Jain Irrigation Systems Ltd (NSE: JISLJALEQS) Q3 2025 Earnings Call dated Jan. 30, 2025
Corporate Participants:
Anil Jain — Chief Executive Officer and Managing Director
Analysts:
Bhavya Sharma — Analyst
Rahul Kapur — Analyst
Gaurish — Analyst
Rishikesh Oza — Analyst
Pranit — Analyst
Sanjay Kohli — Analyst
Pankit Bansal — Analyst
Sumit Kumar — Analyst
Presentation:
Operator
Ladies and gentlemen, good day, and welcome to the Chain Illigation Systems Limited Q3 FY ’25 Earnings Conference Call hosted by D.R Choxy Finserve. As a reminder, all participant lines will remain in a listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal the operator by pressing star then zero on your touchstone telephone. Please note that this conference is being recorded. I now hand the conference over to Ms Bhavia from D.R. Please go-ahead.
Bhavya Sharma — Analyst
Thank you. Good afternoon, everyone, and welcome to Jan Irrigation Systems Limited Earnings Call to discuss the Q3 FY ’25 results. Today, we have on-call Mr Anuj Jain, CEO and Managing Director; and Mr Vipin Valami, Chief Financial Officer. We must remind you that the discussion on today’s call may include certain forward-looking statements that may involve known and unknown risks, uncertainties and other factors and must therefore be reviewed in conjunction with the risks that the company faces. Future results, performance or achievements may differ significantly from what is expressed and implied by such forward-looking statements. Please note the results and presentations are available on-exchange and our company’s website. I now request Mr Anil Jain to take us through the company’s business outlook and financial highlights, subsequent to which we will open the floor for questions. Thank you, and over to you, sir.
Anil Jain — Chief Executive Officer and Managing Director
Thank you. Thank you. I would like to welcome everybody for this con-call. We have just had a Board meeting earlier in the day and we have published our results. As some of you might have seen, I think overall results are good compared to the first two quarters, right, where we had a significant negative growth. But this quarter, we have managed to do about INR1,360 crores in terms of revenue and which is almost matching the same-period last year. And so as that has improved compared to the first two quarters, I think we expect 4th-quarter compared to last year, we should be able to, in fact have more significant positive growth. So having said that, I think when we look at overall performance, what will come out quite well is EBITDA has been definitely positive and we have earned more EBITDA this year — this quarter than the last year, even the margin is not very-high. But I think consistently, if you really see over last few years and few quarters, consistently, our earning quality has also been improving. When I look at individual businesses, I think the revenue, you know, know which I talked about is almost similar to last year. So overall agri division has added to the revenue but the plastic division because of a low pipe demand in India reduced it and it kind of balanced right. So in high-tech agri, in fact, we have almost, 19% 20% growth in this division and — but similar level of de-growth into the plastic business, which I believe is seasonal kind of has maintained a stable revenue, let us say. But when you look at where did this EBITDA come from and when you compare that with the same-period last year, I think there is slight higher-cost of employees, gross margin is similar level, little bit lower. But we could manage and save a good amount of cost, right, in terms of the discretionary costs which are there in terms of SG&A and others. And that is how overall EBITDA is higher than the same-period last year. What is more important, I think you know that despite the first-nine months being a little bit, you know, markets not being that strong in terms of demand. But our cash flows have been quite good. In fact, if I look at the current quarter, you know, we did create cash-flow from operation to the tune of INR218 crores. And so that was like significantly higher than what it has been in the previous periods. And we have been able to also maintain a working capital cycle in terms of days outstanding against sales and at a slightly improved level in terms of quarter three. When I think through the entire nine months, our cash-flow in fact, has done very well, right. We we have got cash from operations to the tune of INR560 crores and which has helped us to, to an extent reduce the debt as well despite the weak P&L performance. So we have focused on cash flows and recoveries from the market in terms of receivable that has definitely helped us. And we have tried to manage operations in a manner in terms of product mix so that EBITDA is also maintained at the higher-level, little bit than the same-period last year. And now because first-half was really significantly weak, we are trying to make-up for the first-half. So 3rd-quarter has been now stable and matching or doing a little bit better than last year and 4th-quarter, we expect to be definitely far more positive as we move forward. Also, what helped us during this quarter has been good increase in the export business because we have been — as I think maybe we spoke in the earlier commentary, you know when you look at the global geopolitical events or what’s happening with the rupee, we think export is a good bet. And with our company’s focus on quality and excellence, we have been able to push that button when the