub - Total Non Current Liabilities 28349.91 32193.70 33567.34 34844.61 Current Liabilities a)Financial Liabilities i) Borrowings 12347.77 14977.39 15874.45 16668.17 ii) Trade payables 15380.24 19907.37 23874.01 26312.25 iii) Other financial liabilities 8232.08 6409.98 5448.48 4903.63 b) Provisions 253.88 257.27 270.13 280.94 c) Income tax liabilities 167.73 193.96 213.36 230.42 d) Other current liabilities 4156.59 3926.92 3730.57 3506.74 3. Sub - Total Current Liabilities 40538.29 45672.89 49411.01 51902.16 Total Equity and Liabilities (1+2+3) 111554.84 122679.18 131148.49 139641.60 Document code: FOTL_200420193_3 Copyright © 2016 Firstobject Technologies Ltd. All rights reserved Annual Profit & Loss Statement for the period of 2017 to 2020E

Value(Rs.in.mn) FY-17A FY-18A FY-19E FY-20E Description 12m 12m 12m 12m Net Sales 69393.20 79990.60 88775.26 99428.29 Other Income 612.00 573.00 2905.75 3486.90 Total Income 70005.20 80563.60 91681.01 102915.19 Expenditure -59990.80 -69436.30 -78840.59 -87307.98 Operating Profit 10014.40 11127.30 12840.42 15607.21 Interest -4593.50 -4785.90 -5451.70 -6105.90 Gross profit 5420.90 6341.40 7388.73 9501.31 Depreciation -3013.80 -3385.90 -3212.38 -3373.00 Profit Before Tax 2407.10 2955.50 4176.35 6128.31 Tax -667.30 -778.90 -1047.58 -1584.17 Profit After Tax 1739.80 2176.60 3128.76 4544.14 Share of Profit & Loss of Assoc 22.60 36.20 33.48 30.80 Net Profit 1762.40 2212.80 3162.24 4574.94 Equity capital 958.92 1031.30 1031.30 1031.30 Reserves 40618.69 42479.20 45641.44 50216.38 Face value 2.00 2.00 2.00 2.00 EPS 3.68 4.29 6.13 8.87

Quarterly Profit & Loss Statement for the period of 30th June, 2018 to 31st Mar, 2019E

Value(Rs.in.mn) 30-Jun-18 30-Sep-18 31-Dec-18 31-Mar-19E Description 3m 3m 3m 3m Net sales 20919.60 18951.10 20376.90 28527.66 Other income 608.60 233.90 917.00 1146.25 Total Income 21528.20 19185.00 21293.90 29673.91 Expenditure -18216.20 -16800.00 -18155.20 -25669.19 Operating profit 3312.00 2385.00 3138.70 4004.72 Interest -1351.60 -1320.80 -1336.20 -1443.10 Gross profit 1960.40 1064.20 1802.50 2561.63 Depreciation -866.30 -784.60 -758.00 -803.48 Profit Before Tax 1094.10 279.60 1044.50 1758.15 Tax -238.30 -96.40 -133.40 -579.48 Profit After Tax 855.80 183.20 911.10 1178.66 Share of Profit & Loss of Assoc -4.00 31.00 3.60 2.88 Net Profit 851.80 214.20 914.70 1181.54 Equity capital 1031.30 1031.30 1031.30 1031.30 Face value 2.00 2.00 2.00 2.00 EPS 1.65 0.42 1.77 2.29

Particulars FY-17A FY-18A FY-19E FY-20E

EPS (Rs.) 3.68 4.29 6.13 8.87 EBITDA Margin (%) 14.43% 13.91% 14.46% 15.70% PBT Margin (%) 3.47% 3.69% 4.70% 6.16% PAT Margin (%) 2.51% 2.72% 3.52% 4.57% P/E Ratio (x) 16.01 13.71 9.60 6.63 ROE (%) 4.18% 5.00% 6.70% 8.87% ROCE (%) 9.20% 9.11% 10.62% 12.56% Debt Equity Ratio 0.81 0.93 0.91 0.87 EV/EBITDA (x) 6.00 6.08 5.37 4.49 Book Value (Rs.) 86.72 84.38 90.51 99.38 P/BV 0.68 0.70 0.65 0.59

Charts

. At the current market price of Rs. 58.85, the stock P/E ratio is at 9.60 x FY19E and 6.63 x FY20E respectively.

. Earning per share (EPS) of the company for the earnings for FY19E and FY20E is seen at Rs. 6.13 and Rs. 8.87 respectively.

. Net Sales and PAT of the company are expected to grow at a CAGR of 11% and 78% over 2017 to 2020E, respectively.

. On the basis of EV/EBITDA, the stock trades at 5.37 x for FY19E and 4.49 x for FY20E.

. Price to Book Value of the stock is expected to be at 0.65 x and 0.59 x for FY19E and FY20E respectively.

. Hence, we say that, we are Overweight in this particular scrip for Short to Medium term investment.

