Categories Earnings, Industrials
Earnings | Cummins India Ltd (NSE:CUMMINSIND): Q3FY23 Results Out; Total Income rise 26% YoY
Cummins India Ltd (NSE:CUMMINSIND) is an India-based company that manufactures diesel and natural gas engines, generators, and related products. The company also provides aftermarket support through its parts and service business. It serves various sectors, including automotive, power generation, industrial, marine, and defence.
Cummins India Ltd, has announced its Q3FY23 results. The company’s total sales for the quarter were reported at Rs 2,144 crore, which is a 26% increase compared to the same quarter last year and a 12% increase compared to the previous quarter. The domestic sales of the company were reported at Rs 1,603 crore, a 27% increase compared to the same quarter last year and a 15% increase compared to the previous quarter. The export sales of the company were reported at Rs 541 crore, which is a 23% increase compared to the same quarter last year and a 2% increase compared to the previous quarter.
The company’s profit before exceptional items and tax for Q3FY23 was reported at Rs 479 crore, which is a 50% increase compared to the same quarter last year and a 42% increase compared to the previous quarter. The profit before tax for the quarter was also reported at Rs 479 crore, which is a 50% increase compared to the same quarter last year and a 42% increase compared to the previous quarter. Cummins India’s strong performance during the quarter can be attributed to the growth in its domestic and export sales. The increase in sales has helped the company to report higher profits before exceptional items and tax, as well as before tax, compared to the same quarter last year and the previous quarter. The company’s growth in sales and profits is a positive sign for its shareholders and investors.
Ashwath Ram, Managing Director, Cummins India Limited, said: “The demand momentum we saw in the earlier quarters continued across segments, including international markets during the quarter. With moderation in commodity costs, oil, and other industrial raw material coupled with easing inflation, the buoyant tax collections economy continues to sustain growth momentum. CIL services a broad spectrum of the economy, and we see continued demand from end markets like data centres, commercial real estate, rental, infrastructure, healthcare, and telecom, etc., Besides, Industrial sectors like mining, railways, construction, etc., demand is holding up. For the quarter ended December 31, 2022, CIL reported record quarterly revenue driven by strong domestic and export revenue coupled with prudent cost management resulting in record quarterly profit. We continue to see supply chain challenges, especially for specific electronic and other components. With geopolitical risk and inflation likely to slow down developed markets, we remain cautiously optimistic about the short to medium-term demand outlook.”
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