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Yes Securities Report
Cummins India reported a bumper Q3 FY24 with revenue growth returning to high double digits and Ebitda margin crossing 20% led by continued strength in gross margin.
This led to a profit after tax growth of 27% YoY, 19% above our estimates. Domestic business blazed all guns with the higher horsepower segments (both high horse power and heavy duty, more than 320 Kva) reporting ~70% YoY growth.
In addition, both industrial and distribution businesses, maintained revenue growth in 20s.
Exports fell sharply by ~40% both sequentially and on YoY basis with both LHP and HHP reporting similar fall YoY.
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