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:
Company has reduced debt.
Stock is providing a good dividend yield of 4.29%.
Company has good consistent profit growth of 48.07% over 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 31.31%
Cons:

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

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Operating Profit
OPM %
Other Income
Interest
Depreciation
Profit before tax
Tax %
Net Profit

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
1,115 1,102 1,417 1,619 1,440 1,228 870 859 2,748
772 880 1,175 1,326 1,199 1,046 733 778 1,026
Operating Profit 343 222 242 293 240 182 137 81 1,722
OPM % 31% 20% 17% 18% 17% 15% 16% 9% 63%
Other Income 10 25 -77 -41 2 15 4 7 12
Interest 59 22 41 64 72 77 60 55 57
Depreciation 51 57 58 63 73 75 79 74 73
Profit before tax 242 168 67 125 97 44 1 -41 1,605
Tax % 29% 23% 7% 16% 11% 12% 886% -23% 33%
Net Profit 185 121 57 100 81 36 4 -44 1,099
EPS in Rs 41.73 26.72 13.51 23.77 19.18 8.52 1.10 0.00 275.14
Dividend Payout % 23% 35% 35% 32% 30% 33% 0% -0% 29%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:%
5 Years:11.16%
3 Years:30.79%
TTM:219.95%
Compounded Profit Growth
10 Years:%
5 Years:48.07%
3 Years:219.10%
TTM:2609.68%
Return on Equity
10 Years:%
5 Years:22.52%
3 Years:31.31%
Last Year:76.73%

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
43 43 40 40 40 40 40 40 40
Reserves 790 868 809 823 960 901 956 913 1,868
Borrowings 731 910 1,269 1,396 1,027 917 782 684 297
237 235 332 444 482 393 234 273 533
Total Liabilities 1,800 2,056 2,450 2,703 2,510 2,251 2,011 1,909 2,738
658 659 745 718 941 907 932 889 833
CWIP 58 79 128 215 119 108 27 1 2
Investments 169 196 156 152 174 223 227 231 248
916 1,123 1,421 1,619 1,277 1,014 825 789 1,654
Total Assets 1,800 2,056 2,450 2,703 2,510 2,251 2,011 1,909 2,738

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
304 38 27 115 773 276 249 157 586
-49 -143 -165 -145 -294 -83 -29 -1 -9
-256 113 144 26 -482 -202 -219 -153 -577
Net Cash Flow -2 7 6 -3 -3 -8 1 3 -1

Ratios Consolidated / View Standalone

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