In-line revenues, strong margin beat: Escorts' (ESC) 1QFY17 revenues grew 9.4% YoY to INR10,514m (v/s estimate of INR10,853m), driven by a strong performance in construction equipment (+34% YoY), while tractors grew at 6% YoY, despite volume growth of 10%. Retail-level volume growth in tractors was strong at 19% as channel inventory correction stood at 1,500 tractors. Railways reported 12% revenue growth, while the auto business de-grew by 31%. EBITDA margin grew strongly by 230bp to 8.3%, mainly driven by gross margin improvement of 250bp. EBITDA grew by 52% to INR878m, while adjusted PAT...