VST TILLERS Announces Quarterly Results (2QFY19); Net Profit Down 50.9%

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VST TILLERS Announces Quarterly Results (2QFY19); Net Profit Down 50.9%
Wed, 14 Nov

VST TILLERS has announced its results for the quarter ended September 2018. Here is a detailed performance review of the same:

VST TILLERS Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Net SalesRs m1,7551,4561,446-0.7%-17.6%
Other incomeRs m5872160124.1%177.2%
TurnoverRs m1,8131,5271,6065.2%-11.4%
ExpensesRs m1,5111,2721,41811.5%-6.2%
Gross profitRs m24418428-84.9%-88.6%
DepreciationRs m2729317.6%13.5%
InterestRs m5785.6%63.0%
Profit before taxRs m269220149-31.9%-44.5%
TaxRs m827658-24.0%-30.1%
Profit after taxRs m18714492-36.1%-50.9%
Gross profit margin%13.912.61.9
Effective tax rate%30.634.538.5
Net profit margin%10.39.45.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter fell 17.6% on a year-on-year (YoY) basis. The expenses were down by 6.2% YoY during the same period.
  • The company's operating profit declined by 88.6% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 1.9% in 2QFY19 as against 13.9% in 2QFY18.
  • Depreciation charges increased by 13.5% and finance costs increased by 63.0% YoY, respectively.
  • Other income increased by 177.2% YoY during the quarter.
  • Net profit for the quarter declined by 50.9% YoY. Net profit margins during the quarter declined from 10.3% in 2QFY18 to 5.7% in 2QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 0.7% on a quarter-on-quarter (QoQ) basis. The expenses were up by 11.5% QoQ during the same period.
  • The company's operating profit declined by 84.9% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 1.9% in 2QFY19 as against 12.6% in 1QFY18.
  • Net profit for the quarter declined by 36.1% QoQ, while net profit margins declined from 9.4% in 1QFY18 to 5.7% in 2QFY19.

To see how VST TILLERS has performed over the last eight quarters, please visit here.

VST TILLERS Share Price Performance

Over the last one year, VST TILLERS share price has moved up from Rs 2,054.0 to Rs 1,568.1, registering a Loss of Rs 485.9 or around 23.7%.

Meanwhile, the S&P BSE AUTO Index is trading at Rs 20,644.8 (up 0.4%). Over the last one year it has moved down from 24,872.3 to 20,644.8, a gain of 4,228 points (down 17.0%).

Overall, the S&P BSE SENSEX is up 6.5% over the year.

Current Valuations

At the current price of Rs 1,568.1, the price to earnings (P/E) ratio of VST TILLERS stands at 15.3 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 2.3 times.

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For the quarter ended June 2019, VST TILLERS has posted a net profit of Rs 116 m (down 19.7% YoY). Sales on the other hand came in at Rs 1 bn (down 4.0% YoY). Read on for a complete analysis of VST TILLERS's quarterly results.

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