domestic demand was low-to try and increase the exports. And I think over next few quarters, we also see significant opportunity to focus on that part, while we also expect now the domestic demand pickup should be there because monsoons have been good, even though it rained heavily and the excessive rains have to October-November. But I think thereafter, the crop scenarios look good going-forward. You know, the recent winter in January, late December, that is all without too many, I would say, climate change type of extreme weather event. It seems that the produce coming out going-forward over next few months would be quite good from as well as the rubby crop and that augurs well for all our businesses, right? Not only it creates more demand for irrigation of pipe, but also it would mean good or ample supply for our food processing business. So that seems to be going-in the right direction as we speak. Another commentary has been know, because of the central elections in May-June and thereafter Maharashtra elections in October, November. There has been this less spend by the government on things like Jal mission, right, which had provided a lot of boost to the piping business over last two, three years. That has been very slow. But now that is getting all the post new government post the new budget and all of that. It is expected that over next couple of months, that is going to get sorted and as the states get new allocations from the central government, that business should come back because overall central government is committed to ensure that this is going to happen. So I think that part which was missing should come back, weather being good and good production for farm should create good money in hands of farmers to be able to start investing. When I look at indusal, you know, places in terms of let’s say, our trip rigation business, etc where we did okay in this current quarter that overall, I think in Western India, our sales were good. We had even positive growth in Southern markets. But Maharashtra, which is one of the important markets, we had a little bit of negative growth, but that was due to the state-level elections we had. So I think 4th-quarter should be stronger again in Maharashtra. If I look at the plastic piping business, I think it had all-around kind of most of the states, we were less than same-period last year. But we think current quarter, we start reversing the trend on the plastic piping business. We also recently got some orders for solar water pump and the payment terms there are good about 30 days for 90% of payments. We are likely to complete the first lot of orders, I think to the tune of INR100 crores over next couple of months. And then that looks to be good because overall investment by the central government and state governments in Kushum is on a right trajectory. So it will pan-out quite well for the next year. So that is a new growth possibility apart from the export markets, which we see. Other thing for the next year and going-forward, which looks good for us is that we have successfully in the December quarter, we did a very large project for supplying 2.5 meter diameter pipes for a desalination project. And you know — so there are another 14 to 16 such projects to come up in next nine to 12 months across the country. And so we expect as we go along, as we negotiate and some of these projects get their closure in terms of all the approvals and the permissions before they can start executing. Next year, that would also be a good area for the growth going-forward. In terms of other two businesses which we have as a company you know the food and the plastic sheets, the food which is our subsidiary that did not do that well because again last year we did not produce enough but our overseas food company did well. So in terms of revenue growth, we have managed about 3.4% growth in the consol performance of food. And for the nine months, it has been more than 5% growth. So food has been in terms of revenue positive, but in terms of earnings, they have been soft and we think current year with the good onion season and good mango season of between March quarter as well as going-forward June, September quarters, we shall see a better bottom-line performance and also going-forward, revenues would look good because overall ability to process larger quantities would be there. In terms of overseas plastic business, you know, I think it is similar as what it was on the 3rd-quarter basis. But if I look at really nine months, overseas plastic sheet business has grown almost 10% in revenue and it had a similar — in fact, 17%, 18% growth you know in terms of EBITDA, etc. So — and so it’s profitable business, it’s growing business. So we are quite happy with that performance. So in terms of revenue growth, if I really look at it, our high-tech agri has done well this quarter with growing, 19% 20%. Plastic sheet business continues to provide similar level of business, but overall nine months, it has done well. Food has been positive in terms of revenue growth as well. One negative, as I said, has been the plastic piping business, primarily in India. And I think that has been seasonal and we expect between now and September a really strong business outlook on piping sector as well. And as I spoke about, you know, the operating cash flows, which has been positive, we have been able to reduce the receivables, but we still have some more work to do to get some of the really old outstanding government receivables related to the EPC projects. But overall, despite that, right, we