Shares of VST Tillers Tractors soared 14.22% to Rs 2,874 in morning trade on May 15 after the agricultural equipment maker posted a sharp 81.7% year-on-year rise in profit for the March quarter to Rs 40.15 crore on the back of strong operational and revenue figures.

In a regulatory filing after the listing on May 12, the company said operating income rose 47.7% to Rs 322.6 crore, compared with Rs 218 crore a year earlier.

However, for the full FY22-23, the company’s net profit slipped 7% to Rs 92.37 crore from Rs 99.31 crore in FY22. Operating income rose 18% to Rs 1,006 crore from Rs 854 crore in the previous year.

“VST achieved peak sales of 38,247 Power Tillers in FY23, and exports of tractors continued to grow to 1,458 units in FY23,” the company said in a statement.

EBITDA margin was Rs 152.16 crore or 14.75% of sales. It added that this was despite higher commodity prices and mark-to-market investment gains that reduced other income.

It also declared a final dividend of Rs 10 per share to Rs 25 per share and appointed Nitin Agrawal as chief financial officer.

At the conference, management reiterated its commitment to achieving a sales target of Rs 3,000 crore by FY26 and over Rs 1,000 crore in FY23, mainly on its foray into higher horsepower tractors, electric tractors, farm implements and other fields.

The company’s shares are up more than 22% annually.