KKC IN beats our expectations. First, the guidance is intact; second, the visibility to product profile is getting stronger. For instance, notwithstanding the conventional 4B, Q, QS and N, we think investors are yet to explore the defense possibilities through 6B and 6C series engines. Outlook on exports, however, continue to remain bleak. Yet rising trend in commodity prices specifically oil, should augur well. Further, with rich product profile, there are too many degrees of freedom that can keep the enviable RoE intact. Maintain BUY....