Farm equipment maker VST Tillers Tractors Ltd (VST) reported a 13 per cent decline in net profit for the December quarter at ₹16.95 crore against ₹19.43 crore in the corresponding quarter last year.
Revenue from operations were down by a fifth at ₹169.96 crore (₹213.69 crore).
EBITDAstood at ₹27.70 crore for December quarter, which is 14.7 per cent of total revenue. In the previous year Q3, the EBITDA margin was 14.6 per cent
For the nine months ended December 2023, VST achieved a turnover of ₹694.61 crore compared to ₹683.82 crore in the same period last year. EBIDTA rose 45 per cent to ₹134.5 crore compared to ₹92.4 crore. Net profit for the nine months was up 65 per cent at ₹86.39 crore over same period last year’s ₹52.22 crore.
The company also registered growth of 38 per cent in the export of tractors for nine months of FY24. The joint venture entity, VST Zetor Pvt Ltd, between the company and HTC Investments as (owner of the brand “Zetor”) commenced operations in the quarter, the company said in a statement. VST Tillers Tractors scrip ended 3.27 per cent lower on the BSE at ₹3,058.25 on Friday.