The management though expects a strong recovery in sales after the lockdown since agriculture output in FY 22 will continue to be robust. Hence, the management expects FY22 industry growth at mid-single digits," said analysts of Motilal Oswal in report. Escorts reported a sharp 128% year-on-year in increase net profit to ₹285.40 crore as result of substantial growth in tractor, construction equipments and railway machinery segments. The domestic tractor volumes are near the peak and may witness 7% decline in CAGR over FY21-23E. We expect earnings growth to be lower at a 1% CAGR over FY21-23E.

Source: Mint May 24, 2021 17:10 UTC