Conference Call with Cummins India Management and Analysts on Q1FY25 Performance and Outlook. Listen to the full earnings transcript.
Industrial Machinery company Cummins India announced Q1FY25 results: Total Sales for the quarter at Rs 2,262 crore increased by 4% compared to the same quarter last year and were flat compared to the previous quarter. Domestic sales at Rs 1,873 crore increased by 12% compared to the same quarter last year and decreased by 3% compared to the previous quarter. Exports Sales at Rs 389 crore decreased by 22% compared to the same quarter last year and increased by 13% compared to the previous quarter. Profit before tax at Rs 551 crore was higher by 33% compared to the same quarter last year and lower by 21% compared to the previous quarter. Profit after tax at Rs 420 crore 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, 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." Result PDF
Industrial Machinery company Cummins India announced standalone Q4FY24 & FY24 results: Q4FY24 Financial Highlights: Total Sales for the quarter at Rs 2,269 crore were higher by 20% compared to the same quarter last year and lower by 9% compared to the previous quarter. Domestic sales at Rs 1,925 crore were higher by 38% compared to the same quarter last year and lower by 12% compared to the previous quarter. Exports Sales at Rs 344 crore lower by 30% compared to the same quarter last year and higher by 6% compared to the previous quarter. Profit before tax at Rs 701 crore is higher by 70% compared to the same quarter last year and higher by 16% compared to the previous quarter. Profit after tax at Rs 562 crore is higher by 76% compared to the same quarter last year and higher by 23% compared to the previous quarter. FY24 Financial Highlights: Total Sales for the year at Rs 8,816 crore increased by 16% compared to the last year. Domestic sales at Rs 7,143 crore increased by 28% compared to the last year. Exports Sales at Rs 1,673 crore decreased by 18% compared to the last year. Profit before tax at Rs 2,143 crore is higher by 44% compared to the last year. Profit after tax at Rs 1,661 crore is higher by 47% compared to the last year. Ashwath Ram, Managing Director, Cummins India Limited, said: Indian economy continues to remain resilient despite geopolitical events and other economic events impacting the growth of various countries. Key economic indicators like GDP growth rate of 7.6% and consistent PMI indicate optimism about continued growth. Robust tax collections are indicating underlying growth in economic activities. Indian Government’s continued focus on infrastructure and higher allocation in the interim budget is driving growth in end markets of interest for the company. At the same time, internationally, geopolitical risks and conflicts continue to pose uncertainty about global trade and supply chain disruptions. The company recorded another year of record revenue and profit, driven by strong demand from the domestic market while export market demand was soft. The Company launched the CPCB IV+ range of products, which were very well received by customers. The company continues to have a strong balance sheet and liquidity and is well-positioned to support its operations and growth plans. Result PDF
Conference Call with Cummins India Management and Analysts on Q4FY24 Performance and Outlook. Listen to the full earnings transcript.