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Pune, July 24

Diesel engines manufacturer Cummins India Ltd has posted a net profit of Rs 88.2 crore during the first quarter of this fiscal, up 38 per cent over the corresponding quarter last year. Net sales were Rs 707 crore, a rise of 30 per cent year-on-year. At the company’s AGM today, the board took on record the unaudited financial results for the first quarter. Shareholders approved the appointment of Mr Anant J. Talaulicar as Managing Director for a further period of five years beginning April 25, 2008 and passed a resolution to declare final dividend of 130 per cent in addition to interim dividend of 100 per cent. As a group, Cummins in India, comprising 11 legal entities, did business worth $1.3 billion during the previous fiscal. The company is targeting touching $2.5 billion by 2010 and $4 billion by 2012. —

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