Jain Irrigation plunges 6% on disappointing Q3 numbers

Jain Irrigation Systems, a leading manufacturer of irrigation systems, plunged on Tuesday after it posted disappointing Q3 numbers.

The company announced a net loss of Rs 311.7 million for the quarter ended Dec. 31, 2012 as compared to net profit of Rs 12.4 million for the quarter ended Dec. 31, 2011.

This was mainly due to sharp drop of 766 bps in operating margins to 10.15% as compared with 17.81% for last year period.

Net sales has increased from Rs 8.16 billion for the quarter ended Dec. 30, 2011 to Rs 7.50 billion for the quarter ended Dec. 30, 2012, representing decrease of 8.09%.

The company lost Rs 1.76 billion in market capitalisation to Rs 29.38 billion. Shares ofthe companyare trading at Rs 67.20, down Rs 4.3, or 6.01% at the Bombay Stock Exchange (BSE) on Tuesday at 12:33 p.m.The scrip has touched an intra-day high of Rs 70 and low of Rs 65.05. The total volume of shares traded at the BSE is 937,085.In the earlier session, the shares lost 2.19%, or Rs 1.6, at Rs 71.50. Currently, the stock is trading down 44.74% from its 52-week high of Rs 121.60 and above 12.94% over the 52-week low of Rs 59.50.

Share Price Movement Period Pricein Rs Gain/(Loss) in Rs in % 1 Week 71.70 (0.20) (0.28) 1 Month 78.95 (7.45) (9.44) 3 Months 67.95 3.55 5.22 6 Months 79.65 (8.15) (10.23) 1 Year 100.80 (29.30) (29.07) Note: Based on previous day closing price.