However softening metal price, cost control initiative and superior product mix expanded the margin to 90bps at 13.1%. Adj. PAT grew by 18.5%YoY supported by lower tax. The government's action towards increase in rural income & consumption will be the prime factor in budget FY20-21. We expect the revenue to grow by 10% CAGR over FY20-22E by factoring 9% volume growth owing to pick up in the construction equipment and expected revival in the tractor sales....