7 May 2019 ESCs revenue grew 14% YoY (+1% QoQ) to INR16.3b (in-line) in 4QFY19. Tractor, Construction Equipment (CE) and Railway businesses grew by 12.5%, 10% and 36% YoY, respectively. INR497k) due to a weak product mix relative to 3QFY19. EBITDA margin of 11.6% was in line with our estimate of 11.8%, as the benefit of lower RM cost (-80bp QoQ to 68.8% of sales) was offset by higher other expense (+120bp QoQ to 12.3%). Tractor segment margin shrank 200bp YoY (-120bp QoQ) to 13.1%, led by weak product mix. Lower other income of INR173m our estimate of INR1.3b).