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Consolidated net sales (including other operating income) of Cummins India for the quarter ended Dec 2024 has increased 21.83% to Rs 3096.15 crore.
Operating profit margin has declined from 21.35% to 19.30%, leading to 10.15% rise in operating profit to Rs 597.57 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 51.16% to 56.31%. Purchase of finished goods cost fell from 9.56% to 6.31%. Employee cost decreased from 8.87% to 8.30%. Other expenses rose from 8.01% to 8.38%. Other income rose 12.07% to Rs 111.39 crore. PBIDT rose 10.45% to Rs 708.96 crore. Provision for interest fell 53.18% to Rs 3.02 crore. PBDT rose 11.09% to Rs 705.94 crore. Provision for depreciation rose 16.53% to Rs 49.28 crore. Profit before tax grew 10.71% to Rs 656.66 crore. Share of profit/loss was 2.95% higher at Rs 56.93 crore. Provision for tax was expense of Rs 155.13 crore, compared to Rs 147.85 crore. Effective tax rate was 21.74% compared to 22.86%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 11.94% to Rs 558.46 crore. - Sales of Engine Business segment has gone up 21.61% to Rs 3,052.15 crore (accounting for 85.16% of total sales). Sales of Lubes segment has gone down 5.08% to Rs 531.83 crore (accounting for 14.84% of total sales).
- Profit before interest, tax and other unallocable items (PBIT) has jumped 7.52% to Rs 742.94 crore. PBIT of Engine Business segment rose 12.21% to Rs 696.30 crore (accounting for 93.72% of total PBIT). PBIT of Lubes segment fell 33.81% to Rs 46.64 crore (accounting for 6.28% of total PBIT).
- PBIT margin of Engine Business segment fell from 24.72% to 22.81%. PBIT margin of Lubes segment fell from 12.58% to 8.77%. Overall PBIT margin fell from 22.51% to 20.73%.
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Cummins India has increased 18.55% to Rs 7920.31 crore. Sales of Engine Business segment has gone up 18.26% to Rs 7,791.11 crore (accounting for 81.93% of total sales). Sales of Lubes segment has gone up 4.93% to Rs 1,718.35 crore (accounting for 18.07% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 23.19% to Rs 2,008.64 crore. PBIT of Engine Business segment rose 25.33% to Rs 1,839.73 crore (accounting for 91.59% of total PBIT). PBIT of Lubes segment rose 3.88% to Rs 168.91 crore (accounting for 8.41% of total PBIT). PBIT margin of Engine Business segment rose from 22.28% to 23.61%. PBIT margin of Lubes segment fell from 9.93% to 9.83%. Overall PBIT margin rose from 19.82% to 21.12%. Operating profit margin has jumped from 18.43% to 19.63%, leading to 26.29% rise in operating profit to Rs 1,554.81 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 54.06% to 56.96%. Purchase of finished goods cost fell from 9.97% to 6.63%. Employee cost decreased from 9.13% to 7.95%. Other expenses rose from 8.34% to 8.73%. Other income rose 15.19% to Rs 320.43 crore. PBIDT rose 24.24% to Rs 1875.24 crore. Provision for interest fell 49.95% to Rs 10.56 crore. PBDT rose 25.30% to Rs 1864.68 crore. Provision for depreciation rose 18.65% to Rs 138.58 crore. Profit before tax grew 25.86% to Rs 1,726.10 crore. Share of profit/loss was 11.20% higher at Rs 176.4 crore. Provision for tax was expense of Rs 432.06 crore, compared to Rs 346.63 crore. Effective tax rate was 22.71% compared to 22.68%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 24.43% to Rs 1,470.44 crore. Promoters’ stake was 51.00% as of 31 December 2024 ,compared to 51.00% as of 31 December 2023 .
Management Comments :
Shveta Arya, Managing Director, Cummins India Limited, said:
While inflation is easing in most countries, there is still uncertainty in different regions
globally, leading to overall subdued outlook. US policy is expected to have a significant
impact on the global economy in the years ahead. Amidst the uncertainties in various
global economies, Indian economy is recovering well after slower growth in Q2 FY25.
GST collections continue to remain strong, indicating robust underlying trade
activities, while other key economic indicators like IIP, PMI are pointing to a
reasonable economic outlook for the year.
Cummins India Limited continues to execute its profitable growth strategy and has
recorded the highest quarterly revenue as a result of the robust demand across
segments.
Future Outlook The Company has a strong portfolio of CPCB IV+ emission norms-compliant products to meet customer demand across the entire product range. With the adoption of new genset emission norms, we remain cautiously optimistic about the demand outlook for the near-term and optimistic about the long-term growth prospects. Regarding exports, the company continues to work closely with its trade partners to drive growth in respective end markets. With its diversified portfolio of products, company remains optimistic about the recovery in exports demand. The Company has access to latest technology, a trusted brand, wide range of incredible products, world-class manufacturing capabilities, best-in-class talent, and a customer-centric service organization with an extensive distribution and service network throughout the country and neighboring regions. The company is wellpositioned with a strong balance sheet and liquidity position to support profitable growth.
