It expects to We are upgrading our EPS estimates by 3%/2% for FY21/22E as we tweak our volumes for tractors and growth for other businesses. Subsidy-based sales are expected to return in FY21 and could be higher than Kubota JV SOP is estimated by 3QFY21, it has been delayed due to the In 4QFY20, addressable Construction Equipment industry stood at -24% (v/s - 32.2% for Escorts with 50% sales decline in month of Mar20). Through this partnership, ESC gains access to (a) global product knowhow (in tractors and implements), (b) global distribution network, and (c) global supply chain (by We expect the railway business to deliver ~15% CAGR over FY20-22E, benefitting from the ramp-up in new products, whereas construction equipment revenues are estimated to be flat over FY20-22E. Our estimates are not yet factoring in any contribution from We are upgrading our EPS estimates by 3%/2% for FY21/22E to reflect the improving outlook for tractor volumes, mix and cost savings.