Cummins India Limited (NSE: CUMMINSIND | BSE: 500480) The  Board of Directors of Cummins India Limited (CIL) reviewed, and approved the financial results for the quarter that ended June 30,  2024. 

• Total sales for the quarter at Rs 22.62 billion increased by 4% compared to the  same quarter last year and were flat compared to the previous quarter. 

• Domestic sales at Rs 18.73 billion increased by 12% compared to the same  quarter last year and decreased by 3% compared to the previous quarter. 

• Exports sales at Rs 3.89 billion  decreased by 22% compared to the same quarter  last year and increased by 13% compared to the previous quarter. 

• Profit before tax at Rs 5.51 billion  was higher by 33% compared to the same  quarter last year and lower by 21% compared to the previous quarter. 

• Profit after tax at Rs 4.20 billion was higher by 33% compared to the same quarter  last year and lower by 25% compared to the previous quarter.

Ashwath Ram, Managing Director, Cummins India Limited, said, “Indian economy continues to be resilient despite global geopolitical uncertainties impacting  the business sentiment globally. Indian economic outlook continues to be positive; tax  collections are indicating the strength of underlying business activities. The latest Union  budget emphasised the government’s continued focus on infrastructure development and  continued higher budgetary allocation for infrastructure, special projects for end-to-end  connectivity for ports, coal, steel, and fertiliser sectors. At the same time, internationally,  geopolitical risks and conflicts continue to pose uncertainty about global trade and supply  chain disruptions.”

For the quarter ending June 30, 2024, CIL domestic revenue was driven by strong domestic  demand from all segments, especially from the industrial sector. Powergen revenue was  expectedly softer considering the sunsetting of CPCB II norms on June 30, 2024. Exports  revenue grew 13% over the prior quarter due to an improvement in demand from the end  markets. 

The investment in infrastructure (Public and Private) and broader economic growth continue to drive profitable growth for the company. For the Powergen sector, there is a complete  switchover to CPCB IV+ emission norms-compliant products effective July 1, 2024. The  company has a strong portfolio of CPCB IV+ emission norms-compliant products to meet  customer demand across the entire product range. We remain cautiously optimistic about the  demand outlook for the near term and optimistic about the long-term growth prospects.  

Regarding exports, the company closely monitors the results of geopolitical events unfolding  in different parts of the world and their impact on global demand and supply chains. With a  diversified portfolio of products, the company remains optimistic about the export demand.