The Board of Directors of Cummins India Limited, at their meeting held today, took on record the audited financial results for the quarter and the full year ended March 31, 2019.
Post implementation of GST from July 01, 2017, sales numbers are required to be disclosed without including the levy of GST. The published sales numbers in the quarter ended on 30th June, 2017 were inclusive of excise duty, hence published results for full year ended March 2018 are not comparable. However, for the purpose of this press release, and to allow easy comparisons, the Company has excluded excise duty from the reported sales numbers for full year ended 31st March 2018.
Net sales of the Company for the quarter ended March 31, 2019 at Rs. 1,314 Cr, grew by 9% as compared to Rs. 1,206 Cr recorded in the same quarter last year, but declined 10% compared to Rs. 1,463 Cr recorded in the preceding quarter. Net sales for the year ended March 31, 2019 is the highest ever sales at Rs. 5,526 Cr, grew by 12% as compared to Rs. 4,952 Cr recorded in the previous year.
Domestic sales in the current quarter at Rs. 992 Cr grew 22% over the same quarter last year but declined 3% over the preceding quarter. Domestic sales for the year ended March 31, 2019 at Rs. 3,873 Cr grew 15% over the previous year also represents a new high. Exports for the current quarter at Rs. 322 Cr declined 17% over the same quarter last year and 27% over the preceding quarter. Exports for the year ended March 31, 2019 at Rs. 1,652 Cr grew 5% over the previous year.
Profit before tax in the quarter ended March 31, 2019 at Rs. 209 Cr is flat as compared to the same quarter last year and declined by 23% as compared to Rs. 270 Cr recorded in the preceding quarter. Profit before tax for the year ended March 31, 2019 at Rs. 1,030 Cr improved by 21% compared to Rs. 852 Cr recorded in the previous year excluding the gain on sale of real estate of Rs. 56 Cr in that year - is also at a record high.
For the year ended March 31, 2019, board recommended a final dividend of Rs. 10 per share (500% of share capital).
With interim dividend of Rs. 7 per share (350% of share capital) approved at February '19 board meeting, aggregate dividend for the year is Rs. 17 per share (850% of share capital) - stepped up from 750% paid in previous year reflecting confidence in our future.
Sandeep Sinha, Managing Director, Cummins India Limited, said: "I would like to congratulate all our shareholders for our record sales and record profit in this year. We also registered record sales in our domestic business with continuing momentum from the Government's increased investments in creating infrastructure for the economy as well as our efforts towards market share growth in segments we serve. All three segments in our domestic business - Industrial, Powergen and Distribution registered strong growth. We are confident on the medium to long term outlook for our domestic sales.
Exports revenue improved for this year, growing 5% over the previous year - however the global Power generation business in destination markets continue to remain uncertain. We are closely watching this space and are ready to capitalize on recoveries in demand in both HHP and LHP segments.
We continue to be positioned to outperform in our industry and are investing judiciously in product enhancements, increasing our customer focus, while maintain strong controls over our cost of operations. Improving productivity and quality are strong focus areas as we continue delivering value to all our stakeholders."
Shares of CUMMINS INDIA LTD. was last trading in BSE at Rs.725 as compared to the previous close of Rs. 731.75. The total number of shares traded during the day was 36315 in over 1330 trades.
The stock hit an intraday high of Rs. 745 and intraday low of 716.1. The net turnover during the day was Rs. 26279313.