Veto Switchgears & Cables Ltd

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Pros:

Company has reduced debt.

Stock is trading at 0.58 times its book value

Cons:

The company has delivered a poor growth of 2.89% over past five years.

Company has a low return on equity of 13.51% for last 3 years.

Earnings include an other income of Rs.5.64 Cr.

Company has high debtors of 153.47 days.

Peer comparison Sector: Capital Goods - Electrical Equipment // Industry: Electric Equipment

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Detailed Comparison with:

	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020
	22.10	27.47	30.30	43.26	24.12	25.08	29.03	30.69	25.62	29.09	31.47	34.52
	17.37	19.23	24.11	34.38	18.76	24.04	27.00	27.00	22.05	25.71	26.30	31.25
Operating Profit	4.73	8.24	6.19	8.88	5.36	1.04	2.03	3.69	3.57	3.38	5.17	3.27
OPM %	21.40%	30.00%	20.43%	20.53%	22.22%	4.15%	6.99%	12.02%	13.93%	11.62%	16.43%	9.47%
Other Income	0.84	3.03	1.18	1.00	2.42	3.02	-0.06	1.25	1.15	1.72	1.47	1.30
Interest	0.78	0.36	0.67	0.93	0.85	0.94	0.94	1.15	1.04	1.05	0.88	0.71
Depreciation	0.37	0.39	0.36	0.37	0.29	0.30	0.30	0.41	0.37	0.36	0.42	0.49
Profit before tax	4.42	10.52	6.34	8.58	6.64	2.82	0.73	3.38	3.31	3.69	5.34	3.37
Tax %	19.91%	33.94%	34.54%	37.30%	22.59%	1.77%	95.89%	59.17%	29.31%	25.47%	29.03%	35.31%
Net Profit	3.55	6.95	4.16	5.39	5.15	2.77	0.04	1.38	2.34	2.75	3.79	2.18
EPS in Rs	1.94	3.80	2.27	2.88	2.71	1.46	0.02	0.73	1.23	1.44	1.99	1.16
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	TTM
	25	39	47	53	69	74	94	97	112	120	123	109	121
	22	35	41	46	58	63	84	82	92	105	95	97	105
Operating Profit	3	4	6	7	11	11	11	15	20	16	28	12	15
OPM %	12%	11%	12%	13%	16%	15%	11%	16%	18%	13%	23%	11%	13%
Other Income	0	0	0	0	0	0	1	1	-3	5	6	7	6
Interest	0	1	1	1	3	2	2	4	5	4	3	4	4
Depreciation	1	1	1	1	1	1	1	2	2	2	1	1	2
Profit before tax	2	3	4	5	8	8	8	10	10	15	30	14	16
Tax %	12%	7%	-6%	1%	4%	23%	28%	27%	23%	20%	33%	31%
Net Profit	2	2	4	5	7	6	6	7	8	12	20	9	11
EPS in Rs						3.21	3.32	3.90	3.77	6.70	10.94	4.88	5.82
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	48%	30%	18%	0%

* Sales is net of excise duty and discounts

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
	3	3	5	5	5	17	18	18	18	18	18	19	19
Reserves	2	5	9	14	22	43	47	54	57	72	91	122	133
Borrowings	19	23	24	20	20	5	36	35	42	31	38	40	25
	4	6	5	6	9	9	11	14	18	13	34	12	16
Total Liabilities	27	37	43	46	56	73	112	121	136	134	180	193	194
	5	6	7	7	8	8	20	20	19	18	18	25	26
CWIP	0	1	0	0	0	0	0	0	2	5	7	0	2
Investments	0	0	0	0	0	0	1	1	2	2	2	2	13
	22	30	35	39	49	65	91	101	113	109	153	166	153
Total Assets	27	37	43	46	56	73	112	121	136	134	180	193	194

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	-12	-2	1	6	4	0	0	-2	19	22	-1	2
	-6	-2	-3	-1	-2	-9	-26	3	-18	-1	-20	5
	21	3	2	-4	-2	9	29	-5	-0	-21	21	3
Net Cash Flow	3	-1	-1	1	-0	-0	4	-4	0	-0	0	10

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
ROCE %		13%	14%	16%	23%	18%	13%	13%	17%	16%	24%	11%
Debtor Days	114	120	96	109	109	99	117	125	131	128	160	153
Inventory Turnover		2.90	2.59	2.75	3.00	2.46	2.76	2.58	2.42	2.48	2.02	1.48

Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020
55.05	48.66	45.94	45.94	47.55	47.55	50.07	50.07	54.22	54.22	54.22	54.22
5.93	8.07	5.13	6.88	5.93	6.00	5.29	5.31	1.46	2.90	3.24	4.12
0.20	0.27	0.27	0.28	0.29	0.70	0.77	0.04	0.01	0.00	0.06	0.01
38.82	42.99	48.66	46.91	46.23	45.75	43.87	44.58	44.31	42.88	42.49	41.66