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Home arrow News arrow Business News arrow Cummins India Limited Sales for 2008-09 up 22.8%
Cummins India Limited Sales for 2008-09 up 22.8% Print E-mail
Written by Ravi   
Thursday, 28 May 2009
Pune: Cummins India Limited has recorded a 22.8% rise in Sales for 2008-09 and the  Net Profit after Tax was up 36.5% (excluding CSS & CASL). The company has recommended a final dividend of Rs 2.60 per share of Rs 2 each (130%), aggregating to Rs 9 per share of Rs 2 each (450%) for the year ended March 31 2009. During the financial year ended March 31, 2009, pursuant to a Scheme of Amalgamation duly approved by the Hon’ble High Court of Mumbai, the subsidiaries of the Company, namely Cummins Sales and Service India Limited (CSS) and Cummins Auto Services Limited (CASL) merged with the Company with effect from the appointed date of April 01, 2008.

Anant Talaulicar, Chairman & Managing Director, Cummins India Limited said, "This quarter, the performance of the Company was impacted by the economic slowdown in both the domestic and export markets. We have since seen signs of revival in the domestic demand, although exports are likely to decline further in the ensuing quarters, on account of a significant recession in developed markets. However, I remain confident of our Company’s competitiveness, long term growth prospects and ability to continue generating positive profits and cash flows."

He further added, "We have been able to lower our product cost through value engineering and quality improvements. Further we are reducing our operating expenses and working capital. Six Sigma continues to be the primary approach to achieving both cost reduction, as well as increasing our partnerships with both customers and suppliers. The Company continues to invest prudently in critical technologies, products for the future, and customer relationships. It remains committed to delivering on its brand promise of Dependability."

For the financial year 2008-09, the net sales of the Company (excluding CSS & CASL) were Rs 2,861.1 crores compared with Rs 2,330.8 crores in the preceding year, thus registering a growth of 22.8% and the profit before tax for the year 2008-09 of Rs 523.2 crores was higher by 32.1% over the previous year figure of Rs 396.0 crores.

For the quarter ended March 31, 2009, the net sales of the Company (excluding CSS & CASL) were Rs 614.7 crores compared to Rs 670 crores in the quarter ended March 31, 2008, showing a decline of 8.2% and the profit before tax for the quarter ended March 31, 2009 of Rs 90.5 crores was lower by 18.2% over the figure of Rs 110.6 crores for the quarter ended March 31, 2008.

Pursuant to the scheme of amalgamation, the published results of the Company for the quarter ended March 31, 2009 include the results of CSS and CASL for the full year ended March 31, 2009.

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