Cummins India Limited (NSE: CUMMINSIND, BSE: 500480) announced its financial results for the quarter and year ended March 31, 2024, showcasing significant growth in revenue and profit driven by robust domestic market performance.For the quarter ending March 31, 2024, Cummins India reported total sales of ₹2,269 crore, marking a 20% increase from the same quarter last year despite a 9% decline from the previous quarter.
Domestic sales surged by 38% year-over-year to ₹1,925 crore, although they fell 12% sequentially. Export sales dropped by 30% year-over-year to ₹344 crore but improved by 6% from the previous quarter. The company’s profit before tax soared by 70% year-over-year to ₹701 crore, while profit after tax jumped 76% to ₹562 crore.For the full fiscal year, total sales reached ₹8,816 crore, up 16% from the previous year. Domestic sales climbed 28% to ₹7,143 crore, offsetting an 18% decline in export sales, which totaled ₹1,673 crore. Profit before tax increased by 44% to ₹2,143 crore, with profit after tax rising 47% to ₹1,661 crore.
Managing Director Ashwath Ram highlighted the resilience of the Indian economy amidst global geopolitical and economic challenges. He attributed the company’s record revenue and profit to strong domestic demand and the successful launch of the CPCB IV+ product range. Ram emphasized the company’s solid balance sheet and liquidity position, which supports its growth plans.Looking ahead, Cummins India is optimistic about continued growth driven by infrastructure investments and broader economic expansion. However, the company remains cautious about export markets due to global economic uncertainties. The transition to CPCB IV+ emission norms-compliant products from July 1, 2024, is expected to drive further domestic market demand.
