Cummins India Ltd. — Interim / Quarterly Report 2022

Oct 27, 2021

C.

Ref: STEX/SECT/2021

October 27, 2021

The Relationship Manager National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5[th ] Floor P. J. Towers Plot No. C/1, G Block, Dalal Street, Fort Sandra - Kurla Complex Mumbai 400001 Sandra (East) Mumbai 400051 BSE Scrip Code: 500480 NSE Symbol: CUMMINSIND

Subject: Outcome of the Board Meeting - un-audited financial results for the quarter and half year ended September 30, 2021.

Dear Sir/ Madam,

Un-audited Financial Results with Auditors' Limited Review Report

In terms of Regulation 30 read with Schedule Ill of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing a copy of the un­ audited standalone and consolidated financial results for the quarter and half year ended September 30, 2021.On the recommendation of the Audit Committee, Board of Directors have approved these results at their meeting held on October 27, 2021.We are also enclosing a copy of 'Limited Review' report given by the Statutory Auditors' of the Company for the said results.

Board Meeting start time: 5.56 p.m. Board Meeting end time: 6.50 p.m.

Kindly take this intimation on your record.

Thanking you, Yours faithfully, For Cummins India Limited () Pc,no, Vina�

Company Secretary & Compliance Officer Encl: As above. Cummins India Limited Registered Office Cummins India Office Campus Tower A, 5� Floor, Survey No. 21 , Balewadi Pune 411 045 Maharashtra, India Phone +91 20 67067000 Fax +91 20 67067015 cumminsindia.com cil.investors@cummins.com CIN · · L29112PN1962PLC012276

CIN · · L29112PN1962PLC012276

JEETENDRA Digitally signed by JEETENDRA MIRCHANDANI MIRCHANDANI Date: 2021.10.27 18:31:42 +05'30'

Price Waterhouse & Co Chartered Accountants LLP

Review Report

The Board of Directors Cummins India Limited Cummins India Office Campus, Tower A, 5th Floor, Survey No. 21, Balewadi, Pune-411045

1. We have reviewed the unaudited consolidated financial results of Cummins India Limited (the "Parent"), its subsidiary (the parent and its subsidiary hereinafter referred to as the "Group"), jointly controlled entities and associate company (refer Note 1 on the Statement) for the quarter and half year ended September 30, 2021 which are included in the accompanying 'Unaudited consolidated financial results for the quarter and half year ended September 30, 2021', the unaudited consolidated statement of assets and liabilities as on that date and the consolidated statement of cash flow for the half-year ended on that date (the "Statement"). The Statement is being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, which has been initialled by us for identification purposes.

2. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of malting inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable ..

	extent applicable ..	extent applicable ..
4.	The Statement includes the results of the fllowing entities:
	N are of the entity		As at September 30, 2021
			% Holding	Consolidated as Subsidiarv
	Cummins Sales and Service Private Limited Cummins Generator Technolo_ies India Private Limited		100%
		chnolo_ies India Private Limited	48.s4%
	Valvoli:oe Cummins Private Limited Cummins Research and Technolog India Private Limited

1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to ow· attention that causes us to believe that the accompanying Statement has not been prepared in all material respects in accordance with the recognition and measurement principles la.id down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India and has not disclosed the infoTI11ation required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

�············[.. ···] ·[.] [.][ ..][..][..][.][ .] [.][ .][..][..][.][ .][.][...][.....][..][..][.][.][.][.][...][.][....][.][.][..][.][.][.][...][.][..][.][......][.][..][..][..][.][...][.][....][.][.][..][..][.....][.][..][.][.][..][.][.][.][.][..][.][....][.....][.......][.][.][..][......][.][.][.][.][.][.][....][.][.....][.][....][..][.][.][.][.][..][.][.][.][.][.][. ·············································] Yerwada, Ptme - 411 006 Price Waterhouse & Co Chartered Accountants LLP, 7th Floor, Tower A - Wing 1, Business Bay, Airport Road

