Cummins India Limited (NSE: CUMMINSIND, BSE: 500480) – The Board of Directors of Cummins India Limited (CIL), at their meeting held today, reviewed, and approved the unaudited financial results for the quarter and period ended September 30, 2024.
Performance Highlights (based on standalone unaudited financial results) for the quarter ended September 30, 2024:
Total Sales for the quarter at Rs 2,448 Cr. higher by 31% compared to the same quarter last year and higher by 8% compared to the previous quarter.
Domestic sales at Rs 2,008 Cr. higher by 47% compared to the same quarter last year and higher by 7% compared to the previous quarter.
Exports Sales at Rs 440 Cr. lower by 13% compared to the same quarter last year and higher by 13% compared to the previous quarter.
Profit before tax at Rs 594 Cr. is higher by 39% compared to the same quarter last year and higher by 8% compared to the previous quarter.
Profit after tax at Rs 451 Cr. is higher by 37% compared to the same quarter last year and higher by 7% compared to the previous quarter.
Shveta Arya, Managing Director, Cummins India Limited, said:
The Indian economy continues to remain resilient despite increasingly intense geopolitical conflicts. GST collections continue to remain strong, indicating robust underlying trade activities, while other key economic indicators like IIP, PMI are pointing to a reasonable economic outlook for the year.
With stable fiscal and monetary policies, the Government’s continued emphasis on infrastructure development, and PLI-led capex, the Indian economy is on course for growth in the range of 6.8% to 7.2%, according to various estimates. Cummins India Limited continues to execute its profitable growth strategy and is well-positioned to meet the demands of its end markets. At the same time, internationally, geopolitical risks and conflicts continue to pose uncertainty about global trade and supply chain disruptions.
Effective July 1, 2024, with a complete transition to CPCB IV+ emission norms for the applicable products, the company is well-positioned and had all its products certified well ahead of the time.
Future Outlook:
The Company has a strong portfolio of CPCB IV+ emission norms-compliant products to meet customer demand across the entire product range. With the transition to new emission norms, we remain cautiously optimistic about the demand outlook for the near term and optimistic about the long-term growth prospects.
Regarding exports, the company continues to work closely with its trade partners to drive growth in respective end markets. We remain cautiously optimistic about the export demand recovery as the economic and geopolitical events have impacted the end markets. With its diversified portfolio of products, company remains optimistic about the recovery in exports demand.
The Company has access to latest technology, a trusted brand, wide range of incredible products, world-class manufacturing capabilities, best-in-class talent, and a customer-centric service organization with an extensive distribution and service network throughout the country and neighboring regions. The company is well-positioned with a strong balance sheet and liquidity position to support profitable growth.
About Cummins India Limited:
Established in 1962 and headquartered in Pune, Cummins India Limited (NSE: CUMMINSIND | BSE: 500480) is one of the leading power solutions providers in the country. As the oldest Cummins entity in India, Cummins India Limited is involved in the power generation, aftermarket, and export businesses. The company has a strong manufacturing backbone and has five state-of-the-art manufacturing plants, assembly, and distribution facilities. With over 480 customer touchpoints, the company is committed to powering the success of its customers and ensuring that its services and solutions are readily accessible. The company has over 3,000 employees who contribute their expertise and commitment to ensuring Cummins India delivers on its mission of “making people’s lives better by powering a more prosperous world”.
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