VST TILLERS 2023-24 Annual Report Analysis

Tue, 3 Sep

VST TILLERS has announced its results for the year ended March 2024. Let us have a look at the detailed performance review of the company during FY23-24.

VST TILLERS Income Statement Analysis

• Operating income during the year fell 3.8% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 2.9% YoY during the fiscal. Operating profit margins witnessed a fall and down at 12.8% in FY24 as against 12.7% in FY23.
• Depreciation charges increased by 0.2% and finance costs increased by 32.6% YoY, respectively.
• Other income grew by 142.8% YoY.
• Net profit for the year grew by 31.1% YoY.
• Net profit margins during the year grew from 9.2% in FY23 to 12.5% in FY24.

VST TILLERS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	10,064	9,680	-3.8%
Other income	Rs m	249	606	142.8%
Total Revenues	Rs m	10,314	10,286	-0.3%
Gross profit	Rs m	1,279	1,242	-2.9%
Depreciation	Rs m	269	270	0.2%
Interest	Rs m	20	26	32.6%
Profit before tax	Rs m	1,239	1,552	25.2%
Tax	Rs m	316	341	8.0%
Profit after tax	Rs m	924	1,211	31.1%
Gross profit margin	%	12.7	12.8
Effective tax rate	%	25.5	22.0
Net profit margin	%	9.2	12.5

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VST TILLERS Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 2 billion as compared to Rs 2 billion in FY23, thereby witnessing an decrease of -13.3%.
• Current assets rose 12% and stood at Rs 9 billion, while fixed assets fell 5% and stood at Rs 3 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 12 billion as against Rs 11 billion during FY23, thereby witnessing a growth of 7%.

VST TILLERS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	8,245	9,234	12.0
Current Liabilities	Rs m	2,162	1,874	-13.3
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	10,908	11,668	7.0
Current assets	Rs m	7,707	8,617	11.8
Fixed Assets	Rs m	3,201	3,051	-4.7
Total Assets	Rs m	10,908	11,668	7.0

VST TILLERS Cash Flow Statement Analysis

• VST TILLERS's cash flow from operating activities (CFO) during FY24 stood at Rs 486 million, an improvement of 33.5% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs 86 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -245 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 328 million from the Rs -143 million net cash flows seen during FY23.

VST TILLERS Cash Flow Statement 2023-24

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-23	Mar-24
Cash Flow from Operating Activities	Rs m	364	486	33.5%
Cash Flow from Investing Activities	Rs m	-316	86	-
Cash Flow from Financing Activities	Rs m	-191	-245	-
Net Cash Flow	Rs m	-143	328	-

Current Valuations for VST TILLERS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 140.1, an improvement from the EPS of Rs 106.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 4,290.0, stands at 33.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 4.0 times, while the price to sales ratio stands at 3.8 times.
• The company's price to cash flow (P/CF) ratio stood at 19.1 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Sales per share (Unadj.)	Rs	1,164.8	1,120.4
TTM Earnings per share	Rs	106.9	140.1
Diluted earnings per share	Rs	106.9	140.1
Price to Cash Flow	x	16.5	19.1
TTM P/E ratio	x	21.3	33.3
Price / Book Value ratio	x	2.6	3.1
Market Cap	Rs m	21,348	28,226
Dividends per share (Unadj.)	Rs	25.0	20.0

Ratio Analysis for VST TILLERS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 4.6x during FY24, from 3.6x during FY23. The current ratio measures the company's ability to pay short-term and long-term obligations.

Interest Coverage Ratio: The company's interest coverage ratio deteriorated and stood at 60.8x during FY24, from 64.4x during FY23. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company improved and stood at 13.1% during FY24, from 11.2% during FY24. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

Return on Capital Employed (ROCE): The ROCE for the company improved and stood at 17.1% during FY24, from 15.3% during FY23. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

Return on Assets (ROA): The ROA of the company improved and stood at 10.6% during FY24, from 8.6% during FY23. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Current ratio	x	3.6	4.6
Debtors’ Days	Days	541	585
Interest coverage	x	64.4	60.8
Debt to equity ratio	x	0.0	0.0
Return on assets	%	8.6	10.6
Return on equity	%	11.2	13.1
Return on capital employed	%	15.3	17.1

To see how VST TILLERS has performed over the last 5 years, please visit here.

VST TILLERS Share Price Performance

Over the last one year, VST TILLERS share price has moved up from Rs 3,643.1 to Rs 4,290.0, registering a gain of Rs 647.0 or around 17.8%.

Meanwhile, the S&P BSE AUTO Index is trading at Rs 58,997.8 (up 0.1%). Over the last one year it has moved up from 36,075.1 to 58,997.8, a gain of 22,923 points (up 63.5%).

Overall, the S&P BSE SENSEX is up 26.8% over the year.

(To know more, check out historical annual results for VST TILLERS and quarterly results for VST TILLERS)