28 January 2019 YoY (+18% QoQ) to INR16.5b (est. Tractor/construction equipment (CE)/railway businesses grew 36%/44%/34% YoY, led by volume and realizations growth. Tractor segment realization grew 0.2% QoQ (+1.2% YoY) to INR502k (est. INR497.1k) largely led by price hikes as mix worsened QoQ. EBITDA margin came in at 12.1% (est. of 11.5%), as impact of higher RM cost (+310bp YoY) was more than offset by operating leverage. ESC reported exceptional gain of INR109m relating to transfer of the rough-terrain cranes business to its JV Tadano Limited, on a slump sale basis.