VST Tillers Tractors

₹3294.1 -137.2 | 4%

WEBSITE BSE:531266 NSE : VST TILLERS 10 May, 16:01

Market Cap ₹2846 Cr.

Stock P/E 23.5

P/B 3.1

Current Price ₹3294.1

Book Value ₹ 1069.6

Face Value 10

52W High ₹4184.3

Dividend Yield 0.61%

52W Low ₹ 2449.5

Edit Ratio

VST Tillers Tractors Research see more...

Equity Research Report: VST Tillers Tractors

Overview Inc. Year: 1967Industry: Automobiles-Tractors

VST Tillers Tractors Ltd is engaged within the manufacturing of power tiller and tractor. The Company operates through the manufacturing and trading of agriculture machinery section. Its products include rice transplanter, power reaper, engines, precision/car components and agriculture implements. Its power tillers comprises Mitsubishi Shakti VWH 120 Power Tiller and VST Shakti 130 DI Power Tiller. Its tractors consists of VST Mitsubishi Shakti VT 224-1D, Mitsubishi Shakti MT 180D Tractor, VST Shakti MT180D/JAI-2W and VST Shakti MT 270-VIRAAT 4W. The Company additionally offers VST Shakti VS-4PR(n) Power Reaper and VST Yanji Shakti 8 Row Paddy Transplanter. Its engines include K3C, V3D, 130DI and VWH 120 Engine. Its precision/automobile additives include diesel engine additives and light engineering additives. The Company's agriculture implements consist of cage wheel, 5 tyne cultivator, plough, ridger, extension wheel, sprayer unit and spring loaded cultivator.

VST Tillers Tractors Share Price

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Price: NSE50 DMA200 DMAVolume

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Peer Comparison

VST Tillers Tractors Quarterly Results

#(Fig in Cr.)	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Jun 2023	Sep 2023
Net Sales	203	195	194	233	208	218	236	234	246	279
Other Income	15	14	12	11	5	6	2	8	18	14
Total Income	218	209	205	244	214	225	238	242	264	292
Total Expenditure	173	187	168	195	178	188	219	202	214	235
Operating Profit	45	22	37	49	36	37	19	41	50	57
Interest	0	0	0	0	0	0	0	0	1	0
Depreciation	4	4	6	6	6	7	6	7	7	7
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	40	18	31	43	29	29	13	34	43	50
Provision for Tax	9	5	7	11	8	7	3	11	10	13
Profit After Tax	31	13	24	32	21	22	10	23	33	36
Adjustments	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	31	13	24	32	21	22	10	23	33	36
Adjusted Earnings Per Share	35.7	15	27.8	37.2	24.4	25.6	11.6	26.3	38.2	42.2

VST Tillers Tractors Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	482	624	552	647	675	763	615	544	764	854	1006	995
Other Income	2	9	12	12	26	45	45	24	46	34	25	42
Total Income	484	633	563	659	702	809	660	567	810	888	1031	1036
Total Expenditure	409	505	451	534	574	644	570	526	672	729	879	870
Operating Profit	74	128	112	125	128	165	90	41	138	159	153	167
Interest	1	2	2	3	3	2	2	2	2	2	2	1
Depreciation	3	4	9	13	12	11	16	16	17	25	27	27
Exceptional Income / Expenses	0	0	0	0	3	0	0	0	0	0	0	0
Profit Before Tax	70	122	101	110	116	152	72	23	119	132	124	140
Provision for Tax	21	39	31	36	33	40	25	5	28	33	32	37
Profit After Tax	49	83	70	74	83	112	46	18	91	99	92	102
Adjustments	0	0	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	49	83	70	74	83	112	46	18	91	99	92	102
Adjusted Earnings Per Share	56.2	96	80.5	85.8	95.7	129.6	53.3	20.8	105.1	114.9	106.9	118.3

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	18%	23%	6%	8%
Operating Profit CAGR	-4%	55%	-1%	8%
PAT CAGR	-7%	72%	-4%	7%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	34%	22%	23%	13%
ROE Average	12%	13%	10%	16%
ROCE Average	16%	18%	14%	24%

VST Tillers Tractors Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	244	312	364	420	500	596	590	577	668	750	824
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	0	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	23	33	39	43	48	46	53	42	43	43	46
Total Current Liabilities	68	125	70	70	83	143	105	110	174	174	221
Total Liabilities	336	470	472	533	631	786	748	729	885	966	1091
Fixed Assets	77	124	135	127	127	136	183	184	226	244	240
Other Non-Current Assets	23	7	21	31	80	151	111	119	108	124	127
Total Current Assets	236	339	317	376	425	499	455	425	550	598	725
Total Assets	336	470	472	533	631	786	748	729	885	966	1091

VST Tillers Tractors Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	20	33	22	18	27	36	16	17	23	29	25
Cash Flow from Operating Activities	50	131	26	85	87	33	43	72	155	125	36
Cash Flow from Investing Activities	-11	-131	-13	-43	-75	-36	11	-33	-148	-110	-32
Cash Flow from Financing Activities	-26	-11	-17	-34	-3	-17	-54	-33	-2	-19	-19
Net Cash Inflow / Outflow	13	-10	-4	9	9	-19	0	7	6	-4	-14
Closing Cash & Cash Equivalent	33	22	18	27	36	16	17	23	29	25	11

