Cummins India Ltd

Cummins India Ltd

₹ 2,734 -2.75%
26 Feb - close price
About

Cummins India Ltd is a part of the Cummins Inc. Group USA. It designs, manufactures, distributes and services diesel and alternative fuel engines from 2.8 to 95 liters, diesel and alternative-fueled power generator sets of up to 3000 kW (3750 kVA), as well as related components and technology.[1]

Key Points

Engines Business Division (~69% of revenues)[1]
The company's business division is divided into 4 main segments :-

  • Market Cap 75,774 Cr.
  • Current Price 2,734
  • High / Low 2,828 / 1,481
  • Stock P/E 49.5
  • Book Value 219
  • Dividend Yield 0.91 %
  • ROCE 26.9 %
  • ROE 22.1 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 58.9%

Cons

  • Stock is trading at 12.5 times its book value
  • The company has delivered a poor sales growth of 8.74% over past five years.
  • Earnings include an other income of Rs.594 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
1,431 1,256 1,195 1,730 1,744 1,502 1,696 1,957 2,185 1,934 2,218 1,922 2,541
1,189 1,087 1,047 1,471 1,471 1,294 1,481 1,667 1,772 1,604 1,876 1,575 1,999
Operating Profit 242 169 148 259 273 208 215 290 413 330 342 346 543
OPM % 17% 13% 12% 15% 16% 14% 13% 15% 19% 17% 15% 18% 21%
105 93 199 71 94 103 84 102 157 159 155 128 153
Interest 5 3 2 2 3 5 2 5 3 7 8 7 6
Depreciation 32 31 31 34 35 35 34 36 35 38 36 38 42
Profit before tax 310 228 314 294 328 272 263 351 533 444 453 429 647
Tax % 22% 26% 21% 25% 24% 20% 25% 24% 22% 21% 22% 23% 23%
240 169 247 221 250 216 198 267 414 349 354 329 499
EPS in Rs 8.67 6.08 8.91 7.97 9.00 7.80 7.15 9.64 14.93 12.59 12.76 11.87 18.00
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
2,157 2,692 3,559 4,916 4,720 5,106 5,112 5,697 5,191 4,360 6,171 7,772 8,615
1,813 2,326 3,051 4,101 3,945 4,302 4,374 4,828 4,598 3,757 5,288 6,524 7,054
Operating Profit 343 366 508 815 775 805 738 869 593 603 883 1,248 1,561
OPM % 16% 14% 14% 17% 16% 16% 14% 15% 11% 14% 14% 16% 18%
93 114 163 208 116 141 298 328 356 366 472 502 594
Interest 6 3 3 2 10 17 15 17 21 17 12 16 28
Depreciation 38 38 48 86 81 85 94 111 121 127 136 142 154
Profit before tax 392 439 619 935 799 843 927 1,069 807 825 1,207 1,591 1,973
Tax % 32% 32% 28% 19% 21% 22% 23% 31% 13% 23% 23% 23%
268 325 463 772 721 736 712 743 706 635 934 1,228 1,531
EPS in Rs 9.67 11.72 16.70 27.85 26.02 26.56 25.68 26.79 25.45 22.91 33.68 44.31 55.22
Dividend Payout % 30% 28% 38% 50% 54% 53% 58% 63% 55% 65% 55% 56%
Compounded Sales Growth
10 Years: %
5 Years: 9%
3 Years: 14%
TTM: 17%
Compounded Profit Growth
10 Years: %
5 Years: 12%
3 Years: 18%
TTM: 38%
Stock Price CAGR
10 Years: 18%
5 Years: 31%
3 Years: 51%
1 Year: 74%
Return on Equity
10 Years: %
5 Years: 18%
3 Years: 18%
Last Year: 22%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 40 40 40 55 55 55 55 55 55 55 55 55 55
Reserves 981 1,194 1,446 3,033 3,553 3,816 4,063 4,228 4,347 4,596 5,090 5,703 6,024
35 34 28 3 3 252 257 313 512 40 418 376 277
504 721 798 1,508 1,051 1,091 1,339 1,465 1,282 1,265 1,549 1,784 1,955
Total Liabilities 1,560 1,989 2,312 4,599 4,662 5,214 5,715 6,060 6,196 5,956 7,112 7,919 8,312
176 244 257 1,307 1,291 1,502 2,021 2,015 2,270 2,189 2,209 2,226 2,307
CWIP 34 31 58 171 519 463 39 159 80 128 61 41 49
Investments 319 487 442 536 489 862 708 468 1,038 599 892 1,457 1,735
1,031 1,228 1,555 2,585 2,364 2,387 2,947 3,418 2,809 3,041 3,951 4,194 4,221
Total Assets 1,560 1,989 2,312 4,599 4,662 5,214 5,715 6,060 6,196 5,956 7,112 7,919 8,312

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
214 279 233 589 696 748 632 553 601 789 712 820
-64 -209 11 -146 -215 -483 -134 15 -202 25 -574 87
-107 -101 -223 -444 -471 -226 -470 -525 -412 -873 -82 -687
Net Cash Flow 42 -31 21 -1 10 39 28 43 -14 -60 56 219

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 76 79 72 73 73 69 96 82 81 91 74 75
Inventory Days 90 76 76 89 75 63 61 64 62 75 66 63
Days Payable 89 103 86 79 69 68 85 83 75 97 89 81
Cash Conversion Cycle 76 51 63 83 79 65 71 63 68 69 51 58
Working Capital Days 78 63 70 54 79 67 75 79 75 74 63 53
ROCE % 41% 37% 43% 24% 22% 21% 24% 18% 17% 21% 27%

Shareholding Pattern

Numbers in percentages

Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
51.00% 51.00% 51.00% 51.00% 51.00% 51.00% 51.00% 51.00% 51.00% 51.00% 51.00% 51.00%
10.92% 11.69% 11.97% 12.54% 10.52% 10.35% 10.37% 12.20% 13.99% 14.37% 16.45% 16.51%
25.25% 24.37% 24.41% 23.76% 25.16% 25.05% 26.54% 24.99% 23.61% 23.76% 21.97% 23.36%
1.26% 0.22% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20%
11.57% 12.72% 12.42% 12.50% 13.12% 13.40% 11.90% 11.61% 11.20% 10.67% 10.36% 8.93%
No. of Shareholders 84,19692,95490,7941,00,7391,11,1841,09,0671,19,0271,17,1861,22,4481,19,8831,28,9711,17,905

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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