Jain Irrigation is on a roller coaster ride today. The DVR price is up over 4% at Rs.34 and this is after it opened weaker at Rs.31.15 and even went down to an intra day low at Rs.27.50. The stock price opened low at Rs.66 but soon recovered to an intra day high at Rs.671.95 and is currently up in the green.

The company has posted a much better than expected numbers for Q4Fy13, with a topline of Rs.1209 crore, up for the first quarter through the entire year. Net profit was at Rs.42 crore, down 76% on YoY but much better than the net loss of Rs.31 crore in Q3.

The market is now looking ahead. The company in Fy13, reduced receivables by Rs.400 crore and said that there is scope for further reduction in Fy14. It plans to bring down debt by Rs.500 crore in FY13. And MIS, its mainfray, which saw a 25$ degrowth in FY13 is estimated to see a growth of 20% in FY14 with an upside potential of 25%.

The company stated that it is seeing good business in Maharashtra where the state Govt has made it mandatory for banana and sugarcane cultivators to use drip irrigation. And the company feels that this could mean a business worth Rs.10,000 crore spread over the next few years.