T: +91 (20) 41004444, F: +91 (20) 41006161

Registered office and Head office: Plot No. Y-14, Block EP, Sector V, Salt Lake Electronic Complex, Bidhan Nagar, Kolkata 700 091

Price Waterhouse & co. (a Partnership Firm) converted into Price Waterhouse & Co Chartered Accountants LLP (a Limited Uabilily Pa_rtnership with LL� identity no: LLPIN AAC-4362) with effect from July 7, 2014. Post its conversion to Price Watemouse & Co Chartered Accountants LLP, its ICAI reg1strat1on number 1s 304026E/E-300009 (ICAI registralion number before conversion was 304026E)

Digitally signed by JEETENDRA JEETENDRA MIRCHANDANI MIRCHANDANI Date: 2021.10.27 18:32:34 +05'30'

CUMMINS INDIA LIMITED

Registered Office: Cummins India Office Campus, Tower A, 5th Floor, Survey No. 21, Balewadi, Pune 411045, Maharashtra, India

[CIN : L29112PN1962PLC012276], Telephone : 020 67067000, Fax : 020 67067015,

Email : cil.investors@cummins.com, Website : www.cumminsindia.com

Unaudited consolidated financial results for the quarter and half year ended September 30, 2021

Particulars	Quarter ended Half year ended Year ended
	September 30, June 30, September 30, September 30, September 30, March 31, 2021 2021 2021 2020 2021 2020
	(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
1Income (a) Revenue from operations Sales/Income from operations 169,237 117,771 115,126 287,008 164,000 428,749 Other operating income 3,786 1,720 1,873 5,506 3,281 7,259 (b)Other income (Note 7) 6,001 5,491 5,799 11,492 15,470 27,378 Total Income 179,024 124,982 122,798 304,006 182,751 463,386 2Expenses (a) Cost of materials consumed 95,407 74,165 68,373 169,572 94,236 232,976 (b) Purchases of traded goods 15,145 12,582 7,994 27,727 10,393 45,454 (c) Change in inventories of finished goods, work-in-progress and traded goods 4,724 (8,591) (4,286) (3,867) (3,319) (2,068) (d)Employee benefits expense 16,178 13,957 12,321 30,135 24,263 50,977 (e)Finance cost 247 189 404 436 847 1,676 (f) Depreciation and amortisation expense 3,401 3,125 3,301 6,526 6,380 12,719 (g)Other expenses (Note 8) 15,626 12,586 15,738 28,212 24,656 50,464 Total expenses 150,728 108,013 103,845 258,741 157,456 392,198 3Profit before exceptional items and tax (1-2) 28,296 16,969 18,953 45,265 25,295 71,188 4Exceptional items (Note 6) - 13,236 - 13,236 - - 5Profit after exceptional items before share of profit of joint ventures and associate and 28,296 30,205 18,953 58,501 25,295 71,188 before tax (3+4) 6Share of profit of joint ventures and associate after tax 1,064 1,170 2,646 2,234 3,410 11,312 7Profit before tax (5+6) 29,360 31,375 21,599 60,735 28,705 82,500 8 Tax expense (a)Current tax 6,938 6,577 4,689 13,515 6,337 18,834 (b) Deferred tax 319 104 (406) 423 (250) 194 (c)Tax for earlier years - - - - - (31) Total tax expenses 7,257 6,681 4,283 13,938 6,087 18,997 9 Profit after tax (7-8) 22,103 24,694 17,316 46,797 22,618 63,503 1 O Other comprehensive (expense)/ income (793) (227) 576 (1,020) (61) 23 11 Income tax effect 200 57 (144) 257 16 (6) 12 Net other comprehensive (expense)/ income not to be reclassified to profit or loss in (593) (170) 432 (763) (45) 17 subsequent periods, net of tax (1 0+ 11) 13 Share in joint venture's and associate's other comprehensive income after tax (net) not to be (10) (12) (26) (22) (52) 4 reclassified to profit or loss in subsequent periods 14 Other comprehensive income/ (expense) for the year, net of tax (12+ 13) (603) (182) 406 (785) (97) 21 15 Total comprehensive income (9+14) 21,500 24,512 17,722 46,012 22,521 63,524 16 Paid-up equity share capital (Face value � 2 each) 5,544 5,544 5,544 5,544 5,544 5,544 17 Other equity 459,593 18 Earnings per share Basic and diluted EPS for the period on net profit (Not annualized) (�) 7.97 8.91 6.25 16.88 8.16 22.91

