Veto Switchgears & Cables Ltd

  • Market Cap 241 Cr.
  • Current Price 126
  • High / Low 160 / 30.9
  • Stock P/E 20.1
  • Book Value 95.3
  • Dividend Yield 0.00 %
  • ROCE 8.58 %
  • ROE 5.38 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • The company has delivered a poor sales growth of 9.07% over past five years.
  • Company has a low return on equity of 11.41% for last 3 years.
  • Dividend payout has been low at 4.22% of profits over last 3 years
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
70.39 57.36 57.71 56.30 46.92 35.62 37.01 38.71 38.87 23.05 42.17 51.20
59.45 48.23 53.81 53.02 42.28 31.57 32.45 32.54 34.90 19.05 38.56 42.43
Operating Profit 10.94 9.13 3.90 3.28 4.64 4.05 4.56 6.17 3.97 4.00 3.61 8.77
OPM % 15.54% 15.92% 6.76% 5.83% 9.89% 11.37% 12.32% 15.94% 10.21% 17.35% 8.56% 17.13%
Other Income 0.77 1.39 0.17 0.06 0.11 0.02 0.26 0.24 0.16 0.28 0.25 0.24
Interest 0.94 0.86 0.94 0.94 1.15 1.04 1.07 0.88 0.71 0.49 0.39 0.31
Depreciation 0.41 0.33 0.34 0.34 0.45 0.41 0.49 0.40 0.52 0.56 0.40 0.48
Profit before tax 10.36 9.33 2.79 2.06 3.15 2.62 3.26 5.13 2.90 3.23 3.07 8.22
Tax % 31.37% 16.29% 3.58% 35.44% 64.76% 37.79% 29.45% 29.63% 40.69% 30.03% 34.53% 27.37%
Net Profit 7.11 7.81 2.69 1.33 1.11 1.64 2.31 3.61 1.73 2.26 2.02 5.97
EPS in Rs 3.88 4.09 1.41 0.70 0.58 0.86 1.21 1.89 0.91 1.18 1.06 3.12

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
47 53 69 74 94 97 177 239 253 218 150 155
41 46 58 63 84 82 151 214 212 197 131 135
Operating Profit 6 7 11 11 11 15 26 25 41 21 19 20
OPM % 12% 13% 16% 15% 11% 16% 15% 11% 16% 10% 13% 13%
Other Income 0 0 0 0 1 1 -4 2 2 0 1 1
Interest 1 1 3 2 2 4 5 4 3 4 4 2
Depreciation 1 1 1 1 1 2 2 2 2 1 2 2
Profit before tax 4 5 8 8 8 10 15 21 39 16 14 17
Tax % -6% 1% 4% 23% 28% 27% 15% 14% 26% 27% 33%
Net Profit 4 5 7 6 6 7 13 18 29 12 9 12
EPS in Rs 3.21 3.32 3.90 7.14 10.00 15.81 6.05 4.85 6.27
Dividend Payout % 0% 0% 0% 0% 0% 0% 28% 20% 13% 0% 0%
Compounded Sales Growth
10 Years:12%
5 Years:9%
3 Years:-14%
TTM:-2%
Compounded Profit Growth
10 Years:8%
5 Years:6%
3 Years:-20%
TTM:38%
Stock Price CAGR
10 Years:%
5 Years:5%
3 Years:-18%
1 Year:294%
Return on Equity
10 Years:14%
5 Years:14%
3 Years:11%
Last Year:5%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
5 5 5 17 18 18 18 18 18 19 19 19
Reserves 9 14 22 43 47 54 63 83 111 148 159 163
Borrowings 24 20 20 5 36 35 42 31 38 40 26 10
5 6 9 9 11 14 19 13 35 13 16 21
Total Liabilities 43 46 56 73 112 121 142 145 202 220 220 212
9 9 10 10 21 22 21 20 23 30 40 39
CWIP 0 0 0 0 0 0 3 8 7 0 3 5
Investments 0 0 0 0 1 0 0 0 0 0 0 0
34 37 47 64 90 99 118 118 171 190 177 169
Total Assets 43 46 56 73 112 121 142 145 202 220 220 212

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
1 6 3 0 -2 21 20 -25 11 32
-3 -1 -2 -26 3 -8 -12 4 -2 -13
2 -4 -2 29 -5 -0 -21 21 3 -19
Net Cash Flow -0 0 -0 4 -4 14 -13 0 12 1

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 16% 23% 19% 13% 13% 21% 20% 28% 11% 9%
Debtor Days 96 109 109 99 117 125 86 86 154 102 145
Inventory Turnover 2.76 3.00 2.46 2.76 2.58 4.29 5.53 4.56 2.43 1.12

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
47.55 47.55 50.07 50.07 54.22 54.22 54.22 54.22 54.22 54.22 55.74 55.74
5.93 6.00 5.29 5.31 1.46 2.90 3.24 4.12 4.12 4.09 3.18 5.16
0.29 0.70 0.77 0.04 0.01 0.00 0.06 0.01 0.01 0.00 0.00 0.00
46.23 45.75 43.87 44.58 44.31 42.88 42.49 41.66 41.66 41.69 41.09 39.10

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