HEG Ltd

HEG Limited is engaged in manufacturing of graphite electrodes, which are used by manufacturers of steel. The Company's segments include Graphite, Power and Unallocable items/others.

Pros:
Stock is providing a good dividend yield of 7.04%.
Company is expected to give good quarter
Company has good consistent profit growth of 47.67% over 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 32.21%
Cons:

Peer Comparison Sector: Capital Goods-Non Electrical Equipment // Industry: Electrodes - Graphites

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
166 194 242 258 205 410 843 1,292 1,587 1,794 1,865 1,347
163 176 213 227 182 220 285 342 399 425 552 559
Operating Profit 3 18 29 30 23 190 558 951 1,188 1,369 1,313 788
OPM % 2% 9% 12% 12% 11% 46% 66% 74% 75% 76% 70% 59%
Other Income 1 4 1 1 1 3 5 4 9 20 37 42
Interest 13 15 14 12 13 13 13 18 3 5 4 6
Depreciation 19 18 18 18 18 18 19 18 18 18 19 18
Profit before tax -28 -12 -2 1 -7 161 531 919 1,177 1,366 1,329 806
Tax % -4% -19% -106% 626% -23% 29% 36% 31% 35% 35% 35% 35%
Net Profit -29 -14 -4 -3 -8 114 342 634 770 889 867 524
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
811 943 1,021 1,115 1,102 1,417 1,619 1,467 1,228 870 859 2,748 6,593
637 671 649 775 880 1,175 1,332 1,227 1,046 733 778 1,026 1,935
Operating Profit 174 272 372 340 222 242 287 240 182 137 81 1,722 4,658
OPM % 21% 29% 36% 30% 20% 17% 18% 16% 15% 16% 9% 63% 71%
Other Income 28 34 -98 13 25 -77 -35 2 15 4 7 12 109
Interest 54 54 67 59 22 41 64 72 77 60 55 57 18
Depreciation 48 45 46 51 57 58 63 73 75 79 74 73 72
Profit before tax 100 207 161 242 168 67 125 97 44 1 -41 1,605 4,677
Tax % 26% 29% 34% 29% 23% 7% 16% 11% 12% 886% -23% 33%
Net Profit 74 146 107 171 129 62 106 87 39 -8 -50 1,081 3,050
EPS in Rs 17.47 31.34 24.04 38.44 28.47 14.78 25.12 20.66 9.16 0.00 0.00 270.61
Dividend Payout % 27% 30% 26% 25% 33% 32% 30% 28% 31% -0% -0% 30%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:11.29%
5 Years:11.16%
3 Years:30.79%
TTM:139.73%
Compounded Profit Growth
10 Years:22.29%
5 Years:47.67%
3 Years:209.67%
TTM:182.10%
Return on Equity
10 Years:22.67%
5 Years:23.24%
3 Years:32.21%
Last Year:80.52%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
40 44 43 43 43 40 40 40 40 40 40 40 39
Reserves 318 483 534 688 773 722 823 884 901 881 832 1,769 3,680
Borrowings 888 712 882 731 910 1,269 1,396 1,027 917 782 684 297 666
209 218 236 237 235 332 362 482 320 234 273 533 684
Total Liabilities 1,455 1,457 1,694 1,699 1,962 2,363 2,621 2,434 2,177 1,937 1,829 2,639 5,070
650 549 564 658 659 745 718 941 907 932 889 833 788
CWIP 23 56 134 58 79 128 215 119 108 27 1 2 19
Investments 56 30 84 67 102 69 70 98 150 153 150 149 867
725 822 912 916 1,123 1,421 1,618 1,277 1,014 825 789 1,654 3,396
Total Assets 1,455 1,457 1,694 1,699 1,962 2,363 2,621 2,434 2,177 1,937 1,829 2,639 5,070

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
30 89 67 304 38 27 115 773 276 249 157 586
-71 41 -155 -49 -143 -165 -145 -294 -83 -29 -1 -9
13 -191 51 -256 113 144 26 -482 -202 -219 -153 -577
Net Cash Flow -27 -60 -37 -2 7 6 -3 -3 -8 1 3 -1

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 13% 21% 25% 21% 12% 11% 11% 9% 6% 3% 1% 91%
Debtor Days 91 112 117 144 131 126 135 130 121 134 153 129
Inventory Turnover 3.28 3.40 2.99 2.96 2.59 2.51 2.64 2.66 2.74 2.25 2.73 7.14