| Cummins India : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202412 | 202312 | Var.(%) | 202412 | 202312 | Var.(%) | 202403 | 202303 | Var.(%) |
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| Net Sales (including other operating income) | 3,096.15 | 2,541.38 | 21.83 | 7,920.31 | 6,681.18 | 18.55 | 9,000.20 | 7,772.09 | 15.80 | | OPM (%) | 19.30 | 21.35 | -205 bps | 19.63 | 18.43 | 120 bps | 19.66 | 16.05 | 361 bps | | OP | 597.57 | 542.51 | 10.15 | 1,554.81 | 1,231.15 | 26.29 | 1,769.66 | 1,247.74 | 41.83 | | Other Inc. | 111.39 | 99.39 | 12.07 | 320.43 | 278.17 | 15.19 | 378.07 | 308.15 | 22.69 | | PBIDT | 708.96 | 641.90 | 10.45 | 1,875.24 | 1,509.32 | 24.24 | 2,147.73 | 1,555.89 | 38.04 | | Interest | 3.02 | 6.45 | -53.18 | 10.56 | 21.10 | -49.95 | 27.40 | 16.24 | 68.72 | | PBDT | 705.94 | 635.45 | 11.09 | 1,864.68 | 1,488.22 | 25.30 | 2,120.33 | 1,539.65 | 37.72 | | Depreciation | 49.28 | 42.29 | 16.53 | 138.58 | 116.8 | 18.65 | 159.18 | 142.04 | 12.07 | | PBT | 656.66 | 593.16 | 10.71 | 1726.1 | 1371.42 | 25.86 | 1961.15 | 1397.61 | 40.32 | | Share of Profit/(Loss) from Associates | 56.93 | 55.3 | 2.95 | 176.4 | 158.63 | 11.20 | 245.16 | 207.98 | 17.88 | | PBT before EO | 713.59 | 648.46 | 10.04 | 1902.5 | 1530.05 | 24.34 | 2206.31 | 1605.59 | 37.41 | | EO Income | 0 | -1.7 | - | 0 | -1.7 | - | -1.7 | -14.3 | 88.11 | | PBT after EO | 713.59 | 646.76 | 10.33 | 1902.5 | 1528.35 | 24.48 | 2204.61 | 1591.29 | 38.54 | | Taxation | 155.13 | 147.85 | 4.92 | 432.06 | 346.63 | 24.65 | 484.03 | 363.14 | 33.29 | | PAT | 558.46 | 498.91 | 11.94 | 1470.44 | 1181.72 | 24.43 | 1720.58 | 1228.15 | 40.10 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit | 558.46 | 498.91 | 11.94 | 1470.44 | 1181.72 | 24.43 | 1720.58 | 1228.15 | 40.10 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 558.46 | 498.91 | 11.94 | 1470.44 | 1181.72 | 24.43 | 1720.58 | 1228.15 | 40.10 | | EPS (Rs)* | 20.15 | 18.04 | 11.65 | 53.05 | 42.68 | 24.30 | 62.12 | 44.69 | 39.01 | | | * EPS is on current equity of Rs 55.44 crore, Face value of Rs 2, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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| Cummins India : Consolidated Segment Results | td>-| | Quarter ended | Year to Date | Year ended |
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| % of (Total) | 202412 | 202312 | Var.(%) | % of (Total) | 202412 | 202312 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
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| Sales | | Engine Business | 85.16 | 3,052.15 | 2,509.79 | 21.61 | 81.93 | 7,791.11 | 6,588.11 | 18.26 | 79.71 | 8,859.99 | 7,641.40 | 15.95 | | Others | 0.00 | 0.00 | 0.00 | - | | Intragroup | 0.00 | 0.00 | 0.00 | - | | Lubes | 14.84 | 531.83 | 560.28 | -5.08 | 18.07 | 1,718.35 | 1,637.62 | 4.93 | 20.29 | 2,254.71 | 2,148.84 | 4.93 | | Total Reported Sales | 100.00 | 3,583.98 | 3,070.07 | 16.74 | 100.00 | 9,509.46 | 8,225.73 | 15.61 | 100.00 | 11,114.70 | 9,790.24 | 13.53 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 3,583.98 | 3,070.07 | 16.74 | 100.00 | 9,509.46 | 8,225.73 | 15.61 | 100.00 | 11,114.70 | 9,790.24 | 13.53 | | PBIT | | Engine Business | 93.72 | 696.30 | 620.51 | 12.21 | 91.59 | 1,839.73 | 1,467.87 | 25.33 | 89.43 | 2,112.10 | 1,513.14 | 39.58 | | Others | 0.00 | 0.00 | 0.00 | - | | Intragroup | 0.00 | 0.00 | 0.00 | - | | Lubes | 6.28 | 46.64 | 70.46 | -33.81 | 8.41 | 168.91 | 162.60 | 3.88 | 10.57 | 249.60 | 209.90 | 18.91 | | Total PBIT | 100.00 | 742.94 | 690.97 | 7.52 | 100.00 | 2,008.64 | 1,630.47 | 23.19 | 100.00 | 2,361.70 | 1,723.04 | 37.07 | | Less : Interest | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Add: Other un-allcoable | | -29.35 | -44.21 | 33.61 | | -106.14 | -102.12 | -3.94 | | -157.09 | -131.75 | -19.23 | | PBIT Margin(%) | | Engine Business | | 22.81 | 24.72 | -191.02 | | 23.61 | 22.28 | 133.26 | | 23.84 | 19.80 | 403.68 | | Others | | 0.00 | 0.00 | 0.00 | | Intragroup | | 0.00 | 0.00 | 0.00 | | Lubes | | 8.77 | 12.58 | -380.61 | | 9.83 | 9.93 | -9.93 | | 11.07 | 9.77 | 130.21 | | PBT | 100.00 | 713.59 | 646.76 | 10.33 | 100.00 | 1,902.50 | 1,528.35 | 24.48 | 100.00 | 2,204.61 | 1,591.29 | 38.54 |
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