May 25, 2016 PRESS RELEASE
Cummins India Limited (CIL) achieved an all-time high in sales and second highest in terms of operating profits for FY 2015-16 at ₹ 4,603 cr. and ₹ 906 cr. respectively. Domestic sales grew 13 percent while exports declined 3 percent YOY. Profit before tax (excluding exceptional items and sale of investments) was up 6 percent for the same period. Sales for Q4 2015-16 were down 7 percent due to a 30 percent decline in exports, and net profit before tax was down 9 percent compared to same period last year. The board recommended a final dividend of ₹ 9 per share (450 percent of share capital) aggregating to ₹ 14 per share of ₹ 2 each (700 percent of share capital) for the year ended March, 31 2016.
Mumbai, India: In their meeting held today, the Board of Directors of Cummins India Limited took on record the audited annual financial results for the fiscal year 2015-2016, and the un- audited results for the quarter ended March 31, 2016.
For the year ended March 31, 2016, net sales of the Company were ₹ 4,603 crores, an increase of 7 percent over the last year. Net profit before tax (excluding exceptional items) was ₹ 906 crores, representing a 3 percent decrease over the previous year.
Net sales of the Company for the quarter ended March 31, 2016 at ₹ 1,038 crores, represented a decrease of 7 percent as compared to the same period last year as well as over the preceding quarter. Net profit before tax at ₹ 201 crores represented a 9 percent decline as compared to the same period last year, and a 3 percent decline as compared to the preceding quarter.
Anant J. Talaulicar, Chairman & Managing Director, Cummins India Limited, said, "The Company benefited from domestic market recovery. This was largely the impact of momentum arising from Government actions to increase investments as well as improve infrastructure. Capitalizing on this recovery with new product introductions and a strong focus on customers, the Company has grown domestic sales for the year ended March 31, 2016. For the full year, our profitability declined marginally owing to weak demand from export markets. We generated significant cash. Our balance sheet remains strong. Disciplined and judicious investments in new products, technology capabilities in our new upcoming technical center and people development position the Company to continue to deliver profitable growth in the future.
Our earnings this quarter declined over the same quarter last year as export markets declined 30 percent, although we continued to drive significant cost reduction activities. Even as exports demand from around the world remains sluggish, given the positive
domestic outlook we remain confident about the future growth prospects of the Company and its ability to continue generating positive results".
About Cummins India Limited
Cummins India Limited, headquartered in Pune since 1962, is the country's leading manufacturer of diesel and natural gas engines for power generation, industrial and automotive markets.
About Cummins Group in India
Cummins in India, a power leader, is a group of complementary business units that design, manufacture, distribute and service engines and related technologies, including fuel systems, air handling, filtration, emission solutions and electrical power generation systems. Its technology and pioneering initiatives are bringing innovative solutions and dependable services at the best possible value to users across the country. Its high performance outlook is based on customer focus, integrity and capability of its people. Part of the US $19.1 billion Cummins Inc., Cummins in India is a Group of eight legal entities across 200 locations in the country with a combined turnover of ₹10,262 crores in 2015 and employing over 10,000 individuals.
Cummins India Limited published this content on 25 May 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 25 May 2016 13:05:03 UTC.