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CUMMINS INDIA Announces Quarterly Results (3QFY19); Net Profit Up 8.7%

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CUMMINS INDIA Announces Quarterly Results (3QFY19); Net Profit Up 8.7%
Wed, 13 Feb

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

CUMMINS INDIA Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-17*
3
Sep-18*
3
Dec-18*
QoQ ChangeYoY Change
Net SalesRs m13,54714,86915,0381.1%11.0%
Other incomeRs m501785755-3.7%50.8%
TurnoverRs m14,04815,65415,7930.9%12.4%
ExpensesRs m11,58012,36012,7703.3%10.3%
Gross profitRs m1,9672,5092,267-9.6%15.3%
DepreciationRs m2372742792.1%18.1%
InterestRs m3440414.0%20.7%
Profit before taxRs m2,1972,9802,702-9.3%23.0%
TaxRs m475865831-3.9%75.0%
Profit after taxRs m1,7222,1161,871-11.6%8.7%
Gross profit margin%14.516.915.1
Effective tax rate%21.629.030.8
Net profit margin%12.313.511.8
* 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 grew 11.0% on a year-on-year (YoY) basis. The expenses were up by 10.3% YoY during the same period.
  • The company's operating profit increased by 15.3% YoY during the quarter. Consequently, operating profit margins remained same and stood at 15.1% in 3QFY19.
  • Depreciation charges increased by 18.1% and finance costs increased by 20.7% YoY, respectively.
  • Other income increased by 50.8% YoY during the quarter.
  • Net profit for the quarter increased by 8.7% YoY. Net profit margins during the quarter declined from 12.3% in 3QFY18 to 11.8% in 3QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 1.1% on a quarter-on-quarter (QoQ) basis. The expenses were up by 3.3% QoQ during the same period.
  • The company's operating profit declined by 9.6% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 15.1% in 3QFY19 as against 16.9% in 2QFY18.
  • Net profit for the quarter declined by 11.6% QoQ, while net profit margins declined from 13.5% in 2QFY18 to 11.8% in 3QFY19.

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 844.2 to Rs 713.0, registering a Loss of Rs 131.2 or around 15.5%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 16,498.2 (down 0.4%). Over the last one year it has moved down from 19,558.3 to 16,498.2, a gain of 3,060 points (down 15.6%).

Overall, the S&P BSE SENSEX is up 5.7% over the year.

Current Valuations

At the current price of Rs 713.0, the price to earnings (P/E) ratio of CUMMINS INDIA stands at 26.6 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 4.8 times.

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For the quarter ended September 2018, CUMMINS INDIA has posted a net profit of Rs 2 bn (up 38.4% YoY). Sales on the other hand came in at Rs 15 bn (up 28.9% YoY). Read on for a complete analysis of CUMMINS INDIA's quarterly results.

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