VST Tillers Tractors Ltd

₹ 2,441 -0.76%
23 Sep - close price
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]

  • Market Cap 2,109 Cr.
  • Current Price 2,441
  • High / Low 3,458 / 2,268
  • Stock P/E 24.7
  • Book Value 868
  • Dividend Yield 0.82 %
  • ROCE 18.7 %
  • ROE 13.9 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 36.1%
  • Debtor days have improved from 44.2 to 28.9 days.

Cons

  • The company has delivered a poor sales growth of 4.80% over past five years.
  • Company has a low return on equity of 11.2% for last 3 years.

* 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.

Loading peers table ...

Quarterly Results

Figures in Rs. Crores

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
140 161 123 120 146 220 203 195 194 233 208 218 236
125 157 118 126 130 183 173 187 168 195 178 188 219
Operating Profit 14 4 5 -6 16 38 30 8 25 38 30 30 17
OPM % 10% 3% 4% -5% 11% 17% 15% 4% 13% 16% 15% 14% 7%
5 10 4 5 9 8 15 14 12 11 5 6 2
Interest 1 1 1 -1 0 0 0 0 0 0 0 0 0
Depreciation 4 4 4 5 4 4 4 4 6 6 6 7 6
Profit before tax 15 10 4 -6 21 41 40 18 31 43 29 29 13
Tax % 22% 34% 20% 40% 18% 27% 23% 26% 23% 25% 27% 24% 21%
Net Profit 12 6 3 -3 17 30 31 13 24 32 21 22 10
EPS in Rs 13.37 7.38 4.02 -3.91 19.76 34.65 35.68 14.97 27.79 37.21 24.36 25.58 11.63
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
427 531 482 624 552 647 675 763 615 544 764 854 896
357 458 409 505 451 534 574 644 560 514 670 729 780
Operating Profit 70 73 72 119 100 113 101 120 55 30 95 125 116
OPM % 16% 14% 15% 19% 18% 17% 15% 16% 9% 6% 12% 15% 13%
4 5 2 9 12 12 29 45 35 11 46 34 25
Interest 1 1 1 2 2 3 3 2 2 2 4 2 1
Depreciation 2 3 3 4 9 13 12 11 16 16 17 25 26
Profit before tax 71 73 70 122 101 110 116 152 72 23 119 132 114
Tax % 35% 32% 30% 32% 31% 33% 29% 26% 36% 22% 24% 25%
Net Profit 46 50 49 83 70 74 83 112 46 18 91 99 85
EPS in Rs 53.46 57.79 56.22 96.00 80.47 85.80 95.73 129.61 53.31 20.85 105.08 114.95 98.78
Dividend Payout % 17% 16% 16% 16% 19% 17% 16% 39% 28% 72% 19% 17%
Compounded Sales Growth
10 Years: 5%
5 Years: 5%
3 Years: 12%
TTM: 10%
Compounded Profit Growth
10 Years: 7%
5 Years: 5%
3 Years: 24%
TTM: -13%
Stock Price CAGR
10 Years: 18%
5 Years: 4%
3 Years: 29%
1 Year: -9%
Return on Equity
10 Years: 15%
5 Years: 12%
3 Years: 11%
Last Year: 14%

Balance Sheet

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
9 9 9 9 9 9 9 9 9 9 9 9
Reserves 155 196 236 304 355 411 491 588 581 568 659 741
0 16 0 0 0 0 0 0 0 0 0 0
84 101 91 158 109 113 131 189 158 152 218 217
Total Liabilities 248 322 336 470 472 533 631 786 748 729 885 966
53 57 77 124 135 127 147 158 206 206 248 266
CWIP 2 6 14 0 2 3 10 57 35 48 25 12
Investments 37 24 4 106 95 136 188 204 165 156 312 414
155 234 240 239 240 267 286 367 343 318 300 275
Total Assets 248 322 336 470 472 533 631 786 748 729 885 966

Cash Flows

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
52 -10 50 131 26 85 86 33 43 72 155 124
-36 3 -11 -131 -13 -43 -75 -36 11 -33 -148 -110
-11 6 -26 -11 -17 -34 -3 -17 -54 -33 -2 -18
Net Cash Flow 6 -1 13 -10 -4 9 9 -19 0 7 6 -4

Ratios

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 53 85 74 60 62 70 71 89 57 65 39 29
Inventory Days 70 64 92 77 102 70 58 58 111 100 77 64
Days Payable 47 39 25 60 17 28 30 46 31 57 60 52
Cash Conversion Cycle 76 109 140 77 148 112 100 101 137 108 56 41
Working Capital Days 46 88 102 52 95 89 86 94 124 113 41 27
ROCE % 48% 39% 31% 45% 30% 29% 24% 26% 14% 6% 20% 19%

Shareholding Pattern

Numbers in percentages

4 recently
Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
54.69 54.69 54.77 54.77 54.77 54.77 54.77 54.77 54.77 54.82 54.82 54.82
6.34 6.12 4.31 4.61 4.73 5.16 6.57 5.26 5.15 5.67 5.54 5.43
13.27 13.18 15.60 15.47 14.59 13.37 12.30 13.60 14.97 15.20 15.85 16.40
25.70 26.02 25.32 25.15 25.91 26.71 26.36 26.37 25.11 24.30 23.79 23.35

Documents