Jain Irrigation Systems, the world's second-largest drip irrigation firm, today said its net profit fell by 98% to Rs 1.24 crore for the third quarter ended December, due to foreign exchange loss.

The company had posted net profit of Rs 71.47 crore in the October-December quarter in 2010-11, the company said in a filing to the Bombay Stock Exchange (BSE).

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However, net sales grew 18% to Rs 816.35, as against Rs 693.26 crore in Q3, 2010-11. The total income rose 13.15% to Rs 832.98 crore, as against Rs 736.11 crore.

The company manufactures drip and sprinkler irrigation systems, besides agro-processed products like dehydrated vegetables and fruits.

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