Veto Switchgears & Cables Ltd

Pros:
Company has reduced debt.
Company is virtually debt free.
Stock is trading at 0.51 times its book value
Stock is providing a good dividend yield of 4.23%.
Company has good consistent profit growth of 36.67% over 5 years
Company has been maintaining a healthy dividend payout of 20.22%
Cons:
Promoter's stake has decreased
Company has high debtors of 153.67 days.

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

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
55.29 68.50 48.80 63.65 70.23 70.39 57.36 57.71 56.30 46.92 35.62 37.01
50.49 61.03 41.10 51.64 59.60 59.45 48.23 53.81 53.02 42.28 31.57 32.55
Operating Profit 4.80 7.47 7.70 12.01 10.63 10.94 9.13 3.90 3.28 4.64 4.05 4.46
OPM % 8.68% 10.91% 15.78% 18.87% 15.14% 15.54% 15.92% 6.76% 5.83% 9.89% 11.37% 12.05%
Other Income 0.35 0.57 0.32 0.15 0.41 0.77 1.39 0.17 0.06 0.11 0.02 0.26
Interest 1.08 0.91 0.78 0.36 0.67 0.94 0.86 0.94 0.94 1.15 1.04 1.05
Depreciation 0.42 0.43 0.37 0.41 0.40 0.41 0.33 0.34 0.34 0.45 0.41 0.40
Profit before tax 3.65 6.70 6.87 11.39 9.97 10.36 9.33 2.79 2.06 3.15 2.62 3.27
Tax % 15.62% 12.69% 12.81% 31.61% 22.37% 31.37% 16.29% 3.58% 35.44% 64.76% 37.79% 29.36%
Net Profit 3.07 5.84 5.99 7.79 7.75 7.11 7.81 2.69 1.33 1.11 1.64 2.31
EPS in Rs 3.61 3.19 3.27 4.25 4.23 3.88 3.39 1.42 0.70 0.58 0.86 1.21
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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 TTM
47.00 53.20 68.60 74.14 94.48 97.30 176.74 239.08 253.08 175.85
41.30 46.12 57.53 63.05 83.66 82.12 150.89 213.63 211.80 159.42
Operating Profit 5.70 7.08 11.07 11.09 10.82 15.18 25.85 25.45 41.28 16.43
OPM % 12.13% 13.31% 16.14% 14.96% 11.45% 15.60% 14.63% 10.64% 16.31% 9.34%
Other Income 0.08 0.04 0.10 0.04 0.87 0.54 -3.95 1.65 1.98 0.45
Interest 0.81 1.29 2.58 2.45 2.05 3.95 4.55 4.12 2.76 4.18
Depreciation 0.88 0.90 1.06 1.06 1.20 2.01 1.97 1.66 1.58 1.60
Profit before tax 4.09 4.93 7.53 7.62 8.44 9.76 15.38 21.32 38.92 11.10
Tax % -6.36% 1.42% 4.25% 22.83% 27.73% 26.74% 14.89% 13.98% 25.57%
Net Profit 4.35 4.86 7.22 5.88 6.09 7.14 13.09 18.32 28.97 6.39
EPS in Rs 3.21 3.32 3.90 6.74 10.00 15.81 3.35
Dividend Payout % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 28.01% 20.01% 12.65%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:%
5 Years:27.83%
3 Years:37.53%
TTM:-31.23%
Compounded Profit Growth
10 Years:%
5 Years:36.67%
3 Years:61.27%
TTM:-74.80%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:-31.05%
1 Year:-42.78%
Return on Equity
10 Years:%
5 Years:18.28%
3 Years:22.05%
Last Year:23.16%

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 Sep 2019
5.00 5.33 5.38 16.66 18.33 18.33 18.33 18.33 18.33 19.12
Reserves 8.97 14.49 21.71 42.78 47.20 54.33 62.56 83.13 130.12 152.43
Borrowings 23.85 19.99 20.37 4.52 35.73 34.82 42.27 30.90 37.66 23.72
4.84 6.09 8.90 9.44 10.83 13.61 19.15 13.11 15.50 15.56
Total Liabilities 42.66 45.90 56.36 73.40 112.09 121.09 142.31 145.47 201.61 210.83
9.14 8.79 9.50 9.77 21.49 21.80 20.94 19.88 22.85 29.94
CWIP 0.00 0.02 0.00 0.00 0.00 0.01 2.86 7.77 7.32 0.00
Investments 0.00 0.00 0.00 0.02 0.95 0.50 0.31 0.01 0.01 0.01
33.52 37.09 46.86 63.61 89.65 98.78 118.20 117.81 171.43 180.88
Total Assets 42.66 45.90 56.36 73.40 112.09 121.09 142.31 145.47 201.61 210.83

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
0.68 6.10 3.49 0.37 -2.07 21.46 19.61 -25.04
-3.27 -1.34 -1.58 -25.68 3.21 -7.80 -11.53 4.30
2.11 -4.29 -2.18 29.15 -4.79 -0.05 -20.68 20.92
Net Cash Flow -0.48 0.47 -0.27 3.84 -3.65 13.62 -12.61 0.18

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
ROCE % 16.02% 23.12% 18.51% 12.69% 12.85% 20.92% 19.88% 26.15%
Debtor Days 95.52 108.95 108.54 99.15 117.02 125.29 86.28 85.52 153.67
Inventory Turnover 3.91 4.28 3.51 3.77 3.83 5.88 6.44 6.05