Leading micro-irrigation company Jain Irrigation reported 22 percent fall in its standalone net profit at Rs 64.4 crore in the fourth quarter of the 2015-16 fiscal on poor sales.
The company had posted net profit of Rs 82.6 crore in the same quarter of the previous fiscal.
"Domestic business de-grew by 7.4 percent. Exports revenue continued to show negative growth and de-grew by 10.7 percent," Jain Irrigation said in a BSE filing.
The company's total revenue declined to Rs 1,480 crore in the January-March quarter of the 2015-16 fiscal, as against Rs 1,610 crore in the year-ago period.
The revenue from its micro irrigation, pipes and food segments remained lower during the fourth quarter of last fiscal ended March 31. Domestic sales were also down due to severe drought, it added.
However, its solar business grew more than 48 percent in the said period.
For the full 2015-16 fiscal, the company reported a consolidated net profit of Rs 88.27 crore as against Rs 55.4 crore in the previous year. Total income increased marginally to Rs 6,455.9 crore from Rs 6,314.6 crore.
The company's Managing Director and CEO Anil Jain said, "Financial year 2016 ended on neutral basis for us in terms of revenue." Last year has been very challenging due to severe drought and general agrarian distress. This 2017 fiscal looks more optimistic with expected good monsoon, he said.
"I believe our balance sheet has considerably strengthened with successful closure of Mandala and promoter equity investment of Rs 800 crore," he added.
The company has manufacturing plants at 28 locations across the globe. It manufactures micro-irrigation systems, PVC pipes, HDPE pipes, plastic sheets, agro-processed products, renewable energy solutions, among others.
Jain Irrigation stock fell 2.87 percent to Rs 42.25 in the afternoon trade on BSE.
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