Cummins India Ltd

About [ edit ]

Cummins India is engaged in the business of manufacturing, trading and selling of engines and allied activities.(Source : 201903 Annual Report Page No: 132)

  • Market Cap 21,828 Cr.
  • Current Price 788
  • High / Low 823 / 280
  • Stock P/E 34.2
  • Book Value 160
  • Dividend Yield 1.78 %
  • ROCE 17.3 %
  • ROE 16.1 %
  • Face Value 2.00

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 58.96%

Cons

  • The company has delivered a poor sales growth of 1.10% over past five years.
  • Tax rate seems low
  • Earnings include an other income of Rs.385.79 Cr.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
1,337 1,497 1,514 1,349 1,352 1,321 1,456 1,062 503 1,170 1,431
1,121 1,246 1,286 1,175 1,200 1,167 1,240 995 501 1,001 1,189
Operating Profit 216 251 228 174 152 154 216 67 2 169 242
OPM % 16% 17% 15% 13% 11% 12% 15% 6% 0% 14% 17%
Other Income 75 74 90 89 94 97 76 92 104 84 105
Interest 4 4 4 5 5 6 5 5 4 4 5
Depreciation 27 28 28 28 30 30 30 31 31 33 32
Profit before tax 259 293 286 230 210 216 258 123 71 216 310
Tax % 29% 30% 31% 32% 28% 15% 23% -38% 25% 20% 22%
Net Profit 184 205 198 156 153 183 200 170 53 173 240
EPS in Rs 6.64 7.38 7.13 5.64 5.50 6.59 7.20 6.14 1.90 6.24 8.66
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2009 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
1,807 2,157 2,692 3,559 4,916 4,720 5,106 5,112 5,697 5,191 4,166
1,554 1,811 2,318 3,029 4,101 3,945 4,302 4,379 4,828 4,622 3,686
Operating Profit 253 345 374 529 815 775 805 733 869 569 480
OPM % 14% 16% 14% 15% 17% 16% 16% 14% 15% 11% 12%
Other Income 65 91 106 141 208 116 141 303 328 380 386
Interest 5 6 3 3 2 10 17 15 17 21 18
Depreciation 39 38 38 48 86 81 85 94 111 121 127
Profit before tax 274 392 439 619 935 799 843 927 1,069 807 720
Tax % 33% 32% 32% 28% 19% 21% 22% 23% 31% 13%
Net Profit 184 268 325 463 772 721 736 712 743 706 636
EPS in Rs 6.62 9.67 11.72 16.70 27.85 26.02 26.56 25.68 26.79 25.45 22.94
Dividend Payout % 43% 30% 28% 38% 50% 54% 53% 58% 63% 55%
Compounded Sales Growth
10 Years:%
5 Years:1%
3 Years:1%
TTM:-24%
Compounded Profit Growth
10 Years:%
5 Years:0%
3 Years:-2%
TTM:-9%
Stock Price CAGR
10 Years:5%
5 Years:-1%
3 Years:-0%
1 Year:54%
Return on Equity
10 Years:%
5 Years:18%
3 Years:17%
Last Year:16%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2009 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
40 40 40 40 55 55 55 55 55 55 55
Reserves 813 981 1,194 1,446 3,033 3,553 3,816 4,063 4,228 4,347 4,379
Borrowings 43 35 34 28 3 3 252 257 313 512 513
411 504 721 798 1,508 1,051 1,091 1,339 1,465 1,282 1,249
Total Liabilities 1,307 1,560 1,989 2,312 4,599 4,662 5,214 5,715 6,060 6,196 6,197
184 176 244 257 1,307 1,291 1,502 2,021 2,015 2,270 2,214
CWIP 9 34 31 58 171 519 463 39 159 80 85
Investments 272 319 487 442 536 489 862 708 468 1,037 808
842 1,031 1,228 1,555 2,585 2,364 2,387 2,947 3,418 2,809 3,090
Total Assets 1,307 1,560 1,989 2,312 4,599 4,662 5,214 5,715 6,060 6,196 6,197

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2009 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
163 214 279 233 589 696 748 632 553 601
-35 -64 -209 11 -146 -215 -483 -134 15 -202
-126 -107 -101 -223 -444 -471 -226 -470 -525 -412
Net Cash Flow 2 42 -31 21 -1 10 39 28 43 -14

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2009 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 41% 37% 43% 24% 22% 21% 24% 17%
Debtor Days 82 76 79 72 73 73 69 96 82 81
Inventory Turnover 4.56 5.12 5.47 4.45 5.63 5.91 6.20 5.62

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
51.00 51.00 51.00 51.00 51.00 51.00 51.00 51.00 51.00 51.00 51.00 51.00
14.73 13.17 12.38 11.35 9.14 9.05 8.27 6.28 7.46 8.57 8.17 8.97
21.07 22.90 23.72 24.69 26.91 27.61 29.84 31.54 30.09 27.59 28.03 26.24
0.24 0.24 0.24 0.24 0.27 0.27 0.27 0.27 0.27 1.26 1.26 1.26
12.96 12.70 12.66 12.72 12.68 12.07 10.62 10.91 11.18 11.58 11.54 12.53

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