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CUMMINS INDIA Announces Quarterly Results (4QFY19); Net Profit Down 12.6%

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CUMMINS INDIA Announces Quarterly Results (4QFY19); Net Profit Down 12.6%
Fri, 24 May

CUMMINS INDIA has announced its results for the quarter ended March 2019. Here is a detailed performance review of the same:

CUMMINS INDIA Quarterly Financials

No. of Mths
Qtr. Ending
3
Mar-18*
3
Dec-18*
3
Mar-19*
QoQ ChangeYoY Change
Net SalesRs m12,33215,03813,404-10.9%8.7%
Other incomeRs m664755692-8.4%4.2%
TurnoverRs m12,99615,79314,096-10.7%8.5%
ExpensesRs m10,60212,77011,686-8.5%10.2%
Gross profitRs m1,7312,2671,718-24.2%-0.7%
DepreciationRs m2732792800.2%2.6%
InterestRs m3441459.2%32.2%
Profit before taxRs m2,0882,7022,085-22.8%-0.1%
TaxRs m475831676-18.7%42.2%
Profit after taxRs m1,6121,8711,409-24.7%-12.6%
Gross profit margin%14.015.112.8
Effective tax rate%22.830.832.4
Net profit margin%12.411.810.0
* 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 8.7% on a year-on-year (YoY) basis. The expenses were up by 10.2% YoY during the same period.
  • The company's operating profit declined by 0.7% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 12.8% in 4QFY19 as against 14.0% in 4QFY18.
  • Depreciation charges increased by 2.6% and finance costs increased by 32.2% YoY, respectively.
  • Other income increased by 4.2% YoY during the quarter.
  • Net profit for the quarter declined by 12.6% YoY. Net profit margins during the quarter declined from 12.4% in 4QFY18 to 10.0% in 4QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 10.9% on a quarter-on-quarter (QoQ) basis. The expenses were down by 8.5% QoQ during the same period.
  • The company's operating profit declined by 24.2% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 12.8% in 4QFY19 as against 15.1% in 3QFY18.
  • Net profit for the quarter declined by 24.7% QoQ, while net profit margins declined from 11.8% in 3QFY18 to 10.0% in 4QFY19.

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 718.0 to Rs 727.6, registering a Gain of Rs 9.6 or around 1.3%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 19,316.5 (up 2.1%). Over the last one year it has moved up from 18,484.5 to 19,316.5, a gain of 832 points (up 4.5%).

Overall, the S&P BSE SENSEX is up 13.3% over the year.

Current Valuations

At the current price of Rs 727.6, the price to earnings (P/E) ratio of CUMMINS INDIA stands at 27.9 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 4.9 times.

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