Jain Irrigation Systems, the world’s second-largest drip irrigation firm, has reported a fall of 98% in its net profit to Rs 1.24 crore for the third quarter ended December, due to foreign exchange loss. The company had posted net profit of Rs 71.47 crore in the October-December quarter in 2010-11.

However, net sales of the company grew 18% to Rs 816.35, as against Rs 693.26 crore in Q3, 2010-11. The total income rose 13.15% to Rs 832.98 crore, as against Rs 736.11 crore.

The company manufactures drip and sprinkler irrigation systems, besides agro-processed products like dehydrated vegetables and fruits.

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