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Motilal Oswal Report
Escorts Ltd.’s Q1 FY23 performance was severely impacted by weaker mix and a sharp increase in steel prices. It lost market share of ~140 basis point YoY as the company focused on balancing market share and margins.
While H2 FY23 outlook is still unclear, visibility on margins recovery is high though market share revival needs to be monitored carefully.
We cut our FY23E/FY24E earnings per share of Escorts by 7%/6% to factor in deteriorating mix and lower volumes thus affecting the margins.
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