Cummins Indias (CIL) 3QFY16 result, adjusting for Rs 160mn one-time inventory provision, was in line with estimates. Reported EBITDA margins were 14.9%, but after adjusting for the one-off, it stood at 16.3%. Domestic sales pushed up revenue growth ( 15% YoY), while exports were dragged down by weak global macros (8% YoY decline).