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Cummins India Ltd. reported a good operational performance with a revenue growth of 18% YoY at Rs 12.6 billion (down 11% versus our estimate) as domestic sales improved by 26% YoY while exports declined by 1% YoY.
Ebitda grew by 151% YoY as margin expanded by 714 basis points to 13.5%, but came in lower than our estimate of 16% due to increased raw material prices and unfavorable mix (export sales contribution ~20%, down 400 basis points YoY).
Government’s thrust on the road, rail and metro projects via national infrastructure pipeline of ~Rs 110 trillion plus along with new investments into data center and 5G will aid in faster demand revival for the company’s products.
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