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Cummins India Ltd (CIL) has posted a net profit of Rs 166 crore during the first quarter of ‘FY 14 as against Rs 180.5 crore in the same period of last year, translating into a decline of 8%.
The company posted lower net sales of Rs 1,029 crore in the period ended June 30, 2013 versus Rs 1,241 crore in the corresponding period last year. This represents a decrease of 17% year-on- year basis. Domestic sales declined 8% in the quarter under review while exports declined 35%.
Anant J. Talaulicar, Chairman & Managing Director, CIL said, “Sales dropped as compared to last year and last quarter because of continuing slowdown in the overall Indian GDP and in the core markets that we participate in - power generation, industrial and on highway commercial vehicles. The global markets continue to be sluggish.”
He further added, “Despite the unfavourable, prevailing economic conditions, we are continuing our investments in building manufacturing, technology and service capacities, albeit at a lower pace.”
On the BSE the Cummins share rose to Rs 440 in intra-day trading before closing at Rs 407.45 per share, a loss of Rs 21.90 (5.1%) at the end of day.
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