Jain Irrigation Systems Ltd. — Interim / Quarterly Report 2021

Jun 30, 2021

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JISL/SEC/2021/06/B-2/B-6

30[th] June, 2021

To, To, Bombay Stock Exchange Ltd., National Stock Exchange of India Ltd., Corporate Relationship Department, Exchange Plaza, C-1, Block G, 1st Floor, New Trading Wing, Rotunda Building, Bandra Kurla Complex, P. J. Tower, Dalal Street, Bandra (East), Mumbai - 400 001. Mumbai - 400 051. Fax No.022– 22723121/22722037(Day) Fax No. : 022-26598237/38 022-22721072 (Night) Email : cc@nse.co.in Email: corp.relations@bseindia.com

Ref: Code No. 500219 (BSE) & JISLJALEQS (NSE) for Ordinary Equity Shares Code No. 570004 (BSE) & JISLDVREQS (NSE) for DVR Equity Shares

Sub: Investor Communication

Dear Sir/Madam,

Attached is the Investor Communication issued by the Company after the Board Meeting held on 30[th] June, 2021 for your record and reference.

Please receive the above in order and acknowledge.

Thanking you,

Yours faithfully,

For Jain Irrigation Systems Ltd.

A. V. Ghodgaonkar Company Secretary

Regd Off. : Jain Plastic Park, N.H.No.6, Bambhori, Jalgaon – 425001. Tel. 0257-2258011/22 : Fax : 0257-2258111/22 E-mail : jisl@jains.com; Visit us at :www.jains.com CIN : L29120MH1986PLC042028

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Q4 & FY20-21 INVESTOR COMMUNICATION

The journey of Jain Irrigation Systems Ltd. started with a young boy who wanted to excel at his studies, even if it meant studying under the only lamp in his village. His determination an ideas revolutionalised the face of the agricultural industry in India and in turn, he was recognised globally for his work.

But more than recognition, it was his devotion to do good for the society that gained him the affection of millions.

In no time, our founder chairman, Late Mr. Bhavarlal Jain became ‘Bhau’ (brother) for all those who worked with him. His journey became an inspiration and his legacy laid the foundation of JISL.

Bhau nurtured every member of JISL in such a way that they adapted these values as their own with the same commitment and passion. To the point that the lesson of unity runs in the DNA of the organisation and each member of JISL is its proud guardian. Across geographies, JISL leadership and management team is experienced with an established track record over decades.

Fortune magazine hailed JISL as the only Indian Company in the top 51 companies who change the world by ‘Doing Well by Doing Good’. Even when we’ve come so far, all the services and achievements of JISL are direct outcomes of this deep-rooted value. The principles of staying and working as one aren’t just things that we write on the wall. They’re commitments held by every associate, stakeholder partner and farmer. They’re tenets that have stood true through time and have been shared between generations. They’re values that live in the stories of the associates of JISL.

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2

About the Company

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1963 Started our trading business in agricultural inputs and equipment Company has 33 manufacturing plants

~ 8.0mn

Farmer lives have been touched

Rs 56.7 bn Revenues in 2020-21

12,200 Associates globally

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Incorporated in
1986 #1 #2
Micro-irrigation company Micro-irrigation company
in India globally
10,555+
Dealers and distributors
base globally
#1 #1
120+ countries
reached through our In mango processing In tissue culture
products globally
production of
banana and
pomegranate
globally
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Touching lives in more ways than one

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3

Corporate Philosophy

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Mission	Leave this world better than you found it
Vision	Establish leadership in whatever we do at home & abroad
Credo	Serve & strive through strain & stress; Do our noblest, that‘s success
Goal	Achieve continued growth through sustained innovation for total customer satisfaction and fair return to all other stakeholders. Meet this objective by producing quality products at optimum cost and marketing them at reasonable prices
Guiding principle	Toil and sweat to manage our resources (men, material and money) in an integrated, efficient, economic & sustained manner. Earn profit, keeping in view commitment to society and environment
Quality perspective	Make quality a way of life
Work culture	Experience: ‗Work is life, life is work‘
Company manifesto “More crop, per drop” now a national vision

4

Business Segments

Hi-tech Agri Input Products Division (MIS & TC)

• Drip & Sprinkler Systems Precision Farming Advisory

• 1[st] in India and 2[nd] Globally

• Wide distribution presence – over 8,626 dealers / distributors in India and internationally

• Manufacturing base in India, Israel, Turkey, USA, Latin America and Europe

• R&D base in India, Israel, USA

• Globally No. 1 in Banana & Pomegranate Tissue Culture

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INR 34.4 Bn (60.8%)[1 ]

Plastic Division (PVC, PE Pipes & Sheet)

• PVC Pipes, fittings, Polyethylene Pipes Turnkey Projects, PVC Sheets

• One of the largest players

• Catering to Agricultural, Industrial & Infrastructural customer base

• Manufacturing primarily driven from India

• Forayed into urban markets by introducing plumbing systems

• Moved most of the Plastic Sheet Business to Ireland, closer to customer base

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INR 10.1 Bn (17.8%)[1 ]

Agro Processing Division

• Fruit pulps, concentrates, vegetable dehydrations, spice processing, etc.

