Shares of Cummins India Ltd. rose on Thursday after the company's third-quarter profit exceeded analyst expectations and the board declared an interim dividend of Rs 12 per share.
Cummins's net profit rose 65.85% over a year earlier to Rs 413.8 crore. The consensus analyst estimates tracked by Bloomberg pegged the net profit at Rs 269.7 crore.
Cummins India Q3 FY23 (Consolidated, YoY)
Revenue are up 25.3% at Rs 2,185 crore. (Bloomberg estimate: Rs 2,038.65 crore).
Ebitda was up 51.6% at Rs 413.1 crore (Estimate: Rs 311.1 crore).
Ebitda margin at 18.91% versus 15.63%.
Net profit rose 65.85% to Rs 413.8 crore (Estimate: Rs 269.7 crore).
The board approved an interim dividend of Rs 12 per share.
Shares of Cummins India climbed 8.55% as of 10:00 a.m. to Rs 124.45 apiece in trade on Thursday. The stock rose as much as 9.75% intraday, hitting a 52-week high of Rs 1,618 apiece. The NSE Nifty 50 index was down 0.01%.
Total traded volume stood at 25 times its 30-day average. The relative strength index at 75 implies that the stock may be overbought.
Of the 31 analysts tracking the company, 19 maintain a 'buy' rating, and six each recommend 'hold,' and six.
The return potential, based on the average of price targets, suggests an upside of 10% over the next 12 months.
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