have been able to reduce the debt as well. And so all-in all, when I look at everything put together, we have been, you know, optimistic always and — but I think when I think through timings between June, July through October, November, it was — there were a lot of concern because the business activity, the momentum was quite low. And you might have felt that in our discussion and also in our commentary. But as we sit here today, even though things have not really started flying like a rocket, but we see that business has stabilized. And from here, we only see positive growth based on either exports or the solar or the orders for pipes for projects like desalination and others and continued good growth in irrigation business, the high-tech irrigation and the tissue culture, which we do. And while South has reasonably held itself well and West, Maharashtra has been weak for us, which is otherwise very strong state for us. And as Maharashtra now comes back, I think that would also add-back to the momentum. So structurally speaking, as a company, as a management, I think you know, we are looking-forward to see that FY ’25 compared to FY ’24. Overall, when you look at for the whole year, in terms of earnings and cash-flow, in terms of cash-flow, it is definitely a far better moving forward and what we did in nine months. In terms of earnings and the revenue, we may be at parent compared to where we were in FY ’24 because whatever we lost in the first two quarters, I think we would be able to recover in the remaining two, but jump-up would then come mostly in FY ’26. So — but for FY ’26, we are quite bullish. When I look at everything again in terms of a holistic manner and consolidated way, there are a lot of things which have happened which makes us believe that ’26 looks to be overall a good year. In terms of rupee depreciation, we do not have — we have a small amount of foreign currency loans out of India. So that impact is not much on the P&L. And as we are getting for more exports, does depreciate more and that should be beneficial. And in our food business, you know where there are lot of exports are there out of India, again, rupee depreciation on dollar areas would be helpful even though rupee has pulled back little bit more on pounds and euro area, right, there has been reduction there in that way. So all-in all, I think rupee depreciation shall be beneficial. It does increase some of the prices of the polymers though, because all the polymer prices in India, even though we may buy-in rupees, but they are linked to the dollar international prices. So one has to see how that will go. But when I look at and speak to our other people in other countries, I think India is still a brighter spot in terms of growth opportunity and some of our core businesses while we are able to maintain growth in overseas market, but their local economies are still not growing that much. While India has slowed down a little bit, but I think at any day, 5.6% GDP growth in any other country in the world, they would happily lap it up, while we want to be 7%, 8% or 9%. And as a company, we want to next year onwards, start moving at the high-teens, right, in terms of overall sustainable growth. So that’s what our focus is going to remain. And this has been again a bit — much better quarter than the first two quarters and we are looking for even a better 4th-quarter. And with that, I would like to open the floor for questions, queries, comments you may have. Thank you.
Questions and Answers:
Operator
Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use their handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Rahul Kapur [Phonetic] from Gold Stone Capital. Please go-ahead.
Rahul Kapur
Yeah. Good afternoon, Mr Jen. Am I audible?
Anil Jain
Yeah, yeah.
Rahul Kapur
Yeah. So my question is about the old receivables. And in June quarter and even in September quarter, you spoke about recovering about INR700 crores in the second-half of fiscal ’25. So any progress there?
Anil Jain
The first part of your question, you’re talking about the progress on recovery of receivables in second-half?
Rahul Kapur
Yeah. So I’m talking about, you know, receivables, which date back to I think 2019, ’20, they are very old receivables and I think they are to the tune of about INR9,000 crores. And there was a comment from you in the previous two quarters that we are likely to recover those receivables. So any comment on that?
Anil Jain
Yeah. I think that comment stays right. Overall, if you see in our — over last one year, receivables on a net basis are down by INR200 crores overall. And as I said, I think going-forward, this quarter, June quarter, September quarter, you will see even more substantial reduction. So we are on that path. It is already happening. First-nine months it has happened over last 12 months, it has happened. But as I said, second-half, so we are still going through the current quarter and lot of some of these government funds get released before end of March because of the fiscal year-end their budgeting and all of that. So we are on that path, as I said, we already achieved some with INR200 crore reduction, but some more will — already you will see in the March quarter.
Rahul Kapur
So can you quantify what is likely to be received and I’m talking about basically the old receivables. I’m not talking about the current sales, but the old projects which were unfinished for whatever reason and there was some talk of finishing those projects and recovering those the old amounts. So I hope referring to the same.
