Cummins India Limited Results for the quarter and period ended September 30, 2022

Pune, India: Cummins India Limited (NSE: CUMMINSIND and BSE: 500480) The Board of Directors of Cummins India Limited (‘CIL’), at their meeting held today, reviewed and approved the unaudited financial results (consolidated and standalone) for the quarter and period ended September 30, 2022.

Performance Highlights (based on standalone financial results) for the quarter and period ended September 30, 2022:

Total Sales for the quarter at ₹ 1,922 Cr. increased by 14% compared to the same quarter last year and by 16% compared to the previous quarter.
Domestic sales at ₹ 1,391 Cr. increased by 11% compared to the same quarter last year and by 19% compared to the previous quarter.
Exports Sales at ₹ 531 Cr. increased by 21% compared to the same quarter last year and by 9% compared to the previous quarter.
Profit before exceptional items and tax at ₹336 Cr. is higher by 15% compared to the same quarter last year and higher by 21% compared to the previous quarter.
Profit before tax at ₹336 Cr. is higher by 15% compared to the same quarter last year and higher by 27% compared to the previous quarter.

Ashwath Ram, Managing Director, Cummins India Limited, said:

CIL reported a record revenue for the quarter with sustained demand visible across most of our domestic and exports end markets. Despite headwinds of inflation, geo-political issues etc. economic activities are sustaining growth momentum. Robust tax collections, softening of commodity cost, focus on infrastructure and continued efforts on digitizing the economy are auguring well for our products and services. While the supply chain constraint continues, we being part of a global integrated supply chain is enabling us to secure supplies to meet the demand. We remain cautiously optimistic about the short to medium term demand outlook.

Future Outlook:

The Company believes that in the near to medium term the strong demand from various end markets may likely sustain. We continue to closely monitor impact of rising inflation and consequential monetary policy action of raising interest rates and its impact on consumption across our end markets. The Company is well positioned to deal with these uncertainties as we have a strong Balance Sheet, integration with global supply chain and in-country world class infrastructure and human resources. Given the uncertain economic environment due to rising inflation and geo-political issues, the company is not providing guidance for FY’23.