VST Tillers Tractors surged 10.41% to Rs 2,396.50 after the tractor maker said that it crossed a production of 5,00,000 power tillers from its manufacturing plant located at Malur in Karnataka.
The company said that the milestone is a testimony to the customer's confidence in the VST power tillers. The VST power Tillers has very high customer loyalty and trust, built around the value of being authentic and powerful, it added.
Antony Cherukara, chief executive officer of VST Tillers Tractors, said We are thankful to all our associates & suppliers for their timely support toward the development of these user-friendly SMART equipment for our valuable farmers. VST has always thrived to achieve manufacturing excellence which reflects our commitment and spirit of accepting no limits. This achievement will be a steppingstone to many more accolades for us in times to come.
Currently, overall power tiller industry in India is around 60,000 units and it is expected to grow to 1,00,000 units by the year 2025. VST is the leader in the segment and holds a market share of over 65% in the country.
VST is focusing on small farm mechanization and has introduced a wide range of smart farm machines for small and marginal farmers. The company has introduced the electric start power tiller in 16 HP & 9 HP category, range of power weeders, which start from 3.5 hp to 8 hp, range of brush cutters, multi-crop reaper, for the segment.
VST Tillers Tractors is engaged in the business of manufacture of Power Tillers and Diesel Engines. The company's net profit declined 7.7% to Rs 19.43 crore despite of 2.5% rise in net sales to Rs 213.69 crore in Q3 FY23 over Q3 FY22.
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