HEG Ltd

About

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. [1]

  • Market Cap 8,454 Cr.
  • Current Price 2,190
  • High / Low 2,580 / 659
  • Stock P/E 345
  • Book Value 906
  • Dividend Yield 0.14 %
  • ROCE -1.89 %
  • ROE -2.09 %
  • 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 29.15%
  • Company has been maintaining a healthy dividend payout of 29.45%

Cons

  • The company has delivered a poor sales growth of 7.60% over past five years.
  • Earnings include an other income of Rs.88.93 Cr.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
1,794 1,865 1,347 817 564 394 374 233 323 320 380 414
425 552 559 469 425 389 872 245 365 321 385 341
Operating Profit 1,369 1,313 788 348 139 5 -497 -11 -42 -1 -5 72
OPM % 76% 70% 59% 43% 25% 1% -133% -5% -13% -0% -1% 18%
Other Income 20 37 42 39 35 27 42 46 16 25 25 22
Interest 5 4 6 9 10 9 9 6 3 1 1 1
Depreciation 18 19 18 18 18 18 19 18 18 19 18 19
Profit before tax 1,366 1,329 806 360 146 6 -483 11 -47 4 1 75
Tax % 35% 35% 35% 35% -22% -8% 24% 2% 28% -9% 900% 25%
Net Profit 903 865 482 243 202 -1 -377 14 -15 -1 -16 57
EPS in Rs 225.93 216.58 124.96 63.08 52.43 -0.32 -97.67 3.71 -3.98 -0.21 -4.17 14.71

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 Mar 2020 Mar 2021 TTM
1,115 1,102 1,417 1,619 1,440 1,228 870 859 2,748 6,591 2,145 1,254 1,437
772 880 1,175 1,326 1,193 1,046 733 778 1,027 1,930 2,150 1,308 1,412
Operating Profit 343 222 242 293 247 182 137 81 1,721 4,662 -5 -53 25
OPM % 31% 20% 17% 18% 17% 15% 16% 9% 63% 71% -0% -4% 2%
Other Income 10 25 -77 -42 -4 15 4 7 12 106 143 107 89
Interest 59 22 41 64 72 77 60 55 56 18 37 11 7
Depreciation 51 57 58 63 73 75 79 74 73 72 72 73 74
Profit before tax 242 168 67 125 97 44 1 -41 1,605 4,677 29 -31 33
Tax % 29% 23% 7% 16% 11% 12% 886% -23% 33% 35% -82% 18%
Net Profit 185 121 57 100 81 36 4 -44 1,099 3,026 68 -18 25
EPS in Rs 43.44 28.33 14.32 25.13 20.20 9.12 1.10 -11.03 275.12 784.07 17.52 -4.65 6.35
Dividend Payout % 23% 35% 35% 32% 30% 33% 0% 0% 29% 10% 143% -65%
Compounded Sales Growth
10 Years:1%
5 Years:8%
3 Years:-23%
TTM:-8%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:%
TTM:115%
Stock Price CAGR
10 Years:26%
5 Years:64%
3 Years:-13%
1 Year:186%
Return on Equity
10 Years:26%
5 Years:32%
3 Years:29%
Last Year:-2%

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 Mar 2020 Mar 2021
43 43 40 40 40 40 40 40 40 39 39 39
Reserves 790 868 809 905 960 974 956 913 1,868 3,755 3,473 3,456
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 1,797 2,052 2,446 2,700 2,506 2,246 1,953 1,853 2,739 5,144 4,438 4,244
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 169 196 156 152 174 223 227 231 248 942 1,245 1,358
912 1,118 1,416 1,615 1,273 1,009 767 732 1,656 3,396 2,348 1,819
Total Assets 1,797 2,052 2,446 2,700 2,506 2,246 1,953 1,853 2,739 5,144 4,438 4,244

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 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

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 Mar 2020 Mar 2021
Debtor Days 144 131 126 135 133 121 134 153 129 66 68 84
Inventory Days 343 560 323 282 256 238 342 216 391 428 226 262
Days Payable 48 48 54 62 119 76 48 73 188 124 30 116
Cash Conversion Cycle 439 642 396 355 270 282 428 297 332 370 264 230
Working Capital Days 245 299 272 268 201 210 256 230 159 123 235 180
ROCE % 11% 10% 11% 9% 6% 3% 1% 86% 139% -0% -2%

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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