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Nirmal Bang Report
We recently hosted the management of Escorts Ltd., as part of our ‘Annual Investor Conference' to gain insights into the current business environment, demand trends, opportunities and headwinds. Following are the key takeaways:
The domestic tractor segment is witnessing a muted demand environment due to delayed monsoon and a high base of FY21. Rabi output is likely to be better this season, which will lead to decent Q4 FY22 volume (albeit on a high base). Expects domestic tractor industry volume to decline by 4-6% in FY22.
Escorts sees FY24 to be a tad volatile year due to general elections and change in emission norms, but expects pre-buying to drive demand. Medium term growth outlook stands at a compound annual growth rate of 4- 6% while over the longer term; industry will grow at a CAGR of 7-9%.
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