Tractor business to consolidate post 50%+ growth in FY16-19! The tractor industry is cyclical in nature, with periods of healthy growth regularly being followed by periods of consolidation. The current up-cycle in the domestic tractor industry started after FY16. Succeeding years, thereafter, have posted YoY growth of 21%, 22% and 8%, taking domestic tractor industry volumes to record high of 7.9 lakh units in FY19. Escorts has outperformed the industry heavily by growing volumes at ~22% CAGR in FY16-19, also expanding market share to 11.8% as of March 2019. We...