Cummins India Q1 net profit up by 33% y-o-y to ₹420 crore

7 Aug 2024 , 03:12 PM

Cummins India Ltd announced a 33% year-on-year (YoY) increase in standalone net profit to ₹419.8 crore for the first quarter ended June 30, 2024.

Cummins India reported a quarterly net profit of ₹315.7 crore in the previous corresponding quarter, said the company in a regulatory filing.

The company’s standalone revenue from operations climbed 4.3% to ₹2,304.2 crore compared to ₹2,208.7 crore in the previous fiscal year. 

In the first quarter of this fiscal year, standalone EBITDA increased by 37.2% to ₹467.4 crore, up from ₹340.6 crore in the same period last year.

Based on the Nomination and Remuneration Committee’s recommendation, the board of directors authorised Shveta Arya’s appointment as an extra director and managing director designate of the company, effective August 8, 2024.

Furthermore, she will take over as the company’s full-time managing director beginning September 1, 2024, for a three-year term, subject to the agreement of the company’s members.

Arya now oversees Cummins India’s power systems business segment. She is in charge of promoting growth and improving market presence for power generation and industrial companies that serve India and other worldwide markets.

At around 12.33 PM, Cummins India was trading 6.47% higher at ₹3,750 per piece, against the previous close of ₹3,522.10 on NSE. The counter touched an intraday high and low of ₹3,764.80, and ₹3,452, respectively.

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