• Globally No 1 in Mango processing and No. 3 in Onion dehydrations

• Catering to top global food companies

• Forayed into Retail in FY16

• Manufacturing in India, UK and USA

• Shortly launching Spice Processing, Citrus Processing and new B2C products such as fruit

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INR 11.9 Bn (21.0%)[1]

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Other Division / Products

• Other division includes:

• Solar Thermal Products, Solar Photovoltaic Grid & Off-Grid Products

• Solar Power generation investments to reduce cost of power

• Agri R&D activities

• Equipment manufacturing including irrigation pipes production lines, drip Tape irrigation pipes production lines, etc.

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INR 0.2Bn (0.4%)[1 ]

5

1 Audited consolidated revenue and % of total operating revenue for fiscal year 2020-21

Global recognition and quality Honored with numerous awards for contribution to agriculture

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	The Nation honored our Founder Chairman Late Shr Bhavarlal H. Jain with 'Padmashree' for services in the Agriculture Science & Wate Technology Sector	―Crawford Reid Memorial Award‖	Irrigation Association, USA
		―Padmashree‖ to Chairman	Science & Engineering (Government of India)
		―Water Conserver of India‖	UNESCO & West-Net
		―Challengers to the world‘s leading blue-chip companies‖	Standard & Poor’s
		―Asia‘s 200 Best Under a Billion companies‖	Forbes Asia
		―100 most promising clean technology companies on the planet‖	Global Cleantech & The Guardian
		―Client Leadership Award‖ (World Bank Group)	International Finance Corporation
		―We owe you a great deal for the help you give the small farmer‖	Harvard Business School
		―Best Water Company Award‖	Ministry of Water Resources & Water Digest, UNESCO
		i ―Boldness in Business Award‖—Environment	Financial Times & Arcelor Mittal, London
		r ―New Sustainability Champion‖—One of the 16 from 1000 companies	World Economic Forum
		―Inclusive Agri Business Leadership Award‖	International Finance Corporation (World Bank Group)
Till date we have received 45 State, 222 National, 14 International and Globally & Nationally Ranking 17 Awards for R&D, Quality, Innovative Product development, Fair Business Practices, Sustainability Excellence and outstanding Exports

Till date we have received 45 State, 222 National, 14 International and Globally & Nationally Ranking 17 Awards for R&D, Quality, Innovative Product development, Fair Business Practices, Sustainability Excellence and outstanding Exports

6

Global recognition and quality certification

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7

Global Brand Equity

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Q4 – Highlights

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Hi-tech Agri Input Division ( Hi-Tech)
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• •Significant growth in revenue on both Standalone and Overseas basis •Improvement in Margins

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• •Good growth in India and Overseas business •Strong order book position of INR 685 crore

• Agro Processing Division ( Agro) •Continued challenging performance due to bad onion & mango season of last year

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Way forward
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• •Focus on executing order in hand worth INR 4,188 crore •Focus on Working Capital and Operational efficiency •Focus on strengthening the Balance Sheet •Focus on completion of various Restructuring/Resolution Plans

Financial Performance: 4Q & FY21

Standalone

Rs. Mn

	Q4FY21	Q4FY20
Revenue	7,485	3,886
EBIDTA	1,126	**-354 **
PAT	-222	-2,283
Cash PAT	215	-1,868

Standalone

Rs. Mn

	FY21	FY20
Revenue	21,564	20,034
EBIDTA	**1,652 **	**331 **
PAT	-3,073	-5,083
Cash PAT	-1,423	-3,493

Rs. Mn

Consolidated^

	Q4FY21	Q4FY20
Revenue	**17,938 **	15,054
EBIDTA	2,012	199
PAT	639	-3,284
Cash PAT	1,447	-2,306

Consolidated^

Rs. Mn

	FY21	FY20
Revenue	56,669	59,227
EBIDTA	4,680	2,820
PAT	-3,687	-7,006
Cash PAT	-177	**-3,538 **

