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Dolat Capital Report
Escorts Kubota Ltd.'s operating margin expanded 324 basis points QoQ to 14%, led by better mix and softening commodity prices (higher mix of tractor and railway business).
Escorts Kubota's management expects margin to sustain in coming quarter led by price hike and benign raw material prices (casting, sheet metal and rubber prices.)
Demand momentum to continue across geographies and expect mid-single digit tractor growth in FY24 on the back of better macro-economic factors and strong jump in tractor demand from the non-agriculture segment.
We maintain our positive view led by an increase in network and product lineup up with the help of Kubota Global and strong midterm guidance.
We increase earnings per share by 11/8% for FY24/25E and value the stock Rs 2763 (25 times FY25E EPS). Maintain 'Accumulate'.
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