Maintain NEUTRAL with a TP of Rs 974/sh (30x Jun-19 EPS). Cummins Indias (KKC) 4QFY17 revenues at Rs 13.5bn came in-line with our estimates. An unfavourable product mix and increase in staff costs led to EBITDA margins declining 180bps YoY to 14.6%. Higher other income (Rs 583mn; +40.3% YoY) was offset by higher taxes (Rs 625mn; +42.1% YoY), resulting in 8.4% decline in APAT to Rs 1.7bn. During the quarter, KKC recognised exceptional gain (net of tax) of Rs 438mn on sale of assets. Mgt has maintained its revenue growth guidance of 5 to 10% in the domestic biz, and flat to -5% for exports in FY18.