^ from continuing operation

10

Segment Overview: Q4 & FY21

4Q FY21 Growth y-o-y Hi-tech Agri Inputs 5,198 122.8% Plastic 2,207 43.9% Other 80 309.9% Total 7,485 92.6% Standalone Revenue Consolidated Revenue^ 4Q FY21 Growth y-o-y Hi-tech Agri Inputs 11,260 37.1% Plastic 3,075 25.9% Agro / Food 3,522 -19.6% Other 80 327.5% Total 17,938 19.2% Rs. Mn Rs. Mn ^ from continuing operation	Rs. Mn	Rs. Mn
	FY21	Growth y-o-y
	13,909	19.4%
	7,455	-7.9%
	**201 **	-29.4%
	21,565	7.6%
	Rs. Mn
	FY21	Growth y-o-y
	34,374	**10.7% **
	10,187	**-11.9% **
	11,928	-27.2%
	181	**-19.6% **
	56,669	**-4.3% **

Exports from India Q4 FY21 Growth y-o-y Hi-tech Agri Inputs 464 48.9% Plastic 274 22.7% Agro /Food 795 11.8% Total 1,533 23.0% Rs. Mn	Rs. Mn	Rs. Mn
	FY21	Growth y-o-y
	1,689	22.8%
	899	-25.3%
	2,664	-18.0%
	**5,252 **	-9.9%

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Standalone Rs. Mn Order Book Position Hi-tech Agri Inputs 19,488 Plastic 6,581 Other 4 Total 26,073

Order Book Position : 4Q FY 21

Consolidated

Rs. Mn Order Book Position Hi-tech Agri Inputs 24,411 Plastic 6,854 Agro / Food 10,615 Other 4 Total 41,884

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Standalone

Revenue Overview : Q4 FY21

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1%
30%
70%
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Hi-Tech Plastics Other

Consolidated^

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0%
20%
17%
63%
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Hi-Tech Plastics Agro Other

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10%
90%
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Domestic Export

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41%
59%
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India Rest of World

^ from continuing operation

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Standalone

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1%
35%
65%
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Hi-Tech Plastics Other

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12%
88%
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Domestic Export

Revenue Overview :

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FY21
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Consolidated^

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1%
25%
56%
18%
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Hi-Tech Plastics Agro Other

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36%
64%
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India Rest of World

^ from continuing operation

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Standalone

**Days **	DSO Mar 31, 2021	DSO Mar 31, 2021	DSO Mar 31, 2021	DSO Dec 31, 2020	DSO Dec 31, 2020	DSO Dec 31, 2020	DSO Mar 31, 2020	DSO Mar 31, 2020	DSO Mar 31, 2020
	Inventory	AR	Net WC	Inventory	AR	Net WC	Inventory	AR	Net WC
Hi Tech	147	439	529	189	542	664	209	552	656
Plastic	55	221	251	61	239	282	53	216	235
Standalone Co	124	370	447	153	435	540	154	421	499

Working Capital Analysis

Consolidated

**Days **	DSO Mar 31, 2021	DSO Mar 31, 2021	DSO Mar 31, 2021	DSO Dec 31, 2020	DSO Dec 31, 2020	DSO Dec 31, 2020	DSO Mar 31, 2020	DSO Mar 31, 2020	DSO Mar 31, 2020
	Inventory	AR	Net WC	Inventory	AR	Net WC	Inventory	AR	Net WC
Hi Tech	111	199	259	126	207	282	131	239	305
Plastic	67	144	180	73	146	195	64	135	168
Agro	235	74	**196 **	221	64	186	171	71	155
Consolidated Co	134	160	233	147	154	241	133	165	232

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Rs. Bn

Debt Position

Debt Profile	31-3-21	31-12-20	Change	31-3-20
Standalone
Long Term	7.42	7.42	0.00	7.43
Short Term	25.85	25.87	-0.02	23.89
Gross Debt	33.27	33.29	-0.02	31.32
Net Debt	30.49	31.11	-0.62	30.15
Consolidated
Long Term	30.44	31.10	-0.67	31.78
Short Term	35.28	37.82	-2.53	36.08
Gross Debt	65.72	68.92	-3.20	67.86
Net Debt	61.07	65.22	-4.16	65.32

• 5% of gross debt (standalone) & 45% of gross debt (consolidated) is in foreign currency as of March 31, 2021

16

Thank You

You may send your queries to gupta.neeraj@jainfarmfresh.com and ghodgaonkar.avdhut@jains.com

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