 "Cummins India surges over 15% in two days as Q1 profit beat estimates")
Shares of Cummins India were trading higher by 3% at Rs 1,191, extending their previous day’s 13% rally on the BSE, after the company reported a better-than-expected net profit of Rs 211 crore for the quarter ended June 30, 2015 (Q1FY16) against an average analyst estimates of Rs 169 crore.
The company said that net profit before tax (excluding exceptional items and sale of investments) increased by 40% at Rs 257 crore in Q1FY16 compared to the same period last year.
The company's net sales grew by 24% at Rs 1,282 crore in the June quarter compared to the same period last year. It recorded strong growth in export revenues particularly for low kVA generators.
“Our power generation business grew 23% over the previous quarter as we improved our market share. The Industrial business was flat quarter on quarter, but has grown 22% based on improving government-led infrastructure investments,” said Anant J. Talaulicar, chairman & managing director, Cummins India.
The stock hit a record high of Rs 1,212 on the BSE in intra-day trades. A combined 529,725 shares changed hands on the counter on the BSE and NSE.
The company said that net profit before tax (excluding exceptional items and sale of investments) increased by 40% at Rs 257 crore in Q1FY16 compared to the same period last year.
The company's net sales grew by 24% at Rs 1,282 crore in the June quarter compared to the same period last year. It recorded strong growth in export revenues particularly for low kVA generators.
“Our power generation business grew 23% over the previous quarter as we improved our market share. The Industrial business was flat quarter on quarter, but has grown 22% based on improving government-led infrastructure investments,” said Anant J. Talaulicar, chairman & managing director, Cummins India.
The stock hit a record high of Rs 1,212 on the BSE in intra-day trades. A combined 529,725 shares changed hands on the counter on the BSE and NSE.