Cummins India Jan-March Net INR1.45 Billion Vs INR1.44 Billion

Date : 05/15/2012 @ 6:50AM
Source : Dow Jones News
Stock : Cummins Inc. (CMI)
Quote : 155.3  0.0 (0.00%) @ 4:00AM

Cummins India Jan-March Net INR1.45 Billion Vs INR1.44 Billion

Cummins (NYSE:CMI)
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Cummins India Ltd. (500480.BY) Tuesday said its January-March net profit was almost flat from a year earlier, tracking weak sales growth.

The local unit of U.S.-based Cummins Inc. (CMI) said it posted a net profit of INR1.45 billion in its fourth quarter, compared with INR1.44 billion a year earlier.

Sales grew 1% to INR10.21 billion.

Chairman Anant J. Talaulicar attributed the numbers to lower demand, especially for bigger machine parts.

Cummins makes and sells diesel and natural gas engines primarily for the automotive and power generation industries.

India's vehicle market has slowed down due to inflationary pressures, high fuel prices and rising interest rates. A shortage of coal in the country has hurt the growth of the power sector, forcing companies to delay equipment orders.

Pune-based Cummins spent INR6.44 billion on raw materials during the quarter, up 6% on year. Finance costs more than doubled to INR21.1 million

The company posted a net profit of INR5.91 billion for the full year ended March 31, up from INR5.90 billion in the previous year.

 
   -By Anirban Chowdhury, Dow Jones Newswires; 91-22-61456108; anirban.chowdhury@dowjones.com 
 

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