VST Tillers Tractors Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	56.22	96	80.46	85.81	95.73	129.61	53.32	20.84	105.07	114.95	106.9
CEPS(Rs)	60.11	100.53	91.36	100.33	109.41	142.18	71.59	39.77	124.84	143.93	138.09
DPS(Rs)	9	15	15	15	0	50	15	15	20	20	25
Book NAV/Share(Rs)	282.11	360.56	420.09	485.57	578.76	690.28	682.79	667.76	772.7	867.57	954.28
Core EBITDA Margin(%)	14.97	19.03	18.15	17.45	14.96	15.67	7.04	3.07	11.48	13.96	12.18
EBIT Margin(%)	14.71	19.8	18.6	17.41	17.56	20.17	11.61	4.35	15.1	14.97	11.99
Pre Tax Margin(%)	14.42	19.51	18.2	16.98	17.1	19.93	11.22	4.06	14.85	14.79	11.8
PAT Margin (%)	10.06	13.26	12.58	11.44	12.2	14.66	7.22	3.16	11.31	11.11	8.8
Cash Profit Margin (%)	10.76	13.89	14.28	13.37	13.95	16.08	9.7	6.04	13.44	13.91	11.36
ROA(%)	14.78	20.58	14.76	14.74	14.2	15.81	6.01	2.44	11.25	10.73	8.98
ROE(%)	21.69	29.87	20.61	18.95	17.99	20.43	7.77	3.09	14.59	14.02	11.74
ROCE(%)	30.62	44.59	30.48	28.83	25.88	28.11	12.48	4.24	19.47	18.88	16
Receivable days	83.4	58.25	64.78	61.3	68.96	76.06	80.85	61.74	40.46	30.5	37.69
Inventory Days	56.25	49.45	61.67	50.85	40.69	35.62	57.82	72.44	47.57	42.39	36.25
Payable days	33.21	34.18	37.26	20.6	28.08	36.22	42.97	45.12	50.48	52.18	55.13
PER(x)	6.3	9.77	15.45	17.3	18.8	19.38	24.71	32.25	16.96	20.91	21.26
Price/Book(x)	1.26	2.6	2.96	3.06	3.11	3.64	1.93	1.01	2.31	2.77	2.38
Dividend Yield(%)	2.54	1.6	1.21	1.01	0	1.99	1.14	2.23	1.12	0.83	1.1
EV/Net Sales(x)	0.57	1.26	1.91	1.94	2.25	2.82	1.82	1.02	1.97	2.39	1.92
EV/Core EBITDA(x)	3.67	6.17	9.41	10.01	11.91	13.05	12.46	13.5	10.91	12.88	12.66
Net Sales Growth(%)	-9.23	29.6	-11.63	17.24	4.43	13.05	-19.47	-11.57	40.57	11.73	17.87
EBIT Growth(%)	-4.6	74.3	-16.99	9.77	5.49	29.48	-51.96	-66.59	389.92	10.41	-5.9
PAT Growth(%)	-2.71	70.75	-16.18	6.64	11.57	35.39	-58.86	-60.91	404.15	9.4	-7
EPS Growth(%)	-2.71	70.75	-16.18	6.64	11.57	35.39	-58.86	-60.91	404.15	9.4	-7
Debt/Equity(x)	0	0	0	0	0	0	0	0	0	0	0
Current Ratio(x)	3.46	2.71	4.54	5.36	5.1	3.48	4.32	3.87	3.16	3.44	3.28
Quick Ratio(x)	2.24	2.02	3.11	4.21	4.25	2.93	3.14	2.94	2.54	2.86	2.79
Interest Cover(x)	50.6	67.21	46.37	40.6	38.23	83.26	29.71	15.19	62.38	83.46	64.36
Total Debt/Mcap(x)	0	0	0	0	0	0	0	0	0	0	0

VST Tillers Tractors Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	54.82	54.82	54.82	55.57	55.57	55.57	55.57	55.57	55.57	55.63
FII	5.67	5.54	5.43	3.98	1.26	1.26	1.76	2.07	2.02	1.89
DII	15.21	15.86	16.4	16.4	19.74	19.8	18.98	17.24	16.61	16.87
Public	24.3	23.79	23.35	24.05	23.42	23.37	23.69	25.12	25.8	25.61
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	0.47	0.47	0.47	0.48	0.48	0.48	0.48	0.48	0.48	0.48
FII	0.05	0.05	0.05	0.03	0.01	0.01	0.02	0.02	0.02	0.02
DII	0.13	0.14	0.14	0.14	0.17	0.17	0.16	0.15	0.14	0.15
Public	0.21	0.21	0.2	0.21	0.2	0.2	0.2	0.22	0.22	0.22
Others	0	0	0	0	0	0	0	0	0	0
Total	0.86	0.86	0.86	0.86	0.86	0.86	0.86	0.86	0.86	0.86

Pros

Company is almost debt free.

Cons

Company has a low return on equity of 13% over the last 3 years.
Debtor days have increased from 52.18 to 55.13days.
Stock is trading at 3.1 times its book value.
The company has delivered a poor profit growth of -3% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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VST Tillers Tractors

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VST Tillers Tractors Research see more...

Overview Inc. Year: 1967Industry: Automobiles-Tractors

VST Tillers Tractors Share Price

Alert Data

Quarterly Price

Peer Comparison

VST Tillers Tractors Quarterly Results

VST Tillers Tractors Profit & Loss

Growth Rates

VST Tillers Tractors Balance Sheet

VST Tillers Tractors Cash Flow

VST Tillers Tractors Ratios

VST Tillers Tractors Shareholding Pattern

VST Tillers Tractors News

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