Pune, India: The Board of Directors of Cummins India Limited, at their meeting held today, reviewed, and approved the financial results for the quarter ended December 31, 2021.
Ashwath Ram, Managing Director, Cummins India Limited, said:
India’s GDP for FY'22 estimate is likely to moderate to 9.2% from 9.5% as COVID-19 third wave impacted the Indian economy due to supply chain disruptions. However, with the government's push on infra (rail, road, and infrastructure construction), improvement in funding for the MSME sector, opening up of economies across the globe, and a somewhat stabilized supply chain, a robust economic rebound is observed. The economy stands to recover 101.3% of the pre-pandemic output of FY20, GST collections more than ₹ 1 Lakh crore for seven months in a row, pointing towards underlying strength of trade and consumption. Our end markets barring a few, are witnessing a solid rebound with gradual improvement in the supply chain; CIL reported a strong finish to the quarter with record quarterly sales in Q3'FY22.
The unprecedented rise in commodity prices increased costs due to supply chain challenges and part shortages have hurt profitability. We continue to leverage our globally integrated supply chain to mitigate the impact on our business and profitability.
As we steer through the third wave, our number one priority continues to be the safety and well-being of our employees, serving our customers and communities.
Future Outlook:
The company is hopeful of improvement in economic activities based on:
Given that current market conditions remain uncertain, the visibility of complete end market recovery is somewhat limited, mainly due to the impact of the third wave of COVID-19 on supply chains. Thus, the company is not providing full-year revenue guidance for FY 2022.
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