Jain Irrigation dips on weak Q3 earnings

Jain Irrigation Systems has dipped over 6% to Rs 66.95 in opening deals after reporting a net loss of Rs 31 crore for the third quarter ended December, 2012 (Q3), mainly due to unrealized forex losses of Rs 57 crore. The company had clocked a net profit of Rs 1.24 crore in the same quarter last fiscal.

“Total income declined by 7.3% to Rs 771 crore in Q3 from Rs 832 crore during the same quarter of previous fiscal,” Jain Irrigation said in a statement.

Earnings before interest, taxes, depreciation, and amortization (EBIDTA) have declined 27.4% to Rs 138 crore against Rs 190 crore over the previous year quarter, it added.

The company is the largest micro irrigation company in the country, manufactures drip and sprinkler irrigation systems, solar water heating systems and agro-processed products, among others.

The stock opened at Rs 67.50 and hit a high of Rs 69.85 on the NSE. A combined around 600,000 shares have changed hands on the counter on both the exchanges.