�

CUMMINS INDIA LIMITED

Registered Office: Cummins India Office Campus, Tower A, 5th Floor, Survey No. 21, Balewadi, Pune 411045, Maharashtra, India

[CIN: L29112PN1962PLC012276], Telephone: 020 67067000, Fax: 020 67067015, Email: cil.investors@cummins.com, Website: www.cumminsindia.com

Unaudited standalone financial results for the quarter and half year ended September 30, 2021

	(f Lacs)	(f Lacs)	(f Lacs)	(f Lacs)	(f Lacs)	(f Lacs)
Pariculars	Quarter ended			Half year ended		Vear ended
	September 30, 2021	June 30, 2021	September 30, 2020	September 30, 2021	September 30, 2020	March 31, 2021
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
1Income (a) Revenue from operations Sales/Income from operations Other operating income (b) Other income (Note 7) Total Income 2Expenses (a) Cost of materials consumed (b) Purchases of traded goods (c) Change in inventories of finished goods, work-in-progress and traded goods (d) Employee benefits expense (e) Finance cost (f) Depreciation and amortisation expense (g) Other expenses (Note 8) Total expenses 3 Profit before exceptional items and tax (1·2) 4Exceptional items (Note 6) 5Profit before tax (3+4) 6 Tax expense (a) Current tax (b) Deferred tax Total tax expenses 7 Profit after tax (5-6) 8 Other comprehensive (expense)/ income 9Income tax effect 10 Net Other comprehensive (expense)/ income not to be reclassified to profit or loss in subsequent periods, net of tax (8+9) 11 Total comprehensive income for the year, net of tax (7+10) 12 Paid-up equity share capital (Face valuet2 each) 13 Other equity 14 Earnings per share Basic and diluted EPS for the period on net profit (Not annualized)(f)	168,926 3,812 6,944 179,682 96,086 14,687 4,940 15,693 222 3,355 15,413 150,396 29,286 - 29,286 6,938 357 7,295 21,991 (793) 200 (593) 21,398 5,544 7.93	116,713 1,736 5,488 123,937 74,296 11,996 (8,612) 13,493 175 3,090 12,397 106,835 17,102 13,236 30,338 6,577 99 6,676 23,662 (227) 57 (170) 23,492 5,544 8.54	114,133 1,886 5,797 121,816 68,780 7,366 (4,275) 11,893 402 3,267 15,515 102,948 18,868 - 18,868 4,707 (394) 4,313 14,555 576 (144) 432 14,987 5,544 5.25	285,639 5,548 12,432 303,619 170,382 26,683 (3,672) 29,186 397 6,445 27,810 257,231 46,388 13,236 59,624 13,515 456 13,971 45,653 (1,020) 257 (763) 44,890 5,544 16.47	162,539 3,300 16,014 181,853 94,840 9,491 (3,188) 23,388 833 6,298 24,278 155,940 25,913 - 25,913 6,337 (235) 6,102 19,811 (61) 16 (45) 19,766 5,544 7.15	425,609 7,315 37,015 469,939 234,455 43,466 (1,862) 49,263 1,617 12,552 49,652 389,143 80,796 - 80,796 18,775 234 19,009 61,787 (20) 5 (15) 61,772 5,544 435,133 22.29

