Veto Switchgears & Cables Ltd

Veto Switchgears & Cables Ltd

₹ 126 -0.98%
21 May - close price
About

Incorporated in 2007, Veto Switchgears
& Cables Ltd manufactures wires & cables, electrical accessories & also deals in LED
lighting, CFL & Fans[1]

Key Points

Business Overview:[1]
VSCL is a flagship company of Gurnani Group. It is ISO 9001:2008 Certified, the first company to produce ISI-mark electrical accessories in India, and manufactures all types of cables and housing wires. It sells products under the brand name of Veto and Vimal Power

  • Market Cap 240 Cr.
  • Current Price 126
  • High / Low 156 / 92.0
  • Stock P/E 10.5
  • Book Value 115
  • Dividend Yield 0.79 %
  • ROCE 15.0 %
  • ROE 11.4 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Stock is trading at 1.10 times its book value

Cons

  • Company has a low return on equity of 11.4% over last 3 years.
  • Earnings include an other income of Rs.12.3 Cr.
  • Company has high debtors of 164 days.
  • Promoter holding has decreased over last 3 years: -10.7%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
46.75 46.61 23.41 49.71 46.48 54.06 36.61 52.09 47.51 59.85 41.63 51.31 54.96
37.90 40.39 19.73 43.38 37.29 47.02 32.36 44.87 40.50 54.41 36.31 43.79 48.27
Operating Profit 8.85 6.22 3.68 6.33 9.19 7.04 4.25 7.22 7.01 5.44 5.32 7.52 6.69
OPM % 18.93% 13.34% 15.72% 12.73% 19.77% 13.02% 11.61% 13.86% 14.75% 9.09% 12.78% 14.66% 12.17%
0.43 0.75 0.73 8.00 0.70 0.89 1.34 1.02 1.06 9.47 0.84 1.11 0.88
Interest 0.30 0.58 0.87 0.77 0.78 0.81 0.70 0.65 0.96 1.09 0.69 0.97 0.44
Depreciation 0.44 0.47 0.57 0.58 0.59 0.84 0.66 0.54 0.58 0.55 0.61 0.55 0.64
Profit before tax 8.54 5.92 2.97 12.98 8.52 6.28 4.23 7.05 6.53 13.27 4.86 7.11 6.49
Tax % 26.11% 33.95% 25.25% 24.65% 24.53% 33.60% 25.06% 24.82% 28.02% 26.98% 24.49% 25.60% 35.13%
6.31 3.91 2.22 9.79 6.43 4.18 3.18 5.29 4.69 9.68 3.66 5.29 4.20
EPS in Rs 3.30 2.05 1.16 5.12 3.36 2.19 1.66 2.77 2.45 5.06 1.91 2.77 2.20
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
69 74 94 97 112 120 123 109 121 153 174 196 208
58 63 84 82 92 105 95 97 105 129 147 172 183
Operating Profit 11 11 11 15 20 16 28 12 16 23 26 24 25
OPM % 16% 15% 11% 16% 18% 13% 23% 11% 13% 15% 15% 12% 12%
0 0 1 1 -3 5 6 6 6 3 10 13 12
Interest 3 2 2 4 5 4 3 4 4 2 3 4 3
Depreciation 1 1 1 2 2 2 1 1 2 2 3 2 2
Profit before tax 8 8 8 10 10 15 30 14 16 22 31 31 32
Tax % 4% 23% 28% 27% 23% 20% 33% 31% 30% 28% 26% 27%
7 6 6 7 8 12 20 9 11 16 23 23 23
EPS in Rs 3.21 3.32 3.90 4.18 6.70 10.93 4.88 5.79 8.43 11.83 11.95 11.94
Dividend Payout % 0% 0% 0% 0% 48% 30% 18% 0% 0% 12% 8% 8%
Compounded Sales Growth
10 Years: 10%
5 Years: 10%
3 Years: 18%
TTM: 9%
Compounded Profit Growth
10 Years: 14%
5 Years: 3%
3 Years: 27%
TTM: 32%
Stock Price CAGR
10 Years: %
5 Years: 15%
3 Years: 0%
1 Year: 16%
Return on Equity
10 Years: 12%
5 Years: 10%
3 Years: 11%
Last Year: 11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 5 17 18 18 18 18 18 19 19 19 19 19 19
Reserves 22 43 47 54 57 72 91 122 133 150 170 191 200
20 5 36 35 42 31 38 40 26 34 38 28 28
9 9 11 14 18 13 34 12 15 22 23 24 27
Total Liabilities 56 73 112 121 136 134 180 193 194 224 251 262 275
8 8 20 20 19 18 18 25 26 27 26 24 23
CWIP 0 0 0 0 2 5 7 0 2 0 0 0 0
Investments 0 0 1 1 2 2 2 2 13 39 39 39 39
49 65 91 101 113 109 153 166 153 158 186 199 212
Total Assets 56 73 112 121 136 134 180 193 194 224 251 262 275

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
4 0 0 -2 19 22 -1 2 11 3 1 5
-2 -9 -26 3 -18 -1 -20 5 2 -14 0 12
-2 9 29 -5 -0 -21 21 3 -19 7 -3 -16
Net Cash Flow -0 -0 4 -4 0 -0 0 10 -6 -4 -1 2

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 109 99 117 125 131 128 160 155 148 149 156 164
Inventory Days 137 174 138 141 175 149 206 288 265 230 214 176
Days Payable 42 53 38 58 53 36 34 38 42 45 30 35
Cash Conversion Cycle 204 220 216 208 253 241 331 405 372 334 340 306
Working Capital Days 165 200 191 240 178 196 263 317 292 279 281 267
ROCE % 23% 18% 13% 13% 17% 16% 24% 11% 11% 13% 16% 15%

Shareholding Pattern

Numbers in percentages

10 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
55.74% 55.74% 55.74% 55.74% 55.74% 55.74% 50.08% 50.08% 50.08% 47.15% 45.06% 45.06%
4.95% 2.28% 1.32% 1.32% 1.32% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01%
39.31% 41.98% 42.94% 42.94% 42.94% 44.25% 49.92% 49.93% 49.92% 52.86% 54.93% 54.94%
No. of Shareholders 10,18017,66716,77619,92319,67419,87519,97019,72420,50826,13125,80429,603

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

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