HEG Ltd

About [ edit ]

HEG Ltd is India’s leading graphite electrode
manufacturer. It has one of the largest integrated Graphite Electrode plants in the world, processing sophisticated UHP (Ultra High Power) Electrodes. It is the premier company of the LNJ Bhilwara group. #

  • Market Cap 8,746 Cr.
  • Current Price 2,266
  • High / Low 2,580 / 659
  • Stock P/E
  • Book Value 881
  • Dividend Yield 0.13 %
  • ROCE -1.93 %
  • ROE -2.36 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 29.96%
  • Company has been maintaining a healthy dividend payout of 48.39%

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 7.60% over past five years.
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
1,587.38 1,793.80 1,864.99 1,346.65 816.51 564.38 393.69 374.44 233.29 322.88 319.59 380.48
399.41 424.99 551.50 558.65 468.72 425.33 388.95 871.86 244.60 364.75 320.86 385.17
Operating Profit 1,187.97 1,368.81 1,313.49 788.00 347.79 139.05 4.74 -497.42 -11.31 -41.87 -1.27 -4.69
OPM % 74.84% 76.31% 70.43% 58.52% 42.59% 24.64% 1.20% -132.84% -4.85% -12.97% -0.40% -1.23%
Other Income 7.95 20.37 37.20 42.28 39.16 35.03 27.28 42.29 46.03 16.41 25.35 25.11
Interest 1.74 5.39 3.57 5.86 9.25 9.95 8.73 8.58 5.97 3.04 1.27 1.09
Depreciation 17.56 18.13 18.52 18.20 17.72 17.75 17.79 18.88 17.77 18.34 18.53 18.48
Profit before tax 1,176.62 1,365.66 1,328.60 806.22 359.98 146.38 5.50 -482.59 10.98 -46.84 4.28 0.85
Tax % 34.53% 34.91% 34.76% 34.95% 34.89% -22.30% -8.00% 24.16% 2.00% 27.60% -9.35% 900.00%
Net Profit 770.30 888.90 866.83 524.42 234.39 179.03 5.94 -366.00 10.76 -33.91 4.68 -6.80
EPS in Rs 192.77 222.45 216.93 135.88 60.73 46.39 1.54 -94.83 2.79 -8.79 1.21 -1.76

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
1,115 1,102 1,417 1,619 1,467 1,228 870 859 2,748 6,591 2,145 1,254
775 880 1,175 1,332 1,227 1,046 733 778 1,027 1,933 2,151 1,313
Operating Profit 340 222 242 287 240 182 137 81 1,721 4,658 -6 -59
OPM % 30% 20% 17% 18% 16% 15% 16% 9% 63% 71% -0% -5%
Other Income 13 25 -77 -35 2 15 4 7 12 109 144 113
Interest 59 22 41 64 72 77 60 55 56 18 37 11
Depreciation 51 57 58 63 73 75 79 74 73 72 72 73
Profit before tax 242 168 67 125 97 44 1 -41 1,605 4,677 29 -31
Tax % 29% 23% 7% 16% 11% 12% 886% -23% 33% 35% -82% 18%
Net Profit 171 129 62 106 87 39 -8 -50 1,081 3,050 53 -25
EPS in Rs 40.15 30.08 15.60 26.47 21.68 9.76 -1.89 -12.53 270.61 790.36 13.83 -6.56
Dividend Payout % 25% 33% 32% 30% 28% 31% 0% 0% 30% 10% 181% -46%
Compounded Sales Growth
10 Years:1%
5 Years:8%
3 Years:-23%
TTM:-42%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:%
TTM:-324%
Stock Price CAGR
10 Years:26%
5 Years:69%
3 Years:-19%
1 Year:209%
Return on Equity
10 Years:27%
5 Years:33%
3 Years:30%
Last Year:-2%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
43 43 40 40 40 40 40 40 40 39 39 39
Reserves 688 773 722 823 884 901 881 832 1,769 3,680 3,384 3,360
Borrowings 731 910 1,269 1,396 1,027 917 782 684 297 667 594 298
234 231 327 358 478 315 176 216 534 684 332 451
Total Liabilities 1,695 1,958 2,358 2,618 2,430 2,173 1,878 1,772 2,640 5,070 4,350 4,148
658 659 745 718 941 907 932 889 833 788 745 694
CWIP 58 79 128 215 119 108 27 1 2 19 101 373
Investments 67 102 69 70 98 150 153 150 149 867 1,156 1,261
912 1,118 1,416 1,615 1,273 1,009 767 732 1,656 3,396 2,348 1,819
Total Assets 1,695 1,958 2,358 2,618 2,430 2,173 1,878 1,772 2,640 5,070 4,350 4,148

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
304 38 27 115 773 276 249 157 594 1,488 739 729
-49 -143 -165 -145 -294 -83 -29 -1 -9 -676 -275 -430
-256 113 144 26 -482 -202 -219 -153 -588 -788 -460 -310
Net Cash Flow -2 7 6 -3 -3 -8 1 3 -3 24 4 -11

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
ROCE % 21% 12% 11% 11% 9% 6% 3% 1% 91% 143% -0% -2%
Debtor Days 144 131 126 135 130 121 134 153 129 66 68 84
Inventory Turnover 1.42 1.32 1.43 1.47 1.44 1.55 1.15 1.62 1.67 1.43 1.54 1.20

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
61.04 61.04 61.24 61.24 59.62 59.62 59.62 59.62 59.62 59.62 59.62 59.62
8.23 8.00 5.75 6.67 7.23 10.16 11.04 11.17 7.83 6.97 9.43 11.27
10.91 10.57 9.54 9.68 9.62 8.05 7.42 7.42 7.32 7.35 7.41 7.48
19.83 20.39 23.47 22.41 23.52 22.17 21.91 21.79 25.22 26.06 23.54 21.62

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