Cummins reports 21% decline in Q3 net profit

Cummins India has reported a net profit of Rs 207 cr for Q3FY14, down 21% as compared to Rs 262 cr in the corresponding quarter last year. Net sales for the quarter were down 9% at Rs 1,001 cr as against Rs 1,071 crore last year.

The board of directors has announced an interim dividend of 250% for the the financial year 2013-2014.

Anant J Talaulicar, Chairman and Managing Director, Cummins India said “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. However, we continue to maintain market share leadership. Despite the short and medium term challenges, our prospects in the long term continue to look positive. We are investing in advanced technologies and solutions that are of value to our customers. We are confident that with the kind of investments we are making in our future, we will continue to be well-positioned to serve our customers with the most dependable solutions.”