12,�

Notes

1 The Consolidated financial results include results of the following companies

Name of the Company Cummins Sales & Service Private Limited Cummins Generator Technologies India Private Limrted Valvoline Cummins Private Limited Cummins Research and T echnolnv India Private Limited	As at September 30 2021'	As at September 30 2021'	A at June 30, 2021	A at Septeber 30, 2020
	oholdina	Consolidated as	oholdina Consolidated as	% holdina Consolidated as
	100% 48.54% 50% 50%	Subidiary Associate Joint Venture Joint Venture	100% Subsidiary 48.54% Associate 50% Joint Venture 50% Joint Venture	100% Subsidiary 48.54% Associate 50% Joint Venture 50% Joint Venture
The same psIt1n as at March 31, 2021

2. STATEMENT OF AS ETS AND LIABILITIES

STATEMENT OF A ETS AND LIABILITIES
	(f Lacs
Particulars	Stand As al September 30, 2021		alone As at March 31, 2021	Consolidated As al As at March 31, September 30, 2021 2021
	(Unaudited)		(Audited)	(Unaudited)	(Audited)
A ETS Non-current assets Proprty, plant and equipment Capital work-in-pogress (including investment proprty in proress) Right-of-use asset Investment proprties Intangible assets Intangible assets under development Financial assets Investments in subsidiary, joint ventures and associate Other investments Other non�current financial assets Income tax assets (net) Other non-current assets Current assets Inventories Financial assets Investments Trade receivabes Cash and cash equivalents Other bank blances 0her current financial assets Other current assets Assets classified as held for sale EQUITY AND LIABILITIES Equity Equity share capital Other equity Retained earnings Other reserves Non-current liabilities Financial liabilities Lease liabilities Other non-current financial liabilrties Provisions Deferred tax liabilities (net) Other non-current liabilites Current liabilities Financial liabilities Borrowings Trade Payabes Total outstandin dues from micro and small enterprises Total outstanding dues of creditors other than micro and small enterprises Lease liabilities Oher current financial liabilities Other current liabilites Provisions	116,185 4,277 2,950 99,937 4,537 3,735 1,023 2,853 5 835		113,618 7,940 2,851 101,992 67 4,812 3,735 519 1,365 4,221 5 403	116,272 4,277 3,339 99,937 4,565 27,981 1,053 2,996 5 835	113,712 7,940 3,055 101,992 103 4,812 26,720 519 1,430 4,376 5 403
	**241332 **		246,523	2 ,255	**270 02 **
	64,653 38,362 137,134 tl,828 90,434 15,192 15,381 877		55,784 32,669 107,445 12,152 84,366 13,800 t4,968 1 985	65,487 38,362 138,474 tl,835 90,434 15,334 t5,557 877	56.421 32,669 108,809 12,160 84,366 13,904 15,245 1 985
	37 81		323,169	**376,30 **	**325,559 **
	615193 5,544 342,398 115 594		59 692 5,544 319,684 **115449 **	642 615 5,544 367,980 115 594	595 621 5,544 344,144 **115 449 **
	**46,536 **		440,677	489,118	**465,137 **
		1,481 2,308 8,041 8,431 308	1,369 2,510 7,166 8,233 275	1,807 2,307 8,337 8,022 308	1,513 2,510 7,462 7,857 275
		20 569	19553	20 781	19,617
	2,183 7,126 86,628 352 12,747 6,174 15 878		1,564 4,249 68,680 337 11,590 8,221 14 821	2,835 7,126 86,779 457 12,990 6,608 **15 921 **	2,022 4,272 68,830 436 11,798 8,663 14 846
	131,08		109 462	132,716	11087
	615,193		59 692	62,615	595,621

