In-line performance, retain Accumulate
* Cummins (CIL) Q2FY17 operational performance was largely in-line with our expectations. While revenues increased by 5% YoY, the EBITDAM declined by 100bps YoY. APAT decreased by 1% YoY.
* Domestic sales increased by 8% YoY, in line with the slow pace of domestic recovery, mainly driven by government sp