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Motilal Oswal Report
While Cummins India Ltd. reported in-line revenue, Ebitda came in 25% higher than our estimates.
This was largely owing to favorable mix (higher contribution of distribution segment and export revenue), continued cost rationalization measures, and cut in employee wages.
Further, cost reduction was aided by the reduction in warranty and royalty expenses.
As sales normalize and lower margin domestic product sales pick up, gross margin is likely to reverse to historical levels.
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