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Last Updated on: 19 June, 2024|Author: Getaka | Social: X Twitter Profile

Fundamental Analysis of VST Tillers Tractors Ltd

Basic Stock Data

Last Updated: June 14, 2024, 9:35 am

Market Cap 3,473 Cr.
Current Price 4,020
High / Low4,196/2,717
Stock P/E28.6
Book Value 1,070
Dividend Yield0.62 %
ROCE%
ROE13.9 %
Face Value 10.0
PEG Ratio0.62

Competitors of VST Tillers Tractors Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Industry Average0 Cr0000%0%0%0

Quarterly Result

MonthMar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
Sales195194233208218236234214323246279170273
Expenses187168195178188219202190268214235160234
Operating Profit8253830301732235532431040
OPM %4%13%16%15%14%7%14%11%17%13%15%6%15%
Other Income14121156289518141810
Interest0000000001011
Depreciation4666767777777
Profit before tax18314329291334255343502043
Tax %26%23%25%27%24%21%33%22%24%23%27%17%18%
Net Profit13243221221023194033361735
EPS in Rs14.9727.7937.2124.3625.5811.6326.3222.4946.4738.1942.1919.6240.65

Last Updated: June 9, 2024, 2:39 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: May 27, 2024, 6:19 am

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Sales4826245526476757636155447648541,006968
Expenses409505451534574644560514670729879844
Operating Profit72119100113101120553095125127124
OPM %15%19%18%17%15%16%9%6%12%15%13%13%
Other Income2912122945351146342561
Interest122332224212
Depreciation349131211161617252727
Profit before tax701221011101161527223119132124156
Tax %30%32%31%33%29%26%36%22%24%25%25%22%
Net Profit49837074831124618919992122
EPS in Rs56.2296.0080.4785.8095.73129.6153.3120.85105.08114.95106.92140.64
Dividend Payout %16%16%19%17%16%39%28%72%19%17%23%14%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2013-20142014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-2024
YoY Net Profit Growth (%)69.39%-15.66%5.71%12.16%34.94%-58.93%-60.87%405.56%8.79%-7.07%32.61%
Change in YoY Net Profit Growth (%)0.00%-85.05%21.38%6.45%22.78%-93.87%-1.94%466.43%-396.76%-15.86%39.68%

Growth

Compounded Sales Growth
10 Years:4%
5 Years:10%
3 Years:8%
TTM:-4%
Compounded Profit Growth
10 Years:4%
5 Years:19%
3 Years:10%
TTM:32%
Stock Price CAGR
10 Years:8%
5 Years:26%
3 Years:22%
1 Year:38%
Return on Equity
10 Years:14%
5 Years:12%
3 Years:13%
Last Year:14%

Last Updated: June 14, 2024, 7:19 pm

Balance Sheet

Last Updated: April 10, 2024, 5:01 am

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Sep 2023
Equity Capital9999999999999
Reserves196236304355411491588581568659741816863
Borrowings16000000000022
Other Liabilities10191158109113131189158152218217264226
Total Liabilities3223364704725336317867487298859661,0911,099
Fixed Assets5777124135127147158206206248266261254
CWIP6140231057354825121417
Investments24410695136188204165156312414430413
Other Assets234240239240267286367343318300275385414
Total Assets3223364704725336317867487298859661,0911,099

Reserves and Borrowings Chart

VST Tillers Tractors Ltd Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Cash from Operating Activity -105013126858633437215512536
Cash from Investing Activity 3-11-131-13-43-75-3611-33-148-110-32
Cash from Financing Activity 6-26-11-17-34-3-17-54-33-2-19-19
Net Cash Flow-113-10-499-19076-4-14

Free Cash Flow

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Free Cash Flow72.00119.00100.00113.00101.00120.0055.0030.0095.00125.00125.00123.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Debtor Days857460627071895765392954
Inventory Days649277102705858111100776456
Days Payable392560172830463157605268
Cash Conversion Cycle10914077148112100101137108564142
Working Capital Days8810252958986941241134127173
ROCE %39%31%45%30%29%24%26%14%6%20%19%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthJun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
Promoters54.77%54.77%54.82%54.82%54.82%55.58%55.58%55.58%55.58%55.58%55.58%55.64%
FIIs5.26%5.15%5.67%5.54%5.43%3.98%1.26%1.26%1.76%2.07%2.02%1.88%
DIIs13.60%14.97%15.20%15.85%16.40%16.39%19.73%19.79%18.97%17.24%16.61%16.87%
Public26.37%25.11%24.30%23.79%23.35%24.03%23.42%23.37%23.69%25.12%25.79%25.62%
Others0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.01%0.00%0.00%0.00%
No. of Shareholders22,68721,10622,20520,68220,87721,70721,60423,73023,92325,45626,12126,855

