Jain Irrigation Q3 net loss at Rs 31.17 cr

Jain Irrigation Q3 net loss at Rs 31.17 cr New Delhi: Jain Irrigation Systems on Monday reported a net loss of Rs 31.17 crore for the third quarter ended December, 2012, due to sluggish sales.

The company had clocked a net profit of Rs 1.24 crore in the same quarter last fiscal.

Total income declined to Rs 770.97 crore during the reported quarter from Rs 832.12 crore in the year-ago period, the company said in a BSE filing.

While income has decreased, the company's expenditure has risen to Rs 674.50 crore from Rs 670.95 crore in the review period. That apart, interest cost has increased to Rs 102.83 crore in the third quarter of this fiscal from Rs 95.15 crore in the year-ago period.

The company manufactures drip and sprinkler irrigation systems, solar water heating systems and agro-processed products, among others.

Shares of the company settled down by 2.19 percent at Rs 71.50 apiece on the BSE.

PTI