The company announced Q3 results after market hours on Monday, 4 February 2013.
Meanwhile, the BSE Sensex was down 71.72 points or 0.36% at 19,679.47.
On BSE, 10.99 lakh shares were traded in the counter as against average daily volume of 6.17 lakh shares in the past one quarter.
The stock hit a high of Rs 70 and a low of Rs 65.05 so far during the day. The stock hit a 52-week low of Rs 59.50 on 7 September 2012. The stock had hit a 52-week high of Rs 121.60 on 22 February 2012.
The stock had underperformed the market over the past one month till 4 February 2013, sliding 9.44% compared with the Sensex's 0.17% fall. The scrip had, however, outperformed the market in past one quarter, surging 5.38% as against Sensex's 5.31% gain.
The mid-cap company has equity capital of Rs 90.98 crore. Face value per share is Rs 2.
Jain Irrigation Systems' net sales declined 8.1% at Rs 750.21 crore in Q3 December 2012 over Q3 December 2011. Earnings before interest, taxation, depreciation, and amortization (EBITDA) declined 27.36% at Rs 138 crore in Q3 December 2012 over Q3 December 2011.
Jain Irrigation attributed net loss in Q3 December 2012 mainly due to unrealized forex loss of Rs 57 crore.
Commenting on the company's Q3 performance, Mr. Anil Jain, Managing Director, Jain Irrigation Systems said, "This has been another challenging quarter for our domestic performance basically due to erratic monsoon rains, liquidity issues and high input cost. Despite these headwinds, we look forward to end the year 31 March 2013, close to last year in terms of revenue and much better balance sheet. We have good amount of orders in hand across the businesses which will help us to augment overall performance of the company in coming quarters, which is the peak season for the company".
"We have also seen improvement in subsidy receivable and as conveyed earlier we expect situation to further improve in over next two quarters. Overall gross receivables are down by about Rs 500 crore in first nine months of companies operations. The operations of Sustainable Agro-Commercial Finance (SAFL-NBFC arm) shall help to rebuild growth in Micro Irrigation business next year apart from integrated end-to-end water conservation projects", Mr. Jain added.
Jain Irrigation Systems' order book stood at Rs 891 crore as on 31 December 2012.
During the quarter, the company raised $200 million by way of equity, FCCB and ECB to meet its objectives of de-leveraging and re-financing short term maturity to long term, to create sustainable business model for Micro Irrigation business, to reduce cost of funds, to tap the opportunities in overseas markets in food and Micro Irrigation business and to create free cash-flow, Jain Irrigation said. These funds will get utilized to meet the long term funding requirement of the company, repayment of short term loans, capital expenditure and investment in affiliate NBFC and overseas subsidiaries over next two quarters, the company added. These funds will get fully deployed in business by end March 2013, Jain Irrigation added. Hence, interest saving will be seen from Q1 June 2013, Jain Irrigation said in a statement.
Jain Irrigation Systems is a diversified company with a product portfolio encompassing irrigation products, piping products, plastic sheets, dehydrated foods, fruit puree and juice concentrates. Jain Irrigation has pioneer drip irrigation for small farmers in India and has a major market share in one of the fastest growing irrigation markets in the world and is also the second largest drip irrigation company in the world.
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