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VST Tillers Tractors - Company Update - Aug 2020 - ICICI Securities

Posted On: 2020-08-12 09:13:15

VST Tillers & Tractors (VST) reported a healthy Q1FY21 performance. Net sales in Q1FY21 were at Rs. 146.2 crore, up 5% YoY. Power tiller sales volume in Q1FY21 was at 5,186 units, up 3% YoY while tractor sales volume was at 1,766 units, up 5% YoY. EBITDA in Q1FY21 came in at Rs. 16.4 crore with EBITDA margins at 11.2%. Ensuing PAT in Q1FY21 was at Rs. 17.1 crore, up 48% YoY, primarily tracking better margin profile and higher other income.

Valuation & Outlook

We reiterate our bullish stance on VST given the sweet spot of robust demand prospects, import restrictions in power tiller segment and steady improvement in margin profile. VST also possesses a healthy balance sheet (cash rich) with history of consistent positive CFO generation. With volume uptick (13% CAGR over FY20P-22E) and recovery of margin profile, earnings are expected to witness smart recovery at VST. Consequently, we retain our BUY rating on VST and value it at Rs. 1,980 i.e. 22x FY22E EPS of Rs. 90.

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Shares of V.S.T.TILLERS TRACTORS LTD. was last trading in BSE at Rs.1602.3 as compared to the previous close of Rs. 1495.05. The total number of shares traded during the day was 6888 in over 1322 trades.

The stock hit an intraday high of Rs. 1625 and intraday low of 1463.7. The net turnover during the day was Rs. 10780591.

Source: Equity Bulls

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