Cummins India (KKC) reported strong revenue at INR17.4b in 3QFY22 (twoyear CAGR: +9%), 15% ahead of our expectation, led by a strong beat across the domestic segment. The gross margin contracted 240bp YoY. The EBITDA margin also expanded 60bp QoQ, while it declined 140bp YoY to 15.6% (v/s the estimate of 15.2%). Other income came in at INR866m v/s our...