External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

Escorts Kubota Limited / Equity Bottom-Up

<p>Operating performance in 1QFY22 was driven by strong growth in the Tractor business (benefitting from the mix). The demand outlook is turning murky, which raises uncertainties over the next 12-15 months, though Kubota JV, leaner cost structure, recovery in the Railways/Construction Equipment, and a strong Balance Sheet will dilute impact on the P&amp;L.; We cut our FY22E/FY23E EPS by 2%/11% to factor in weaker volumes. We...</p><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>

Operating performance in 1QFY22 was driven by strong growth in the Tractor business (benefitting from the mix). The demand outlook is turning murky, which raises uncertainties over the next 12-15 months, though Kubota JV, leaner cost structure, recovery in the Railways/Construction Equipment, and a strong Balance Sheet will dilute impact on the P&amp;L.; We cut our FY22E/FY23E EPS by 2%/11% to factor in weaker volumes. We...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.

Above our estimate; a strong showing in Tractors, but the cycle is turning