V.S.T. Tillers Tractors (VSTT) reported a ~12% YoY growth in revenues during 4QFY17. The company sold 7,766 tillers (down 2% YoY basis; up 92% on a QoQ basis), while tractor volumes came in at 2,567 units (up ~33% YoY). The tiller business contributed to a little over INR 1 bn while tractor sales stood at INR 750 mn. At the operating level, EBITDA numbers came in flat as margins contracted to 14.6% as compared to 16.3% in same quarter last year. Performance in the quarter is in line with the guidance that was provided by the management earlier during the year gone by there were higher investments made towards...