High Energy Batteries (India) Ltd

High Energy Batteries (India) Ltd

₹ 983 4.42%
22 Apr 12:10 p.m.
About

High Energy Batteries (India) Limited is engaged in the business of manufacturing Hi-Tech batteries for use in Army, Navy, Airforce and Launch Vehicles and also commercial batteries for Auto and Standby VRLA applications. [1]

Key Points

Products
The Co manufactures Aircraft Batteries, Torpedo Batteries, Missiles, and Helicopter Batteries for the Defence sector, Car batteries and Truck batteries for the automotive sector, VRLA Batteries among others. [1]

Revenue Split
Silver Zinc Batteries & Cells: 97% in FY21 vs 99% in FY20.
Nickel Cadmium Cells: 3% in FY21 vs 1% in FY20.[2]

  • Market Cap 881 Cr.
  • Current Price 983
  • High / Low 1,035 / 345
  • Stock P/E 45.4
  • Book Value 89.4
  • Dividend Yield 0.37 %
  • ROCE 37.3 %
  • ROE 33.9 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Company has delivered good profit growth of 46.2% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 39.8%

Cons

  • Stock is trading at 11.0 times its book value
  • The company has delivered a poor sales growth of 9.35% over past five years.

* 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.

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Quarterly Results

Figures in Rs. Crores

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
20.55 23.24 10.75 26.48 16.68 25.65 14.68 20.20 27.05 30.89 23.63 17.75 16.89
13.98 14.54 8.00 13.23 11.21 17.64 10.46 14.05 16.19 21.03 14.98 13.11 12.93
Operating Profit 6.57 8.70 2.75 13.25 5.47 8.01 4.22 6.15 10.86 9.86 8.65 4.64 3.96
OPM % 31.97% 37.44% 25.58% 50.04% 32.79% 31.23% 28.75% 30.45% 40.15% 31.92% 36.61% 26.14% 23.45%
0.01 0.03 0.05 0.04 0.05 0.04 0.02 0.04 0.03 0.65 0.43 0.57 1.07
Interest 1.25 1.42 0.93 1.03 0.86 0.96 0.65 0.71 0.88 0.91 0.74 0.50 0.36
Depreciation 0.28 0.30 0.28 0.29 0.28 0.28 0.29 0.30 0.31 0.30 0.31 0.30 0.26
Profit before tax 5.05 7.01 1.59 11.97 4.38 6.81 3.30 5.18 9.70 9.30 8.03 4.41 4.41
Tax % 17.43% 26.68% 27.04% 26.40% 26.26% 30.10% 25.45% 25.87% 25.57% 25.16% 25.90% 26.08% 26.30%
4.18 5.14 1.17 8.81 3.22 4.75 2.46 3.85 7.22 6.97 5.95 3.26 3.25
EPS in Rs 4.64 5.71 1.30 9.79 3.58 5.28 2.73 4.30 8.05 7.78 6.64 3.64 3.63
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
56 67 31 33 23 47 59 47 61 78 80 93 89
49 60 34 36 29 40 48 39 46 48 50 60 62
Operating Profit 7 6 -3 -3 -6 8 12 7 15 30 29 33 27
OPM % 12% 10% -11% -10% -29% 16% 20% 15% 25% 39% 37% 36% 30%
0 0 1 7 3 0 0 0 0 0 0 -1 3
Interest 5 4 6 6 5 5 6 6 6 5 4 3 3
Depreciation 2 2 2 2 1 1 1 1 1 1 1 1 1
Profit before tax 1 1 -10 -4 -11 1 5 1 9 24 25 27 26
Tax % 28% 29% 36% 34% 35% 175% 29% 23% 36% 24% 27% 25%
0 0 -6 -3 -7 -1 3 0 6 18 18 20 19
EPS in Rs 0.43 0.41 -6.92 -3.12 -7.64 -0.96 3.64 0.49 6.22 20.37 19.94 22.87 21.69
Dividend Payout % 0% 48% 0% 0% 0% 0% 0% 0% 0% 15% 15% 15%
Compounded Sales Growth
10 Years: 3%
5 Years: 9%
3 Years: 15%
TTM: 2%
Compounded Profit Growth
10 Years: 50%
5 Years: 46%
3 Years: 58%
TTM: 6%
Stock Price CAGR
10 Years: 45%
5 Years: 83%
3 Years: 83%
1 Year: 172%
Return on Equity
10 Years: 17%
5 Years: 35%
3 Years: 40%
Last Year: 34%

Balance Sheet

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 2 2 2 2 2 2 2 2 2 2 2 2 2
Reserves 16 17 10 7 0 13 16 17 22 40 54 72 78
27 33 40 39 28 34 40 39 33 35 25 21 14
22 15 24 20 23 31 26 25 19 18 19 21 16
Total Liabilities 67 66 76 69 53 80 84 83 75 94 99 115 110
21 20 18 17 15 34 33 32 31 31 30 38 38
CWIP 0 0 0 0 0 0 0 0 0 0 0 0 1
Investments 1 1 1 1 0 1 1 1 1 1 1 1 2
46 46 57 52 38 46 50 50 43 62 68 76 70
Total Assets 67 66 76 69 53 80 84 83 75 94 99 115 110

Cash Flows

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
6 -0 -1 4 7 -3 3 5 11 9 16 17
-0 -0 0 7 6 -0 -0 -0 -0 -1 -1 -11
-5 1 1 -7 -17 2 1 -7 -11 -3 -17 -10
Net Cash Flow 0 1 0 4 -4 -1 3 -2 -1 6 -1 -4

Ratios

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 65 64 185 117 116 108 90 130 54 85 90 113
Inventory Days 325 242 652 452 410 369 336 435 412 406 498 433
Days Payable 99 29 201 152 198 238 187 246 104 65 57 32
Cash Conversion Cycle 291 278 636 416 328 239 239 319 363 427 531 513
Working Capital Days 158 156 406 249 162 129 149 164 152 205 222 226
ROCE % 12% 10% -9% -9% -19% 16% 20% 11% 25% 44% 36% 37%

Shareholding Pattern

Numbers in percentages

10 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
40.97% 40.97% 40.97% 40.97% 40.97% 40.97% 41.02% 41.02% 41.02% 40.88% 40.88% 41.27%
7.09% 7.09% 7.09% 7.09% 6.65% 6.65% 6.63% 6.34% 6.34% 6.00% 6.00% 5.99%
51.94% 51.94% 51.94% 51.94% 52.38% 52.38% 52.35% 52.63% 52.64% 53.12% 53.12% 52.74%
No. of Shareholders 4,5477,1457,1547,6828,46612,06712,24012,19412,95514,33716,66317,877

* 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.

Click on the line-items to see the names of individual entities.

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