Likely Cyclical Down-turn to Drag Bottom-line; Maintain REDUCE Escorts (ESC) missed our estimates albeit marginally in 1QFY20 owing to lower operating margin and higher interest outgo. Its revenue, EBIDTA and adjusted PAT fell by 6% YoY (-13% QoQ), 23% YoY (-25% QoQ) and 27% YoY (-28% QoQ) to Rs14.2bn, Rs1.4bn and Rs875mn vs. our estimate of Rs13.9bn, Rs1.4bn and Rs911mn, respectively. Its EBIDTA margin fell by 227bps YoY and 162bps QoQ to 10% (vs. our estimate of 10.3%), mainly due to lower operating leverage. Its tractor volume fell by 14% YoY, while construction equipment volume plunged by 21% YoY. Notably, its railway segment's revenue rose by a strong 34% YoY. Its RM/sales increased by 137bps YoY (+18bps QoQ)...