Jain Irrigation Systems has tanked over 10% at Rs 48.50 after the company said its consolidated net loss increased by 22% at Rs 60 crore for the quarter ended June 30, 2013 (Q1), due to higher raw material expenses. The micro irrigation company had loss of Rs 49 crore in year ago quarter.
The company’s net sales grew by 11.5% year-on-year at Rs 1,386 crore, while raw material cost 17% at Rs 932 crore over the corresponding quarter of previous fiscal.
Cost of Raw Material has gone up by 4% as percentage to revenue due to increase in polymer prices & freight cost, Jain Irrigation said in a press release.
EBIDTA margin contracted by nearly 200 bps to 15.14% from 16.96% during the quarter under review.
The stock opened at Rs 52.30 and hit a low of Rs 48.40 on NSE. A combined 2.46 million shares changed hands on the counter so far on NSE and BSE.
The company’s net sales grew by 11.5% year-on-year at Rs 1,386 crore, while raw material cost 17% at Rs 932 crore over the corresponding quarter of previous fiscal.
Cost of Raw Material has gone up by 4% as percentage to revenue due to increase in polymer prices & freight cost, Jain Irrigation said in a press release.
EBIDTA margin contracted by nearly 200 bps to 15.14% from 16.96% during the quarter under review.
The stock opened at Rs 52.30 and hit a low of Rs 48.40 on NSE. A combined 2.46 million shares changed hands on the counter so far on NSE and BSE.
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