Anil Jain
So again, overall receivable, as I said, have come down and actually INR120 crore receivables have come down in this 3rd-quarter and they come from various things. But 4th-quarter, we are expecting another reduction of at least, I would say, INR150 crore-plus non-net basis, right, including the new business, which we do for completion of project. On a net basis, minimum that level of reduction will happen in the current quarter. So structurally speaking, we had given time to ourselves that by September ’26, majority of old receivables should be — sorry, September ’25, majority of the old receivables should be with us. So good amount will happen in the current quarter as well.
Rahul Kapur
Okay. So my next question is about, you know, any thought about selling the stake because you know, since 2019, it’s almost six years since the shareholders, companies and losses and essentially what has happened is that the current level EBITDA is not able to support the interest outgo and the depreciation and it’s been a very, very frustrating hold for the shareholders. So — and so finally, we have to think about reducing our debt levels. And you — though you do talk about increasing cash flows, but that is not going to be sufficient for us to earn some profit and give some dividends to shareholders. So any comments there?
Anil Jain
Yeah. I think, see, if you go all the way back to, 18, ’19 companies, the debt was INR7,000 crore. It is down to INR3,500 crore. So it is down by almost 50%. Out of that INR3,500 crore debt we have INR3,600 crores, about INR800 crores is a 0% debt, right? So there is no interest burden on that particular debt. So that leaves about INR2,500 crores of debt, most of which in fact is working capital debt. So the term debt which we can repay to the banks is to the tune of about in the — sorry, about INR2,000 crore is actually working capital. So INR500 crore and so. And every quarter we are repaying that debt. As we just said that this year we have repaid total INR225 crore of the long-term debt already in the first-nine months. So company is consistently reducing the debt. So I think in normal-course, right, next year, we should bring down the debt by another INR300 crores. As you know, the idea we have is that by — let’s say annualized in ’26 next year, and at one-time, net-debt to EBITDA, right, we had some — it was 6 or 7 times. It is close to-4 in medium-term, right, that is 12 to 18 months. On annualized basis, we plan to bring it to about 2, 2.5 times in terms of debt-to-EBITDA. So — and as it goes down. So again, at one-time interest was INR750 crores, it is down to about INR375 crores now. And it would keep going down every quarter. But as some of these majority government receivables come, it could go down even faster. But these majority government receivables when they come down, they would go to prepay the 0% debt, the NCDs because that is what the restructuring we had done with the bank. But despite that with through cash-flow earnings in last, I think three years alone, almost INR1,200 crores of debt has been paid by the company. So we have taken a lot of steps to reduce the debt. We are very mindful of that. We have changed the business model. Constantly debt is going down, interest cost is also going down. In terms of selling realistic, you know, we got into that March ’23, in terms of getting that done. So it has been 1.5 years. We have some understanding, right, that business has to grow for us to get a right amount of value, etc. So that is not something we are looking at that right now. But as and when timing is right, valuation is right, we may look at that opportunity as well. But keeping that aside for a moment, I think through improved working capital management through recovery of the receivable, almost entire term debt in the main parent company, JSL should get done as I said, maybe 12 to 18 months. That is through our own normal business. Our food business has a higher working capital requirement and it has its own trajectory. So that’s another business. So overall, I think we have taken a lot of steps, but we are not — I would not say we are complicit or satisfied. I think we are working hard to take it to the next level. And we converted a loss-making company, which was in 2021 to profitable again, we are focused more on the retail market and we’ll continue to make these efforts to take it to the next level.
Rahul Kapur
And so what kind of debt can we expect by March ’26? What would be your estimates?
Anil Jain
I think by March — so I can’t give you a specific answer there. But I think, as I said, we have, let’s say, between now and March ’26, right, almost another INR250 crore debt due to be repaid in terms of term debt on the main company. So March 26, the entire term debt of the company will become zero, except the 0% NCD. 0% NCDs will also come down based on the — this recovery of the government receivable and I think they should be down by at least another INR500 crores plus during that period of time. So these two things will happen. And for the growth of the business, right, going-forward, we don’t anticipate to borrow because that growth will be funded through internal accruals as the remainder of receivables also come through. So all-in all, I think we will talk a little bit more about the next year March ’26 numbers in the — post the March ’24 — sorry, March ’25 number result time. That time we would give better I think projections for the March ’26. But as things stand, this is what we can say.
