Active Stocks
Thu Apr 18 2024 15:59:07
  1. Tata Steel share price
  2. 160.00 -0.03%
  1. Power Grid Corporation Of India share price
  2. 280.20 2.13%
  1. NTPC share price
  2. 351.40 -2.19%
  1. Infosys share price
  2. 1,420.55 0.41%
  1. Wipro share price
  2. 444.30 -0.96%
Business News/ Companies / Company Results/  India's VST Tillers Tractors Q2 profit falls 29% on subdued growth
BackBack

India's VST Tillers Tractors Q2 profit falls 29% on subdued growth

INDIA-VST:India's VST Tillers Tractors Q2 profit falls 29% on subdued growth

Sales volumes of power tillers, which accounted for roughly 84% of total volumes in the quarter, rose 2.2% (Photo: VST Tillers Tractors)Premium
Sales volumes of power tillers, which accounted for roughly 84% of total volumes in the quarter, rose 2.2% (Photo: VST Tillers Tractors)

India's VST Tillers Tractors Ltd reported a 29.3% drop in second-quarter profit on Monday, as the agricultural machinery maker was hit by subdued growth in power tillers and weak tractor sales.

The company's profit stood at 22.74 crore ($2.8 million) for the quarter ended Sept. 30, down from 32.15 crore, a year earlier.

Revenue from operations rose a marginal 0.3% to 234 crore, VST said.

Like the previous quarter, VST was hit by higher commodity costs in the latest quarter as well, with cost of materials increasing by 9.7%.

Sales volumes of power tillers, which accounted for roughly 84% of total volumes in the quarter, rose 2.2%.

Tractors sales volumes, which accounted for roughly 16% of total volumes, slid 27.4% from the year-ago quarter when the overall industry benefited from pent-up demand as COVID-19 lockdowns eased.

Analysts have said tractor sales came under pressure in the latest quarter due to uneven monsoon and a partial delay in kharif sowing. 

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 31 Oct 2022, 05:10 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App