Vedavaag Systems Ltd

₹ 46.0 -1.46%

12 Mar 2:32 p.m.

About

Incorporated in 1998, Vedavaag Systems Ltd provides IT Sales &Services like Governance & Citizen Services, Banking, Finance and
Insurance Services^[1]

Key Points

Business Overview:^[1]
VSL is certified under ISO 9001:2015 and ISO 27001:2013. It started off as an e-governance company and transited to citizen services delivery management that includes financial inclusion, e-governance solutions, cloud-enabled IOT-based AI & ML solutions, Retail and logistics, Fintech, Health care, online education services, and rural citizen services in partnership with various Nodal Agencies and Public Sector Undertakings like SBI, SCR, ITI, BEL, BSNL, ECIL, UTIITSL, etc across 18 states in India

Website BSE

Market Cap ₹ 142 Cr.
Current Price ₹ 46.0
High / Low ₹ 83.5 / 42.6
Stock P/E 18.1
Book Value ₹ 40.6
Dividend Yield 1.65 %
ROCE 6.78 %
ROE 5.05 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Stock is trading at 1.16 times its book value
Company has been maintaining a healthy dividend payout of 22.6%

Cons

The company has delivered a poor sales growth of 0.45% over past five years.
Promoter holding is low: 36.0%
Company has a low return on equity of 5.84% over last 3 years.
Debtor days have increased from 64.6 to 97.0 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: IT - Software Industry: Computers - Software - Medium / Small

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
	17.02	17.65	17.84	18.86	14.61	14.12	14.72	15.14	14.83	16.85	17.02	18.75	19.22
	14.16	14.51	14.66	16.06	12.41	11.31	12.40	12.73	13.11	13.40	14.15	15.71	15.80
Operating Profit	2.86	3.14	3.18	2.80	2.20	2.81	2.32	2.41	1.72	3.45	2.87	3.04	3.42
OPM %	16.80%	17.79%	17.83%	14.85%	15.06%	19.90%	15.76%	15.92%	11.60%	20.47%	16.86%	16.21%	17.79%
	0.06	0.03	0.01	0.01	0.00	0.13	0.00	0.00	0.00	0.08	0.00	0.00	0.00
Interest	0.01	0.09	0.01	0.01	0.00	0.01	0.00	0.01	0.00	0.19	0.11	0.12	0.18
Depreciation	0.53	0.52	0.46	0.47	0.47	0.46	0.41	0.42	0.42	0.42	0.37	0.39	0.50
Profit before tax	2.38	2.56	2.72	2.33	1.73	2.47	1.91	1.98	1.30	2.92	2.39	2.53	2.74
Tax %	25.63%	25.00%	29.04%	21.03%	25.43%	25.91%	25.65%	25.76%	22.31%	26.71%	25.52%	24.90%	26.64%
	1.77	1.92	1.92	1.84	1.29	1.84	1.41	1.47	1.01	2.15	1.78	1.91	2.01
EPS in Rs	0.77	0.84	0.84	0.80	0.56	0.80	0.62	0.64	0.44	0.94	0.78	0.83	0.65
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	50.51	62.34	66.38	81.83	92.95	74.52	60.19	62.33	55.90	68.78	65.43	61.55	71.84
	41.85	52.29	54.52	69.90	79.19	57.31	46.77	52.68	46.05	57.09	54.41	51.65	59.06
Operating Profit	8.66	10.05	11.86	11.93	13.76	17.21	13.42	9.65	9.85	11.69	11.02	9.90	12.78
OPM %	17.15%	16.12%	17.87%	14.58%	14.80%	23.09%	22.30%	15.48%	17.62%	17.00%	16.84%	16.08%	17.79%
	0.12	0.54	0.69	1.75	1.15	0.40	0.90	0.28	0.52	0.10	0.14	0.08	0.08
Interest	0.27	0.15	0.04	0.07	0.04	0.06	0.19	0.17	0.07	0.12	0.05	0.21	0.60
Depreciation	4.75	6.66	8.47	7.30	2.49	2.72	2.75	2.62	2.33	2.09	1.86	1.66	1.68
Profit before tax	3.76	3.78	4.04	6.31	12.38	14.83	11.38	7.14	7.97	9.58	9.25	8.11	10.58
Tax %	2.39%	34.66%	28.22%	14.90%	26.90%	29.40%	20.74%	24.79%	25.85%	25.37%	25.51%	25.65%
	3.67	2.47	2.90	5.38	9.04	10.48	9.02	5.37	5.89	7.15	6.89	6.04	7.85
EPS in Rs	3.93	2.64	2.13	3.81	6.34	6.58	3.93	2.34	2.57	3.12	3.01	2.63	3.20
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	14.19%	15.21%	25.42%	21.35%	23.36%	19.24%	19.97%	28.47%

