Engine maker Cummins India on Wednesday reported a 61 per cent jump in consolidated profit after tax to Rs 348.91 crore in the March 2023 quarter.
The Pune-based company and a part of the Cummins Group had posted a PAT of Rs 216.27 crore in the quarter ended March 2022, according to a regulatory filing.
The total income during the reporting quarter rose 29 per cent to Rs 2,021.30 crore against Rs 1569.36 crore in Q4 FY22. For the full fiscal 2022-23, the PAT increased 32 per cent to Rs 1,228.15 crore compared to Rs 933.74 crore in FY22, as per the filing.
The total income during the fiscal under review rose 26 per cent at Rs 8080.15 crore as against Rs 6414.11 crore in the financial year ended March 2022, Cummins India Ltd stated in the filing.
The company in a statement said that domestic sales during the March quarter of the previous fiscal grew 33 per year-on-year to Rs 1,396 crore, while exports surged 17 per cent to Rs 493 crore.
For the year ended March 31, 2023, CIL reported record revenue for the second financial year in a row, driven by strong domestic and export demand, said Ashwath Ram, Managing Director at Cummins India.
However, given the emission changes from July and continued supply chain challenges — specifically electronic and other components, the company remains “cautiously optimistic” about the short to medium-term demand outlook, he noted.
According to him, “The Indian economy continues to be resilient amidst inflationary economic conditions, rising interest rates and ongoing geo-political crises”.
He noted that fiscal and monetary policy measures are conducive to sustaining the economic growth rate and softening commodity prices and stable consumption provide optimism for sustaining the economic growth rate of the Indian economy.
“Government spending on infrastructure promotes various segments, resulting in better capacity utilisation and early signs of private capex.
“Global end markets for export held up well for the year, while monetary policy actions by various central banks around the world to contain inflation may pose a challenge to consumption in the near term,” Ram said. The Central Pollution Control Board (CPCB) IV+ norms will come into effect from July 1 for gensets up to 800 kW.
CIL is ready with its products to meet the new emissions norms, he added.
On the outlook, the company said the geo-political and supply chain conditions continue to be unpredictable.
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