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Cummins India's FY14 Q1 net profit dips 11% due to industrial slowdown

Author : Date : 2013-8-4 13:45:33

Pune-headquartered Cummins India diesel and natural gas engines maker reported a 11% year-on-year decline in net profit at Rs 229 crore for the first quarter of 2013-14, as the slowdown in economy took a

"Sales dropped as compared to last year and last quarter based upon a continuing slowdown in the overall Indian GDP and in the core markets that we participate in namely, power generation, industrial and on highway commercial vehicles. Similarly, the global markets continue to be sluggish," Anant J Talaulicar, chairman & managing director, was quoted as saying in a press release.

"The good news is that we have continued to retain and gain in market share. Our distribution business increased revenues sequentially by 17%, but this increase was not able to offset the declines in power generation and industrial sales. Our on highway commercial vehicle engine revenue was flat," he said.

Cummins India is a manufacturer of diesel and natural gas engines for power generation, industrial and automotive markets.

Talaulicar said, "Despite the unfavourable, prevailing economic conditions, we are continuing our investmentsin building manufacturing, technology and service capacities, albeit at a lower pace. Based on our market leadership positions, scale, low cost base and strong balance sheet, we are strongly positioned to weather the slowdown, and come out stronger as macroeconomic conditions improve. We remain confident of the company's competitiveness, long term growth prospects and ability to continue to generate positive results." 

on demand from customers.

The company's net sales for the quarter ended June was Rs 1,029 crore, down 17% on year. Exports declined 35% as compared to the same period last year.