Stock VETO VETO SWITCHGEARS AND CABLES LIMITED
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Financials Veto Switchgears and Cables Limited

Equities

VETO

INE918N01018

Electrical Components & Equipment

Market Closed - NSE India S.E.
Other stock markets
 07:43:50 2024-05-03 am EDT 		5-day change 1st Jan Change
130 INR -0.27% Intraday chart for Veto Switchgears and Cables Limited -2.07% +13.04%
Mar. 15 Veto Switchgears to Close UAE-Based Subsidiary MT
Feb. 13 Veto Switchgears and Cables Limited Reports Earnings Results for the Third Quarter and Nine Months Ended December 31, 2023 CI

Valuation

Fiscal Period: March 2018 2019 2020 2021 2022 2023
Capitalization 1 3,346 1,337 550.5 2,218 1,739 1,437
Enterprise Value (EV) 1 3,694 1,593 659.4 2,449 2,114 1,719
P/E ratio 11.9 x 11.5 x 5.9 x 14.9 x 8.69 x 7.1 x
Yield 1.1% - - 0.86% 1.1% 1.33%
Capitalization / Revenue 1.32 x 0.61 x 0.37 x 1.22 x 0.64 x 0.49 x
EV / Revenue 1.46 x 0.73 x 0.44 x 1.35 x 0.78 x 0.59 x
EV / EBITDA 8.95 x 7.47 x 3.45 x 9.94 x 5.88 x 4.76 x
EV / FCF -11.1 x 29.9 x 4.69 x -16.9 x -16.1 x 20.1 x
FCF Yield -8.98% 3.35% 21.3% -5.93% -6.21% 4.97%
Price to Book 2.25 x 0.8 x 0.31 x 1.14 x 0.82 x 0.62 x
Nbr of stocks (in thousands) 18,327 19,115 19,115 19,115 19,115 19,115
Reference price 2 182.6 69.95 28.80 116.0 91.00 75.20
Announcement Date 9/7/18 9/27/19 9/4/20 9/4/21 9/2/22 9/4/23
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2018 2019 2020 2021 2022 2023
Net sales 1 2,531 2,186 1,502 1,812 2,699 2,934
EBITDA 1 412.8 213.2 191.1 246.4 359.8 361.3
EBIT 1 397 198.6 175.5 230.1 335.4 339.8
Operating Margin 15.68% 9.09% 11.68% 12.7% 12.43% 11.58%
Earnings before Tax (EBT) 1 389.2 159.6 139.2 213.9 298 304.2
Net income 1 289.7 115.7 92.8 147.9 200.2 202.5
Net margin 11.45% 5.3% 6.18% 8.16% 7.42% 6.9%
EPS 2 15.30 6.090 4.880 7.785 10.47 10.59
Free Cash Flow 1 -331.7 53.35 140.7 -145.2 -131.3 85.49
FCF margin -13.11% 2.44% 9.37% -8.01% -4.86% 2.91%
FCF Conversion (EBITDA) - 25.02% 73.65% - - 23.66%
FCF Conversion (Net income) - 46.1% 151.64% - - 42.22%
Dividend per Share 2 2.000 - - 1.000 1.000 1.000
Announcement Date 9/7/18 9/27/19 9/4/20 9/4/21 9/2/22 9/4/23
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2018 2019 2020 2021 2022 2023
Net Debt 1 349 256 109 230 375 281
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 0.8448 x 1.201 x 0.5699 x 0.9348 x 1.042 x 0.7789 x
Free Cash Flow 1 -332 53.3 141 -145 -131 85.5
ROE (net income / shareholders' equity) 23.2% 7.33% 5.38% 7.97% 9.91% 9.15%
ROA (Net income/ Total Assets) 14.3% 5.88% 4.98% 5.83% 7.2% 6.74%
Assets 1 2,027 1,968 1,864 2,540 2,779 3,003
Book Value Per Share 2 81.00 87.50 93.00 101.0 111.0 122.0
Cash Flow per Share 2 1.520 7.610 7.900 6.590 4.940 7.980
Capex 1 40.7 17.6 131 31.8 12.7 50.1
Capex / Sales 1.61% 0.81% 8.73% 1.75% 0.47% 1.71%
Announcement Date 9/7/18 9/27/19 9/4/20 9/4/21 9/2/22 9/4/23
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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