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VST Tillers Tractors Q2 Results Review


BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. 

VST Tillers Tractors Ltd. reported a healthy performance in Q2 FY23.

Net sales for the quarter came in at Rs 234 crore, flat YoY, QoQ amid power tiller sales volume of 8,819 units (up 2% YoY) and tractor sales volume of 1,688 units (down 27% YoY).

VST Tillers’ Ebitda for the quarter came in at Rs 32 crore with corresponding Ebitda margins at 13.8%, down 240 basis points YoY. However, it recovered meaningfully from the 7.2% levels reported in Q1 FY23.

Profit after tax in Q2 FY23 was at Rs 22.7 crore, down 29% YoY. On the balance sheet front, VST Tillers did see adverse working capital cycle leading to negative cash flow from operation in H1 FY23.

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