Impressive Surge: Cummins India Hits All-Time High with 10.33% Intraday Rally

Cummins India Hits All-Time High with 10.33% Intraday Rally

VoM News Desk | February 8, 2024 | 02:35 PM IST | Breaking News | Follow on Google News

Cummins India Hits All-Time High with 10.33% Intraday Rally/Pixabay

Cummins India Hits All-Time High with 10.33% Intraday Rally

Shares of Cummins India, a prominent power solutions provider, surged impressively by 10.33% in today’s intraday trade, reaching a new pinnacle at ₹2,648 each following the release of stellar Q3FY24 results.

Robust Financial Performance: Record-Breaking Profits and Revenue

Cummins India showcased a remarkable improvement in its performance, reporting its highest-ever quarterly consolidated net profit at ₹455 crore in the October-December quarter. This marks a substantial 26.38% year-on-year improvement compared to the net profit of ₹360 crore in the corresponding period last year. The company has been consistently achieving growth in net profit, posting ₹316 crore and ₹329 crore in the first two quarters of the fiscal year.

In addition to the stellar profit figures, Cummins India achieved its highest-ever revenue for the December quarter, reaching ₹2,534 crore. This reflects a significant growth of 16.18% compared to Q3 FY23’s revenue of ₹2,181 crore.

Mixed Sales Performance: Strong Domestic Growth Amid Export Challenges

While the company witnessed a robust 36% increase in domestic sales, reaching ₹2,177 crore compared to the same quarter last year, export sales faced challenges, declining by 40% to ₹325 crore. The company’s Managing Director, Ashwath Ram, attributed the record-breaking results to robust domestic demand and affirmed the company’s strong liquidity and financial position.

Cummins India’s outstanding Q3FY24 performance prompted Kotak Institutional Equities to upgrade its stock rating to ‘buy’ with a target price of ₹2,750 per share. As of 01:30 pm, the stock was trading with a notable gain of 8.4% at ₹2,593 per share, showcasing investor confidence in the company’s growth trajectory.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.