The Hindu Business Line : Cummins India to pay 200 pc final

CUMMINS India Ltd board has recommended a 200 per cent final dividend including the already declared interim dividend of 100 per cent for the year ended March 31, 2004.

It has recorded sales revenues of Rs 932.4 crore for the year ended March 2004 as against Rs 832 crore last year, registering a growth of 12 per cent. This includes a growth of 28 per cent in exports and nine per cent in domestic sales.

Further, due to improved demand and operational performance, sales for the January to March 2004 quarter had shown a growth of 26 per cent over the immediately preceding quarter ended December 2003 and 21 per cent over the corresponding quarter of the previous year, the audited financial results of the company has said.

Other income increased from Rs 45.7 crore in the previous year to Rs 76.7 crore for the fiscal ended March 2004 primarily due to dividend and treasury income.

This includes a dividend of Rs 24.5 crore from the subsidiary, Cummins Diesel Sales and Service (India) Ltd as against a dividend of Rs 16.9 crore last year. Depreciation expense was Rs 29.9 crore (Rs 26.6 crore).

Profit before tax was Rs 138.1 crore(Rs 120.9 crore). Profit after tax was Rs 109.3 crore(Rs 94.3 crore). Earnings per share were Rs 5.52 (Rs 4.76).

Cummins India launched three new products in January 2004 - the X series ready-to-use generator sets, which extended the product line at the lower end, the C series engine for the power generation and industrial business, and the N14 engine, both to strengthen the midrange part of the product offering.

The new products conform to the CPCB norms that come into effect on January 1 and July 1, 2004 and have been well received.

The company had also signed an MoU with Cummins Westport Inc in March 2004 to further develop its capability to produce new technology, cleaner lean burn natural gas engines in India.

Cummins Inc's new joint venture with Cummins India, Cummins Research & Technology India, inaugurated in January 2004, has also taken off as planned and is in the process of expanding its operations, it added.

More Stories on : Financial Performance | Engineering

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Randox launches biochip tech for clinical testing

IISCO turns around; nets Rs 27 crore

Cummins India to pay 200 pc final

BIFR okays Ambuja Cement merger proposal

`Investment services yet to catch up in India'

Swaraj Mazda plans foray into 10-16 t segment

Sanofi acquisition — `Only incremental effect on Aventis'

HLL identifies its weaknesses

New Holland India to become sourcing hub for components

GM Opel models beginning to show signs of growth — `Production constraints a drag on operation'

Ingersoll Rand net rises 21 pc