VST Tillers Tractors Ltd

VST Till. Tract. Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

VST Tillers Tractors Ltd

₹ 4,097 -0.80%
24 Jul - close price
vsttillers.com BSE: 531266 NSE: VSTTILLERS
About

VST Tillers Tractors Ltd. was established in the year 1967 by the VST Group of companies, a well-known century-old business house in South India. The founder of the group was Sri V.S. Thiruvengadaswamy Mudaliar.
VST Tillers Tractors Ltd. was promoted by VST Motors as a joint venture since 1966 with Mitsubishi Heavy Industries Ltd, Japan. The company is now the largest manufacturer of Power Tillers in India.

All of the collaborations have expired [1] and today VST family holds 51% of the equity in the listed company that has recorded consistent growth. [2]

Key Points

Brands
VST SHAKTI is India's No 1 brand in Power Tiller (walking Tractor) in India introduced over five decades ago. Tractors are also being marketed under the "FIELDTRAC" brand in various markets of the European Union meeting the latest EU standards. The Co. initially introduced as "VST Mitsubishi", has now expanded its presence under the brand "VST SHAKTI" with a range of compact and agricultural Tractors. [1]

Website BSE NSE
  • Market Cap ₹ 3,539 Cr.
  • Current Price ₹ 4,097
  • High / Low ₹ 4,395 / 2,961
  • Stock P/E 29.1
  • Book Value ₹ 1,070
  • Dividend Yield 0.61 %
  • ROCE 18.0 %
  • ROE 13.9 %
  • Face Value ₹ 10.0
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 18.3%

Cons

  • The company has delivered a poor sales growth of 9.50% over past five years.
  • Company has a low return on equity of 13.2% over last 3 years.
  • Earnings include an other income of Rs.60.6 Cr.
  • Debtor days have increased from 47.2 to 58.5 days.
  • Working capital days have increased from 152 days to 237 days

* 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.

Peer comparison

Sector: Automobile Industry: Automobiles - Tractors

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
195 194 233 208 218 236 234 214 323 246 279 170 273
187 168 195 178 188 219 202 190 268 214 235 160 234
Operating Profit 8 25 38 30 30 17 32 23 55 32 43 10 40
OPM % 4% 13% 16% 15% 14% 7% 14% 11% 17% 13% 15% 6% 15%
14 12 11 5 6 2 8 9 5 18 14 18 10
Interest 0 0 0 0 0 0 0 0 0 1 0 1 1
Depreciation 4 6 6 6 7 6 7 7 7 7 7 7 7
Profit before tax 18 31 43 29 29 13 34 25 53 43 50 20 43
Tax % 26% 23% 25% 27% 24% 21% 33% 22% 24% 23% 27% 17% 18%
13 24 32 21 22 10 23 19 40 33 36 17 35
EPS in Rs 14.97 27.79 37.21 24.36 25.58 11.63 26.32 22.49 46.47 38.19 42.19 19.62 40.65
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
482 624 552 647 675 763 615 544 764 854 1,006 968
409 505 451 534 574 644 560 514 670 729 879 844
Operating Profit 72 119 100 113 101 120 55 30 95 125 127 124
OPM % 15% 19% 18% 17% 15% 16% 9% 6% 12% 15% 13% 13%
2 9 12 12 29 45 35 11 46 34 25 61
Interest 1 2 2 3 3 2 2 2 4 2 1 2
Depreciation 3 4 9 13 12 11 16 16 17 25 27 27
Profit before tax 70 122 101 110 116 152 72 23 119 132 124 156
Tax % 30% 32% 31% 33% 29% 26% 36% 22% 24% 25% 25% 22%
49 83 70 74 83 112 46 18 91 99 92 122
EPS in Rs 56.22 96.00 80.47 85.80 95.73 129.61 53.31 20.85 105.08 114.95 106.92 140.64
Dividend Payout % 16% 16% 19% 17% 16% 39% 28% 72% 19% 17% 23% 14%
Compounded Sales Growth
10 Years: 4%
5 Years: 10%
3 Years: 8%
TTM: -4%
Compounded Profit Growth
10 Years: 4%
5 Years: 19%
3 Years: 10%
TTM: 32%
Stock Price CAGR
10 Years: 10%
5 Years: 30%
3 Years: 26%
1 Year: 34%
Return on Equity
10 Years: 14%
5 Years: 12%
3 Years: 13%
Last Year: 14%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 9 9 9 9 9 9 9 9 9 9 9 9
Reserves 236 304 355 411 491 588 581 568 659 741 816 915
0 0 0 0 0 0 0 0 0 0 2 1
91 158 109 113 131 189 158 152 218 217 264 242
Total Liabilities 336 470 472 533 631 786 748 729 885 966 1,091 1,167
77 124 135 127 147 158 206 206 248 266 261 250
CWIP 14 0 2 3 10 57 35 48 25 12 14 5
Investments 4 106 95 136 188 204 165 156 312 414 430 484
240 239 240 267 286 367 343 318 300 275 385 428
Total Assets 336 470 472 533 631 786 748 729 885 966 1,091 1,167

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
50 131 26 85 86 33 43 72 155 125 36 49
-11 -131 -13 -43 -75 -36 11 -33 -148 -110 -32 9
-26 -11 -17 -34 -3 -17 -54 -33 -2 -19 -19 -24
Net Cash Flow 13 -10 -4 9 9 -19 0 7 6 -4 -14 33

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 74 60 62 70 71 89 57 65 39 29 54 58
Inventory Days 92 77 102 70 58 58 111 100 77 64 56 65
Days Payable 25 60 17 28 30 46 31 57 60 52 68 55
Cash Conversion Cycle 140 77 148 112 100 101 137 108 56 41 42 69
Working Capital Days 102 52 95 89 86 94 124 113 41 27 191 237
ROCE % 31% 45% 30% 29% 24% 26% 14% 6% 20% 19% 16% 18%

Shareholding Pattern

Numbers in percentages

Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024
54.77% 54.82% 54.82% 54.82% 55.58% 55.58% 55.58% 55.58% 55.58% 55.58% 55.64% 55.64%
5.15% 5.67% 5.54% 5.43% 3.98% 1.26% 1.26% 1.76% 2.07% 2.02% 1.88% 2.79%
14.97% 15.20% 15.85% 16.40% 16.39% 19.73% 19.79% 18.97% 17.24% 16.61% 16.87% 17.97%
25.11% 24.30% 23.79% 23.35% 24.03% 23.42% 23.37% 23.69% 25.12% 25.79% 25.62% 23.60%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.00% 0.00% 0.00% 0.00%
No. of Shareholders 21,10622,20520,68220,87721,70721,60423,73023,92325,45626,12126,85525,190

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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