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Exports mar Cummins topline - Views on News from Equitymaster

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Exports mar Cummins topline

Jul 29, 2002

Cummins India has has logged in a 29% YoY decline in net profit during 1QFY03. Lower net sales (down over 20%) were largely a result of lower exports during the quarter. This largely contributed to the decline in bottomline.

(Rs m) 1QFY02 1QFY03 Change
Net Sales 1,842 1,467 -20.3%
Other Income 60 61 1.7%
Expenditure 1,595 1,293 -18.9%
Operating Profit (EBDIT) 247 174 -29.4%
Operating Profit Margin (%) 13.4% 11.9%  
Interest 3 2 -32.6%
Depreciation 73 61 -17.3%
Profit before Tax 230 172 -25.1%
Tax 67 57 -16.0%
Profit after Tax/(Loss) 163 116 -28.9%
Net profit margin (%) 8.8% 7.9%  
No. of Shares 39.6 39.6  
Diluted Earnings per share* 16.4 11.7  
P/E Ratio   4.3  
*(annualised)      

Weak demand and high inventories in global markets affected exports and profits of the company during the qaurter. The company expects a continued lower trend in its exports atleast for next two quarters. Fgorex earnings during the quarter stood at Rs 309 m (i.e. 21% of 1QFY03 net sales).

The amalgamation of Cummins Power Solutions Limited and Power Systems India Limited with Cummins India Limited is pending due to legal formalities. As such, the financial results represent only figures of Cummins India, though the proposed amalgamation is with effect from April 1, 2002. The combined net sales of Cummins Power and Power Systems for the quarter are Rs 371 m, a growth of 25% YoY.

Cost break-up
(Rs m) 1QFY02 1QFY03 Change
Material costs 1,128 917 -18.7%
Staff costs 194 194 0.4%
Other expenditure 274 182 -33.6%
Total expenditure 1,595 1,293 -18.9%

The stock is trading at 4.3x annualised 1QFY03 earnings.


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