Cummins' Q3FY17 PAT of Rs 2 bn (up 5%) beat our est of Rs 1.9 bn on higher exports (up 23%) and spares (up 18%). Management upped FY17 exports guidance to +5% (flat to -5% earlier); maintained domestic guidance at 10-12%. FY18 guidance: domestic +10%; exports +5%, margins volatility of 100-150 bps m..