Rahul Kapur
But we also need to take into consideration that even the debt levels have been brought down for about INR6,500 crores to about INR3,800 crores or so, still the company is not in profit and the shareholders has been waiting for some dividends and some kind of return from the stock price and it’s been extremely frustrating. So you should — I think high time that mining thinks of selling the real-estate and bring down the debt by about INR1,500 INR2,000 crores plus other cash flows. So that’s something which we are looking-forward to because it’s otherwise not really adding any value in terms of the stock price or for us to get any dividends.
Anil Jain
So I can’t get into too much of debate right on this con-call, but we can have separate calls and discussion. But as of now, we are open to listen to all the suggestions, all the comments and we would look at it seriously. But right now, the focus on strengthening of the business and deleverage business at the same time. And in terms of share price on dividends, I think under the restructuring of the banks, management is unable to give any dividends. But in terms of share price, if you look at five years because shares had gone down due to the issues we faced in 2021 COVID, I think share price is up 7%, 800%. So it has improved, but it has a lot more potential, right? And we need to do a lot more work on that and that’s what we are committed to.
Rahul Kapur
Okay. That’s all from my side. Thanks.
Operator
Thank you. The next question comes from the line of Gaurish [Phonetic] from JHP Securities. Please go-ahead.
Gaurish
Hi, thanks for the opportunity. Sir, I had a question regarding a different business verticals. So are we considering to demerge or or any of our business verticals?
Anil Jain
I think you know as we are going along, right? As you see some of the data in investor presentation also, today we have kind of three businesses, right, food business, plastic business, piping and sheet and the high-tech agri-business, tissue culture and, almost kind of coming like one-third each size then based on the quarter and season, it may vary a little bit. But that we have and that kind of a proportion of businesses we have. And each business has its own unique cycle in terms of working capital — return on capital of the growth opportunity. Some of businesses kind of enter like some of our like pipes we sell also go to the same dealers or farmers who are also buying drip and so on. So it’s not that exact that everything business is very separate. Like food is definitely a very separate business than the input businesses we have like pipe 100. So at right time, I think we are working with some external consultants also for the company to create a path for next, I think five years, right, between FY ’25 to FY ’30, where does the company go and how it should go and because we see enormous opportunity in every single business, right? Because India is growing. And I think each of our business, whether irrigation business, tissue culture business, piping business, sheet business, solar business, food processing. Every — everything has opportunity. So how to allocate capital, where to focus more, which would give a better return on capital, which would allow us to strengthen overall ecosystem, right? So can we, for example, supply banana planting material, then buy banana and process banana, make banana puree and supply to either Nestle Unilever. Can we sell the fresh banana into retail markets? So you complete ecosystem of a given value chain of a given fruit or a crop and whether the same thing we can do in onion or my tomato or potato, etc. So that’s what we are working on. So I think maybe on the next call, April, May, some of our internal work would have been done where we can share with you what we are looking for in terms of going-forward in terms of a structure of the company, right, in terms of these three different businesses, where they should sit and how that should be seen. But as of now, as I said in answer to the earlier caller, the focus is on strengthening the business, improving the dealer network, where we are already seeing benefits and reduce by through collection of receivables or improving working capital you know deleverage.
Operator
Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and one. Also, ladies and gentlemen, please restrict yourself to two questions per participant. The next question comes from the line of Rishikesh from RoboCapital. Please go-ahead.
Rishikesh Oza
Yeah. Thank you for the opportunity.
Operator
Remind up to you, but your audio is not clear. I just a moment.
Rishikesh Oza
Is it okay now?
Operator
Yes, it’s better. Please go-ahead.
Rishikesh Oza
Okay. Yeah. Thank you for the opportunity. Sir, what would be your revenue growth guidance, if I’m not wrong, you alluded in the opening remarks around high-teens and what would be our EBITDA margin guidance for FY ’26?
Anil Jain
I think we will give more firmer guidance, right, once the March quarter is over. But you know where we are right as a company, we have underutilized production capacities, et-cetera. So once the revenue growth happens in high-teens, the EBITDA margin should be even better because you are absorbing some of the fixed-cost. So in natural cost, right? So let’s say, if revenues grow 17%, it is most likely that EBITDA will grow 20% in that ratio. But again, we’ll talk more about FY ’26, you know in a more former formatone post March quarter?
