Escorts' Q4FY15 performance was broadly in line with our estimate on operational front, while net profit was ahead of estimates on account of higher non operating income. Its Revenues/EBIDTA/PAT declined 17%/52%/54% YoY and 22%/55%/64% QoQ to Rs8.2bn/Rs220mn/Rs 126mn as against our estimate of Rs8.3bn/Rs214 mn/Rs32mn in Q4FY15.