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Cummins: Consolidation benefit continues

Nov 24, 2003

Engineering companies have posted good results for the September quarter and it has been no different for Cummins India. The topline of the company grew by around 27% YoY during the quarter. On the back of higher other income, the bottomline of the company grew at a faster rate, around 74% YoY. However, operating margins declined during the period.

(Rs m) 2QFY03 2QFY04 Change 1HFY03 1HFY04 Change
Gross Sales 1,794 2,271 26.6% 3,261 4,395 34.8%
Other Income 76 171 123.8% 138 340 147.5%
Expenditure 1,532 1,984 29.5% 2,825 3,922 38.8%
Operating Profit (EBDIT) 262 287 9.6% 436 474 8.7%
 Operating Profit Margin (%) 14.6% 12.6%   13.4% 10.8%  
Interest 3 3 6.3% 5 8 40.7%
Depreciation 72 71 -1.0% 132 141 6.4%
Profit before Tax 263 384 45.7% 435 665 52.8%
Tax 87 77 -11.3% 144 138 -4.2%
Profit after Tax/(Loss) 176 306 73.8% 292 528 80.9%
 Net Profit Margin (%) 9.8% 13.5%   8.9% 12.0%  
No. of Shares (m) 198.0 198.0   198.0 198.0  
Diluted Earnings per share (Rs)* 3.6 6.2   2.9 5.3  
Current P/E ratio (x)   16.2     18.8  
*(annualised)            

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Sep 25, 2020 (Close)

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