New Delhi: Cummins India Limited’s (CIL) Board of Directors reviewed and approved the financial results for the quarter and year ended March 31, 2024, at its meeting on Wednesday.
Q4 FY24: Total Sales for the quarter at INR 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 INR 1,925 crore were higher by 38% compared to the same quarter last year and lower by 12% compared to the previous quarter.
Export sales at INR 344 crore were lower by 30% compared to the same quarter last year and higher by 6% compared to the previous quarter.
Profit before tax at INR 701 crore was higher by 70% compared to the same quarter last year and higher by 16% compared to the previous quarter.
Profit after tax at INR 562 crore was higher by 76% compared to the same quarter last year and higher by 23% compared to the previous quarter.
FY24: Total Sales for the year at INR 8,816 crore increased by 16% compared to the last year. Domestic sales at INR 7,143 crore increased by 28% compared to the last year.
Exports sales at INR 1,673 crore decreased by 18% compared to the last year. Profit before tax at INR 2,143 crore was higher by 44% compared to the last year. Profit after tax at INR 1,661 crore was 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. The 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.”
Future outlook
The investment in infrastructure (Public and Private) and broader economic growth continue to drive profitable growth for the company. Concerning the Powergen Market, CPCB II products can be sold until June 30, 2024. Consequently, the market will see a demand shift 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.
Exports might see an impact in the near term due to global economic uncertainties. 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. Also, the company has a diversified portfolio of products and is striving for a recovery in exports, the company said in a media release.
