Cummins India's (KKC) Q4FY19 results came in below our and Street expectations. Domestic sales rose 22% yoy, mostly due to a 17% yoy decline in exports. The exports decline further impacted margins and also led to a higher tax rate. KKC has guided for strong domestic growth of 10-15% in FY20 with upside risks, while exports outlook remains challenging with flat to negative growth. Our feedback from OEM...