Rishikesh Oza
Okay. And regarding the EPC remaining execution, how much is done till Q3 and how much is pending in.
Anil Jain
On EPC, you mean?
Rishikesh Oza
Or the government — the pending project that is left to be executed.
Anil Jain
Yeah, I think the — you know, at one-time, right, when we had all this issue, the total projects were some INR700,000 crores. Most of it have been closed, some of them are working, but the total we still need to do to complete the project might be close to INR250 crore INR300 crores. Once we do that much, let’s say, over next few quarters, all projects would be closed. So in terms of percentages, right, so I think we are kind of 90% done. In one project, water supply project, we have done 50% that was in Pune where we — we are laying drinking water pipelines. But except for that project, all other projects, we are 90% and above. So we are really getting into the last mile, last phases to get it completed and then get those funds in.
Operator
Thank you. The next question comes from the line of Pranit [Phonetic], an Individual Investor.
Pranit
Please go-ahead. Hello. Thank you for the opportunity. So interested with the working capital management of the company. I understand we did — net working capital has reduced Q-o-Q, but in terms of inventory days, it is significantly still higher than last year’s Q3. So what is the reason for that?
Anil Jain
Sorry, so you said the question was inventory?
Pranit
Yeah, inventory. Compared to last year’s Q3, we are still — we are still higher than last year’s Q3. I’m curious about why hasn’t the inventory gone down further? Because I know it’s little lower than last quarter, but last year quarter Q3 it’s not lower. So I’m curious about what’s happening with inventory.
Anil Jain
I think you would see a significant reduction on inventory in the 4th-quarter, because as I said, right, we were hoping 3rd-quarter would be better in terms of piping or — but that did not really happen and that is why inventory remains slightly higher, but overall, right, last year I think December inventory was 2028, now it is 2129. So over a 12-month period, it has slightly gone up. And mostly into high-tech because this is the season, right, like January, February to May, June is when we sell maximum amount. So slightly elevated because of that. If I see plastic inventory is almost same, which was last December and also food is almost same. The only increase you see is in the high-tech division compared to the same-period last year, 12 months ago. So I think you would see that good amount of reduction in the current quarter there.
Pranit
Understood. So — and in terms of the geographic competition for the plastic business, so basically most of the businesses are very region focused like most of the things we operate in. So for plastic business, which states contribute the highest amount of revenues for this business? And also we had the idea of moving away from also adding to the most of our revenues come from agricultural pipes in terms of the plastic pipes. So how has the progress been in onboarding different industries for the pipes business? And how do you — how does the company see the overall tailwinds and headwinds of the market and how is it planning accordingly in terms of gaining market-share because it’s an extremely competitive industry where we are operating the plastic pipe business. So how does the company see the industry outlook and how does company expect to transform its business going-forward? And what is the contribution split between geographies? That’s what I’m interested in.
Anil Jain
Yeah. So when I look at the pipe, right, we have — and overall larger what we call plastic division, right? It has pipes and the sheets. So first talking a little bit about the pipes. We have two types of pipes, right? The PVC pipes, which mostly go to the farmers, right, through our dealer network, where we are quite strong in, let’s say, Maharashtra, Karnataka, MP. We are becoming much stronger in Tamil Nadu, AP, Telangana as we speak. And we have recently started selling more, let’s in Rajasthan, UP in northern region. So continuous effort is to — now some of the areas like Orisa, West, Bengal, etc., we are almost not existent, right? Hence there is a market, right, and that is being served today. So as we go along and as we grow more in North, more in East, we strengthen furthermore in South. I think the piping business will continue to grow there. The second part of the piping, where we make large-diameter pipes, specialized pipes, pipes which go into drainage pipes, we go into desalination, etc. There, I think we have quite unique position because we — some of the piping solutions we provide nobody else in the country does provide and there is going to be a lot more demand for those type of pipes. I think that sector will continue to grow. We do export some of the pipes globally, you know, in terms of either water supply, irrigation or for cable supply, et-cetera. And we are seeing some good traction on some of these export markets as well. So pipes will continue to grow there also. So there is a different strategy for each particular application. So application on agriculture, the idea is to go more geographies within India and strengthen dealer network. For application beyond you know, farmer or irrigation, I think developing complete solutions, which other people are not able to provide is what our focus is. And then going to the global markets, which again requires level of excellence, ability to service those global markets, which we have built that ability over 10 years or so. That’s where our focus is on piping. So we are quite bullish about the piping business in terms of medium to long-term, while last few quarters have not been great, but I think that’s a temporary aberration. For next few years, we are gung-ho about piping business because we — with our capacity, the level of the — what I call offering we have, I think we are going to be very strong pipe player in India as well as outside.
