Cummins India posted its fiscal fourth quarter earnings with profit at Rs 538.86 crore, up 54.4 per cent in comparison to Rs 348.91 crore during the fourth quarter of FY23. It posted revenue from operations at Rs 2319.02 crore, up 19.9 per cent as against Rs 1933.85 crore recorded during the same period of previous fiscal year.
The board of directors at Cummins India recommended a final dividend of Rs 20 (100 per cent) per equity shares on 277,200,000 fully paid-up equity shares (face value Rs 2 each) for the financial year 2023-24 in addition to the interim dividend of Rs 18 per share declared on February 07, 2024. The final dividend, as may be approved by the members at the ensuing Annual General Meeting, will be paid on or around August 30, 2024, it said.
The total sales recorded by the company during the quarter was at Rs 2269 crore, 20 per cent higher than the same quarter last year. While the domestic sales were recorded at Rs 1925 crore, 38 per cent higher than the same quarter of previous year, export sales were recorded at Rs 344 crore, down by 30 per cent on-year.
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Ashwath Ram, Managing Director, Cummins India Limited, said, “Indian economy continues to remain resilient despite geopolitical events and other economic events impacting the growth of various countries. Key economic indicators like GDP growth rate of 7.6 per cent and consistent PMI indicate optimism about continued growth. Robust tax collections are indicating underlying growth in economic activities. Indian Government’s continued focus on infrastructure and higher allocation in the interim budget is driving growth in end markets of interest for the company. At the same time, internationally, geopolitical risks and conflicts continue to pose uncertainty about global trade and supply chain disruptions.”
“The company recorded another year of record revenue and profit, driven by strong demand from the domestic market while export market demand was soft. The Company launched the CPCB IV+ range of products, which were very well received by customers. The company continues to have a strong balance sheet and liquidity and is well-positioned to support its operations and growth plans,” he added.
Key appointments
The board of directors, based on the recommendation of the Nomination and Remuneration Committee, have approved the appointment of Sekhar Natarajan and Farokh N Subedar as an Additional Director of the company for a period of five consecutive years, commencing from May 29, 2024.
Further, M/s MMJB & Associate LLP, Practicing Company Secretaries, Mumbai are appointed as the secretarial auditors of the company for the financial year 2024-25.
The board has also noted an additional role taken up by Ashwath Ram, Managing Director of the company leading the “Global Supply Chain Function” for Cummins Inc. “This additional role is expected to bring synergies in operations for the company and contribute to its success. Further, the board has also noted that, due to this additional role, there is no change in the maximum amount of the consolidated remuneration or in the terms and conditions of appointment agreed between the company and Ashwath Ram, which were originally approved by the members of the company in the Annual general meeting held on August 10, 2022,” it said.
From: financialexpress
Financial News
