Cummins India’s September quarter performance was a mixed bag with revenues disappointing the Street, but operational metrics beating expectations. Its consolidated sales were down 3 per cent y-o-y with domestic sales and exports falling 2 per cent and 5 per cent, respectively.
This was expected as June quarter sales were up 43 per cent y-o-y on account of pre-buying amidst a shift from the Central Pollution Control Board (CPCB) II to CPCB IV+ emission norms. The domestic power generation business sales thus fell by 28 per cent y-o-y.
The customer response to CPCB IV+ engines was strong in