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Prabhudas Lilladher Report
Cummins India Ltd. reported robust revenue growth of 25.7% YoY, while Ebitda margin expanded 331 basis points YoY to 18.9%, aided by better volumes and execution along with improvement in the supply chain.
Domestic demand remains strong across data centers, manufacturing, infrastructure, railways, rental, hospitality, and realty sectors. Further, pre-buying of CPCB-IV Plus products is expected to kick-in from Q4 FY23.
New engines will likely be priced ~30-50% higher, due to significantly greater production costs.
We believe Cummins India is well poised for healthy long-term growth given-
strong domestic demand driven by infrastructure capex,
continued momentum in export markets,
improving margin profile, and
technology driven product launches.
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