Industrial Machinery company Cummins India announced Q4FY23 & FY23 results: Standalone Q4FY23: Total Sales for Q4FY24 at Rs 1,889 crore increased by 29% compared to Q4FY22 and decreased by 12% compared to Q3FY23 Domestic sales at Rs 1,396 crore increased by 33% compared to Q4FY22 and decreased by 13% compared to Q3FY23 Exports Sales at Rs 493 crore up by 17% compared to Q4FY22 and down by 9% compared to Q3FY23 Profit before tax at Rs 413 crore is up by 69% compared to Q4FY22 and down by 14% compared to Q3FY23 Profit after tax at Rs 319 crore is higher by 68% compared to Q4FY22 and lower by 12% compared to Q3FY23. Standalone FY23: Total Sales for FY23 at Rs 7,612 crore increased by 26% compared to FY22 Domestic sales at Rs 5,562 crore increased by 26% compared to FY22 Exports Sales at Rs 2,050 crore increased by 27% compared to FY22 Profit before exceptions item and tax at Rs 1,506 crore is higher by 46% compared to FY22 Profit before tax at Rs 1,492 crore is higher by 29% compared to FY22 Profit after tax at Rs 1,130 crore is higher by 27% compared to FY22 Ashwath Ram, Managing Director, Cummins India, said: "The Indian economy continues to be resilient amidst inflationary economic conditions, rising interest rates, and ongoing geo-political crises. Fiscal and monetary policy measures are conducive to sustaining the economic growth rate. With softening commodity prices, stable consumption provides optimism for sustaining the economic growth rate of the Indian economy. Government spending on infrastructure promotes various segments, resulting in better capacity utilization and early signs of private capex. Global end markets for export held up well for the year, while monetary policy actions by various central banks around the world to contain inflation may pose a challenge to consumption in the near term. For the year ended March 31, 2023, CIL reported record revenue for the second financial year in a row, driven by strong domestic and export demand. This, coupled with pricing actions and prudent cost management, resulted in a record profit for the year. However, given the emission changes from July and continued supply chain challenges, especially for specific electronic and other components, we remain cautiously optimistic about the short to medium-term demand outlook. The CPCB IV+ norms will become effective July 1, 2023, for gensets up to 800 kW. The company is ready with its products to meet the new emissions norms and is confident of offering the best-in-class products to its customers which will continue to deliver superior performance and meet the new emission norms." Result PDF