Net profit rose 5% from a year earlier to Rs 901 crore, compared with consensus estimate of Rs 810 crore, while revenue dropped 1% to Rs 5,463 crore.
Investors are taking fresh positions in the stock of Cummins India after the company retained its revenue growth guidance for the current fiscal.
Crompton management neither gave margin guidance on the domestic power business nor explained the CEO’s sudden exit.
The steep fall in crude oil prices has rattled government finances and its central bank does not have enough reserves to pay for its dollar liabilities.
The company indicated that its revenue growth guidance of 10-15 per cent for the current fiscal year will remain unchanged.
Retail investors may give a miss to the initial public offering (IPO) of TeamLease (which is seeking valuation), which opens on February 2.
While the company has delivered 16% volume growth in the December quarter, it was on the back of a ‘demand-push’ strategy during the festival season.
Fund houses have gradually raised their exposure to the stock as it appears to be among the best contrarian bets in the auto space this year.
A large part of the company’s incremental volume is coming from increasing share of higher price vehicles such as Baleno, S-Cross and Celerio diesel.
Most SWFs have no direct presence in Indian equities but those that do have been increasing their exposure to the country.
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