Jain Irrigation Q4 net profit declines 76%

Micro-irrigation solutions provider Jain Irrigation Systems today reported 76% fall in standalone net profit at Rs 41.90 crore for the fourth quarter ended March 31, 2013.

It had clocked a net profit of Rs 173.12 crore in the same quarter of the 2011-12 fiscal, the company said in a filing to the BSE.

Total income rose to Rs 1,265.84 crore in the quarter as against Rs 1,234.47 crore in the year ago period.

For the full fiscal 2012-13, the company's consolidated net profit decreased to Rs 30.8 crore from Rs 223.49 crore in the 2011-12 fiscal. However, total income increased to Rs 5,036.39 crore from Rs 4,932.87 crore in the review period.

"The year was challenging due to a multitude of factors, including drought in some states, change in business model, higher polymer and energy costs," its Managing Director Anil Jain said in a statement.

He, however, said the company plans to improve its Debt Equity ratio and finance cost through better management of working capital.

Shares of the company were trading higher by 1.48% at Rs 68.50 in afternoon on the BSE.