Escorts Annual Report Analysis - High Base, Uncertain Environment Limits Upside: Dolat Capital
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Dolat Capital Report
Escorts Ltd. in its FY21 annual report demonstrates the strong operating performance of the company led by strong growth in tractor segment, better mix and strong export (tractor export grew 30% YoY).
The company’s revenue shares for 40 horsepower plus segment in the domestic market increased from 51% in FY20 to 62% in FY21 led by new product launches in higher HP.
Management is hoping mid-single growth for the tractor segment for FY22 on the back of positive macroeconomic factors like high reservoir levels, better retail financing, record crop production and better food grain prices.
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