Cummins India gets a thumbs up
Cummins India is currently the top gainer on the BSE, going up over 14% to Rs.768.50. Its UC is at 15% at Rs.775.10.
The market is enthused with its Q2FY19 performance which was announced yesterday late evening.
Net sales of the company for the quarter rose 30% (YoY) at Rs.1,452 Cr, representing the highest sales ever achieved in a quarter and grew by 12% (QoQ). Domestic sales in the current quarter are again the highest achieved at Rs.1,003 Cr, up 34% (YoY) and up 17% (QoQ). Exports rose 21% (YoY) and 2% (QoQ) at Rs.448 crore.
Domestic sales saw a spurt on account of strong demand across all three markets – Industrial, Powergen and Distribution. Exports was mainly on account of recovery in the certain global Powergen market like Middle East and Africa.
Net profit for the quarter rose 53% (YoY) and 18% (QoQ) at Rs.298 crore. EBITDA rose 50% (YoY) at Rs.251 crore while margins rose from 14.5% to 16.9%.