The Board of Directors of Cummins India Limited in their meeting held today took on record the audited annual financial results for the year ended March 31, 2008.

Net sales for the quarter ended March 31, 2008 stood at Rs. 670 Crores, an increase of 33% over the same period last year, which had stood at Rs. 505 Crores. Net profit before tax in the fourth quarter increased 14% to Rs. 111 Crores compared to Rs.97 Crores in the same period last year.Net sales for the fiscal year ended March 31, 2008 were Rs. 2,331 Crores representing 27% growth over sales of Rs.1,841 Crores in the earlier fiscal year. Net profit before tax of Rs. 396 Crores in 2007-08 increased 14 % above Rs. 346 Crores in 2006-07.

Anant Talaulicar, Chairman & Managing Director, Cummins India Limited said, “It has been another year of very respectable performance improvement by the Company with business growing strongly in both domestic and export markets. We are investing aggressively in our people, new customer relationships, new products and additional manufacturing capacity to sustain our profitable growth.

Unfortunately, as expected, the company’s bottom line performance this quarter was impacted by unprecedented increases in commodity prices over the past few months, the appreciation of the Rupee against the dollar when compared with the previous year, as well as a sudden decision by the Pune administration to raise Octroi charges on imported inputs. In spite of these adverse factors we were able to grow our profits for the quarter, compared to the corresponding quarter last year. As we look ahead, we could look forward to continued profit growth particularly if commodity prices and the exchange rate levels out.

We continue to engage with the local community on skill and infrastructure development, which are very consistent with the Cummins Core Values and will help build the foundation for a long term rewarding relationship. We are in a strong and unique position to support the economic growth of the country while benefiting all its stakeholders. We have established market leadership based on dependability in terms of technology, quality, customer service, diversity & quality of our people. We stay committed to our Brand Promise of Dependability.”

Sourced From: Genesis Burson-Marsteller

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