Jain Irrigation net soars 200 pc on forex gains

MUMBAI: Jain Irrigation today said its net profit surged 200 per cent to Rs 36 crore on a standalone basis in the September quarter on the back of foreign exchange gains.

The company had posted a net profit of Rs 12 crore in the corresponding quarter in the previous fiscal, the company said in a filing to the BSE.

However, sales declined 19.6 per cent to Rs 603 crore as against Rs 750 crore in the year-ago period.

"The challenges faced in first quarter continued in second quarter as monsoon was erratic in distribution and mostly below par in the major micro irrigation sales geography for the company," Jain Irrigation Managing Director Anil Jain said.