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Nippon India Small Cap Fund543,6910.39181.127,0002024-06-127667.01%
Nippon India Multi Cap Fund176,3920.2358.767,0002024-06-122419.89%
Bank of India Mid & Small Cap Equity & Debt Fund7,0000.372.337,0002024-06-120%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 24
FaceValue10.00
Basic EPS (Rs.)140.13
Diluted EPS (Rs.)140.10
Cash EPS (Rs.)171.91
Book Value[Excl.RevalReserv]/Share (Rs.)1069.07
Book Value[Incl.RevalReserv]/Share (Rs.)1069.07
Revenue From Operations / Share (Rs.)1120.49
PBDIT / Share (Rs.)213.87
PBIT / Share (Rs.)182.60
PBT / Share (Rs.)180.11
Net Profit / Share (Rs.)140.64
NP After MI And SOA / Share (Rs.)140.12
PBDIT Margin (%)19.08
PBIT Margin (%)16.29
PBT Margin (%)16.07
Net Profit Margin (%)12.55
NP After MI And SOA Margin (%)12.50
Return on Networth / Equity (%)13.10
Return on Capital Employeed (%)16.10
Return On Assets (%)10.37
Current Ratio (X)4.60
Quick Ratio (X)3.97
Interest Coverage Ratio (X)85.94
Interest Coverage Ratio (Post Tax) (X)57.52
Enterprise Value (Cr.)2760.15
EV / Net Operating Revenue (X)2.85
EV / EBITDA (X)14.94
MarketCap / Net Operating Revenue (X)2.90
Price / BV (X)3.04
Price / Net Operating Revenue (X)2.90
EarningsYield0.04

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value: 4,280.05

Calculation basis:

  • Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

Undervalued: 6.47% compared to the current price 4020

Intrinsic Value: 6,269.74

Calculation basis:

  • Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
  • EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators along with EPS growth.

Undervalued: 55.96% compared to the current price ₹4020

Last 5 Year EPS CAGR: 46.49%

*Investments are subject to market risks

Strength and Weakness

StrengthWeakness
  1. The stock has a high average ROCE of 23.58%, which is a positive sign.
  2. The company has higher reserves (555.42 cr) compared to borrowings (0.25 cr), indicating strong financial stability.
  3. The company has shown consistent growth in sales (624.08 cr) and profit (108.08 cr) over the years.
  1. The stock has a high average Working Capital Days of 90.33, which may not be favorable.
  2. The stock has a high average Cash Conversion Cycle of 97.58, which may not be favorable.

Stock Analysis

  • Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in VST Tillers Tractors Ltd:
    1. Net Profit Margin: 12.55%
      • Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
    2. ROCE: 16.10% (Industry Average ROCE: %)
      • ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
    3. ROE%: 13.10% (Industry Average ROE: %)
      • ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
    4. Interest Coverage Ratio (Post Tax): 57.52
      • Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
    5. Quick Ratio: 3.97
      • Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
    6. ✗ Stock P/E: 28.6 (Industry average Stock P/E: )
      • Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
    7. ✗ Total Debt / Equity: N/A
      • Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
    The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
    Stock Rating:

About the Company

VST Tillers Tractors Ltd. is a Public Limited Listed company incorporated on 18/12/1967 and has its registered office in the State of Karnataka, India. Company’s Corporate Identification Number(CIN) is L34101KA1967PLC001706 and registration number is 001706. Currently Company is involved in the business activities of Manufacture of general purpose machinery. Company’s Total Operating Revenue is Rs. 853.86 Cr. and Equity Capital is Rs. 8.64 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
Auto - TractorsPlot No.1, Dyavasandra Industrial Layout, Bengaluru Karnataka 560048vstgen@vsttillers.com
http://www.vsttillers.com
Management
NamePosition Held
Mr. V K SurendraChairman
Mr. Arun V SurendraNon Executive Director
Mr. V T RavindraManaging Director
Mr. V V PravindraNon Executive Director
Dr. Nandakumar JairamIndependent Director
Mr. Rajen Krishnanand PadukoneIndependent Director
Mr. M K BannerjeeIndependent Director
Mr. K M PaiIndependent Director
Ms. Siva Kameswari VissaIndependent Director

FAQ

What is the latest fair value of VST Tillers Tractors Ltd?

The latest fair value of VST Tillers Tractors Ltd is ₹4280.05.

What is the Market Cap of VST Tillers Tractors Ltd?

The Market Cap of VST Tillers Tractors Ltd is 3,473 Cr..

What is the current Stock Price of VST Tillers Tractors Ltd as on 18 June 2024?

The current stock price of VST Tillers Tractors Ltd as on 18 June 2024 is ₹4,020.

What is the High / Low of VST Tillers Tractors Ltd stocks in FY 2024?

In FY 2024, the High / Low of VST Tillers Tractors Ltd stocks is 4,196/2,717.

What is the Stock P/E of VST Tillers Tractors Ltd?

The Stock P/E of VST Tillers Tractors Ltd is 28.6.

What is the Book Value of VST Tillers Tractors Ltd?

The Book Value of VST Tillers Tractors Ltd is 1,070.

What is the Dividend Yield of VST Tillers Tractors Ltd?

The Dividend Yield of VST Tillers Tractors Ltd is 0.62 %.

What is the ROCE of VST Tillers Tractors Ltd?

The ROCE of VST Tillers Tractors Ltd is %.

What is the ROE of VST Tillers Tractors Ltd?

The ROE of VST Tillers Tractors Ltd is 13.9 %.

What is the Face Value of VST Tillers Tractors Ltd?

The Face Value of VST Tillers Tractors Ltd is 10.0.

About the Author

Author Avatar
Getaka

Getaka, CFA, a financial analyst with 15 years of experience in the industry. Getaka holds an MBA degree and the Chartered Financial Analyst designation, demonstrating his profound understanding of financial analysis and investment management. Throughout his career, he has conducted numerous financial analyses and due diligence processes for companies in the industry, and has a strong track record of identifying key trends and opportunities. He leverages his expertise to deliver a thorough financial analysis of a company, encompassing its financial performance, key ratios, future prospects, and risks. Getaka is committed to providing accurate, reliable, and trustworthy information to help readers make informed decisions about their finances and investments.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in VST Tillers Tractors Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE