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Motilal Oswal Report
Escorts Ltd.'s Q3 FY21 performance was in-line, with strong profitability and over 80% profit after tax growth.
This was led by strong tractor volumes, a favorable mix, and cost-cutting initiatives.
While the demand outlook remains strong, supply chain challenges are easing. Also, other businesses are showing signs of recovery.
We upgrade FY21E earning per share by approximately 5%, factoring in volume and margin upgrades, but we maintain FY22E/FY23E EPS estimates.
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