A better-than-expected June quarter performance and expectations of steady growth in FY21 led to a 4.5 per cent gain for the Escorts stock. The outperformance was because of a better product mix and lower expenses, which resulted in higher realisations and margin expansions. The operating front gains came despite a 14 per cent year-on-year (YoY) fall in tractor volumes. Agri machinery (tractors) is the largest of the three segments Escorts is in, and accounts for 80 per cent of its revenues.
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First Published: Tue, July 28 2020. 14:11 IST