VST Tillers — Healthy Q4, FY26 Goal Unchanged, Await Tangible Volume Prints In Tractor Space: ICICI Direct

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Direct Report.VST Tillers Tractors Ltd. reported a healthy performance in Q4 FY23. Net sales for the quarter came in at Rs 323 crore, up 48% YoY amid power tiller sales volume of 12,813 units (up 38% QoQ) and tractor sales volume of 1,963 units (up 25% YoY).VST Tillers' Ebitda for the quarter came in at Rs 55 crore with corresponding Ebitda margins at 16.9%, up 600 basis points QoQ versus the normalised range of 13-14%. Profit after tax in Q4 FY23 was at Rs 40.2 crore, up 82% YoY.Key triggers for future price performance: With increase in dealership count pan India, healthy farm income and import restrictions in place, we expect power tiller sales volume to grow at a compound annual growth rate of 10% in FY23-25E to 46,279 units in FY25E versus 38,247 units in FY23.With focus on higher hp space, sales volume in tractor segment is expected to grow at 20% CAGR over FY23-25E to 9,900 units in FY25E.The management reiterated its commitment towards achieving ~Rs 3,000 crore sales by FY26 banking upon its foray in the higher hp tractors, electric tractors, exports and farm mechanisation solutions..Click on the attachment to read the full report:.Vedanta Q4 Results Review - Cash Generation To Remain Elevated: Systematix.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

VST Tillers — Healthy Q4, FY26 Goal Unchanged, Await Tangible Volume Prints In Tractor Space: ICICI Direct

With focus on higher hp space, sales volume in tractor segment expected to grow at 20% CAGR over FY23-25E to 9,900 units in FY25E.

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