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)

Market Cap: 4,168 Cr.
Current Price: 1,080
52 weeks High / Low 2728.30 / 831.25
Book Value: 1,038
Stock P/E: 2.32
Dividend Yield: 7.41 %
ROCE: 139 %
ROE: 105 %
Sales Growth (3Yrs): 96.44 %
Listed on BSE and NSE
Company Website
Face Value: 10.00

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Pros:

Stock is trading at 1.04 times its book value

Stock is providing a good dividend yield of 7.41%.

Company has good consistent profit growth of 98.09% over 5 years

Company has a good return on equity (ROE) track record: 3 Years ROE 77.04%

Debtor days have improved from 116.09 to 65.73 days.

Cons:

Promoter holding has decreased by -1.62% over last quarter

** Remarks:

Return on equity is exceptional

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

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Detailed Comparison with:

Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019
	1,587	1,794	1,865	1,347	817	564
	399	425	552	559	469	425
Operating Profit	1,188	1,369	1,313	788	348	139
OPM %	75%	76%	70%	59%	43%	25%
Other Income	8	20	39	42	39	35
Interest	2	5	5	6	9	10
Depreciation	18	18	18	18	18	18
Profit before tax	1,177	1,366	1,329	806	360	146
Tax %	35%	35%	35%	35%	35%	-22%
Net Profit	776	903	865	482	243	202
EPS in Rs	194.11	225.93	224.20	124.96	63.08	52.42
	Notes	Notes	Notes	Notes	Notes	Notes

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

	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	TTM
	1,115	1,102	1,417	1,619	1,440	1,228	870	859	2,748	6,591	4,593
	772	880	1,175	1,326	1,199	1,046	733	778	1,027	1,933	2,004
Operating Profit	343	222	242	293	240	182	137	81	1,721	4,658	2,588
OPM %	31%	20%	17%	18%	17%	15%	16%	9%	63%	71%	56%
Other Income	10	25	-77	-41	2	15	4	7	12	109	155
Interest	59	22	41	64	72	77	60	55	56	18	30
Depreciation	51	57	58	63	73	75	79	74	73	72	72
Profit before tax	242	168	67	125	97	44	1	-41	1,605	4,677	2,641
Tax %	29%	23%	7%	16%	11%	12%	886%	-23%	33%	35%
Net Profit	185	121	57	100	81	36	4	-44	1,099	3,026	1,794
EPS in Rs	41.73	26.72	13.51	23.77	19.18	8.52	1.10	0.00	275.11	784.06	464.66
Dividend Payout %	23%	35%	35%	32%	30%	33%	0%	-0%	29%	10%

* Sales is net of excise duty and discounts

Compounded Sales Growth
10 Years:	%
5 Years:	35.57%
3 Years:	96.44%
TTM:	139.87%

Compounded Profit Growth
10 Years:	%
5 Years:	98.09%
3 Years:	950.95%
TTM:	172.96%

Stock Price CAGR
10 Years:	12.21%
5 Years:	36.70%
3 Years:	81.94%
1 Year:	-50.92%

Return on Equity
10 Years:	%
5 Years:	56.21%
3 Years:	77.04%
Last Year:	105.06%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Sep 2019
	43	43	40	40	40	40	40	40	40	39	39
Reserves	790	868	809	905	960	974	956	913	1,868	3,755	3,968
Borrowings	731	910	1,269	1,396	1,027	917	782	684	297	666	642
	237	235	332	362	482	320	234	273	537	691	693
Total Liabilities	1,800	2,056	2,450	2,703	2,510	2,251	2,011	1,909	2,742	5,151	5,342
	658	659	745	718	941	907	932	889	833	788	757
CWIP	58	79	128	215	119	108	27	1	2	19	33
Investments	169	196	156	152	174	223	227	231	248	942	1,189
	916	1,123	1,421	1,619	1,277	1,014	825	789	1,659	3,402	3,363
Total Assets	1,800	2,056	2,450	2,703	2,510	2,251	2,011	1,909	2,742	5,151	5,342

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	304	38	27	115	773	276	249	157	594	1,465
	-49	-143	-165	-145	-294	-83	-29	-1	-9	-653
	-256	113	144	26	-482	-202	-219	-153	-588	-788
Net Cash Flow	-2	7	6	-3	-3	-8	1	3	-3	24

Ratios Consolidated Figures in Rs. Crores / View Standalone

	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
ROCE %		11%	10%	11%	9%	6%	3%	1%	86%	139%
Debtor Days	144	131	126	135	133	121	134	153	129	66
Inventory Turnover		2.59	2.51	2.64	2.61	2.74	2.25	2.73	7.14	7.24

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