HEG Ltd

HEG is engaged in a leading manufacturer and exporter of graphite electrodes in India and operates worlds largest single-site integrated graphite electrodes plant.(Source : 201903 Annual Report Page No: 124)

Pros:
Stock is trading at 1.01 times its book value
Stock is providing a good dividend yield of 8.25%.
Company is expected to give good quarter
Company has good consistent profit growth of 96.11% over 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 80.96%
Debtor days have improved from 116.09 to 65.73 days
Cons:
** Remarks:
Return on equity is exceptional

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

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
194 242 258 205 410 843 1,292 1,587 1,794 1,865 1,347 817
176 213 227 182 220 285 342 399 425 552 559 469
Operating Profit 18 29 30 23 190 558 951 1,188 1,369 1,313 788 348
OPM % 9% 12% 12% 11% 46% 66% 74% 75% 76% 70% 59% 43%
Other Income 4 1 1 1 3 5 4 8 20 37 42 39
Interest 15 14 12 13 13 13 18 2 5 4 6 9
Depreciation 18 18 18 18 18 19 18 18 18 19 18 18
Profit before tax -12 -2 1 -7 161 531 919 1,177 1,366 1,329 806 360
Tax % -19% -106% 626% -23% 29% 36% 31% 35% 35% 35% 35% 35%
Net Profit -14 -4 -3 -8 114 342 634 770 889 867 524 234
EPS in Rs -3.53 -0.88 -0.86 -2.11 28.44 85.62 158.66 192.77 222.45 216.93 131.39 60.73
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
943 1,021 1,115 1,102 1,417 1,619 1,467 1,228 870 859 2,748 6,591 5,822
671 649 775 880 1,175 1,332 1,227 1,046 733 778 1,027 1,933 2,004
Operating Profit 272 372 340 222 242 287 240 182 137 81 1,721 4,658 3,818
OPM % 29% 36% 30% 20% 17% 18% 16% 15% 16% 9% 63% 71% 66%
Other Income 34 -98 13 25 -77 -35 2 15 4 7 12 109 139
Interest 54 67 59 22 41 64 72 77 60 55 56 18 24
Depreciation 45 46 51 57 58 63 73 75 79 74 73 72 73
Profit before tax 207 161 242 168 67 125 97 44 1 -41 1,605 4,677 3,860
Tax % 29% 34% 29% 23% 7% 16% 11% 12% 886% -23% 33% 35%
Net Profit 146 107 171 129 62 106 87 39 -8 -50 1,081 3,050 2,515
EPS in Rs 31.34 24.04 38.44 28.47 14.78 25.12 20.66 9.16 0.00 0.00 270.61 790.35 631.50
Dividend Payout % 30% 26% 25% 33% 32% 30% 28% 31% -0% -0% 30% 10%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:20.50%
5 Years:35.06%
3 Years:96.44%
TTM:40.90%
Compounded Profit Growth
10 Years:32.00%
5 Years:96.11%
3 Years:586.73%
TTM:35.18%
Stock Price CAGR
10 Years:13.54%
5 Years:28.14%
3 Years:77.15%
1 Year:-77.53%
Return on Equity
10 Years:44.27%
5 Years:59.38%
3 Years:80.96%
Last Year:109.24%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
44 43 43 43 40 40 40 40 40 40 40 39
Reserves 483 534 688 773 722 823 884 901 881 832 1,769 3,680
Borrowings 712 882 731 910 1,269 1,396 1,027 917 782 684 297 666
218 236 237 235 332 362 482 320 234 273 537 691
Total Liabilities 1,457 1,694 1,699 1,962 2,363 2,621 2,434 2,177 1,937 1,829 2,643 5,076
549 564 658 659 745 718 941 907 932 889 833 788
CWIP 56 134 58 79 128 215 119 108 27 1 2 19
Investments 30 84 67 102 69 70 98 150 153 150 149 867
822 912 916 1,123 1,421 1,618 1,277 1,014 825 789 1,659 3,402
Total Assets 1,457 1,694 1,699 1,962 2,363 2,621 2,434 2,177 1,937 1,829 2,643 5,076

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
89 67 304 38 27 115 773 276 249 157 594 1,488
41 -155 -49 -143 -165 -145 -294 -83 -29 -1 -9 -676
-191 51 -256 113 144 26 -482 -202 -219 -153 -588 -788
Net Cash Flow -60 -37 -2 7 6 -3 -3 -8 1 3 -3 24

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 21% 25% 21% 12% 11% 11% 9% 6% 3% 1% 91% 143%
Debtor Days 112 117 144 131 126 135 130 121 134 153 129 66
Inventory Turnover 3.40 2.99 2.96 2.59 2.51 2.64 2.66 2.74 2.25 2.73 7.14 7.24