Jain Irrigation falls 8% on disappointing Q1 results

Shares of Jain Irrigation Systems, a manufacturer and exporter of quality irrigation systems, pipes & fittings and plastic sheets, fell more than 8% intraday on Thursday as the company reported poor results in the first quarter of FY13, mainly due to de-growth in topline, forex loss and interest costs.

Quarterly earnings were lower than analysts' expectations. Total income went down by 9% year-on-year to Rs 864.9 crore as against a forecast of Rs 962.5 crore. Jain Irrigation has posted a loss of Rs 16.9 crore in the quarter ended June 2012 as against profit of Rs 82.4 crore while analysts had estimated profit of Rs 66.8 crore.

Earnings before interest, tax, depreciation and amortisation (EBITDA) margin dropped 300 basis points YoY to 21% as against expectations of 21.7%.

At 12:11 hours IST, the share was trading at Rs 81.60, down 5.77% amid large volumes.
 
Its trading volumes increased 232% to 25,37,404 equity shares as compared to its 5-day average of 7,63,150 shares.

Market capitalisation of the company currently stands at Rs 3,306.27 crore.