Veto Switchgears and Cables Limited , a prominent player in the electrical segment, has announced its audited financial results for the quarter and year ended March 31, 2024, showcasing robust growth in profitability.

Strong Q4 Performance

The company reported a significant 79% year-on-year increase in standalone net profit for the fourth quarter. Net profit rose to Rs 17.32 crore, compared to Rs 9.68 crore in the same quarter of the previous year. Total income for Q4 also saw an uptick, reaching Rs 79.43 crore, up from Rs 69.32 crore in the corresponding period.

Full-Year Financial Highlights

For the full fiscal year 2024, Veto Switchgears demonstrated solid growth:

• Standalone net profit increased to Rs 30.48 crore from Rs 22.85 crore in the previous year
• Total income grew to Rs 230.17 crore from Rs 208.95 crore

On a consolidated basis, the group reported a net profit of Rs 18.06 crore, compared to Rs 20.45 crore in the previous year.

Dividend Declaration

The board of directors has recommended a final dividend of Rs 1 per equity share (10% of face value of Rs 10). This dividend is subject to shareholder approval at the upcoming Annual General Meeting.

Corporate Governance and Management Changes

The company has taken steps to ensure continued compliance and efficient operations:

1. Reappointment of Govind Jaiswal as the secretarial auditor for FY 2024-25
2. Reappointment of Rajesh & Company as the cost auditor for FY 2024-25

Subsidiary Development

During the quarter, Veto Switchgears lost control over its subsidiary, Veto Overseas Private SEZ.

Upcoming Annual General Meeting

Veto Switchgears and Cables Limited has scheduled its 18th Annual General Meeting for September 29, 2025. The meeting will be conducted through Video Conferencing (VC) or Other Audio-Visual Means (OAVM) at 3:00 PM. Shareholders will have the opportunity to participate in remote e-voting, with the cut-off date for determining voting eligibility set as September 22, 2025.

The company's strong financial performance, coupled with its commitment to shareholder returns and corporate governance, positions Veto Switchgears and Cables Limited as a notable player in the electrical equipment sector.

Veto Switchgears and Cables Limited , a player in the electrical equipment sector, has reported mixed financial results for the first quarter. The company saw an increase in revenue but experienced a decline in profitability, according to its latest financial report.

Standalone Performance

On a standalone basis, Veto Switchgears demonstrated growth in its total income, which rose to Rs. 434.15 lakhs from Rs. 417.43 lakhs in the corresponding quarter of the previous year. This represents a year-over-year increase of 4.01%.

However, the company's net profit after tax on a standalone basis saw a decline. It dropped to Rs. 372.12 lakhs from Rs. 431.48 lakhs in the same period last year, marking a decrease of 13.76%.

Consolidated Results

The consolidated financial results paint a similar picture of revenue growth coupled with profit decline. Veto Switchgears' consolidated total income increased to Rs. 648.04 lakhs from Rs. 612.01 lakhs year-over-year, showing a growth of 5.89%.

Despite the revenue growth, the consolidated net profit after tax fell to Rs. 343.21 lakhs from Rs. 488.01 lakhs in the corresponding quarter of the previous year. This represents a significant decrease of 29.67% in consolidated net profit.

Financial Highlights

Analysis

While Veto Switchgears managed to grow its revenue both on standalone and consolidated bases, the company faced challenges in maintaining its profitability. The disparity between revenue growth and profit decline suggests increased costs or operational challenges during the quarter.

It's worth noting that despite the profit decline, the company has maintained positive profit margins. The consolidated performance outpaced the standalone results in terms of revenue growth, indicating potentially stronger performance in the company's subsidiaries or joint ventures.

The unchanged equity share capital at Rs. 1,911.50 lakhs suggests that the company did not issue new shares during this period.