Analyst Meet / AGM     01-Jun-24
Conference Call
Cummins India
Continue to expect double digit growth in FY25

 Cummins India hosted a conference call on May 30, 2024. In the conference call the company was represented by Ashwath Ram, Managing Director and Ajay Patil, CFO.

Key takeaways of the call

The company recorded another year of record revenue and profit, driven by strong demand across segments from the domestic market while export market demand was soft.  Standalone sales for Q4FY24 was up 20% to Rs 2269 crore [Domestic up 38% to Rs 1925 crore; Exports down 30% to Rs 344 crore] and for FY24 20% to Rs 8816 crore [Domestic up 28% to Rs 7143 crore; Exports down 18% to Rs 1673 crore].


Sales Mix

Q4FY24  Sales In Rs Crore

YoY Var (%)

QoQ Var (%)


FY24  Sales In Rs Crore

YoY Var (%)

Domestic Sales












Power Gen (PG)



















High HP







Low HP








Powergen Market:  CPCBII products can be sold until June 30, 2024. Consequentially, the market will see a demand shift to CPCB IV+ emission norms-compliant products effective July 1, 2024.  The Company launched the CPCB IV+ range of products, which were very well received by customers.  The company has a strong portfolio of CPCB IV+ emission norms-compliant products to meet customer demand across the entire product range. Don’t expect pre-buy benefit has happened last 3 quarters and does not expected much in Q1FY25.

The investment in infrastructure (Public and Private) and broader economic growth continue to drive profitable growth for the company. Internationally, geopolitical risks and conflicts continue to pose uncertainty about global trade and supply chain disruptions.

Exports might see an impact in the near term due to global economic uncertainties. The company closely monitors the results of geopolitical events unfolding in different parts of the world and their impact on global demand and supply chains.

Continue to expect double digit growth in FY25.

Better margin in Q4FY24 is due combination of various things including  better sales mix, able to hold on some of commodity gains, better control on costs. Apart from this there were some one off to the tune of little over Rs 60 crore on account of management cross charges as well as advantages of rates and taxes.

Overall volume growth in FY24 is about 30%.  Seeing across the board demand growth for powergen business.

Construction that is lagging for quite some period has bounced back. Similarly compressor have also bounced back.

The company continues to have a strong balance sheet and liquidity and is well-positioned to support its operations and growth plans.

 Also, the company has a diversified portfolio of products and is striving for a recovery in exports. The company has a trusted brand, incredible product range, access to cutting-edge technology, valued stakeholder relationships, world-class manufacturing capabilities, best-inclass talent, and a customer-centric service organization with an extensive distribution and service network throughout the country and neighboring regions.

Data centre segment is close to account for about 10% of powergen business of the company and continue to see strong traction. 

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