Should you buy, sell or hold Cummins India shares after engine maker's robust Q4 results
Cummins India posted a 61.3 per cent year-on-year rise in net profit to Rs 349 crore for the quarter ended March 2023, driven by robust demand in domestic and international markets.
Cummins India shares rose on Thursday, a day after the engine maker staged a strong performance in the quarter ended March 2023. The Cummins India stock traded on the bourses with the symbol CUMMINSIND — gained by Rs 52.3 or 3.3 per cent to end at Rs 1,646 apiece on BSE.
Cummins India Q4 results
During market hours on Wednesday, the company — which manufactures a range of diesel and natural gas engines — posted a 61.3 per cent year-on-year jump in net profit to Rs 349 crore for the three-month period, driven by robust demand in both domestic as well as international markets.
Its revenue grew 28.4 per cent to Rs 1,897.5 crore for the March quarter compared with the year-ago period, according to a regulatory filing.
What should investors do?
Despite Cummins India's strong quarterly performance, brokerages remained divided on the stock. Macquarie maintained a ‘neutral’ call with a target price of Rs 1,430 apiece. The company's results were better than the brokerage's estimates, on the back of an improved margin and higher other income and lower taxes.
Nomura continued with a 'reduce' rating on the stock with a target price of Rs 1,145 apiece.
Cummins India shares: Past performance
Cummins India shares have grown almost 57 per cent in value in the past one year, far better than a 14 per cent rise in the headline Nifty index.
In 2023 so far, the stock has risen around 15 per cent while the index has remained flat.
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