Escorts' quarterly performance on operational front came above ours as well as street expectations in Q3FY15. It reported net profit of Rs 357 mn, 42% above our estimates, mainly due to significant decline in losses from other business segments. Company's tractor volume declined 17% YoY and 11% QoQ to 15,881 units, while its construction equipment volume grew 8.7% YoY and 11.4% QoQ to 801 units in Q3FY15.