Cummins India Q2 profit at Rs 197 crore

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Power solutions provider Cummins India ‘s standalone net profit was flat at Rs 196.90 crore for the quarter ended September 30, 2016, against that of Rs 197.95 crore in the corresponding quarter of previous fiscal. Total income from operations increased to Rs 1,359.92 crore in the September quarter from Rs 1,292.71 crore in the year-ago period, Cummins India said in a filing to BSE. In a statement, the company said that the gross sales of the company for the quarter ended September 30, 2016 at Rs 1,331 crore grew 5 percent as compared to Rs 1,262 crore recorded in the same period last year. “Domestic sales in the current quarter at Rs 885 crore grew by 8 percent over same period last year and declined 2 percent over the preceding quarter,” it said. “Our second quarter results indicate that while the Indian economy is recovering, the recovery is not robust yet. Also our exports continue to face headwinds due to the macroeconomic situation. We continue to make inroads and gain market share domestically,” Cummins India Chairman & Managing Director Anant J Talaulicar said. “Government led investments in roadways and railways continued to drive our sales growth in the industrial engine segments. Despite exports revenues remaining depressed, our strong focus on cost optimisation and efficiency improvement has helped the Company sustain its profitability,” Talaulicar said. “We remain optimistic about future growth opportunities, largely owing to infrastructure investments by the government that are expected to sustain, the impending introduction of GST and the better than average monsoon,” Talaulicar added.