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 11.9% as on FY19. Q4FY19 revenue grew by 14%YoY in line with our estimates. The growth was largely led by 12.5%YoY revenue contribution from tractor sales and 10%YoY from the construction business. Despite the hike in price, margin contracted by 50bps due to higher Input cost. PAT grew by 8%YoY, marginally below our...