Cummins India (500480) Q2 24/25 earnings summary

Executive summary

• Q2 FY 2024-25 sales reached INR 2,444 crores, up 31% year-over-year; domestic sales rose 47%, exports declined 13%.

• Unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2024, were approved and released, accompanied by a limited review report from statutory auditors.

• Appointment of Mr. Cornelius O'Sullivan as Additional Director (Non-Executive, Non-Independent) effective November 8, 2024, was approved.

• Postal ballot process initiated to seek shareholder approval for the director appointment, with a scrutinizer appointed for the e-voting process.

• Profit before tax was INR 594 crores, up 39% year-over-year.

Financial highlights

• Consolidated revenue from operations for the quarter ended September 30, 2024, was ₹2,465.09 crore, up from ₹1,893.63 crore in the same quarter last year.

• Consolidated profit after tax for the quarter was ₹449.37 crore, compared to ₹329.09 crore year-over-year.

• Standalone profit after tax for the quarter was ₹419.80 crore, up from ₹328.51 crore year-over-year.

• Domestic power generation sales were INR 896 crores, up 84% year-over-year and 12% sequentially.

• High horsepower exports were INR 200 crores, down 24% year-over-year; low horsepower exports were INR 198 crores, down 5% year-over-year but up 28% sequentially.

Outlook and guidance

• Double-digit revenue growth is expected for the full year FY 2024-25.

• Management remains cautiously optimistic for the near term and positive for the medium term, citing stable economic outlook and infrastructure focus.

• No explicit forward-looking guidance provided, but continued focus on operational efficiency and supply chain transformation is noted.