Escorts Ltd (EL) is the third largest Agricultural tractor manufacturer in India. It has a strong presence in the north and west market, with an overall market share of 11% as on FY17. Q3FY18 revenue grew by 12%YoY led by 12%YoY volume growth in the tractor sales & 33%YoY from the construction business. EBITDA margins expanded 350bpsYoY driven by higher sales, price hike, cost control indicatives and better tax offset under GST. Government's focused approach to encourage farm mechanization and...