CUMMINS INDIA Announces Quarterly Results (4QFY18); Net Profit Up 1.7%

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CUMMINS INDIA Announces Quarterly Results (4QFY18); Net Profit Up 1.7%
Thu, 19 Jul

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

CUMMINS INDIA Quarterly Financials

No. of Mths
Qtr. Ending
3
Mar-17*
3
Dec-17*
3
Mar-18*
QoQ ChangeYoY Change
Net SalesRs m12,67613,54712,332-9.0%-2.7%
Other incomeRs m51150166432.5%30.0%
TurnoverRs m13,18614,04812,996-7.5%-1.4%
ExpensesRs m11,02411,58010,602-8.4%-3.8%
Gross profitRs m1,7001,9671,731-12.0%1.8%
DepreciationRs m20823727315.3%30.9%
InterestRs m493434-0.3%-29.5%
Profit before taxRs m1,9542,1972,088-5.0%6.8%
TaxRs m3694754750.1%28.7%
Profit after taxRs m1,5851,7221,612-6.4%1.7%
Gross profit margin%13.414.514.0
Effective tax rate%18.921.622.8
Net profit margin%12.012.312.4
* 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 2.7% on a year-on-year (YoY) basis. The expenses were down by 3.8% YoY during the same period.
  • The company's operating profit increased by 1.8% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 14.0% in 4QFY18 as against 13.4% in 4QFY17.
  • Depreciation charges and finance costs increased by 30.9% YoY and 29.5% YoY, respectively.
  • Other income increased by 30.0% YoY during the quarter.
  • Net profit for the quarter increased by 1.7% YoY. Net profit margins during the quarter increased from 12.0% in 4QFY17 to 12.4% in 4QFY18.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 9.0% on a quarter-on-quarter (QoQ) basis. The expenses were down by 8.4% QoQ during the same period.
  • The company's operating profit declined by 12.0% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 14.0% in 4QFY18 as against 14.5% in 3QFY17.
  • Net profit for the quarter declined by 6.4% QoQ, while net profit margins same from 12.3% in 3QFY17 to 12.4% in 4QFY18.

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 966.1 to Rs 637.7, registering a Loss of Rs -328.4 or around 34.0%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 17,332.2 (down 1.8%). Over the last one year it has moved down from 17,733.2 to 17,332.2, a gain of -401.0 points (down 2.3%).

Overall, the S&P BSE SENSEX is down 0.1% over the year.

Current Valuations

At the current price of Rs 637.7, the price to earnings (P/E) ratio of CUMMINS INDIA stands at 24.9 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 4.6 times.

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