HEG Ltd

HEG Ltd

₹ 2,195 -0.85%
14 Jun 4:01 p.m.
About

HEG Ltd is a leading manufacturer and exporter of graphite electrodes in India. It operates the largest single-site integrated graphite electrodes plant in the world.[1]

It is a part of LNJ Bhilwara Group which also has presence across IT Enabled services, power generation & textiles.[2]

Key Points

Product Offerings
The company offers various grades of graphite electrodes such as ultra-high power (UHP), high power (SHP), and Regular power (HP) electrodes of various different lengths and diameters. Its expertise lies in Graphite Electrodes, Power Division, and Carbon Specialty products.[1] The sector is a High-tech / High Entry Barrier sector; HEG the last new entrant in the world in 1976.[2]

  • Market Cap 8,478 Cr.
  • Current Price 2,195
  • High / Low 2,745 / 1,462
  • Stock P/E 27.2
  • Book Value 1,147
  • Dividend Yield 1.93 %
  • ROCE 8.56 %
  • ROE 7.16 %
  • Face Value 10.0

Pros

  • Company has been maintaining a healthy dividend payout of 31.5%

Cons

  • Company has a low return on equity of 10.5% over last 3 years.
  • Earnings include an other income of Rs.223 Cr.
  • Promoter holding has decreased over last 3 years: -3.84%

* 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

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
380 414 518 597 673 722 598 530 617 671 614 562 547
385 341 376 441 516 538 419 398 493 520 512 476 506
Operating Profit -5 72 142 156 157 184 179 132 123 151 102 87 41
OPM % -1% 18% 27% 26% 23% 25% 30% 25% 20% 23% 17% 15% 8%
25 22 25 15 17 21 20 40 42 26 63 30 64
Interest 1 1 1 4 1 4 7 8 7 9 9 10 9
Depreciation 18 19 18 21 21 21 23 25 33 38 38 47 50
Profit before tax 1 75 148 146 152 180 168 139 125 130 118 59 46
Tax % 900% 25% 24% 25% 25% 26% 23% 25% 20% 25% 18% 27% 29%
-16 57 132 113 129 159 169 105 100 139 96 44 33
EPS in Rs -4.17 14.71 34.08 29.40 33.49 41.20 43.77 27.12 25.84 36.05 24.87 11.31 8.53
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
1,619 1,440 1,228 870 859 2,748 6,591 2,145 1,254 2,201 2,463 2,395
1,326 1,193 1,046 733 778 1,027 1,930 2,150 1,308 1,670 1,844 2,012
Operating Profit 293 247 182 137 81 1,721 4,662 -5 -53 530 619 382
OPM % 18% 17% 15% 16% 9% 63% 71% -0% -4% 24% 25% 16%
-42 -4 15 4 7 12 106 143 114 117 187 223
Interest 64 72 77 60 55 56 18 37 11 7 26 36
Depreciation 63 73 75 79 74 73 72 72 73 79 102 175
Profit before tax 125 97 44 1 -41 1,605 4,677 29 -23 560 677 395
Tax % 16% 11% 12% 886% -23% 33% 35% -82% 23% 23% 21% 21%
100 81 36 4 -44 1,099 3,026 68 -18 431 532 312
EPS in Rs 25.13 20.20 9.12 1.10 -11.03 275.12 784.07 17.52 -4.65 111.68 137.95 80.75
Dividend Payout % 32% 30% 33% 0% 0% 29% 10% 143% -65% 36% 31% 28%
Compounded Sales Growth
10 Years: 5%
5 Years: -18%
3 Years: 24%
TTM: -3%
Compounded Profit Growth
10 Years: 12%
5 Years: -36%
3 Years: 84%
TTM: -41%
Stock Price CAGR
10 Years: 23%
5 Years: 7%
3 Years: -1%
1 Year: 34%
Return on Equity
10 Years: 20%
5 Years: 6%
3 Years: 11%
Last Year: 7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 40 40 40 40 40 40 39 39 39 39 39 39
Reserves 905 960 974 956 913 1,868 3,755 3,473 3,456 3,875 4,242 4,387
1,396 1,027 917 782 684 297 667 594 298 665 743 623
358 478 315 176 216 534 684 332 451 730 668 653
Total Liabilities 2,700 2,506 2,246 1,953 1,853 2,739 5,144 4,438 4,244 5,308 5,692 5,701
718 941 907 932 889 833 788 745 694 763 1,363 1,816
CWIP 215 119 108 27 1 2 19 101 373 696 472 212
Investments 152 174 223 227 231 248 942 1,245 1,358 1,171 859 1,200
1,615 1,273 1,009 767 732 1,656 3,396 2,348 1,819 2,678 2,998 2,474
Total Assets 2,700 2,506 2,246 1,953 1,853 2,739 5,144 4,438 4,244 5,308 5,692 5,701

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
115 773 276 249 157 594 1,488 739 716 -141 113 612
-145 -294 -83 -29 -1 -9 -676 -275 -417 -183 -21 -186
26 -482 -202 -219 -153 -588 -788 -460 -310 344 -100 -323
Net Cash Flow -3 -3 -8 1 3 -3 24 4 -11 20 -8 104

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 135 133 121 134 153 129 66 68 84 98 72 77
Inventory Days 282 256 238 342 216 391 428 226 262 431 574 379
Days Payable 62 119 76 48 73 188 124 30 116 197 164 135
Cash Conversion Cycle 355 270 282 428 297 332 370 264 230 331 483 321
Working Capital Days 227 151 184 212 172 159 123 235 180 185 217 255
ROCE % 11% 9% 6% 3% 1% 86% 139% -0% -2% 14% 15%

Shareholding Pattern

Numbers in percentages

2 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
59.62% 55.13% 55.13% 55.13% 55.13% 55.12% 55.12% 55.77% 55.77% 55.77% 55.77% 55.77%
11.27% 14.29% 13.38% 8.90% 6.81% 5.68% 4.98% 6.25% 6.73% 6.81% 6.85% 6.86%
7.48% 7.50% 7.49% 8.19% 8.44% 8.51% 6.67% 6.26% 7.42% 7.21% 8.85% 10.38%
21.62% 23.08% 23.99% 27.77% 29.61% 30.67% 33.22% 31.71% 30.07% 30.21% 28.51% 26.98%
No. of Shareholders 1,42,6071,26,0091,27,0591,43,5781,45,4881,47,2461,52,1181,48,2691,35,5191,37,3421,32,6621,29,905

* 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.

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