IN : Cummins India Ltd - Low exports drag overall performance

4QFY21 EBITDA miss by 22% led to lower-than-estimated sales (mainly exports) and lower gross margins. Better working capital led to solid cashflows. Near-term demand challenges persist. However, export recovery with end market improving and emission change could provide positive surprises. Reiterate Hold on Cummins, with a higher SOP-based target price of Rs810.

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