Jain Irrigation today reported a net loss of Rs 29.9 crore in the third quarter ended December 31 ue to foreign exchange mark-to-market (MTM) impact.
It had logged a net profit of Rs 33.8 crore in the same period last fiscal.
Revenues declined by 10.67 per cent to Rs 887.4 crore during the quarter under review from Rs 993.5 crore in the corresponding quarter last year, the leading micro irrigation company said in a statement.
The Profit After Tax was negatively impacted due to higher charge of depreciation as per Companies Act, 2013 and exceptional items, including foreign exchange MTM impact, it said.
"We have had a weak quarter due to extreme weather events and significant decline in oil prices and consequent reduction in polymer prices. This coupled with lower agriculture commodities prices has resulted in lower demand in rural India.
"However, things are looking good going forward due to stable polymer prices now and some pick up in infrastructure investment. We expect current quarter to be positive for growth," Jain Irrigation Managing Director Anil Jain said.
He said the company's receivable cycle is improving every quarter for the last couple of years. "We expect debt reduction cycle to start in the current quarter and we hope to keep momentum thereafter."
The company's net debt as of December 2014 stood at Rs 3,167 crore.
