Cummins India (KKC)'s 1QFY21 revenue came in at INR11.8b (2-yr CAGR: 6%) and was 12% ahead of our expectation. Adj. PAT came in at INR1.3b and was 8% ahead of our expectations. The demand outlook is strong, driven by a) the unlocking of the domestic economy and likely pent-up demand playing out for a few months, b) road...