Cummins India Gains After Parent Ups Revenue Guidance For India Unit
Shares of Cummins India Ltd. gained ahead of its second-quarter results, after its parent company raised the revenue guidance of its India business.
For the India business, Cummins Inc. increased its CY22 revenue guidance to 15-20% year-on-year growth from 15% earlier, largely driven by increase in domestic power generation revenue and steady truck volumes, according to Macquarie Research.
Cummins India sales (including joint ventures) increased 18% year-on-year, driven by 20% growth in truck volumes and record revenue from India's domestic power generation business, the brokerage said. This was due to a pick-up in economic activity in India, it said.
There is a demand recovery across all major end-markets for the domestic power generation business, as well as a pick-up in key export geographies, the brokerage said, helping drive growth for Cummins India, a leading manufacturer of diesel gensets.
The company is also set to benefit from hydrogen infrastructure buildout via its electrolyzer business, balanced by muted win rates on electric vehicle platforms, Goldman Sachs said in its report.
Cummins India is scheduled to declare its second-quarter results today.
Shares of Cummin India rose 0.19% to Rs 1331.85 apiece as of 11:14 am on Friday, compared with a 0.11% decline in the benchmark Nifty 50.
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