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Cummins India Limited (CIL) reported a 14 per cent increase in sales for the quarter ended September 30, 2022 at ₹1,922 crore.The Board of Directors of CIL, at their meeting held on Friday, reviewed and approved the unaudited financial results (consolidated and standalone) for the quarter and period ended September 30, 2022.
Domestic sales at ₹1,391 crore increased by 11 per cent compared to the same quarter last year and by 19 per cent compared to the previous quarter. Exports sales at ₹531 crore increased by 21 per cent compared to the same quarter last year and by 9 per cent compared to the previous quarter.
Profit before exceptional items and tax at ₹336 crore is higher by 15 per cent compared to the same quarter last year and higher by 21 per cent compared to the previous quarter. Profit before tax at ₹336 crore is higher by 15 per cent compared to the same quarter last year and higher by 27 per cent compared to the previous quarter.
Record revenue
Ashwath Ram, Managing Director, Cummins India Limited, said in the statement that CIL reported a record revenue for the quarter with sustained demand visible across most of our domestic and exports end markets. Despite headwinds of inflation and geo-political issues economic activities are sustaining growth momentum.
He added robust tax collections, softening of commodity cost, focus on infrastructure and continued efforts on digitizing the economy are auguring well for our products and services. While the supply chain constraint continues, we being part of a global integrated supply chain is enabling us to secure supplies to meet the demand. “We remain cautiously optimistic about the short to medium term demand outlook” he added.
The statement issued by CIL added that the company believes that in the near-to-medium term the strong demand from various end markets may likely sustain.
“ We continue to closely monitor impact of rising inflation and consequential monetary policy action of raising interest rates and its impact on consumption across our end markets. The company is well positioned to deal with these uncertainties as we have a strong balance sheet, integration with global supply chain and in-country world class infrastructure and human resources. Given the uncertain economic environment due to rising inflation and geo-political issues, the company is not providing guidance for FY’23” the company added.
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