VST Tillers Tractors Ltd

About

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]

Key Points

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 company initially introduced as "VST Mitsubishi", has now expanded its presence under the brand "VST SHAKTI" with a range of compact and agricultural Tractors. [1]

See full details
  • Market Cap 2,319 Cr.
  • Current Price 2,684
  • High / Low 2,899 / 1,504
  • Stock P/E 23.7
  • Book Value 773
  • Dividend Yield 0.75 %
  • ROCE 19.5 %
  • ROE 14.6 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 39.71%
  • Debtor days have improved from 53.62 to 39.07 days.

Cons

  • Stock is trading at 3.47 times its book value
  • The company has delivered a poor sales growth of 3.40% over past five years.
  • Company has a low return on equity of 9.28% for last 3 years.
  • Earnings include an other income of Rs.48.63 Cr.
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Quarterly Results

Figures in Rs. Crores

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
145 146 179 140 161 123 120 146 220 203 195 194
142 133 167 125 157 118 126 130 183 173 187 168
Operating Profit 3 13 11 14 4 5 -6 16 38 30 8 25
OPM % 2% 9% 6% 10% 3% 4% -5% 11% 17% 15% 4% 13%
Other Income 16 7 14 5 10 4 5 9 8 15 14 12
Interest 1 0 0 1 1 1 -1 0 0 0 0 0
Depreciation 3 3 6 4 4 4 5 4 4 4 4 6
Profit before tax 15 16 18 15 10 4 -6 21 41 40 18 31
Tax % 38% 38% 33% 22% 34% 20% 40% 18% 27% 23% 26% 23%
Net Profit 9 10 12 12 6 3 -3 17 30 31 13 24
EPS in Rs 10.64 11.70 14.33 13.37 7.38 4.02 -3.91 19.76 34.65 35.68 14.97 27.79

Profit & Loss

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
345 427 531 482 624 552 647 675 763 615 544 764 812
282 357 458 409 505 451 534 574 644 560 514 672 711
Operating Profit 63 70 73 72 119 100 113 101 120 55 30 92 101
OPM % 18% 16% 14% 15% 19% 18% 17% 15% 16% 9% 6% 12% 12%
Other Income 3 4 5 2 9 12 12 29 45 35 11 46 49
Interest 1 1 1 1 2 2 3 3 2 2 2 2 1
Depreciation 3 2 3 3 4 9 13 12 11 16 16 17 19
Profit before tax 62 71 73 70 122 101 110 116 152 72 23 119 130
Tax % 32% 35% 32% 30% 32% 31% 33% 29% 26% 36% 22% 24%
Net Profit 42 46 50 49 83 70 74 83 112 46 18 91 98
EPS in Rs 49.00 53.46 57.79 56.22 96.00 80.47 85.80 95.73 129.61 53.31 20.85 105.08 113.09
Dividend Payout % 15% 17% 16% 16% 16% 19% 17% 16% 39% 28% 72% 19%
Compounded Sales Growth
10 Years:6%
5 Years:3%
3 Years:0%
TTM:48%
Compounded Profit Growth
10 Years:7%
5 Years:4%
3 Years:-4%
TTM:315%
Stock Price CAGR
10 Years:18%
5 Years:7%
3 Years:13%
1 Year:58%
Return on Equity
10 Years:16%
5 Years:12%
3 Years:9%
Last Year:15%

Balance Sheet

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
9 9 9 9 9 9 9 9 9 9 9 9
Reserves 118 155 196 236 304 355 411 491 588 581 568 659
Borrowings 11 0 16 0 0 0 0 0 0 0 0 0
56 84 101 91 158 109 113 131 189 158 152 218
Total Liabilities 194 248 322 336 470 472 533 631 786 748 729 885
51 53 57 77 124 135 127 147 158 206 206 248
CWIP 2 2 6 14 0 2 3 10 57 35 48 25
Investments 4 37 24 4 106 95 136 188 204 165 156 312
137 155 234 240 239 240 267 286 367 343 318 300
Total Assets 194 248 322 336 470 472 533 631 786 748 729 885

Cash Flows

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
15 52 -10 50 131 26 85 86 33 43 72 155
-17 -36 3 -11 -131 -13 -43 -75 -36 11 -33 -148
-2 -11 6 -26 -11 -17 -34 -3 -17 -54 -33 -2
Net Cash Flow -4 6 -1 13 -10 -4 9 9 -19 0 7 6

Ratios

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 71 53 85 74 60 62 70 71 89 57 65 39
Inventory Days 72 70 64 92 77 102 70 58 58 111 100 77
Days Payable 69 47 39 21 51 16 28 30 46 31 57 60
Cash Conversion Cycle 74 76 109 144 85 149 112 100 101 137 108 56
Working Capital Days 71 46 78 102 52 95 89 86 94 124 113 41
ROCE % 53% 48% 39% 31% 45% 30% 29% 24% 26% 14% 6% 19%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
53.99 53.99 54.31 54.31 54.69 54.69 54.77 54.77 54.77 54.77 54.77 54.77
5.40 5.58 5.75 5.74 6.34 6.12 4.31 4.61 4.73 5.16 6.57 5.26
15.13 14.46 14.17 14.14 13.27 13.18 15.60 15.47 14.59 13.37 12.30 13.60
25.49 25.97 25.77 25.81 25.70 26.02 25.32 25.15 25.91 26.71 26.36 26.37

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