PUNE: The Board of Directors of Cummins India Limited, at their meeting held today, took on record the unaudited financial results for the quarter and six months ended September 30, 2020.
Performance Highlights for the quarter ended September 30, 2020: –
₹947Cr recorded during the same quarter last year and improved by 108% as compared to ₹ 358 Cr recorded during preceding quarter.
Performance Highlights for six months ended September 30, 2020:-
Ashwath Ram, Managing Director, Cummins India Limited, said: Following the steep drop in demand and disruption in the supply chain in the first quarter of the fiscal year marked by nationwide lockdown, the second quarter witnessed a significant improvement in economic activities. Our Domestic business has recovered to 80% of last year’s levels, led by a faster recovery in distribution, construction, and mining segments, as we expect a gradual recovery in the Powergen segment.
Export business grew18% over last yeardue topent-up demand and early signs of demand recovery in few export markets.
As we continue to navigate through these unprecedented times our focus and priority continue to be the safety and wellbeing of employees, serving our customers, staying on course with our product development initiatives, prudently manage cost, and conserve cash. We are well-positioned with improved operating fundamentals, a strong balance sheet, and a steady cash flow to effectively manage economic conditions. As the economy is showing signs of gradual recovery, we are well-positioned to sustain our technology-driven market leadership across all segments of our business. The Company continues to monitor the business conditions and is working closely with supply chain partners to restore operational productivity. The company continues to serve customers and support other stakeholders in these difficult business conditions.
Future Outlook: The Company expects a gradual recovery of demand in upcoming quarters.With market conditions continue to remain uncertain and visibility for end market recovery still somewhat limited, the company is not providing full-year revenue guidance for FY 2021.
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