22, May 2024
VST Tillers Tractors Ltd and Axis Bank partners to offer Financial Solutions to Farmers for Farm Equipment’s
Bengaluru, 22nd May 2024: VST Tillers Tractors Limited (VST), India’s leading farm equipment manufacturer, signed a Memorandum of Understanding (MOU) with Axis Bank, one of the leading private sector banks in India, to offer financial solutions to the farmers for purchasing tractors and Farm Mechanisation products. As per the agreement, Axis Bank will provide financial solutions to VST’s prospective customers through its extensive network of 5370+ branches spread across geography.
The MOU was signed by Mr. Antony Cherukara, CEO of VST Tillers Tractors Ltd and Mr. Rajesh Dhage, Business Head of Farm Mechanization, Axis Bank, in the gracious presence of Mr Ramasawmy Gopalakrishnan, Head – Retail Assets for Bharat Banking, Axis Bank, and Mr. V T Ravindra, Managing Director of VST Tillers Tractors Ltd.
As per the MOU both the companies will leverage their extensive footprint to reach out to the farmers community to ensure that they have an easy access to credit facility for adapting farm mechanization. This partnership will enable farmers to avail hassle-free, affordable, and flexible credit facilities to transform the agricultural sector. The Bank will offer flexible repayment options, swift sanctions, and special benefits on EMI options to encourage the farmers to opt for adapting farm mechanization.
Speaking on the occasion of signing the MOU, Mr Antony Cherukara, CEO, of VST Tillers Tractors Ltd. said “We are delighted to partner with one of the leading Banks in the country and make our innovative farm equipment more accessible and affordable to farmers. Our partnership is aligned with our joint goal of enabling farmers in rural India to mechanize farming and thereby increase productivity. At VST, it is our constant endeavour to facilitate ease of farming, by bringing down the overall time and cost of farming and improving output and farm income. We are sure that this MoU will especially help small and marginal farmers in availing hassle-free credit facilities for buying our products.”
Mr. Munish Sharda, Executive Director, and Head – Bharat Banking, Axis Bank, said, “It has been our constant endeavour to engage and empower rural communities and marginal farmers by providing them with the most suitable financial solutions. By partnering with VST Tillers Tractors Ltd, we have combined forces to address various financial challenges faced by these communities, while encouraging them to adopt effective farming techniques. As we strengthen our alliance with numerous partners and pioneers from rural India, we are confident of making a positive and meaningful impact in the lives of millions of farmers across the nation.”
Both organizations share a common vision of empowering farmer community by providing hassle-free solutions and encouraging entrepreneurship in the agricultural sector. Axis Bank will offer easy finance options, with minimal documentation, to encourage farmers to adopt innovative techniques for enhancing their productivity and thereby, increase their income. This collaboration is an important step towards supporting and empowering the agricultural sector.
- 0
- By Rabindra
10, May 2024
VST Tillers Tractors Ltd Net profit surge by 32 Percent to Rs 121.51 Cr for the year ended March 31st, 2024
Bengaluru, 9th May 2024: VST Tillers Tractors Limited (VST), India’s leading farm equipment manufacturer, today announced their annual financial results for the year ended March 31, 2024.
For the financial year 2024, VST achieved the highest-ever net profit of Rs 121.51 Cr, a surge by 32% compared to Rs 92.36 Cr of the previous year. Companies’ Earnings before interest, taxes, depreciation & amortization (EBITDA) rose by 21% to Rs 184.77 Cr compared to Rs 152.16 Cr during the previous year. Revenue from operations, saw a degrowth of 3.8% from Rs 1006.43 Cr to Rs 968.05 Cr. The company was able to maintain healthy growth in profitability and cash generation despite the adverse monsoon during the last season in the key markets.
For the quarter ended March 31st, 2024, VST reported a turnover of Rs. 273.44 crores. The company’s earnings before interest, taxes, depreciation & amortization (EBITDA) for the quarter stood at Rs 50.22 Cr (17.69%) as against Rs 59.78 Cr (18.23%) in the same quarter of the previous year. The net profit margin for the quarter improved to 12.37% from 12.25% of Q4 FY23.
5, Feb 2024
VST Tillers Tractors Ltd Net profit surged by 65 Percent to Rs 86.39 Cr for the Nine months ended Dec 23
Bengaluru, February’ 2024: VST Tillers Tractors Limited (VST), India’s leading farm equipment manufacturer, announced their Quarter 3 and Nine-month results for the financial year 2023-24.
For Nine months, VST has achieved a turnover of Rs 694.61 Crore compared to Rs 683.82 Crore during the corresponding period of the previous financial year, an increase of 1.60%. Earnings before interest, taxes, depreciation & amortization (EBIDTA) rose by 45% to Rs 134.5 Cr compared to Rs 92.4 Cr during the same nine-month period of the previous year. Net profit stood at Rs 86.39 crore for YTD Dec 23 compared to Rs.52.22 crore YTD Dec 22 with a growth of 65%.
For the quarter, VST reported a turnover of Rs. 169.96 crores. The company’s earnings before interest, taxes, depreciation & amortization (EBITDA) stood at Rs 27.70 crore for Quarter 3, which is 14.7 % of total revenue. In the previous year Q3, the EBITDA margin was 14.6%.
The company has also registered growth of 38% in the export of tractors for nine months of FY24. The joint venture entity, VST Zetor Pvt Ltd., between the company and HTC Investments a.s (owner of the brand “Zetor”) commenced operations in the quarter.