External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

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External broker reports(aggregated public sources)

Edelweiss Broking Limited

Edelweiss Broking Limited is an Indian Financial services company based in Mumbai, India. The company is a subsidiary of Edelweiss Group. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Escorts Kubota Limited / Equity Bottom-Up

<ul><li>Escorts Ltd reported EBITDA of INR 210 cr led by better than expected revenue due to higher realization in tractor and construction equipment segments.</li><li>Top-line increased 1% YoY to INR 1,674cr, EBITDA margin was 12.6% which was lower by 550 bps yoy, and PAT declined by 24% YoY to INR 173cr. The increase in topline was driven by 59% yoy growth in construction equipment (CE) business combined with 6% yoy increase in railway business, off-setting 6% yoy decline in tractor revenues during the quarter.</li><li>With revival in the economy and government spending, we expect construction equipment and railway segment revenues to grow by double-digit CAGR over FY22- 24. Although tractor demand for agriculture to remain muted, the demand from nonagricultural purpose is expected to drive growth for next two years.</li><li>We continue to maintain ‘BUY’ on the stock with an upgraded target price of INR 1,760/share, valuing it at 22x on revised FY23E earnings estimates.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Escorts Ltd reported EBITDA of INR 210 cr led by better than expected revenue due to higher realization in tractor and construction equipment segments.Top-line increased 1% YoY to INR 1,674cr, EBITDA margin was 12.6% which was lower by 550 bps yoy, and PAT declined by 24% YoY to INR 173cr. The increase in topline was driven by 59% yoy growth in construction equipment (CE) business combined with 6% yoy increase in railway business, off-setting 6% yoy decline in tractor revenues during the quarter.With revival in the economy and government spending, we expect construction equipment and railway segment revenues to grow by double-digit CAGR over FY22- 24. Although tractor demand for agriculture to remain muted, the demand from nonagricultural purpose is expected to drive growth for next two years.We continue to maintain ‘BUY’ on the stock with an upgraded target price of INR 1,760/share, valuing it at 22x on revised FY23E earnings estimates.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Escorts Kubota Limited

Escorts Ltd:Operationally Inline Quarter