Shares of VST Tillers Tractors Limited jumped over 12 percent to Rs 3,742 on August 25 after the company entered into an agreement with the US-based Solectrac to jointly develop an electric power tiller and other agricultural machines.
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In early August, the farm equipment manufacturer had launched its Series 9 range of compact tractors in six models that will be available by the end of this month.
The Series 9 range of compact tractors of 18 HP and upwards will be included in the 4WD compact tractor segment. These are designed and developed at the company's Hosur plant.
In an exchange filing on August 25, the VST management said that it is planning to enter the US market in two years. Speaking at the launch of six tractors, VST said the company would launch three higher horsepower tractors next month in India and three more in Germany, including an electric tractor, in November.
In the first quarter, VST reported over three-fold growth in net profit to Rs 33 crore. The company's revenue from operations increased to Rs 246.14 crore for the April-June quarter of 2023-24 as against a revenue of Rs 2,356 crore last year. The company’s earnings before interest, taxes, depreciation and amortization (EBITDA) stood at Rs 49.84 crore for the quarter.
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