Skipper hits 52-week high, to enter into JV with Israel company
Share price of Skipper touched a 52-week high of Rs 277, gaining more than 9 percent intraday Friday as it is going to enter in JV with Israel company.
“The company has given in-principal approval to form a joint venture (JV) with MetzerPlas Cooperative Agricultural Organization which is one of the largest and most specialised manufacturers of Drip Irrigation Solutions from Israel, as per company release.
“The drip irrigation business holds immense potential in India and is one of the focus sectors of the government. The current domestic industry size is estimated at over Rs 5,000 crore and under the Honb’ble prime minister’s flagship scheme Pradhan Mantri Krishi Sinchai Yojna (PMKSY), we expect this sector to grow at a robust pace and for the JV to become a major player in it in the years to come, it added.
The company’s second quarter (Q2FY18) net profit was down 30.3 percent at Rs 23.2 crore against Rs 33.3 crore, in a year ago period.
Earnings before interest, tax, depreciation and amortization (EBITDA) shed 7 percent at Rs 68.3 crore and EBITDA margin was down 560 bps at 13.2 percent.
The other expenses increased to Rs 76.4 crore from Rs 45.4 crore.
Meanwhile, revenue rose 31.9 percent at Rs 515.6 crore against Rs 390.8 crore.
At 09:59 hrs Skipper was quoting at Rs 261.60, up Rs 7.75, or 3.05 percent on the BSE.
Posted by Rakesh Patil