Industrial Machinery company Cummins India announced standalone Q4FY24 & FY24 results:
Q4FY24 Financial Highlights:
- Total Sales for the quarter at Rs 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 Rs 1,925 crore were higher by 38% compared to the same quarter last year and lower by 12% compared to the previous quarter.
- Exports Sales at Rs 344 crore lower by 30% compared to the same quarter last year and higher by 6% compared to the previous quarter.
- Profit before tax at Rs 701 crore is higher by 70% compared to the same quarter last year and higher by 16% compared to the previous quarter.
- Profit after tax at Rs 562 crore is higher by 76% compared to the same quarter last year and higher by 23% compared to the previous quarter.
FY24 Financial Highlights:
- Total Sales for the year at Rs 8,816 crore increased by 16% compared to the last year.
- Domestic sales at Rs 7,143 crore increased by 28% compared to the last year.
- Exports Sales at Rs 1,673 crore decreased by 18% compared to the last year.
- Profit before tax at Rs 2,143 crore is higher by 44% compared to the last year.
- Profit after tax at Rs 1,661 crore is 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. 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.