Engines and related parts maker Cummins India Ltd on Tuesday (November 7) reported a 30.4% year-on-year (YoY) jump in standalone net profit at ₹328.5 crore for the second quarter that ended September 30, 2023.
In the corresponding quarter last year, Cummins India posted a net profit of ₹252 crore, the company said in a regulatory filing. The CNBC-TV18 poll had predicted a profit of ₹288 crore for the quarter under review.
The company's standalone revenue from operations declined 2.6% to ₹1,899.7 crore against ₹1,951 crore in the corresponding period of the preceding fiscal. It fell short of CNBC-TV18 poll’s predicted revenue of ₹2,074 crore for the quarter under review.
At the operating level, EBITDA rose 1.2% to ₹293.7 crore in the second quarter of this fiscal over ₹290 crore in the corresponding period in the previous fiscal. CNBC-TV18 poll had predicted an EBITDA of ₹317 crore for the quarter under review.
The EBITDA margin stood at 15.5% in the reporting quarter as compared to 14.9% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortization. CNBC-TV18 poll had predicted a margin of 15.3% for the quarter under review.
The results came after the close of the market hours. Shares of Cummins India Ltd ended at ₹1,702.80, down by ₹20.40, or 1.18%, on the BSE.
