Financial Analyst Summary: V.S.T. Tillers Tractors Limited Regulatory Response

Company Response to Regulatory Query

Date of Communication: July 17, 2026 (in response to NSE email dated July 14, 2026)

Nature of Query: The National Stock Exchange of India Ltd raised two specific queries regarding the company's financial results submission:

1. Financial results not submitted as per format prescribed under Schedule III of Companies Act, 2013, with figures in XBRL not matching PDF figures for Standalone and Consolidated Financial Results

2. Machine Readable Form/Legible copy of Financial Results not submitted

Company's Clarification on Format Discrepancies:

  • The company stated that the result format is as prescribed under SEBI (LODR) Regulations
  • The difference between PDF and XBRL figures of "other expenses" for the nine months ended December 31, 2024, was due to rounding-off the figure to the nearest rupee
  • There is no difference in other figures between XBRL and PDF format
  • The company offered to re-upload the XBRL file if the system permits

Regulatory Compliance:

  • The response references compliance with SEBI (LODR) Regulations
  • The company submitted the Machine-Readable Form of the financial statement as requested

Financial Results Overview (Quarter and Nine Months Ended December 31, 2024)

Standalone Financial Performance:

Quarter Ended December 31, 2024:

  • Revenue from Operations: ₹21,910 lakhs (vs ₹28,343 lakhs in Q2 FY25; ₹16,996 lakhs in Q3 FY24)
  • Other Income: ₹219 lakhs
  • Net Loss on Fair Value Changes of Investments: ₹(1,104) lakhs (vs gain of ₹2,058 lakhs in Q2 FY25; gain of ₹1,542 lakhs in Q3 FY24)
  • Total Income: ₹21,025 lakhs
  • Total Expenses: ₹20,641 lakhs
  • Profit Before Tax: ₹384 lakhs
  • Tax Expense: ₹214 lakhs (Current tax: ₹439 lakhs; Deferred tax: ₹(225) lakhs)
  • Profit for the Period: ₹170 lakhs
  • Basic EPS: ₹1.97 per share (vs ₹52.01 in Q2 FY25; ₹19.62 in Q3 FY24)
  • Diluted EPS: ₹1.96 per share

Nine Months Ended December 31, 2024:

  • Revenue from Operations: ₹69,312 lakhs (vs ₹69,461 lakhs in same period FY24)
  • Other Income: ₹1,069 lakhs
  • Net Gain on Fair Value Changes of Investments: ₹2,854 lakhs (vs ₹4,115 lakhs in same period FY24)
  • Total Income: ₹73,235 lakhs
  • Total Expenses: ₹64,304 lakhs
  • Profit Before Tax: ₹8,932 lakhs
  • Tax Expense: ₹1,983 lakhs (Current tax: ₹1,641 lakhs; Deferred tax: ₹342 lakhs)
  • Profit for the Period: ₹6,949 lakhs
  • Basic EPS: ₹80.43 per share (vs ₹99.99 in same period FY24)
  • Diluted EPS: ₹80.26 per share

Consolidated Financial Performance:

Quarter Ended December 31, 2024:

  • Revenue from Operations: ₹21,910 lakhs
  • Profit Before Tax: ₹360 lakhs
  • Share of Loss from Joint Venture: ₹(24) lakhs
  • Profit for the Period: ₹128 lakhs
  • Basic EPS: ₹1.48 per share
  • Diluted EPS: ₹0.47 per share

Nine Months Ended December 31, 2024:

  • Revenue from Operations: ₹69,312 lakhs
  • Profit Before Tax: ₹8,838 lakhs
  • Share of Loss from Joint Venture: ₹(94) lakhs
  • Profit for the Period: ₹6,855 lakhs
  • Basic EPS: ₹79.34 per share
  • Diluted EPS: ₹79.17 per share

Key Notes from Financial Statements:

  • The company recognized fair value loss of investments amounting to ₹1,104.44 lakhs in Q3 FY25 (against gain of ₹1,542.39 lakhs in Q3 FY24)
  • For nine months ended December 31, 2024, fair value gain of ₹2,853.74 lakhs (against gain of ₹4,114.9 lakhs for same period FY23)
  • Employee share-based payments recognized: ₹64.67 lakhs in Q3 FY25 (Nil in Q3 FY24) and ₹194.02 lakhs for nine months ended December 31, 2024 (Nil in same period FY23)
  • The consolidated results include unaudited results of joint venture VST Zetor Private Limited
  • Financial results reviewed by audit committee and approved by board on February 10, 2025
  • Statutory auditors conducted limited review of results for nine months ended December 31, 2024

Auditor Confirmation:

  • K.S. Rao & Co., Chartered Accountants provided limited review reports for both standalone and consolidated financial results
  • Auditors confirmed nothing came to their attention suggesting non-compliance with SEBI Regulation 33 requirements
  • For consolidated results, the joint venture VST Zetor Private Limited contributed net loss after tax of ₹24.47 lakhs for the quarter and ₹93.92 lakhs for the nine-month period

Topic Tags: Regulatory Response, Financial Results Clarification, SEBI Compliance, Results Announcement, Rounding-off Difference, Joint Venture Performance