Veto Switchgears & Cables Q1FY18 consolidated net profit surges 40.61% yoy

Sep 14, 2017 02:09 IST India Infoline Research Team

Veto Switchgears & Cables Ltd Q1FY18

Consolidated Results Q1FY18: (Rs. in crore)

Q1FY18 YoY (%)
Revenue 49.4 [13.3]
EBITDA 7.7 [22.4]
EBITDA Margin (%) 15.6 [185]
Net Profit (adjusted) 6 40.6
***EBITDA margin change is bps


Reco. Price


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Veto Switchgear and Cables standalone revenue for the quarter came in at Rs. 49.4 crore, registering 13.3% yoy decline. This was due to 22.4% yoy decline in the revenue of wires & cables. Also, ~8.2% and ~7.1% yoy decline in lighting & fitting and accessories & other segments contributed in overall revenue decline.

EBITDA for the quarter fell by 22.4% yoy to Rs. 7.7 crore with a corresponding margin contraction of 185 bps. EBITDA margin for the quarter stood at 15.6%. This margin contraction was led by ~8.5% yoy rise in employee benefit expenses.

The PAT for the quarter came in at Rs. 6 crore, yoy increase of 40.6%. This was due to lower effective tax rate of ~12.8% vs ~16.3% in Q1FY17.

Technical View:

Veto Switchgears & Cables Ltd is currently trading at Rs. 219, up by 2.85 points or 1.32% from its previous closing of Rs. 216.15 on the BSE.
The scrip opened at Rs. 218.25 and has touched a high and low of Rs. 224.40 and Rs. 217.40 respectively. So far 3,04,725(NSE+BSE) shares were traded on the counter. The stock is currently trading below its 50 DMA.

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