CUMMINS INDIA Announces Quarterly Results (1QFY19); Net Profit Down 17.6%

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CUMMINS INDIA Announces Quarterly Results (1QFY19); Net Profit Down 17.6%
Mon, 13 Aug

CUMMINS INDIA has announced its results for the quarter ended June 2018. Here is a detailed performance review of the same:

CUMMINS INDIA Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-17*
3
Mar-18*
3
Jun-18*
QoQ ChangeYoY Change
Net SalesRs m14,19312,33213,2807.7%-6.4%
Other incomeRs m5836646964.8%19.3%
TurnoverRs m14,77712,99613,9757.5%-5.4%
ExpensesRs m12,24110,60211,1335.0%-9.0%
Gross profitRs m2,5141,7312,14724.0%-14.6%
DepreciationRs m208273271-0.8%29.8%
InterestRs m4234364.1%-15.2%
Profit before taxRs m2,8472,0882,53621.5%-10.9%
TaxRs m62547570648.6%12.9%
Profit after taxRs m2,2221,6121,83013.5%-17.6%
Gross profit margin%17.714.016.2
Effective tax rate%22.022.827.8
Net profit margin%15.012.413.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter fell 6.4% on a year-on-year (YoY) basis. The expenses were down by 9.0% YoY during the same period.
  • The company's operating profit declined by 14.6% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 16.2% in 1QFY19 as against 17.7% in 1QFY18.
  • Depreciation charges and finance costs increased by 29.8% YoY and 15.2% YoY, respectively.
  • Other income increased by 19.3% YoY during the quarter.
  • Net profit for the quarter declined by 17.6% YoY. Net profit margins during the quarter declined from 15.0% in 1QFY18 to 13.1% in 1QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 7.7% on a quarter-on-quarter (QoQ) basis. The expenses were up by 5.0% QoQ during the same period.
  • The company's operating profit increased by 24.0% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 16.2% in 1QFY19 as against 14.0% in 4QFY18.
  • Net profit for the quarter increased by 13.5% QoQ, while net profit margins increased from 12.4% in 4QFY18 to 13.1% in 1QFY19.

To see how CUMMINS INDIA has performed over the last eight quarters, please visit here.

CUMMINS INDIA Share Price Performance

Over the last one year, CUMMINS INDIA share price has moved up from Rs 890.5 to Rs 668.0, registering a Loss of Rs 222.5 or around 25.0%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 18,026.0 (down 0.4%). Over the last one year it has moved up from 16,927.4 to 18,026.0, a gain of 1,099 points (up 6.5%).

Overall, the S&P BSE SENSEX is up 19.3% over the year.

Current Valuations

At the current price of Rs 668.0, the price to earnings (P/E) ratio of CUMMINS INDIA stands at 27.7 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 4.5 times.

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