Jain Irrigation reports net loss of Rs 65 crore in the July-September quarter

14-Nov-13

Jain Irrigation has reported a net loss of Rs 65 crore in the July-September quarter, as margins also dipped to around 16% from 19% from the year-ago period. Managing Director Anil Jain says that depreciation in rupee and crude pushed polymer prices to all-time highs, which impacted margins. The company also aims to reduce its forex debt going forward. The strategy will be to have net forex earnings of USD 50 million this year, he tells CNBC-TV18. Exports have risen to 60% in the first half and expect it to rise further. Overall margin compression of about 3.3% is partly due to the product mix. This quarter out polyethylene pipe business has grown up by 200%, while micro irrigation also grew by about 20%. Last quarter the rupee depreciation and crude prices pushed polymer prices at lifetime highs.