Cummins India Limited (CIL) reported an increase in sales for the third quarter of this fiscal to ₹1,701 crore, an increase of 21 per cent compared to the same quarter last fiscal and of 1 per cent from the preceding quarter.
Domestic sales stood at ₹1,261 crore, up by 23 per cent compared to the same quarter last year and by 1 per cent compared to the preceding quarter. Exports sales amounted to ₹440 crore, 18 per cent higher than the same quarter last fiscal and at the same level as the preceding quarter.
The company reported profit before tax of ₹320 crore, 5 per cent higher than the same quarter last year and 9 per cent higher than the preceding quarter.
Ashwath Ram, Managing Director, Cummins India Limited, said in a press statement, “Our end markets, barring a few, are witnessing a solid rebound with gradual improvement in the supply chain. We reported a strong finish to the quarter with record quarterly sales in Q3 FY22”
The company is hopeful of improvement in economic activities based on the pace of vaccination, including booster doses, around the country. The supply chain is gradually improving and ramping up to meet rising demand. The latest Union Budget’s focus on capex is encouraging sustainable economic growth, Cummins India stated in a press release.
According to Cummins India, given that current market conditions remain uncertain, the visibility of complete end market recovery is somewhat limited, mainly due to the impact of the third wave of Covic-19 on supply chains. Thus, the company is not providing full-year revenue guidance for FY22.