Cummins India CFO Ajay Patil Resigns With Effect From Jan. 9
While Ajay Patil was set to retire on Mar. 31, 2025, he requested to be relieved earlier from his responsibilities. Accordingly, Cummins India accepted his resignation.
Cummins India Ltd. on Thursday stated in an exchange filing that the company’s Chief Financial Officer Ajay Shriram Patil has tendered his resignation from the post. He would be parting ways with the organisation on Jan. 9, 2025.
Patil, who was one of the company’s key managerial personnel, has resigned from the post due to “personal reasons”, Cummins India said.
The company—a manufacturer and distributor of engines, filtration products, and power generation systems—did not name Patil's replacement in the filing.
In his resignation letter, which was part of the filing, Patil wrote, "Pursuant to my upcoming retirement from the company effective March 31, 2025, would like to inform that there are some personal developments which require my attention and therefore I request that I be relieved early from my responsibilities."
He added, “Due to this, I would like to resign as Chief Financial Officer and Key Managerial Personnel of Cummins India Limited to manage the pre occupancies and personal commitments.”
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For the second quarter of the ongoing fiscal, the engine maker had reported a 37% jump in net profit to Rs 449.4 crore. The company's revenue rose 31% to Rs 2,508.6 crore.
The earnings before interest, taxes, depreciation and amortisation increased 19% to Rs 1,016.9 crore and Ebitda margin declined by 400 basis points to 40.5% versus 44.5%.
In a report, earlier this month, Motilal Oswal had reiterated a "buy" rating on the stock, adding that it maintained the "target price of Rs 4,300, based on 45x two-year forward EPS".
The report also said, "Our recent interaction with the management of Cummins India Ltd. reinstated that demand has continued to remain strong for the powergen segment from key user industries. Additionally, other segments, such as distribution and industrial, continue to benefit from initiatives taken over the years to enhance customer reach and the overall positive macro environment."
Shares of Cummins India closed 2.44% lower at Rs 3,458.05 apiece on the BSE, compared to a 1% advance in the benchmark Sensex.
