VST Tillers Tractors Ltd
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]
- Market Cap ₹ 2,814 Cr.
- Current Price ₹ 3,257
- High / Low ₹ 4,196 / 2,252
- Stock P/E 22.2
- Book Value ₹ 1,009
- Dividend Yield 0.76 %
- ROCE 15.9 %
- ROE 11.7 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 19.9%
Cons
- Company has a low return on equity of 13.3% over last 3 years.
- Earnings include an other income of Rs.55.4 Cr.
- Debtor days have increased from 40.7 to 54.1 days.
- Working capital days have increased from 80.4 days to 173 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
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
531 | 482 | 624 | 552 | 647 | 675 | 763 | 615 | 544 | 764 | 854 | 1,006 | 1,017 | |
458 | 409 | 505 | 451 | 534 | 574 | 644 | 560 | 514 | 670 | 729 | 879 | 878 | |
Operating Profit | 73 | 72 | 119 | 100 | 113 | 101 | 120 | 55 | 30 | 95 | 125 | 127 | 139 |
OPM % | 14% | 15% | 19% | 18% | 17% | 15% | 16% | 9% | 6% | 12% | 15% | 13% | 14% |
5 | 2 | 9 | 12 | 12 | 29 | 45 | 35 | 11 | 46 | 34 | 25 | 55 | |
Interest | 1 | 1 | 2 | 2 | 3 | 3 | 2 | 2 | 2 | 4 | 2 | 1 | 2 |
Depreciation | 3 | 3 | 4 | 9 | 13 | 12 | 11 | 16 | 16 | 17 | 25 | 27 | 27 |
Profit before tax | 73 | 70 | 122 | 101 | 110 | 116 | 152 | 72 | 23 | 119 | 132 | 124 | 165 |
Tax % | 32% | 30% | 32% | 31% | 33% | 29% | 26% | 36% | 22% | 24% | 25% | 25% | |
50 | 49 | 83 | 70 | 74 | 83 | 112 | 46 | 18 | 91 | 99 | 92 | 127 | |
EPS in Rs | 57.79 | 56.22 | 96.00 | 80.47 | 85.80 | 95.73 | 129.61 | 53.31 | 20.85 | 105.08 | 114.95 | 106.92 | 146.47 |
Dividend Payout % | 16% | 16% | 16% | 19% | 17% | 16% | 39% | 28% | 72% | 19% | 17% | 23% |
Compounded Sales Growth | |
---|---|
10 Years: | 8% |
5 Years: | 6% |
3 Years: | 23% |
TTM: | 13% |
Compounded Profit Growth | |
---|---|
10 Years: | 7% |
5 Years: | -2% |
3 Years: | 56% |
TTM: | 70% |
Stock Price CAGR | |
---|---|
10 Years: | 14% |
5 Years: | 20% |
3 Years: | 22% |
1 Year: | 46% |
Return on Equity | |
---|---|
10 Years: | 14% |
5 Years: | 11% |
3 Years: | 13% |
Last Year: | 12% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Sep 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
Reserves | 196 | 236 | 304 | 355 | 411 | 491 | 588 | 581 | 568 | 659 | 741 | 816 | 863 |
16 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 2 | |
101 | 91 | 158 | 109 | 113 | 131 | 189 | 158 | 152 | 218 | 217 | 264 | 226 | |
Total Liabilities | 322 | 336 | 470 | 472 | 533 | 631 | 786 | 748 | 729 | 885 | 966 | 1,091 | 1,099 |
57 | 77 | 124 | 135 | 127 | 147 | 158 | 206 | 206 | 248 | 266 | 261 | 254 | |
CWIP | 6 | 14 | 0 | 2 | 3 | 10 | 57 | 35 | 48 | 25 | 12 | 14 | 17 |
Investments | 24 | 4 | 106 | 95 | 136 | 188 | 204 | 165 | 156 | 312 | 414 | 430 | 413 |
234 | 240 | 239 | 240 | 267 | 286 | 367 | 343 | 318 | 300 | 275 | 385 | 414 | |
Total Assets | 322 | 336 | 470 | 472 | 533 | 631 | 786 | 748 | 729 | 885 | 966 | 1,091 | 1,099 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
-10 | 50 | 131 | 26 | 85 | 86 | 33 | 43 | 72 | 155 | 125 | 36 | |
3 | -11 | -131 | -13 | -43 | -75 | -36 | 11 | -33 | -148 | -110 | -32 | |
6 | -26 | -11 | -17 | -34 | -3 | -17 | -54 | -33 | -2 | -19 | -19 | |
Net Cash Flow | -1 | 13 | -10 | -4 | 9 | 9 | -19 | 0 | 7 | 6 | -4 | -14 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 85 | 74 | 60 | 62 | 70 | 71 | 89 | 57 | 65 | 39 | 29 | 54 |
Inventory Days | 64 | 92 | 77 | 102 | 70 | 58 | 58 | 111 | 100 | 77 | 64 | 56 |
Days Payable | 39 | 25 | 60 | 17 | 28 | 30 | 46 | 31 | 57 | 60 | 52 | 68 |
Cash Conversion Cycle | 109 | 140 | 77 | 148 | 112 | 100 | 101 | 137 | 108 | 56 | 41 | 42 |
Working Capital Days | 88 | 102 | 52 | 95 | 89 | 86 | 94 | 124 | 113 | 41 | 27 | 173 |
ROCE % | 39% | 31% | 45% | 30% | 29% | 24% | 26% | 14% | 6% | 20% | 19% |
Documents
Announcements
- Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 1d
- Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 1d
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 19 Mar
- Announcement under Regulation 30 (LODR)-Monthly Business Updates 1 Mar
- Grant Of ESOPS (Rsus) 26 Feb
Annual reports
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Financial Year 2011
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Concalls
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Feb 2024Transcript PPT
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Nov 2023TranscriptPPT
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Nov 2023Transcript PPT
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Aug 2023Transcript PPT
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May 2023TranscriptPPT
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Feb 2023TranscriptPPT
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Nov 2022TranscriptPPT
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Aug 2022TranscriptPPT
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Jun 2021TranscriptPPT
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Dec 2020TranscriptPPT
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Nov 2019TranscriptPPT
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Aug 2019TranscriptPPT
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Feb 2019TranscriptPPT
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Nov 2018TranscriptPPT
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May 2018TranscriptPPT
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Feb 2018TranscriptPPT
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Aug 2017TranscriptPPT
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]