Cummins Q1 net dips 17% to Rs 183 cr
Engine-maker Cummins India today reported 17.56 percent decline in its net profit at Rs 183 crore for the first quarter ended June 30.
The company had posted a net profit of Rs 222 crore during the same period of previous fiscal.
Sales of the company stood at Rs 1,296.49 crore for the first quarter ended June 30. Cummins had reported sales of Rs 1,387.69 crore in the April-June period of 2017-18, the company said in a regulatory filing.
"Domestic sales in the current quarter declined 7 percent over the same quarter last year. However, the same quarter last year had a strong tailwind from pre-buy on account of impending GST implementation effective July 1, 2017," Cummins India Managing Director Sandeep Sinha said.
The company is also carrying forward orders into the current quarter as few of our suppliers faced supply constraints, he added.
"We expect the fulfillment of these carries forward orders in the current quarter," Sinha said.
On business outlook, he added, "We are positive on the medium to long-term outlook for domestic sales as underlying demand remains positive arising from sustained investments by the government in creating infrastructure for the Indian economy."
Shares of the company today ended 4.06 percent down at Rs 651.80 on the BSE.
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