Operator
Thank you. The next question comes from the line of Sanjay Kohli from Goldstone Capital. Please go-ahead.
Sanjay Kohli
Yeah, good afternoon and thank you for the opportunity. My question was on — there is a big difference in the standalone and consolidated on the losses from foreign-exchange. So is it a result of some treasury operation or some — or the loans have been repriced or these are hedges.
Anil Jain
No, we don’t have, you know that kind of a treasury operation and we have very limited hedges per se.
Sanjay Kohli
So the quantum is about, you know, there is plus 6 — there is plus 6 CR on the standalone and minus 13.5 on the consolidated. So a net thing about INR19 crores to INR20 crores. So that’s quite a significant number. Do we have a large quantum of foreign currency loans still outstanding that we have needed because there has been a depreciation in the rupee, but it’s been a very, very low — there has been very low-volatility in the rupee, if we last three to six months that we’ve seen.
Anil Jain
So overall right. Yeah. Yeah, rupee depreciation, as you know, has helped the standalone company. But for example, the food company we have, right, a lot of our exports are in euro and GBP. So GBP was one-time — 107, it has come down to INR100. Euro also had gone up INR92%, it is down to INR890. So we had some reversal into the normal operating business due to the change in the currency of euro and GBP into the food where we had a negative impact. So again, just to reconfirm, no treasury operation, nothing big on the hedging, etc. We do small amount of forward sales on exports and our overall dollar loans are very limited as a company. So — but this particular quarter, I think with the US dollar becoming strong against various currencies in the world, also rupee, right? Rupee depreciated benefits some of our exports out of irrigation plastic business piping business, but the dollar became stronger against also in euro and GPP. So that impacted negatively in the food business. So that is the difference you see between you know, both in terms of the standalone and console, there is nothing beyond to it.
Sanjay Kohli
Okay. Thank you.
Operator
Thank you. Thank you. The next question comes from the line of Pankit Bansal [Phonetic], an Investor. Please go-ahead.
Pankit Bansal
Hello.
Operator
Yes, Panket. Please go-ahead.
Pankit Bansal
Yes, sir, my question is, sir, this is the — this is your strongest quarter Q3 and Q4. Yet you are delivering only flattish performance. So what will happen in Q1 and Q2? Where will you have seasonal impact, all other impacts? Sir, why — why the growth is not coming, you have best micro-irrigation companies, second-largest, what is happening, sir, can you please tell — we are waiting so long, it’s been 10 years, 12 years. Can you please explain, sir?
Anil Jain
Yeah. I think if you saw the result and what I said also, our agri-business in India grew 19% this quarter, right? So that growth has come back. Where we got hit was the piping and the plastic business growth did not come through. And that as I explained, right, we expect that to start happening in the current quarter and going-forward, it will be even stronger. So overall, structurally speaking, I think when I am looking at revenue growth, profitability and cash-flow, I think we have done very well on cash flows, as I said, INR560 crore of cash generated from operations. In terms of revenue for the whole year, right, FY ’25 versus FY ’24, the first two quarters we were minus 25%. I think think for the whole year, we are expecting that we would be almost same level. So whatever the deficit was created in the first-six months, I think should get covered in the second-half. That’s — that is the target and the goal we have. That’s where we are working for. And as you saw, the irrigation business you mentioned that we are a very large micro-irrigation company that did grow 19% in the current quarter.
Pankit Bansal
Sir, my question is, sir are the government, the increasing steps in the micro-irrigation field carrying new initiatives like solar, can you please explain that?