INDUSTRY OVERVIEW

Micro and sprinkler irrigation Industry (MIS)

Irrigation in India promises a great scope for growth. India accounts for 7.7% of total global agricultural output, less than 50% of the net sown area (proportion of the total area used for growing crops) has access to irrigation. Areas with no irrigation facilities are totally dependent on unpredictable monsoons. All above parameters promise a great potential for micro/sprinkler irrigation products. India’s population stands at 1.3 bn and is estimated to rise at steady pace to reach 1.7 bn by the year 2050, (as per the World Bank estimates). Even though food grain production has increased significantly over the years, there is a need for the production to increase at a fast clip in order to meet the ever-growing demand created with the population increase. Given the fact that land and water are limited resources, this would require an improvement in the productivity of crops. India has 18% of the world’s population with only 4% of the usable water resources and is expected to face the brunt of looming water scarcity crisis. With the need to increase productivity while

Document code: FOTL_200420193_3 Copyright © 2016 Firstobject Technologies Ltd. All rights reserved saving water, micro and sprinkler irrigation will play a key role for the future of Indian agriculture, as the water use efficiency goes up substantially when Drip Irrigation is used.

The GST on Drip irrigation systems including laterals. Sprinklers products has been reduced from 18% to 12% as per the decision taken at the 25th GST Council Meeting held in January, 2018. The new GST rates were made effective from 25th January, 2018. The Company has decided to pass on this benefit of 6% directly to the customers/farmers. This is a positive step taken by the Government to encourage farmers to invest in efficient irrigation systems which saves water and improves productivity. The Company believes that this action will have a positive impact in the upcoming 2018 monsoon season for its MIS Division.

Biotech Tissue Culture Industry

According to a report, the global Tissue Culture media market was valued at around USD 676 million in the year 2017 and it is expected to reach approximately USD 1,394 million by 2026. The global tissue culture media market is expected to exhibit a CAGR of more than 8.2% p.a. between 2018 and 2026. Increasing incidences of chronic diseases and rising demand for customized treatment will boost the growth of the tissue culture market in the coming years. Emerging economies such as China and India are expected to experience a significant market growth owing to developing pharmaceutical & biotechnology industrial infrastructure. Biotech research application segment is anticipated to grow at the highest CAGR over the upcoming period, due to rising number of biotechnological research and studies supported by government initiative.

Tissue culture is one of the most rapidly growing areas of biotechnology because of its high potential to develop improved crops and ornamental plants. With the advances made in the tissue culture technology, it is now possible to regenerate species of any plant in the laboratory. To achieve the target of creating a new plant or a plant with desired characteristics, tissue culture is often coupled with recombinant DNA technology.

PVC Piping Indian Industry Scenario

The Indian plastic pipe market is expected to grow at a CAGR of 10.4% from 2018 to 2021 as per a report. The major growth drivers for this market are the growth of government infrastructure spending, increasing residential and commercial construction, industrial production, irrigation sector, and replacement of aging pipelines. Emerging trends, which have a direct impact on the dynamics of the Indian plastic pipe industry, are the usage of anti-microbial plastic pipes to improve hygiene, consumption of CPVC (chlorinated polyvinyl chloride) piping system in various applications of plastic pipes, and increasing consumption of multilayer plastic pipe in gas distribution in the Indian plastic pipe market. Indian demand for PVC pipes is likely to experience the highest growth in the upcoming period, supported by growing demand in the potable water, waste-water supply and agriculture sector.

Growing urbanisation has led to issues such as land shortage, housing shortfall, congested transit and stressed existing basic amenities such as water, power and open spaces in towns and cities. To bridge the demand supply gap and

Document code: FOTL_200420193_3 Copyright © 2016 Firstobject Technologies Ltd. All rights reserved acknowledge the importance of housing construction in the country, the government has launched a campaign of 'Housing for All by 2022'. Housing shortage coupled with lack of proper water management system (sewage/ drainage) in slums creates ample opportunities for the piping industry in India. A major application of PVC pipes is in water management for the housing and agriculture sectors and this can be a strong driver for growth.

Swachh Bharat Mission (SBM) is another flagship programme of the government aimed to stop open defecation through construction of individual household latrines (IHHL), cluster toilets and community toilets (especially via PPP mode). Solid Statutory Report 131 and liquid waste management is also an important component of the programme. According to Census 2011, over 67% of rural households in India lack access to toilets. In other words, more than 11 crore rural households do not have access to a toilet. Lack of sanitation and drinking water facilities creates a huge opportunity for PVC pipe manufacturers.

The Company has bagged the Amrut Water Supply project of Rs.1,830 million of Jalgaon city through which 75,000 households will be benefitted. Pipeline of 661 km and required elevated storage reservoirs and pump houses shall be established. Smart city concept is also being implemented by the Government of India, which will definitely boost the demand for pipe where new piping networks shall be established in around 100 cities across the India.

Government’s massive drive towards improving infrastructure in the Country has been giving positive vibes to the PE Pipes segment of the market. The experts suggest new product development is required, where the unique characteristics of plastic can be capitalized. Emerging trends, which have a direct impact on the dynamics of the market, are the usage of anti-microbial plastic pipes to improve hygiene and increasing consumption of multilayer pipe in gas distribution in the Indian pipe market. Within the Indian pipe market, agriculture and water sector is expected to remain the largest application. The growth of residential and commercial construction and the growth in infrastructure development especially in the agriculture telecom sector in India are expected to spur growth for this segment over the upcoming period.

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