CUMMINSIND / Q3-FY25 / claim-ledger

Audit the questions that mattered.

Cummins India · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ3-FY25 · 2025-02-10Back to quarter ↗

Questions audited

Answered directly

50%

Numeric claims

Consistency

contradicted

Question ledger

What was answered, and how?

Mohit Pandey · Macquarie Capital

partial

Pricing trends in domestic Power Gen and whether BS-VI pricing has settled.

From a Power Gen domestic perspective, we believe that pricing will take at least another one or two quarters to settle in the market.

Mohit Pandey · Macquarie Capital

direct

Breakup of domestic Power Gen by Low, Medium, High HP.

For this quarter, for Power Gen Low Horsepower, we recorded sales of INR 82 crores. For the Mid-range, we recorded sales of INR 196 crores. For the Heavy Duty, we recorded sales of INR 99 crores, and for the High Horsepower, we recorded sales of INR 893 crores in this quarter.

Mohit Pandey · Macquarie Capital

partial

Rationale and valuation for sale of wholly owned subsidiary.

So this wholly owned subsidiary is actually a dealership entity... strategically, what we have seen is that having independent dealers around the country really helps us serve our customers well.

Parikshit Kandpal · HDFC Securities

direct

Whether Cummins has cut prices for its own product portfolio since July.

As far as we have been able to maintain price until now.

Parikshit Kandpal · HDFC Securities

evasive

Pricing differential between Cummins and peers, and total cost of ownership.

It is quite dynamic, very different across nodes, very different across segments. It's very difficult to give you one single answer for this.

Parikshit Kandpal · HDFC Securities

evasive

Portion of parent's $200 million CapEx for India coming to listed entity.

It will definitely come to us as well based on our needs... that's under evaluation at this point in time.

Jonas Bhutta · Birla Mutual Fund

partial

Whether data center orders drove the High HP revenue delta of INR 300-400 crores.

This is driven by a few things. Definitely, there's data center growth. There is also growth in mission-critical power requirements... and there is better execution as well at our end.

Jonas Bhutta · Birla Mutual Fund

evasive

Visibility of data center orders sustaining delivery levels for next 3-4 quarters.

Data center demand continues to grow... difficult to tell you for the next three or four quarters. The demand continues for now.

Jonas Bhutta · Birla Mutual Fund

partial

Reason for gross margin dip: data center mix and LHP sales doubling?

The gross margin movement... one is that in the last year... there was a one-time benefit that we had... And then overall mix of products that we saw in this quarter is what impacts the gross margin.

Amit Anwani · PL Capital

direct

Industrial segment subsegment breakup and outlook.

For the first nine months... Construction, we have INR 455 crores. Rail, we have INR 357 crores. Mining, INR 170 crores... The overall number for the nine months is INR 1,189 crores.

Amit Anwani · PL Capital

evasive

Whether 35% gross margin is a baseline going forward.

From a gross margin perspective, I think our endeavor is to continue improving it... The endeavor is to continue improving the margins.

Amit Anwani · PL Capital

direct

Value-based contribution of CPCB IV+ in this quarter.

CPCB IV+ roughly would have been around 40% in this quarter.