Leading micro-irrigation firm Jain Irrigation today registered a 23.68 per cent drop in consolidated net profit at Rs 46.98 crore for the June quarter, hit by higher expenses.
Net profit stood at Rs 61.56 crore in the year-earlier period, the company said in a BSE filing.
Total income increased marginally, but expenses stayed at an elevated level at Rs 1,699.83 crore during April-June as against Rs 1,657.09 crore a year ago.
"All our businesses were partially impacted in the quarter due to GST rollout and higher taxation rates for our micro irrigation business," the company said.
International business revenue and earnings were impacted due to volatile cross-country rates and a weak dollar, it said.
Overall consolidated income rose to Rs 1,746.86 crore from Rs 1,726.43 crore in the said period on higher revenue from its hi-tech agri-input division.
But the revenue from its plastic division declined to Rs 514.95 crore in April-June of this year from Rs 540.68 crore earlier while the income from agro-processing segment too came down to Rs 330 crore from Rs 376.46 crore in the said period.
Jain Irrigation said further it has completed overseas acquisition of an irrigation firm in the US.
Going forward, the company is expecting a "strong second half performance based on robust orderbook and shall meet the guidance given at the start of fiscal year".
It has manufacturing plants at 30 locations across the globe and manufactures micro-irrigation systems, PVC pipes, HDPE pipes, plastic sheets, agro-processed products, renewable energy solutions, among others.
The stock rose by 3.82 per cent to settle at Rs 95.10 on the BSE today.
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