Cummins India Ltd., a leading manufacturer of diesel and natural gas engines, announced strong financial results for the fourth quarter (Q4FY24) and the full fiscal year 2024 (FY24).
Q4FY24 Highlights:
Total Sales: ₹2,269 crore (up 20% YoY, down 9% QoQ)
Domestic Sales: ₹1,925 crore (up 38% YoY, down 12% QoQ)
Export Sales: ₹344 crore (down 30% YoY, up 6% QoQ)
Profit Before Tax: ₹701 crore (up 70% YoY, up 16% QoQ)
Profit After Tax: ₹562 crore (up 76% YoY, up 23% QoQ)
FY24 Highlights:
Total Sales: ₹8,816 crore (up 16% YoY)
Domestic Sales: ₹7,143 crore (up 28% YoY)
Export Sales: ₹1,673 crore (down 18% YoY)
Profit Before Tax: ₹2,143 crore (up 44% YoY)
Profit After Tax: ₹1,661 crore (up 47% YoY)
Key Takeaways:
Strong Domestic Growth: The company witnessed strong domestic sales growth, driven by increased demand from various sectors, including infrastructure, construction, and power generation.
Export Challenges: Export sales declined due to geopolitical tensions and a slowdown in global economic activity.
Improved Profitability: Despite challenges in the export market, Cummins India reported significant improvement in profitability, driven by cost optimization measures and higher domestic sales.
Management Commentary:
Cummins India's management expressed confidence in the company's future growth prospects, citing the strong demand for its products in the domestic market and the government's focus on infrastructure development. The company is also investing in new technologies and product development to cater to evolving customer needs.
Additional Resources:
For more detailed analysis and insights on Cummins India's Q4FY24 and FY24 results, you can refer to:
5paisa Share Price: https://www.5paisa.com/stocks/cumminsind-share-price
Economic Times Coverage: https://economictimes.indiatimes.com/topic/cummins-india-ltd-q2-results
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