At the meeting, the Board of Directors of Cummins India Limited (CIL) approved the financial results for the quarter and year ending March 31, 2023. CIL reported record revenue for the second financial year, driven by strong domestic and export demand and pricing actions.
The year ended March 31, 2023, saw a 26% increase in total sales, domestic sales by 26%, exports by 27%, profit before exceptions item and tax by 46%, profit before tax by 29%, and profit after tax by 27%. The performance highlights for the quarter ended March 31, 2023, are that Total Sales increased by 29%, Domestic Sales by 33%, Exports by 17%, Profit before tax by 69%, and Profit after tax by 12%. Domestic Sales increased by 33%, Exports by 17%, Profit before tax by 69%, and Profit after tax by 12%.
Ashwath Ram, Managing Director, Cummins India Limited, said: The Indian economy is resilient despite inflationary economic conditions, rising interest rates, and geopolitical crises. Government spending on infrastructure promotes capacity utilization and private capex, while global end markets for export held up well. Monetary policy actions by central banks may challenge consumption in the near term.
