Diesel engines manufacturer Cummins India has posted a decline of 10 per cent in the net profit at Rs 144.81 crore as compared to Rs 160.94 during the quarter ended September 30, 2013.
The company's revenues dropped by 14 per cent to Rs 932.71 crore during September quarter against Rs 1087 crore in the same period last year, the company said in a statement to Bombay Stock Exchange.
Commenting on results, Anant J. Talaulicar, chairman and managing director, Cummins India said, "Demand conditions worsened across all our market segments as the Indian economy has continued to lose steam and cost of money continues to be high. I am happy to relay that despite a significant leverage loss, the Company continued to maintain margins, owing largely to its increased focus on cost efficiencies."
He added, "While economic uncertainties are impacting our growth in the short to medium term, the Company remains committed to improve operational performance positioning itself to resume growth upon revival of the markets."
