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ICICI Direct Report
VST Tillers Tractors Ltd. reported a healthy performance in Q2 FY23.
Net sales for the quarter came in at Rs 234 crore, flat YoY, QoQ amid power tiller sales volume of 8,819 units (up 2% YoY) and tractor sales volume of 1,688 units (down 27% YoY).
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VST Tillers' Ebitda for the quarter came in at Rs 32 crore with corresponding Ebitda margins at 13.8%, down 240 basis points YoY. However, it recovered meaningfully from the 7.2% levels reported in Q1 FY23.
Profit after tax in Q2 FY23 was at Rs 22.7 crore, down 29% YoY. On the balance sheet front, VST Tillers did see adverse working capital cycle leading to negative cash flow from operation in H1 FY23.
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