 "Cummins India Q1 net profit down 14% at Rs 181 crore")
Engines manufacturer Cummins India Ltd on Thursday reported 13.62% decline in net profit at Rs 181.18 crore for the first quarter ended June 30, 2016-17.
The company had posted a consolidated net profit of Rs 209.9 crore in the same period of last financial year, Cummins India said in a BSE filing.
Net sales during the quarter under review were down 3.89% to Rs 1,228.41 crore, as against Rs 1,278.23 crore in the same period of 2015-16 year.
Cummins India Chairman and Managing Director Anant J Talaulicar said: "In this quarter, the company achieved strong domestic revenue growth as compared to the same quarter last year as well as prior quarter, as our major markets improved led by government driven infrastructure investments accompanied by solid management execution."
Exports continue to be depressed as compared to a year ago, although they did improve as compared to the previous quarter, he added.
"We believe that this is largely an internal supply chain correction, and not an indicator of a global economic revival," Talaulicar said.
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On the outlook, he said: "We are becoming increasingly optimistic about the sustainability of the domestic market revival based on strong and positive steps being taken by the central government."
Shares of Cummins India ended 1.68% up at Rs 840.15 on BSE.