Cummins India plummets 10% after weak Q4 results
NEW DELHI: Shares of Cummins India fell nearly 10 per cent in Friday’s trade after the company reported a marginal drop in fourth quarter profit compared with the corresponding quarter last year.
The company reported Rs 908 crore profit for the quarter ended March 31, 2017. It had reported Rs 910 crore profit for the same quarter last year.
The company posted its earnings after market hours on Thursday. The stock fell 9.95 per cent to hit a low of Rs 947 on BSE in morning trade on Friday.
Gross sales of the company grew 11 per cent in March quarter to Rs 1,239 crore from Rs 1,114 crore recorded in the same period last year but declined 13 per cent compared with Rs 1,422 crore recorded for the previous quarter.
Gross sales for the financial year ended March 31, 2017 stood at Rs 5,310 crore, representing a 7 per cent growth over Rs 4,967 crore sales reported for the same period last year.
The company’s board recommended a final dividend of Rs 9 per share, aggregating to Rs 14 per share of Rs 2 each for the year ended March 31, 2017.
The company reported Rs 908 crore profit for the quarter ended March 31, 2017. It had reported Rs 910 crore profit for the same quarter last year.
The company posted its earnings after market hours on Thursday. The stock fell 9.95 per cent to hit a low of Rs 947 on BSE in morning trade on Friday.
Gross sales of the company grew 11 per cent in March quarter to Rs 1,239 crore from Rs 1,114 crore recorded in the same period last year but declined 13 per cent compared with Rs 1,422 crore recorded for the previous quarter.
Gross sales for the financial year ended March 31, 2017 stood at Rs 5,310 crore, representing a 7 per cent growth over Rs 4,967 crore sales reported for the same period last year.
The company’s board recommended a final dividend of Rs 9 per share, aggregating to Rs 14 per share of Rs 2 each for the year ended March 31, 2017.