Cummins India Limited (NSE: CUMMINSIND, BSE: 500480) today announced record financial results for the quarter and year ended March 31, 2024, driven by a strong domestic market. For Q4 FY24, total sales reached ₹2,269 crore, a 20% increase year-over-year, despite a 9% sequential decline.
Domestic sales surged 38% to ₹1,925 crore, while export sales fell 30% to ₹344 crore. Profit before tax jumped 70% to ₹701 crore, and profit after tax soared 76% to ₹562 crore compared to the same period last year.For the full year, total sales grew 16% to ₹8,816 crore. Domestic sales increased by 28% to ₹7,143 crore, counterbalancing an 18% drop in export sales to ₹1,673 crore. Annual profit before tax rose 44% to ₹2,143 crore, and profit after tax increased 47% to ₹1,661 crore.
Managing Director Ashwath Ram noted the resilience of the Indian economy and strong infrastructure investments as key drivers. He highlighted the successful launch of the CPCB IV+ product range and the company’s solid financial position.Looking ahead, Cummins India anticipates continued growth from infrastructure investments and a shift to CPCB IV+ compliant products starting July 1, 2024. While global uncertainties may impact exports, the company’s diversified portfolio and extensive distribution network are poised to support future growth.
