Published on June 18, 2020
Hyderabad: The Board of Directors of Cummins India Limited, at their meeting held today, took on record the audited financial results for the quarter and year ended March 31, 2020.
Q4FY’20 Performance Highlights: –
₹ 992 Cr recorded during the same quarter last year and declined by 27% as compared to ₹ 1,058 Cr recorded during preceding quarter.
FY’20 Performance Highlights: –
Ashwath Ram, Managing Director, Cummins India Limited, said: Revenue and EBITDA for the quarter was impacted due to lockdown. Excluding the Covid-19 impact the revenue would have been at ₹1,220 Cr Since Q2 of FY19 we have been experiencing a slowing economy which led to a flat/negative growth rate and Covid-19 related lockdown accentuated revenue growth rate.
Export markets have continued to display softness in last few quarters, arising from global economic challenges. During this quarter also, we experienced decline in certain markets where conditions deteriorated further due to Covid-19.
Given the significant impact the pandemic will have on demand across various sectors in the next quarter and beyond, we are well-prepared to manage the downturn with a strong balance sheet and deployment of proactive cost optimization measures. We will continue to monitor market conditions and adjust our plans accordingly.
Amidst the unprecedented Covid-19 pandemic, the health and safety of our employees and the communities in which we operate is our top priority. Our teams have initiated number of measures to support our customers, dealers and suppliers. We are confident that we will be able to tide over this unprecedented crisis and come out stronger.
FY 2020-21 Outlook: –
As Company’s operations gradually scale-up post relaxation of lockdown and continue to fight threat of Covid-19, we remained focused on the safety of our employees, serving our customers and supporting all stakeholders. Considering the economic uncertainty associated with Covid-19 pandemic, the company is not providing revenue guidance for next year at this time. While customers have resumed operations partially, the company expects a significant impact to its next quarter results due to nationwide lockdown and consequential impact on economy.