Earnings Review
Cummins India net up 37% YoY on rising sales, price hikes
This story was originally published at 23:12 IST on 7 November 2024
Register to read our real-time news.Informist, Thursday, Nov. 7, 2024
Please click here to read all liners published on this story
--Cummins India Jul-Sept net profit INR 4.49 bln
--Analysts saw Cummins India Jul-Sept net profit INR 4.15 bln
--Cummins India Jul-Sept consol net profit INR 4.49 bln
--Cummins India Jul-Sept consol net profit INR 4.49 bln vs INR 3.29 bln
--Cummins India Jul-Sept consol revenue INR 25.09 bln vs INR 19.22 bln
--Cummins India Jul-Sept net profit INR 4.51 bln
--Analysts saw Cummins India Jul-Sept net profit INR 4.15 bln
--Cummins India Jul-Sept net profit INR 4.51 bln vs INR 3.29 bln year ago
--Cummins India Jul-Sept revenue INR 24.92 bln vs INR 19.00 bln year ago
--Cummins India Jul-Sept revenue INR 24.92 bln vs INR 19.00 bln year ago
--Cummins India Apr-Sept net profit INR 8.70 bln vs INR 6.44 bln year ago
--Cummins India Apr-Sept revenue INR 47.97 bln vs INR 41.08 bln year ago
By Apratim Sarkar
MUMBAI - Cummins India Ltd.'s net profit for the September quarter beat expectations, growing 37.2% on year on the back of higher sales and price hikes in generator sets. The heavy engineering equipment maker's net profit for the quarter was INR 4.51 billion, higher than analysts' estimate of INR 4.15 billion.
The revenue rose 30.8% on year to INR 24.92 billion in the September quarter. Analysts had expected a revenue of INR 22.58 billion. The company's on-year revenue growth was the highest in five quarters. The company's other income for the latest quarter was INR 1.61 billion, up 21.8% from INR 1.32 billion in the year-ago quarter.
The company's consolidated net profit for the quarter was INR 4.49 billion, up from INR 3.29 billion in the year-ago quarter. The consolidated revenue for Jul-Sept was INR 25.09 billion, up from INR 19.22 billion in the year-ago quarter.
The company's total expenditure, on a standalone basis, was INR 20.59 billion, up 28.2% from INR 16.06 billion in the year-ago quarter. Cost of materials for the quarter rose 38.4% on year to INR 15.50 billion. The company's finance cost for the September quarter was INR 25.6 million, down 62% from INR 66.5 million in the year-ago quarter. Depreciation and amortisation cost for the quarter was INR 452.1 million, up 19.3% from INR 379 million a year ago.
The company spent INR 1.92 billion on employee benefits, slightly down from INR 1.93 billion in the year-ago quarter. The other expenses increased to INR 2.18 billion from INR 1.66 billion in the year-ago quarter. The company's tax outgo for the latest quarter was INR 1.44 billion, up from INR 978 million a year ago.
The company's net profit in Apr-Sept was INR 8.70 billion, up 35.1% on year from INR 6.44 billion. The revenue for the first six months of the current financial year was INR 47.97 billion, up 16.75% from INR 41.08 billion in the year-ago period.
The Pune-based company's total sales for the quarter were INR 24.48 billion, up 31% on year and 8% sequentially. The domestic sales for the September quarter were up 47% on year at INR 20.08 billion. The company's export sales for the quarter declined 13% on year to INR 4.40 billion, but rose 13% sequentially.
The company announced its earnings after market hours. On Thursday, shares of Cummins India closed at INR 3,554.55 on the National Stock Exchange, down 1.6%. End
Edited by Tanima Banerjee
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2024. All rights reserved.
To read more please subscribe
Share this Story:
