VST Tillers Tractors Ltd.

NSE: VSTTILLERS | BSE: 531266 | ISIN: INE764D01017 |Industry: Commercial Vehicles
|Expensive Performer
1582.15 34.95 (2.26%)
NSE Oct 23, 2020 15:31 PM
Volume: 6,059
 

VST Tillers Tractors Ltd.    
17 Nov 2017
1582.15
2.26%
Nirmal Bang Institutional
VST Tillers' (VST) 2QFY18 numbers were below our expectations as the company reported lower-thanexpected sales and margins, leading to lower earnings. Net sales at Rs1.75bn grew 4% YoY, but fell 3% QoQ and were 7% below our estimate. Lower sales were because of an inferior product mix and Goods and Services Tax or GST impact during the quarter. EBITDA margin at 13.9% improved 33bps QoQ, but was 140bps lower than our estimate following higher employee costs and higher other expenditure. Gross margin for the quarter improved 100bps QoQ. The company's management at the conference-call indicated that new permits have resumed in Andhra Pradesh for tillers and it expects good momentum in tiller sales to continue in 3QFY18/4QFY18. The management gave guidance of 27,000 tiller sales for FY18, while for tractors it expects the strong momentum to continue. As regards...
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VST Tillers Tractors Ltd. has gained 28.00% in the last 1 Year
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