Latest News | Cummins India Profit Flat at Rs 189 Crore in March Quarter

Mumbai, May 26 (PTI) Engine and power equipment maker Cummins India on Thursday reported a marginal growth in its standalone profit after tax at Rs 189.15 crore in the quarter ended March, 2022.

The company had posted a standalone PAT (Profit After Tax) at Rs 185.69 crore in the year-ago quarter, Cummins India Limited said.

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Sales from operations stood at Rs 1,468.5 crore in Q4 FY22, which was 8 per cent up from Rs 1,358.1 crore in the same quarter of the preceding fiscal.

The company in a statement said domestic sales during the quarter under review rose 7 per cent to Rs 1,046 crore compared to that of the same quarter last year, while exports sales surged 66 per cent to Rs 423 crore compared to the year-ago period.

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For the full fiscal, the company logged a 43 per cent growth in the standalone PAT at Rs 888.65 crore as against Rs 617.87 crore recorded in FY21.

Total sales for the year ended March, 2022 stood at Rs 6,026 crore, delivering a growth of 42 per cent over the previous fiscal, it said.

Domestic sales for the fiscal 2021-22 were higher by 42 per cent at Rs 4,416 crore compared to FY21, while exports sales during the year increased 40 per cent to Rs 1,610 crore, the company said.

"Cummins India Limited, its associate and JV companies Cummins Generator Technologies India and Valvoline Cummins posted record annual revenue in FY22. This performance was possible due to focused and dedicated efforts of our supply chain partners, and continued strong support from Cummins Inc to help us meet customer demand," said Ashwath Ram, managing director, Cummins India Limited.

He said, "We continue to leverage our globally integrated supply chain to address the supply challenges, and our endeavour remains to sustain profitable growth in this challenging inflationary business environment."

After two waves of COVID-19, the Indian economy rebounded strongly due to various factors such as mass vaccination and proactive fiscal policy measures, he said.

Besides, pent-up demand was broad-based across various segments of the economy. The company believes that despite supply chain disruptions, high commodity costs, and geopolitical issues, India is on the path to sustained economic recovery considering strong domestic demand and robust export performance, he stated.

However, an elevated level of inflation and associated actions to contain inflation from the government and the RBI to raise interest rates may, to some extent, impact demand in the near- to medium-term, Ram added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)