Anil Jain
Government has new initiatives, right, but government has been delaying also the payment and the release of subsidies, et-cetera. So we are more focused on directly selling to the farmer, right, and recovering better working capital cycle rather than depend on the government. But in case of solar pump specifically, you know, it’s not the direct government budget, right? These funds are available from central government, not the state-level and those are funds are also available with the electricity boards through the SES method where you have a targeted amount already-existing into an account from which they will pay you. So you are not dependent on a government budget. So those opportunities where there is certainty of how fast we will get paid, I think we’ll work on those opportunities, including solar pump, because I think between 2015, ’16 to 2019, ’20, we did sell INR60 crore INR700 crores of the pumps during that period of time. And with the right payment terms and good level of profitability, that opportunity we can capture again. But larger, right, I’ve spoken that while first two quarters have negative, this quarter has been stable. Irrigation, we are already now positive growth. 4th-quarter should be a stronger quarter compared to the last year same-period. And going-forward, right, FY ’26, we are quite bullish.
Pankit Bansal
Thank you.
Operator
Thank you. The next question comes from the line of Sumit Kumar [Phonetic], an Investor. Please go-ahead. Sumit, if you can please unmute from your end and proceed with your question.
Sumit Kumar
Hello, am I audible?
Anil Jain
Yes, please go-ahead.
Sumit Kumar
Sir, thank you for the opportunity. I want to know the interest cost has raised by, say, INR10 crores quarter-on-quarter basis. And you were saying that the debt has gone down. So what is the reason for that.
Anil Jain
I think normally interest cost is also finance charges or other charges, so.
Sumit Kumar
Hello.
Anil Jain
I think it is not linked to the cash payment of the interest. You know, we have the 0% NCDs, which are taken at the fair market value in our books as per the accounting standards. And as the time — in terms of time value, as we get closer to the repayment of NCDs, some of the gains which were booked in ’22 get reversed. Every quarter, we have about INR16 crores INR17 crores as a reversal, which comes as a finance cost, but it is not a cash being paid. So actual interest being paid is definitely less because debt is being paid. So this way I’ve explained or this becomes clear, but if you — one of my team member can engage with you to give specific information, but interest is actual cash interest outgo is lower and is getting lower.
Sumit Kumar
Sir, what has happened during the last four or five quarters, whatever we are earning, let’s say EBITDA is being exhausted by paying interest or in depreciation so from what period we can expect the positive PAT.
Anil Jain
I think as the — so let’s say around INR800 crore revenue at the standalone India I’m talking about is a breakeven, right? We did get good EBITDA about INR129 crores. But then post the depreciation and interest, right, and including the book interest-related to this issue, the PAT left is less. But cash PAT, I think this quarter would be normally INR30 crore INR35 crores. Even the normal care PAT is shown to be INR10 crores. But as now we move-out, right, 4th-quarter is going to be very strong and so on. So let’s say, this quarter we sell just an hypothetical number, 40% more than the December quarter, then all of that earning will straightfall to the PAT, right, going-forward. So I think the momentum on PAT also we think is going to be positive from FY ’26, but already you will see the impact positive, I think, number in the current quarter.
Operator
Thank you. Ladies and gentlemen, that was the last question. I now hand the conference over to the management for his closing comments.
Anil Jain
So I would like to again thank all the investors. I would like to thank our patience of the investors. We really appreciate it. We as management, we are not literally leaving any stone unturned in terms of taking business to the next level in every possible way, right, revenue, earnings as well as cash-flow, all three. I believe there is very good opportunity in all our businesses in medium-to-long term. In short-term, we have had weaknesses in the first two quarters, which we have tried to cover in third. And I think fourth would be even better. And we remain very positive and optimistic going-forward. But it takes — it is going to take a lot of work because things have been generally slow in the economy over the last six months. One cannot deny that fact. And then we need to work on the new strategies, new ways of doing so that with a good brand, good-quality, good service, we should score some more wins in the market. Hopefully, from 4th-quarter onwards, you would see that in our numbers. So with that and appreciating the support of all stakeholders, especially shareholders. We would like to thank you and are looking for better days ahead. Thank you again.
Operator
Thank you. On behalf of D.R Choxy, that concludes this conference. Thank you for joining us. And you may now may now connect your lines.