At Hyderabad, India, stands of pearl millet were grown after the monsoon (a) with no irrigation after establishment and (b) with irrigation as needed to avoid stress. Increases of dry matter and leaf area were determined by regular harvesting. The interception of radiation by the foliage, uptake of water from the soil and stomatal conductance were monitored. Before anthesis at 42 days after sowing (DAS), the rate of dry matter production and the transpiration rate in the unirrigated stand were about 80% of the corresponding rates for the irrigated control, mainly because of a smaller stomatal conductance from 30 DAS. After anthesis, the unirrigated stand grew little and used only 10% of the water transpired by the control. This large difference was partitioned between loss of leaf area and smaller stomatal conductance in the ratio of approximately 2:1. Radiation intercepted by foliage in the irrigated stand produced 2.0 g of dry matter per MJ compared with 2.5 g MJ−1 for the same variety growing in the monsoon, a difference consistent with a smaller stomatal conductance in drier air.