Mumbai, 10th August 2022:- Cummins India Limited (NSE: CUMMINSIND) The Board of Directors of Cummins India Limited (CIL), at their meeting held today, reviewed and approved the financial results for the quarter ended June 30, 2022.
Performance Highlights (based on standalone financial results) for the quarter ended June 30, 2022:
- Total Sales for the quarter at ₹ 1,657 Cr. increased by 42% compared to the same quarter last year and by 13% compared to the previous quarter.
- Domestic sales at ₹ 1,172 Cr. increased by 36% compared to the same quarter last year and by 12% compared to the previous quarter.
- Exports Sales at ₹ 485 Cr. increased by 58% compared to the same quarter last year and by 14% compared to the previous quarter.
- Profit before exceptional items and tax at ₹278 Cr. is higher by 63% compared to the same quarter last year and higher by 14% compared to the previous quarter.
- Profit before tax at ₹264 Cr. is lower by 13% compared to the same quarter last year and higher by 8% compared to the previous quarter.
Ashwath Ram, Managing Director, Cummins India Limited, said:
The new fiscal year started positively with strong demand from most end markets. GST monthly collections, higher highway construction annual targets, and increased consumption of petroleum products reaffirms the strength of underlying trade activities. Geopolitical risk, high inflation, and supply chain disruptions continue to pose challenges. Cummins India can effectively meet demand despite these issues due to its integrated supply chain management with a global network. While we effectively deal with challenges and closely monitor any potential impact of rising interest rates on the demand, we remain optimistic about the short to medium-term demand outlook.
The company believes that the strong demand from various end markets may likely sustain. At the same time, high inflation and supply chain issues will, in all probability, continue to impact the industry. The company, being part of the globally integrated supply chain, is well positioned to manage parts supplies to mitigate the impact on revenue and profitability. We are closely monitoring the result of the geopolitical events unfolding in different parts of the world and their impact on global demand and supply chain. Considering the uncertainty, the company will not provide any guidance for FY 23.