Challenges Persist for Cummins: Cummins India's revenue dropped by 1% YoY to Rs. 13 bn in line with our estimates, however, adjusted earnings was higher by ~ 10% and reached Rs.6.6, which is below our estimate. In terms of segments, Q1 performance was in complete divergence of full year guidance of 8-10% domestic business growth and 0-5% exports business growth which it re-iterated as FY19E guidance in the Q1 concall as well.