Pune, India: 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 financial results for the quarter that ended June 30,
2024.
Performance Highlights (based on standalone financial results) for the quarter
ended June 30, 2024:
• Total Sales for the quarter at ₹ 2,262 Cr. increased by 4% compared to the
same quarter last year and were flat compared to the previous quarter.
• Domestic sales at ₹ 1,873 Cr. increased by 12% compared to the same
quarter last year and decreased by 3% compared to the previous quarter.
• Exports Sales at ₹ 389 Cr. decreased by 22% compared to the same quarter
last year and increased by 13% compared to the previous quarter.
• Profit before tax at ₹ 551 Cr. was higher by 33% compared to the same
quarter last year and lower by 21% compared to the previous quarter.
• Profit after tax at ₹ 420 Cr. was higher by 33% compared to the same quarter
last year and lower by 25% compared to the previous quarter.
Ashwath Ram, Managing Director, Cummins India Limited, said:
Indian economy continues to be resilient despite global geopolitical uncertainties impacting
the business sentiment globally. Indian economic outlook continues to be positive; tax
collections are indicating the strength of underlying business activities. The latest Union
budget emphasized the government’s continued focus on infrastructure development and
continued higher budgetary allocation for infrastructure, special projects for end-to-end
connectivity for ports, coal, steel, and fertilizer sectors. At the same time, internationally,
geopolitical risks and conflicts continue to pose uncertainty about global trade and supply
chain disruptions.
For the quarter ending June 30, 2024, CIL domestic revenue was driven by strong domestic
demand from all segments especially from the industrial sector. Powergen revenue was
expectedly softer considering the sunsetting of CPCB II norms on June 30, 2024. Exports
revenue grew 13% over the prior quarter due to an improvement in demand from the end
markets.
Future Outlook:
The investment in infrastructure (Public and Private) and broader economic growth continue
to drive profitable growth for the company. For the Powergen sector, there is a complete
switchover to CPCB IV+ emission norms-compliant products effective July 1, 2024. The
company has a strong portfolio of CPCB IV+ emission norms-compliant products to meet
customer demand across the entire product range. We remain cautiously optimistic about the
demand outlook for the near term and optimistic about the long-term growth prospects.
Regarding exports, the company closely monitors the results of geopolitical events unfolding
in different parts of the world and their impact on global demand and supply chains. With a
diversified portfolio of products, the company remains optimistic about the export demand.
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 and the largest entity within the Cummins Group in India, Cummins
India Limited is involved in the power generation, aftermarket, and export businesses. The company has a strong manufacturing
backbone and boasts six 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”.
