For the December quarter, Cummins India posted a 37% fall in its net profit due 6% decline in sales volumes
Cummins India Ltd, manufacturer of diesel and natural gas engines, reported a 37% fall in its third quarter net profit on subdued demand in Indian capital goods markets.
For the quarter to end-December, Cummins India said its net profit fell 37% to Rs147.23 crore from Rs234.08 crore while its total revenues, including sales, declined 6% to Rs1,023.01 crore from Rs1,089.46 crore, a year ago period.
“In spite of very adverse market conditions, we maintained our margins as compared to last year and expanded margins as compared to the preceding quarter mainly due to our focus on improving cost efficiencies. We are not seeing any signs of improvement in the Indian capital goods markets,” said Anant Talaulicar, chairman and managing director of Cummins India.
Between December 2012 to December 2013, FIIs shareholding in the company grew to 16.95% from 12.90% in a same period a year ago. While domestic institutional investors (DIIs) shareholding fell to 18.23% from 21.65%, public shareholding fell to 13.82% from 14.45% and promoter shareholding remained same at 51%.
Cummins India has declared an interim dividend of 250% or Rs5 per share.
Cummins India closed 1.30% up on Wednesday at Rs444.95 on the BSE, while the 30-share Sensex ended the day flat at 20,261.
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