3. STATEMENT OF CASH FLOW

			Cf Lacs)	Cf Lacs)	Cf Lacs)	Cf Lacs)
I. a) b) II. Ill. IV. V. VI. VII		Pariculars	Stand	alone Consolidated
			Half year ended September 30, 2021	Half year endedHalf year ended September 30, September 30, 2020 2021		Half year ended September 30, 2020
			{Unaudited)	{Unaudited) (Unaudited)		(Unaudited)
		Cash generated from operating activities Profit before tax Adjustments to reconcile profit before tax to net cash flows Depreciation and amortisation expense Finance costs Interest income Dividend income Loss/(gain) on assets sold, discarded, etc. (Gain)noss on redemption /sale of investments (net) Equity contribution from Holding company Unrealised foreign exchange fluctuation (net) Mark to market ('MTM') of financial instruments Provision for doubtul debts (net) Rent concession received from lessor Share of profit of joint ventures and associate Exceptional items (Note 6) Working capital adjustments Trade receivable Inventories Current and non-current financial assets Other current and non-current assets Trade payable Current and non-current financial liabilities Other current and non-current liabilities Current and noncurrent provisions Total adjustments (a+b) Cash generated from operating activities Tax paid (net of refunds and interest thereon) Net cash generate from operating activities Cash flows (useln)rominvesting activities Purchase of property, plant and equipment and investment proprty Proceeds from sale ol property, plant and equipment Intangible assets under development Interest received Dividend received Investments Sale/(Purchase) of short term investments (net) Term depsits with Banks (more than 3 months but less than 1 year) Net cash (used in)lrom investing activities Cash flows (use in)lrom financing activities Proceeds from borrowings/Repayment (net) Finance costs Payment of principal prtion of lease liabilities Unpaid dividend (restricted) Dividend pid Net cash (usedln)lfromfinancing activities Net changeIncash and cash equivalents(1+11+111) Net foreign exchange diference Cash and cash equivalents at the beginning of the year Cash and cash eauivalents at the end of theyear(IV+V+VI)	59,624 6,445 397 (2,415) (950) (496) (995) 145 1,047 (152) (181) (13,236)	25,913 60,735 6,298 6,527 833 436 (5,226) (2,419) (546) 2,302 (498) (1,548) (995) 111 145 (384) 1,047 34 (152) (168) (206) (5) (2,234) (13,236)		28,705 6,379 847 (5,228) 2,302 (1,548) 111 (384) 34 (152) (3,410)
			**(10,391) **	1,70 (11,59		(1,049)
			(29,665) (8,869) (520) (486) 21,125 1,097 (2,014) 735	(1,971) (29,557) (4,977) (9,039) 601 (525) 3,029 (355) (1,145) 21,031 1,193 1,097 (179) (1,988) (3,230) 752		(1,885) (5,107) 587 3,152 (1,116) 1,231 (278) (3,190)
			{18,597	{6,679 {18,584		(6,60
			(28,9)	(4,973 (30,174		(7,655)
			30,636	20,940	30,561	**21,050 **
			112 148| 751	112 175	706
			**18,48 **	21,691	18,38	**21,756 **
			(9,262) 16,241 4,812 1,168 950 (4,195) (5,357)	(4,608) (209) 5,936 546 27,280 (37,407)	(9,273) 16,241 4,812 1,172 950 (4,195) (5,357)	(4,610) (209) 5,938 546 27,280 (37,407)
			4,357	(8,462	4,350	(8,462
			619 (220) (202) (22,176)	348 (588) (193) 22 (19,426)	813 (238) (269) (22,176)	352 (602) (248) 22 (19,426)
			{21,979	{19,837	{21,870	{19,902
			8 (1,190) 12,152 11,828	(6,608 788 18,142 12,322	8 (1,190) 12,160 11,836	(6,68 788 18,147 12,327
		Components of cash and cash equivalents Cash on hand Bank Balances In current accounts Cheque in hand Total cash and cash eauivalents	1 11,827	1 12,321	3 11,833 0	3 12,324
			11,828	12,322	11,836	12,327

Notes (continued)

