Escorts Kubota Ltd. share price target

Revenue from Operations grew 37.3% YoY to `16.5bn. EBITDA margins expanded by 8bps on a YoY basis to 12.1%. PAT (before exceptional items) grew by 40.7% YoY to `1.2bn. Segment revenue during the quarter stood at `12,925mn as against `9,484mn during...

Escorts reported a healthy set of Q3FY19 numbers Revenues increased 37.4% YoY to | 1,655 crore, with broad based growth across divisions. Gross revenue from agri equipment machinery (EAM) grew 36.3% YoY to | 1,293 crore tracking robust tractor volumes growth of 36% YoY to 25,743 units Gross revenue from construction equipment grew 44.0% YoY to | 266 crore (volumes up 30.0% YoY to 1,413 units) while revenue from railway equipment grew 34.1% YoY to | 97 crore...

28 January 2019 YoY (+18% QoQ) to INR16.5b (est. Tractor/construction equipment (CE)/railway businesses grew 36%/44%/34% YoY, led by volume and realizations growth. Tractor segment realization grew 0.2% QoQ (+1.2% YoY) to INR502k (est. INR497.1k) largely led by price hikes as mix worsened QoQ. EBITDA margin came in at 12.1% (est. of 11.5%), as impact of higher RM cost (+310bp YoY) was more than offset by operating leverage. ESC reported exceptional gain of INR109m relating to transfer of the rough-terrain cranes business to its JV Tadano Limited, on a slump sale basis.

We recently met CFO of Escorts Ltd. (EL), which is the fourth-largest player in the tractor segment in India (after Mahindra & Mahindra Ltd, Tractors and Farm Equipment Ltd. and Interactional Tractors Limited) with a market share of 11%. The Farm Equipment (EFE) division which contributes 79% to the top line, offers a wide range of tractors - 10-75HP - primarily under the Farmtrac, Powertrac and Steeltrac brands. Construction and material handling equipment (15% of revenue) and railway equipment (6% of revenue) are other businesses that company operates....

We recently met CFO of Escorts Ltd. (EL), which is the fourth-largest player in the tractor segment in India (after Mahindra & Mahindra Ltd, Tractors and Farm Equipment Ltd. and Interactional Tractors Limited) with a market share of 11%. The Farm Equipment (EFE) division which contributes 79% to the top line, offers a wide range of tractors - 10-75HP - primarily under the Farmtrac, Powertrac and Steeltrac brands. Construction and material handling equipment (15% of revenue) and railway equipment (6% of revenue) are other businesses that company operates....

Domestic tractor volumes in Q2FY19 stood at 20,553 units as against 19,817 units in Q2FY18, an increase of 4% Y-o-Y. Export volumes decreased from 541 units in Q2FY18 to 486 units in Q2FY19. Avg. realization during the quarter stood at...

ICICI Securities Ltd | Retail Equity Research Escorts reported a decent set of Q2FY19 numbers. Revenues were at | 1398 crore, up 15.4% YoY, down 7.5% QoQ. Its core tractor segment reported subdued revenue growth but its other segments reported strong growth. Revenue from agri machinery (EAM) grew 7.2% YoY to | 1,043 crore (volume up 3.4% YoY to 21,039 units & ASP grew 3.8% YoY). Revenue from the construction equipment grew 50.8% YoY to | 249 crore (volume up 36.9% YoY to 1,331...

Escorts (ESC) has delivered a healthy performance across parameters in 2QFY19 with betterthan-expected operating margin across business segments despite a challenging business environment. Its revenue, EBIDTA and adjusted PAT grew by 15%, 12% and 25% YoY, while sequentially declining by 8%, 15% and 14% (due to seasonality) to Rs13.98bn, Rs1.58bn and Rs1.03bn vs. our estimate of Rs13.1bn, Rs1.44bn and Rs0.96bn, respectively. Its EBIDTA margin fell by 37bps YoY and 101bps QoQ to 11.3% (vs. our estimate of 11%). While tractor volume grew by just 3.3% YoY, volume of construction equipment and revenue from railway segment rose by a strong 37% YoY and 45% YoY, respectively. Its RM/sales increased by 81bps YoY (-12bps QoQ) to 67.5%, while other expenses/sales rose by 102bps YoY and 106bps QoQ to 13.2%. Its...

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