Cummins Q3 PAT at Rs 455 crore

09 Feb 2024 CW Team

Total Sales for the quarter at Rs 2,502 crore were higher by 17 per cent compared to the same quarter last year and higher by 34 per cent compared to the previous quarter. Domestic sales at Rs 2,177 crore were higher by 36 per cent compared to the same quarter last year and higher by 60 per cent compared to the previous quarter. Exports sales at Rs 325 crore were lower by 40 per cent compared to the same quarter last year and lower by 36% compared to the previous quarter. Profit before exceptional items and tax at Rs 603 crore is higher by 26 per cent compared to the same quarter last year and higher by 42 per cent compared to the previous quarter. Profit before tax at Rs 602 crore is higher by 26 per cent compared to the same quarter last year and higher by 41 per cent compared to the previous quarter. Profit after tax at Rs 455 crore is higher by 26 per cent compared to the same quarter last year and higher by 38 per cent compared to the previous quarter.

Ashwath Ram, Managing Director, Cummins India, said, The world's major economies are dealing effectively to cool down inflationary trends and maintain growth rates. The continued geopolitical risks and resolution of conflicts will likely take longer, posing continued uncertainty about global trade. Recent conflicts impacting trade routes have caused increased freight costs and lead time for supplies. Amidst these uncertainties, the Indian economy is holding up well on the back of strong domestic demand and continued government spending, notably on infrastructure. The recent Interim budget proposing higher allocation for capital expenditure augurs well for the Indian economy.

The company recorded the highest quarterly revenue and profits based on robust domestic demand and is well-positioned to support domestic and export demand. The company has a strong liquidity and financial position to support its operations and growth plans.

The investment by India in infrastructure continues to bode well for the company. The powergen market will see a demand shift with an increasing focus on CPCB IV+ compliant products. However, upcoming quarters are likely to see mixed demand for CPCB II and CPCB IV+ products, as CPCB II products are allowed to be sold till June 30, 2024. Global economic conditions remain uncertain as the world is witnessing geo-political tensions, inflationary trends etc. Optimistic domestic demand outlook is expected to contribute to sales and profitable growth for the Company, though exports in near term may be impacted due to the global economic uncertainties in the short/medium term. However, the Company, has a good portfolio of products and is striving for recovery in exports. Overall, the company continues to be well positioned with a strong brand, world class manufacturing infrastructure on ground and a best-in-class service organization with unparalleled reach throughout the country and neighbouring regions.

Cummins India (CIL), at their meeting held, reviewed, and approved the unaudited financial results for the quarter and period ended December 31, 2023. Performance Highlights (based on standalone unaudited financial results) for the quarter ended December 31, 2023: Total Sales for the quarter at Rs 2,502 crore were higher by 17 per cent compared to the same quarter last year and higher by 34 per cent compared to the previous quarter. Domestic sales at Rs 2,177 crore were higher by 36 per cent compared to the same quarter last year and higher by 60 per cent compared to the previous quarter. Exports sales at Rs 325 crore were lower by 40 per cent compared to the same quarter last year and lower by 36% compared to the previous quarter. Profit before exceptional items and tax at Rs 603 crore is higher by 26 per cent compared to the same quarter last year and higher by 42 per cent compared to the previous quarter. Profit before tax at Rs 602 crore is higher by 26 per cent compared to the same quarter last year and higher by 41 per cent compared to the previous quarter. Profit after tax at Rs 455 crore is higher by 26 per cent compared to the same quarter last year and higher by 38 per cent compared to the previous quarter. Ashwath Ram, Managing Director, Cummins India, said, The world's major economies are dealing effectively to cool down inflationary trends and maintain growth rates. The continued geopolitical risks and resolution of conflicts will likely take longer, posing continued uncertainty about global trade. Recent conflicts impacting trade routes have caused increased freight costs and lead time for supplies. Amidst these uncertainties, the Indian economy is holding up well on the back of strong domestic demand and continued government spending, notably on infrastructure. The recent Interim budget proposing higher allocation for capital expenditure augurs well for the Indian economy. The company recorded the highest quarterly revenue and profits based on robust domestic demand and is well-positioned to support domestic and export demand. The company has a strong liquidity and financial position to support its operations and growth plans. The investment by India in infrastructure continues to bode well for the company. The powergen market will see a demand shift with an increasing focus on CPCB IV+ compliant products. However, upcoming quarters are likely to see mixed demand for CPCB II and CPCB IV+ products, as CPCB II products are allowed to be sold till June 30, 2024. Global economic conditions remain uncertain as the world is witnessing geo-political tensions, inflationary trends etc. Optimistic domestic demand outlook is expected to contribute to sales and profitable growth for the Company, though exports in near term may be impacted due to the global economic uncertainties in the short/medium term. However, the Company, has a good portfolio of products and is striving for recovery in exports. Overall, the company continues to be well positioned with a strong brand, world class manufacturing infrastructure on ground and a best-in-class service organization with unparalleled reach throughout the country and neighbouring regions.

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