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Cummins India Ltd. — Earnings Release 2019
Aug 8, 2019
60943_rns_2019-08-08_faa8d148-18a3-4ca5-8b71-ab8c2305e71c.pdf
Earnings Release
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Ref: STEX/SECT/2019
August 07, 2019
The Relationship Manager, National Stock Exchange of India Limited DCS-CRD Exchange Plaza, 5[th] Floor, BSE Limited, Plot No. C/1, G Block, Phiroze Jeejeebhoy Towers, Bandra – Kurla Complex, Dalal Street, Fort, Bandra (East), Mumbai 400 001 Mumbai 400 051 BSE Scrip Code: 500480 NSE Symbol: CUMMINSIND
Subject: Press Release – August 07, 2019
Dear Sir/ Madam,
We are enclosing for your records a copy of the Press Release dated August 07, 2019 regarding unaudited financial results of the Company for the Quarter ended June 30, 2019.
Kindly take this intimation on your record.
Thanking you,
Yours faithfully, For Cummins India Limited
HEMIKSHA Digitally signed by HEMIKSHA BHOJWANI BHOJWANI Date: 2019.08.08 10:53:38 +05'30'
Hemiksha Bhojwani Compliance Officer ICSI Membership Number: A22170
Encl.: As above.
(This letter is digitally signed).
Cummins India Limited Registered Office Cummins India Office Campus Tower A, 5[th] Floor, Survey No. 21, Balewadi Pune 411 045 Maharashtra, India Phone +91 20 67067000 Fax +91 20 67067015 cumminsindia.com [email protected]
CIN : L29112PN1962PLC012276
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CONTACT: Harmeet Mehra ([email protected])
+91 98231-39900
Neha Patil ([email protected]) +91 96195-06683
August 07, 2019
Cummins India Limited Results for Q1 2019-20
Pune, INDIA: The Board of Directors of Cummins India Limited, at their meeting held today, took on record the unaudited financial results for the quarter ended June 30, 2019.
Net sales of the Company for the quarter ended June 30, 2019 at ₹ 1,316 Cr, grew 2% as compared to ₹ 1,296 Cr recorded in the same quarter last year and is flat as compared to ₹ 1,314 Cr recorded in the preceding quarter.
Domestic sales in the current quarter at ₹ 990 Cr grew 16% over the same quarter last year and essentially remain flat as compared to ₹992 Cr, recorded in the preceding quarter. Exports for the current quarter at ₹ 327 Cr declined 26% over the same quarter last year and grew 1% over the preceding quarter.
Profit before tax in the current quarter at ₹ 194 Cr is 23% lower as compared to ₹ 254 Cr recorded in the same quarter last year, and 7% lower compared to ₹ 209 Cr recorded in the preceding quarter.
Sandeep Sinha, Managing Director, Cummins India Limited, said Domestic business registered strong growth over the previous year across all segments of the business- This could have been even more robust, however order intake was impacted by the liquidity crunch in the economy as shadow banks went into a crisis mode, as well as uncertainty prevailing in the run up to the elections led to a delay in projects approvals. This is likely to play out further for at least another quarter, but revival is expected, albeit gradually thereafter.
Our confidence on the medium to long term outlook on domestic sales, especially from the infrastructure sectors, is even higher as stated allocations from the fiscal union budget positively impact this sector.
Export markets have however displayed softness in recent quarters, arising from global economic challenges. In this quarter we also experienced decline in certain markets within the global Power generation business, where conditions became weak, based on difficulties that some of these economies are now experiencing.
We continue to be positioned to outperform in our industry and are investing judiciously in product enhancements, increasing our customer focus, while maintain strong controls on our cost of operations. Improving productivity and quality are strong focus areas as we continue delivering value to all our stakeholders.”
About Cummins India Limited
Cummins India Limited, headquartered in Pune since 1962, is the country's leading manufacturer of diesel and natural gas engines for power generation, industrial and automotive markets.
About Cummins Group in India
Cummins in India, a power leader, is a group of complementary business units that design, manufacture, distribute and service engines and related technologies, including fuel systems, air handling, filtration, emission solutions and electrical power generation systems. Its technology and pioneering initiatives are bringing innovative solutions and dependable services at the best possible value to users across the country. Its high performance outlook is based on customer focus, integrity and capability of its people. Part of the US $23.8 billion Cummins Inc., Cummins in India is a Group of seven legal entities across 200 locations in the country with a combined turnover of over ₹16,000 crores in 2018 and employing over 10,000 individuals.