4 This statement has been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on October 27, 2021.

5 Operating segment information:

On a review of all the relevant aspects including, in particular, the system of internal financial reporting to the Board of Directors, which is the Chief Operating Decision Maker ('CODM'), and considering the economic characteristics of the operations, the Group is of the view that it operates in two segments viz. 'Engines' and 'Lubes'. Lubes segment comprises of a joint venture viz. Valvoline Cummins Private Limited, which is accounted for as per equity method under relevant Ind AS. The CODM evaluates the Group's performance based on an analysis of various parameters. Engine segment comprises of Cummins India Limited and other Group Companies which have been aggregated considering the nature of products, class of customer etc.

Following information is provided to the CODM for Lubes segment for monitoring its performance:

	erLacs)	erLacs)	erLacs)	erLacs)	erLacs)	erLacs)
Pariculars	Quarer ended			Half year ened		Year endd
	Sptembr 30, 2021	Jun 30, 2021	Septembr 30, 2020	Sptembr 30, 2021	Sptembr 30, 2020	March 31, 2021
Sales Engines Lubes•	(Unaudited)	(Unaudited)	(Unaudite)	(Unaudited)	(Unaudited)	(Audited)
	169,237 37,954	117,771 3t,200	115,126 27,954	287,008 69,154	164,000 47,594	428,749 134,011
Total Less: Elimination/Adjustments	207,191 37,954	14,971 31,200	143,080 27,954	356,162 69,154	211,594 47,594	562,760 134,011
Net sales	169,237	117,T1	115,126	287,08	164,0	428,749
Profit before tax Engines Lubes•	28,459 2,442	30,505 2,363	20,078 4,117	58,964 4,805	26,356 6,360	74,518 21,475
Total Less: EliminationAdjustments	30,901 1,541	32,868 1,493	24,195 2,596	63,769 3,034	32,716 4,011	95,993 13,493
Total Profit bfore tax	29,360	31,375	21,599	60,735	28,705	82,50
Profit after tax Engines Lubes•	21,203 1,801	23,823 1,741	15,795 3,043	45,026 3,542	20,269 4,698	55,521 15,964
Total Less: Elimination/Adjustments	23,004 901	25,564 870	18,838 1,522	48,5 1,771	24,97 2,349	71,485 7,982
Total Profit after tax	22,103	24,694	17,316	46,797	22,618	63,503

==> picture [139 x 105] intentionally omitted <==

• The above numbers represent full numbers in the Statement of Profit and Loss of Valvoline Cummins Private Limited and are not Group's proportionate share.

• 6 Exceptional Items during the quarter ended June 30, 2021 and hatt year ended September 30, 2021 comprise gain on sale of Erandwane, Pune property aggregating to f 13,236 Lacs.

7 Other income for the hatt year ended September 30, 2020 and year ended March 31 , 2021 includes interest on income tax refund amounting to f a ,5 s & La c.s .

• 8 Other expenses for the quarter and hatt year ended September 30, 2020 and year ended March 31, 2021 include an amount off 2,319 Lacs (net book value) pertaining to write off of certain old unusable tangible assets.

• 9 Government of India's Code for Social Security 2020 (the 'Code') received assent from the President in September 2020. However, the date from when the Code will become applicable and the Rules have not yet been notified. The Group will assess the impact of the Code and account for the same once the effective date and the rules are notified.

• 10 The year ended March 31, 2021 was severely impacted because of the first wave of COVID-19. The second wave of COVID-19 caused supply chain disruptions impacting the supplies during the quarter ended June 30, 2021. The Group has assessed the impact of COVID-19 on its assets, including property, plant and equipments, receivables, inventory etc. and it was concluded that the impact is not significant. However, the impact of COVID-19 may differ from the same ascertained up to the date of approval of these results by the Board of Directors, based on how the COVID-19 situation evolves over a period of time.

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For Cummins India Limited Managing Director � DIN: 00149501

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Pune Date: October 27, 2021