30/01/2020 Business Opportunities, Franchise
Cummins India surged 4.33% to Rs 614.20 after consolidated net income rose 1.2% to Rs 199.88 crore on a 2.9% decline in income to Rs 1431.54 crore in Q3 December 2019 over Q3 December 2018.
Profit before tax (PBT) declined 9.8% to Rs 258.05 crore in Q3 December 2019 from Rs 285.98 crore in Q3 December 2018. Total tax expenses for the December quarter stood at Rs 58.17 crore, down by 34.25% from Rs 88.48 crore in the same period last year.
Domestic sales in the current quarter at Rs 1,058 crore increased by 4% as compared to Rs 1,022 crore recorded during the same quarter last year. Exports for the current quarter at Rs 370 crore declined 16% as compared to Rs 441 crore recorded in the same quarter last year.
Ashwath Ram, the director, Cummins India, said: "In the domestic business, our distribution business had their best quarter in history, registering strong growth at 18% thanks to execution on certain contracts, while the Industrial business grew 8% led by the compressor and rail segments. Sales in the Powergen and Construction segments, continue to be impacted because of the slowdown in the Indian economy. This scenario is likely to continue for at least a few more quarters and gradual revival may happen, as government measures to address these start to kick in and positively boost the economy.
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