Farm equipment maker VST Tillers Tractors Ltd reported a 82 per cent jump in its March quarter profits at ₹40.15 crore. It was ₹22.10 crore in the same quarter last year. Income for the quarter was up 48 per cent at ₹322 crore, against the corresponding previous quarter’s ₹218 crore.
For the financial year ended March 2023, VST Tillers reported a 7 per cent decline in net profits at ₹92.37 crore, against the corresponding last year’s ₹99.31 crore on higher expenses. Income for the quarter was up 18 per cent at ₹1006 crore over previous year’s ₹853 crore.
Expenses for the year was up 21 per cent at Rs 879 crore over previous year’s ₹729 crore.
The EBITDA margin stood at ₹152.16 crore, about 14.75 per cent on sales. This is despite commodity inflation prices and reduction in other income from the mark to market gain on investments, the company said in a statement.
VST has achieved highest ever sales of power tiller at 38,247 units in FY23 and export of tractors were up at 1,458 tractors during the year.
The board of directors of VST Tillers proposed a dividend of ₹25 per share for the year, which is 250 per cent of the face value of shares of ₹10 each.
The VST Tillers scrip ended 1.29 per cent higher at ₹2,516.20 on the BSE on Friday.