External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<p>We maintain BUY on CIL with reduced SOTP-based target price of INR 1,024 (INR 1,068 earlier). We have cut FY22E/23E EPS by 10.4%/2.5% to account for the impact of the second wave of the pandemic. Cummins India Ltd. (CIL) reported muted 4QFY21 as revenue came in 16.3% less than our estimates. Gross margin contracted 182/250bps to 33% on higher-than-expected raw material cost/fixed price under absorption. Higher-than-expected other income narrowed the APAT miss to 7%. While export markets have started to look up, utilisation levels have dropped to 50% from 70% in 4QFY21.</p>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We maintain BUY on CIL with reduced SOTP-based target price of INR 1,024 (INR 1,068 earlier). We have cut FY22E/23E EPS by 10.4%/2.5% to account for the impact of the second wave of the pandemic. Cummins India Ltd. (CIL) reported muted 4QFY21 as revenue came in 16.3% less than our estimates. Gross margin contracted 182/250bps to 33% on higher-than-expected raw material cost/fixed price under absorption. Higher-than-expected other income narrowed the APAT miss to 7%. While export markets have started to look up, utilisation levels have dropped to 50% from 70% in 4QFY21.
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cummins (4QFY21): Muted performance. Maintain BUY