Shares of Cummins India Ltd., affiliated to Cummins Inc. (CMI), were gaining more than 7 percent in Indian trading after the power solutions provider on Wednesday reported higher profit and sales in its first quarter.
Looking ahead, the company said it remains cautiously optimistic about the demand outlook for the near term and optimistic about the long-term growth prospects.
With a diversified portfolio of products, the company said it remains optimistic about the export demand.
For the first quarter, profit after tax was INR 420 Cr., 33 percent higher than last year, but down 25 percent sequentially.
Profit before tax grew 33 percent year-over-year to INR 551 Cr., but dropped 21 percent from the preceding fourth quarter.
Total sales for the quarter were INR 2,262 Cr., up 4 percent from the same quarter last year, but flat sequentially.
Domestic sales increased 12 percent, while exports Sales fell 22 percent.
On the BSE, Cummins India shares were trading at INR 3,776, up 7.28 percent.
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