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Cummins India shares fall 6% as March quarter results miss expectations

News24

LAST UPDATED: May 27, 2021, 1:05 p.m.

New Delhi (Anish Yande): Shares of Cummins India fell by 6 per cent on Thursday’s trading session as the results for the March quarter of 2021 missed expectations. Cummins India stock opened at Rs 783 per share from its previous close of Rs 802 per share on Wednesday. 

The shares of the IT company rose to an intraday high of Rs 799 per share. The market cap of the company increased to Rs 9,750 crores. The market cap of Cummins India was at Rs 21,932 on Thursday.

Cummins India net profit rises to Rs 168.56 crore:

Cummins India reported a consolidated net profit of Rs 170 crore in Q4 FY20. The IT company’s net profit decreased to Rs 168.56 crore in the January-March quarter of FY21. The company decreased by a per cent on a year-on-year basis. In the quarter ended in the period ended December 31, 2020, was recorded at Rs 240.29 crores. 

For the full year 2020-21, Cummins India net profit was impacted by the increase in tax costs as attributed to the deferred tax credit amounting to Rs 75 crore in the March 2020 quarter. Earnings before interest tax depreciation and amortization margin was recorded at 13.4% and has dropped 350 basis points on a sequential basis.

The consolidated revenues of Cummins India rose to Rs 1,256.25 crore in the March quarter of 2021 as compared to Rs 1,062.46 crore in the corresponding period of the previous year. The consolidated revenues rose by 18.24 per cent on a year-on-year basis.

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In the period ended December 31, 2020, the IT company’s total income was recorded at Rs 1491.57 crore. Total income declined to Rs 1314.78 crore during the March quarter of FY21.

The board of directors of Cummins India has recommended a final dividend of 8 paise per equity share at a face value of Rs 2 for the financial year ended on March 31, 2021. The final dividend is in addition to the interim dividend of Rs 7 per share.

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