VE Commercial Vehicles Ltd
About
VE Commercial Vehicles Limited is a commercial transport company incorporated on 07 March, 2008. VECV is divided into five business units: Eicher Trucks and Buses, Volvo Trucks India, Eicher Engineering Components, Eicher Power Solutions and VE Powertrain. In 2008, two players, Volvo Group and Eicher Motors, in the commercial vehicle business joined hands. VECV offers a range of ultra-modern trucks across 4.9-55T, along with a wide range of safe and efficient buses with seating capacity of 12- 72 across light, medium and heavy-duty applications. VECV has 9 manufacturing facilities spread across India, supported by a strong dealership network of over 990+ touchpoints, with the largest one being Pithampur Plant. Volvo Trucks under VECV have delivered over 18,000 Heavy duty trucks and facilitate 40% of coal production in India.
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Financial Data 2024
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Financial Data
| PARAMETERS | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (INR Cr) | 22572 17.3% | 19250 49.6% | 12871 43.2% | 8991 9.7% | 8196 -32.1% | 12065 17.9% | 10236 20.4% | 8501 -13.4% | 9811 68.1% | 5835 12.8% | 5174 -5.3% | 5462 5.5% | 5180 25.4% | 4131 64.1% | 2517 123.1% | 1128 - |
| Net Operating Income (INR Cr) | 21868 15.38% | 18952 48.94% | 12724 46.66% | 8676 0.00% | 8494 -26.69% | 11587 15.49% | 10033 17.99% | 8503 -11.00% | 9554 67.93% | 5758 12.25% | 5130 -4.08% | 5348 6.62% | 5016 26.68% | 3959 0.00% | 2523 156.16% | 985 0.00% |
| Profit (INR Cr) | 823 42.1% | 579 424.0% | 111 93.2% | 57 -3.5% | 59 -87.7% | 481 1.5% | 474 36.3% | 347 -7.1% | 374 97.4% | 189 -34.3% | 288 -12.7% | 330 -20.2% | 414 60.0% | 259 172.4% | 95 473.6% | 17 - |
| Assets (INR Cr) | 5448 14.6% | 4752 21.4% | 3913 -4.7% | 4106 11.5% | 3684 -7.9% | 3999 8.9% | 3673 12.5% | 3266 20.9% | 2702 11.0% | 2434 3.8% | 2344 12.5% | 2085 12.7% | 1850 22.2% | 1514 12.8% | 1342 3.2% | 1301 - |
| Net Worth (INR Cr) | 4740 15.7% | 4096 13.8% | 3599 1.7% | 3541 0.0% | 3488 -2.7% | 3582 10.3% | 3248 12.4% | 2890 13.8% | 2540 9.7% | 2304 4.5% | 2205 10.0% | 2005 13.8% | 1762 22.7% | 1436 0.0% | 1235 5.7% | 1168 0.0% |
| Employee Cost (INR Cr) | 1350 19.0% | 1135 23.3% | 920 18.3% | 778 -0.4% | 781 1.2% | 772 12.9% | 684 9.9% | 623 -6.3% | 664 33.5% | 497 17.8% | 422 11.6% | 378 28.5% | 295 31.6% | 224 52.8% | 146 116.4% | 68 - |
| Interest Cost (INR Cr) | 45 | 32 | 36 | 39 | 24 | 21 | 16 | 18 | 6 | 8 | 8 | 4 | 6 | 7 | 7 | 5 |
| Cash & Bank Balance (INR Cr) | 2403 | 2601 | 1386 | 1473 | 1208 | 1720 | 1608 | 1056 | 516 | 421 | 637 | 795 | 1189 | 1235 | 1056 | 760 |
| Total Debt (INR Cr) | 443 | 467 | 113 | 392 | 0 | 282 | 257 | 204 | 37 | 58 | 80 | 18 | 29 | 78 | 108 | 132 |
Key Financial Ratios
| PARAMETERS | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Profit As % Of Revenues | 3.7% | 3.0% | 0.9% | 0.6% | 0.7% | 4.0% | 4.6% | 4.1% | 3.8% | 3.3% | 5.6% | 6.1% | 8.0% | 6.3% | 3.8% | 1.5% |
| Profit As % Of Assets | 15.1% | 12.2% | 2.8% | 1.4% | 1.6% | 12.0% | 12.9% | 10.6% | 13.8% | 7.8% | 12.3% | 15.8% | 22.4% | 17.1% | 7.1% | 1.3% |
| Profit As % Of Networth | 17.4% | 14.1% | 3.1% | 1.6% | 1.7% | 13.4% | 14.6% | 12.0% | 14.7% | 8.2% | 13.1% | 16.5% | 23.5% | 18.0% | 7.7% | 1.4% |
| Interest Cost to EBITDA % | 2.6% | 2.4% | 5.0% | 6.6% | 6.0% | 2.1% | 1.8% | 2.6% | 0.8% | 2.1% | 1.9% | 0.9% | 1.1% | 2.2% | 7.4% | - |
| Debt to Equity Ratio | 0.09 | 0.11 | 0.03 | 0.11 | - | 0.08 | 0.08 | 0.07 | 0.01 | 0.03 | 0.04 | 0.01 | 0.02 | 0.05 | 0.09 | 0.11 |
| RONW | 18.6% | 15.1% | 3.1% | 1.6% | 1.7% | 14.1% | 15.4% | 12.8% | 12.3% | 8.4% | 13.7% | 16.5% | 23.5% | 18.0% | 9.1% | 1.7% |
| ROCE | 25.8% | 21.3% | 5.3% | 3.1% | 2.0% | 18.3% | 19.3% | 15.4% | 15.3% | 10.4% | 16.1% | 20.6% | 30.5% | 24.1% | 13.0% | 1.5% |