Tractor outlook remains subdued

11 Mar 2024
5 Min read 
  • Escorts Kubota's 3QFY24 results came in below estimates due to weak tractor demand.
  •  The company expects a 6-7% decline in tractor industry volumes in FY24.
  •  Tractor outlook remains subdued, with a weak 1QFY25 expected if elections are declared.
  •  FY24E/FY25E EPS reduced by 5%/7% to account for weaker volumes and higher raw material costs.
  •  Neutral rating on the stock with a target price of INR2,765.
  •  Margin expansion in the agri business aided by better average selling prices.
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