For the current fiscal, FY19, from April to Oct, VST Tiller sold 16,656 units v/s 21,268 units (April to Oct FY18), a drop of 22%. And it is this consistent drop in volume that is reflected in the company’s financial performance for Q2FY19.

Overall the performance was down with topline itself falling 18% (YoY) at Rs.145 crore. Despite more than doubling its other income from Rs.6 crore to Rs.16 crore and reducing its total expenses by over 5%, operating profit came down 88% at a meagre Rs.3 crore with margins falling down to 1.9% from 13.9% (YoY).

The company ended the quarter with a net profit of Rs.9 crore, down 51%.

Net profit for H1FY19 is down 50% and just 21% of net profit of FY18, which was at Rs.112 crore. Its looks unlikely that in H2, it will be able to increase volumes to an extent where earnings will surpass that of FY18.

The market is obviously very disappointed with this show and the stock price hit a new 52-week low today at Rs.1525.60, down over 14%. Its LC is set at 20% at Rs.1425.30.