Profit on sale of long term non trade investments during the last quarter of the last fiscal have helped boost the net profit of Cummins India Limited (CIL). The diesel engines maker has posted a net profit of Rs 189 crore for the quarter ended March 31, 2013 against Rs 145 crore in the same period of last year, translating into 30 per cent rise year on year.
The company’s income from operations in Q4 13 stood at Rs 1,128 crore versus Rs 1,021 crore in Q4 12, representing a growth of 10.5 per cent.
For the whole year, net profit was Rs 764 crore as compared to Rs 591 crore in FY12, a growth of 29 per cent. Income from operations was Rs 4,509 crore versus Rs 4,052 crore, a rise of 11 per cent YoY.
In an explanatory note, CIL said that the other income during Q4 13 included profit of sale on long term investments on Rs 49.08 crore which is non-recurring.
EPS for the quarter and year ended March 31, 2103 stood at Rs 6.80 and Rs 27.57respectively. The Board has recommended a final dividend of Rs 8 per share of Rs 2 face value, aggregating to Rs 13 (650%) for FY 13.
Anant J. Talaulicar, CMD, Cummins India said, “The Company has reported respectable performance for the year ended March 31, 2013 despite adverse market conditions. Our margins improved on account of better realization from exports, favorable product mix and cost control measures.”