Engines and power equipment maker Cummins India Ltd on Wednesday (February 7) reported a 26.4% year-on-year (YoY) increase in net profit at ₹454.9 crore for the third quarter that ended December 31, 2023.
In the corresponding quarter last year, Cummins India posted a net profit of ₹360 crore, the company said in a regulatory filing. CNBC-TV18 poll had predicted a profit of ₹351 crore for the quarter under review.
The company's revenue from operations increased 16.2% to ₹2,534.1 crore as against ₹2,180.5 crore in the corresponding period of the preceding fiscal. CNBC-TV18 poll had predicted revenue of ₹2,298 crore for the quarter under review.
At the operating level, EBITDA rose 30.5% to ₹538 crore in the third quarter of this fiscal over ₹412 crore in the corresponding period in the previous fiscal. CNBC-TV18 poll had predicted an EBITDA of ₹390 crore for the quarter under review.
EBITDA margin stood at 21.2% in the reporting quarter as compared to 18.9% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation. CNBC-TV18 poll had predicted a margin of 17% for the quarter under review.
The total sales for the quarter stood at ₹2,502 crore, were higher by 17% compared to the same quarter last year and higher by 34% compared to the previous quarter.
Domestic sales at ₹2,177 crore were higher by 36%, compared to the same quarter last year and higher by 60% compared to the previous quarter. Exports sales stood at ₹325 crore, were lower by 40% compared to the same quarter last year and lower by 36% compared to the previous quarter.
Profit before exceptional items and tax at ₹603 crore is higher by 26% compared to the same quarter last year and higher by 42% compared to the previous quarter. Profit before tax stood at ₹602 crore is higher by 26% compared to the same quarter last year and higher by 41% compared to the previous quarter.
Ashwath Ram, managing director of Cummins India, said, "The company recorded the highest quarterly revenue and profits based on robust domestic demand and is well-positioned to support domestic and export demand. The
company has a strong liquidity and financial position to support its operations and growth plans."
The results came after the close of the market hours. Shares of Cummins India Ltd ended at ₹2,399.20, down by ₹4.65, or 0.19% on the BSE.
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