Shares of Cummins India reached a 52-week high after Q3 earnings exceeded expectations.
Cummins India's shares soared more than 9% on Thursday to a 52-week high after the company's December quarter results exceeded Wall Street expectations.
The Pune-based Cummins group company posted a net profit for the December quarter of Rs 360.41 crore, about 50% higher than the Rs 268 crore projection from the CNBC-TV18 poll.
Additionally, its third-quarter sales of Rs 2,180.5 crore in FY23 was 11.8 percent higher than the poll's Rs 1,950 crore projection. In comparison to the same quarter last year, when sales was Rs 1,735 crore, it increased by 26% YoY.
EBITDA, or earnings before interest, taxes, depreciation, and amortisation, was Rs. 412.2 for the business.
Margins were also greater than 18.9 per cent compared to the survey estimate of 15.6 per cent.
The company reported that its total sales increased by 26 percent to rs 2,144 growth in the quarter over the period last year. While domestic sales surged 27% YoY to 1,603 crores rupees, exports increased 23% to 541 crores rupees.
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