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 FY18. Revenue for the Q1FY19 grew by 32%YoY led by highest quarterly growth of 39%YoY in the tractor sales & 52%YoY from the construction business. EBITDA margins expanded 370bpsYoY driven by higher sales, price hike, and cost control indicatives. Adj. PAT grew by 90%YoY. Normal monsoon and more state subsidiary for doubling the agricultural...