Analyst Corner: Maintain ‘buy’ on Escorts, revised TP at Rs 1,350

EBITDA came in at Rs 345 crore (our estimate: Rs 333 crore) as compared to Rs 364 crore reported in Q3FY21, a de-growth of ~5%qoq. EBITDA margin stood at 15.6% (contraction of 245 bps qoq) in line with our estimate of 15.5%. The margins contracted on account of the adverse impact of rising commodity prices.

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