Cummins India (500480) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 sales reached INR 3,041 crores, up 22% year-over-year and 24% sequentially, with strong growth in both domestic and export markets.

• Profit before tax rose 11% year-over-year and 13% sequentially to INR 670 crores.

• Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2024.

• Interim dividend of ₹18 per equity share (900%) declared for FY 2024-25, with record date set for February 14, 2025.

• Board approved the sale of 100% subsidiary CSSPL for INR 56.5 crores, with closing expected by April 1, 2025.

Financial highlights

• Consolidated revenue from operations for the quarter: ₹3,052.15 crore, up from ₹2,509.79 crore year-over-year.

• Domestic sales grew 18% year-over-year and 28% sequentially to INR 2,577 crores; exports increased 43% year-over-year and 5% sequentially to INR 464 crores.

• Engines segment sales for the quarter: ₹3,052.15 crore; Lubes segment sales: ₹531.83 crore.

• Consolidated net profit after tax for the quarter: ₹555.32 crore, up from ₹496.58 crore year-over-year.

• Power Gen domestic sales were INR 1,271 crores (+18% YoY, +42% QoQ); Distribution sales INR 746 crores (+13% YoY, +13% QoQ); Industrial sales INR 511 crores (+24% YoY, +26% QoQ).

Outlook and guidance

• Double-digit revenue growth expected for FY25 over FY24.

• Pricing for new CPCB IV+ products expected to settle over the next one to two quarters.

• Continued infrastructure growth and government capex expected to support demand in Power Gen and Industrial segments.

• Board declared an interim dividend, indicating confidence in ongoing performance.