VST Tillers Tractors Ltd. share price target

VST Tillers & Tractors (VST) continued to report dismal numbers amid a fall in sales volume and muted EBITDA margin trajectory Power tiller volume in Q3FY19 was at 4,507 units, down 35.6% YoY while tractor volume was at 2,063 units, down 2.3% YoY Net sales in Q3FY19 came in at | 146.0 crore, down 11.9% YoY EBITDA for the quarter was at | 13.4 crore with consequent operating margins at 9.2%. Margins came in lower tracking higher other expenses amid controlled raw material & employee costs...

ICICI Securities Ltd | Retail Equity Research VST Tillers & Tractors (VST) reported a dismal Q2FY19 performance. Topline de-growth of 20% YoY was following the de-growth in sales volume. The real dampener was, however, EBITDA margin that came in muted at 1.9% vs. the usual run rate of 13-15% Power tiller volume in Q2FY19 was at 5,396 units, down 24.2% YoY while tractor volume was at 2,087 units, down 18.3% YoY Net sales in Q2FY19 came in at | 144.6 crore, down 20.2% YoY...

ICICI Securities Ltd | Retail Equity Research VST Tillers & Tractors (VST) reported a muted performance in Q1FY19, primarily tracking ~25% de-growth in sales volume Power tiller sales volume in Q1FY19 came in at 5,367, down 24.6% YoY while tractor sales volume was at 1,927, down 24.6% YoY Net sales in Q1FY19 came in at | 145.6 crore, down 19.6% YoY EBITDA in Q1FY19 was at | 18.5 crore, with corresponding EBITDA margins at 12.7%. Margins came in lower tracking negative operating...

Domestic tractor sales volumes to continue growth momentum from previous year, and increase by 18-20% in FY18, on the back of a second consecutive near normal monsoon and favorable farm sentiments. Tractor sales to further improve by 11-13% in FY19 over the high base this fiscal, with assumptions of a normal monsoon and increased government support. The management expect the growth to be in line with the industry. In India today, 62% of the population depend on agriculture and out of that 62% population, 80% are marginal farmer, these are the farmers who own less than...

ICICI Securities Ltd | Retail Equity Research VST Tillers & Tractors (VST) reported muted sales volumes in Q1FY19 on both the power tillers and tractors front. For June 2018, power tiller sales volumes came in at 2948 units (down 28.0% YoY) while tractor sales volumes were at 871 units (down 8.7% YoY) For Q1FY19, power tiller sales volume came in at 5,367 units, down 24.6% YoY while tractor sales were at 1,927 units, down 24.6% YoY The weak performance by the company in the less than 30 hp tractor...

ICICI Securities Ltd | Retail Equity Research VST Tillers & Tractors (VST) reported a robust Q3FY18 performance primarily tracking one time input tax credit of | 3.4 crore and higher other income incorporating mark to mark gains on investment book Power tiller sales volume in Q3FY18 came in at 7,003 units, up 73.3%YoY while tractor sales were at 2,111 units, down 12.4% YoY Net sales in Q3FY18 came in at | 165.7 crore, up 14.6% YoY EBITDA in Q3FY18 was at | 29.0 crore, with corresponding EBITDA...

ICICI Securities Ltd | Retail Equity Research VST Tillers & Tractors (VST) reported a muted Q2FY18 performance primarily tracking lower sales realisations and higher overhead costs Power tiller sales volume in Q2FY18 came in at 5,888 units, down 8.1% YoY while tractor sales were at 3,129 units, up 24.8% YoY Net sales in Q2FY18 came in at | 175.5 crore, up 0.5% YoY EBITDA in Q2FY18 was at | 24.4 crore, with corresponding EBITDA margins at 13.9%. PAT during the quarter was at | 18.7 crore...

Robust Operations Strategy in Place; New Product Launchesto Amplify the Growth Momentum: Revenue from operations for VST Tillers Tractors Ltd for Q1FY18 stood at Rs. 1,812 Mn, marking a growth of 1.7% YoY. EBITDA margin saw some pruning during Q1FY18 and was recorded at 13.5%, marking a decline of 70bps from FY17 level of 14.2%.

VST Tillers & Tractors (VST) reported a mixed Q1FY18 performance driven mainly by higher other income (~| 14.8 crore) and robust tractor performance while power tillers failed to deliver growth Net sales in Q1FY18 came in at | 181.2 crore, up 4.8% YoY In Q1FY18, power tiller sales volume were at 7119 units (down 2.5% YoY) while tractor sales volume was at 2555 units (up 18.4% YoY) EBITDA in Q1FY18 was at | 24.5 crore, with corresponding EBITDA margins at 13.5%. PAT during the quarter was at | 28.2 crore...

ICICI Securities Ltd | Retail Equity Research VST Tillers & Tractors (VST) reported sales volume for June 2017. Power tiller sales volume for the month came in at 4099 units, up 23% YoY (3330 units in June 2016). Tractor sales volume for the month was at 954 units, up 6.1% YoY (899 units in June 2016) For the quarter, power tiller sales volume was at 7119 units, down 2% YoY while tractor sales volume was at 2555 units, up 18% YoY This is line with the management guidance of clocking 28000 power...