VST Tillers Tractors' net profit declined 58.1% to Rs 10.05 crore in Q1 FY23 as against Rs 24.01 crore posted in Q1 FY22.
The company said that the net profit was impacted due to mark to market of investments.Net sales rose 21.9% year on year to Rs 235.98 crore in the quarter ended 30 June 2022. Profit before tax skumped 59.4% to Rs 12.68 crore in Q1 FY23 as compared to Rs 31.20 crore reported in Q1 FY22.
Total expenses rose 29.5% year on year to Rs 225.58 crore in the quarter ended 30 June 2022. Cost of materials consumed rose 35.5% to Rs 144.26 crore while employee benefits expenses rose 2.19% to Rs 18.68 crore in Q1 FY23 over Q1 FY22.
The company's operational EBITDA stood at Rs 23.73 crore decrease of 3.06% YoY, due to commodity pressure.
VST Tillers Tractors is engaged in the business of manufacture of Power Tillers and Diesel Engines. Shares of VST Tillers Tractors closed 1.83% at Rs 2488.30 on the BSE on Monday.
The domestic equity market is closed today (9 August 2022) on account of Muharram.
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