Mumbai: In the quarter ending in June 2024, Cummins India reported a 33 percent increase in net profit to Rs 419.80 crore compared to the same period last year. In a regulatory filing, Cummins India reported a net profit of Rs 315.62 crore in Q1FY24. It was stated that the revenue generated in the first quarter was Rs 2,262.03 crore, showing a 4 pc increase from the Rs 2,174.62 crore earned in the same period the previous year.
Cummins India reported a 12 per cent increase in domestic sales, reaching Rs 1,873 crore in the April-June period, while exports fell by 22 per cent to Rs 389 crore compared to the previous year. Ashwath Ram, Managing Director of Cummins India, stated that in the June 2024 quarter, the company's revenue was boosted by robust domestic demand across all sectors, particularly from the industrial segment. He mentioned that Powergen revenue was predictably lower due to the expiration of CPCB-II norms on June 30.
The Indian economy remains strong despite worldwide geopolitical uncertainties affecting global business sentiment. Ram stated that the economic prospects of India are still looking promising, with tax collections reflecting the robustness of business operations.
He further stated that in the Union Budget for FY25, there was a strong emphasis on infrastructure development, with a continued increase in budget allocation for infrastructure projects and special initiatives for improving connectivity in various sectors such as ports, coal, steel, and fertilizers. Geopolitical risks and conflicts abroad still bring uncertainty to global trade and supply chain disruptions, as noted by Ram.
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