Key highlights: Strong quarter led by stellar margin expansion of tractor and railways divisions. We remain positive on the company's prospects and believe it will be a big beneficiaryofarevivalintractorsalesbasedon:(1)tractorindustryrecoverygatheringpace with industry growth expectation of 10%+ (2) focus on noncore markets (3) railways division orderbook at all time high of Rs 1000mn (4) costcutting initiatives bearing fruits. WebelieveEscortswillmorethandoubleitsprofitsbetweenFY1618,ledby12%revenue CAGRand440bpsmarginexpansion.WeincreaseourFY18EPSby10%onconsistentmargin...