Prabhudas Lilladher's research report on Cummins India
Domestic economy continues to grow largely in areas which are positively benefited through continuing government investments in Infrastructure. In the Powergen segment, HHP is showing signs of an uptick. Data centre, Metro and Large Commercial Real estate are showing traction. Manufacturing and Residential real estate markets are still weak; recovery in both these markets is important to return to growth of 12‐15% in Powergen market.
Outlook
We remain positive on KKC, given its strong domestic outlook, gradual likely revival of export markets and strong history of delivering on cost rationalization and healthy cash flows. We have cut our earnings by 11% for both FY18 and FY19 to factor in weak margins. We maintain “BUY” with a revised TP of Rs 967.
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