Cummins India, a leading manufacturer of diesel and natural gas engines for power generation, industrial and automotive markets, on Wednesday reported a jump of 61% in its consolidated profit after tax (PAT) at Rs 349 crore for the fourth quarter ended March 2023.

The company had posted a consolidated PAT of Rs 216.27 crore in the same quarter year ago. 

Meanwhile, the company's consolidated total income also grew by 29% at Rs 2021.30 crore in Q4 FY23 as compared to Rs 1569.36 crore in the same period year ago. 

According to Ashwath Ram, Managing Director, Cummins India, the Indian economy continues to be resilient amidst inflationary economic conditions, rising interest rates, and ongoing geo-political crises. 

He also mentioned that fiscal and monetary policy measures are conducive to sustaining the economic growth rate. 

"With softening commodity prices, stable consumption provides optimism for sustaining the economic growth rate of the Indian economy. Government spending on infrastructure promotes growth in various segments, resulting in better capacity utilisation and early signs of private capex. Global end markets for export held up well for the year, while monetary policy actions by various central banks around the world to contain inflation may pose a challenge to consumption in the near term," Ram added.

For the year ended March 31, 2023, he highlighted, Cummins India reported record revenue for the second financial year in a row, driven by strong domestic and export demand. This, coupled with pricing actions and prudent cost management, resulted in a record profit for the year, Ram added. 

"However, given the emission changes from July and continued supply chain challenges, especially for specific electronic and other components, we remain cautiously optimistic about the short to medium-term demand outlook," Ram said.