Corporate Results
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Engineering
Cummins net rises to Rs 74.61 cr
Our Bureau
Pune, Jan. 30 Cummins India Ltd has recorded a total income of Rs 617.11 crore for the third quarter of the current fiscal against Rs 502.9 crore for the corresponding period last year, according to a company release to the BSE. The company has registered a profit after tax of Rs 74.61 crore ( Rs 62.89 crore).
The company release said net sales were up 24 per cent at Rs 590.2 crore (Rs 477 crore). Profit before tax in the quarter rose 17 per cent to Rs 105 crore (Rs 89.9 crore).
To pay 100% interim
It has also declared 100 per cent dividend and February 15 has been fixed as the record date for the purpose of payment of interim dividend.
The board of directors has, in principle, approved the merger of the subsidiaries, Cummins Sales and Service (India) Ltd and Cummins Auto Services Ltd with the company subject to regulatory approvals and legal compliances. This is intended to improve synergies among sales, service, engineering and manufacturing operations as well as to simplify administrative and legal compliances.
Mr Anant Talaulicar, Chairman, Cummins India Ltd, said, “While we continued to grow sales above targeted levels, we were not able to grow profits at that pace due to a combination of the strengthening rupee, commodity inflation and adverse product mix.”
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