Compounded Sales Growth
10 Years:	0%
5 Years:	0%
3 Years:	3%
TTM:	22%

Compounded Profit Growth
10 Years:	9%
5 Years:	-8%
3 Years:	1%
TTM:	37%

Stock Price CAGR
10 Years:	15%
5 Years:	21%
3 Years:	-9%
1 Year:	-7%

Return on Equity
10 Years:	8%
5 Years:	6%
3 Years:	6%
Last Year:	5%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	9.35	9.35	13.63	14.13	14.25	15.94	22.93	22.93	22.93	22.93	22.93	22.93	22.93
Reserves	18.30	23.32	19.27	24.55	43.33	56.98	76.83	79.91	84.14	89.16	94.48	98.93	102.50
	0.00	0.00	0.00	0.00	0.08	5.08	0.50	5.42	4.64	4.90	3.96	2.36	3.52
	33.62	59.33	65.31	38.59	33.34	30.26	16.48	10.24	8.30	9.28	13.82	21.70	23.09
Total Liabilities	61.27	92.00	98.21	77.27	91.00	108.26	116.74	118.50	120.01	126.27	135.19	145.92	152.04
	13.35	17.45	20.18	13.14	15.72	23.31	23.78	24.62	23.23	21.75	19.60	17.85	20.80
CWIP	1.35	13.84	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.02	0.02	0.02	0.02	3.02	7.02	7.02	7.02	7.03	7.04	7.04	18.04	18.04
	46.55	60.69	78.01	64.11	72.26	77.93	85.94	86.86	89.75	97.48	108.55	110.03	113.20
Total Assets	61.27	92.00	98.21	77.27	91.00	108.26	116.74	118.50	120.01	126.27	135.19	145.92	152.04

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	6.71	26.40	-5.85	0.71	0.52	-2.76	-14.38	0.85	3.92	2.58	2.05	15.72
	-5.68	-22.73	0.67	1.50	-8.01	-14.28	-3.11	-3.40	-0.89	-0.55	0.42	-10.84
	0.51	2.44	0.00	0.40	9.88	11.23	17.64	2.49	-2.56	-1.94	-2.43	-4.13
Net Cash Flow	1.54	6.11	-5.18	2.61	2.40	-5.81	0.15	-0.05	0.47	0.09	0.03	0.76

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	191.93	160.43	243.10	110.80	84.74	224.82	55.85	63.07	74.63	39.22	57.63	96.96
Inventory Days		171.16	195.23	110.23	112.12	20.27	15.34
Days Payable		453.20	487.61	192.78	161.08	290.80	130.92
Cash Conversion Cycle	191.93	-121.61	-49.29	28.25	35.78	-45.71	-59.72	63.07	74.63	39.22	57.63	96.96
Working Capital Days	134.70	-7.44	78.08	105.45	130.10	245.15	296.11	332.56	417.37	381.03	441.76	441.62
ROCE %	15.82%	13.03%	12.44%	17.83%	25.78%	21.95%	12.98%	7.01%	7.31%	8.48%	7.80%	6.78%

Shareholding Pattern

Numbers in percentages

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
	35.98%	35.98%	36.25%	35.98%	35.98%	35.98%	35.98%	35.98%	35.98%	35.98%	35.98%	35.98%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.20%	3.76%
	64.02%	64.02%	63.76%	64.01%	64.00%	64.01%	64.02%	64.01%	64.01%	64.01%	59.82%	60.26%
No. of Shareholders	12,027	12,156	12,443	12,297	11,918	12,132	13,202	12,748	15,320	15,138	15,280	14,714

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Dec 2024
	22.90%	20.55%	35.98%	35.98%	35.98%	35.98%	35.98%	35.98%	35.98%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.76%
	77.10%	79.45%	64.02%	64.02%	64.02%	64.02%	64.00%	64.01%	60.26%
No. of Shareholders	6,034	7,278	6,765	6,398	6,196	12,027	11,918	15,320	14,714

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Nov 2024

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Feb 2022

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Nov 2021

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Aug 2021

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Jul 2021

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