HEG Ltd

₹ 1,007 -1.27%
02 Feb 1:58 p.m.
hegltd.com BSE: 509631 NSE : HEG
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), Regular power (HP) electrodes of various different lengths and diameters.[1]

Website BSE NSE
  • Market Cap ₹ 3,888 Cr.
  • Current Price ₹ 1,007
  • High / Low ₹ 1,590 / 891
  • Stock P/E 6.84
  • Book Value ₹ 1,056
  • Dividend Yield 4.03 %
  • ROCE 12.8 %
  • ROE 11.0 %
  • Face Value ₹ 10.0
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Pros

  • Stock is trading at 0.98 times its book value
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 38.0%

Cons

  • Company has a low return on equity of 3.03% over last 3 years.
  • Promoter holding has decreased over last 3 years: -4.49%

* 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.

Peer comparison

Sector: Capital Goods-Non Electrical Equipment Industry: Electrodes - Graphites

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
564 394 374 233 323 320 380 414 518 597 673 722 598
425 389 872 245 365 321 385 341 376 441 516 538 419
Operating Profit 139 5 -497 -11 -42 -1 -5 72 142 156 157 184 179
OPM % 25% 1% -133% -5% -13% -0% -1% 18% 27% 26% 23% 25% 30%
35 27 42 46 16 25 25 22 25 15 17 21 20
Interest 10 9 9 6 3 1 1 1 1 4 1 4 7
Depreciation 18 18 19 18 18 19 18 19 18 21 21 21 23
Profit before tax 146 6 -483 11 -47 4 1 75 148 146 152 180 168
Tax % -22% -8% 24% 2% 28% -9% 900% 25% 24% 25% 25% 26% 23%
Net Profit 202 -1 -377 14 -15 -1 -16 57 132 113 129 159 169
EPS in Rs 52.43 -0.32 -97.67 3.71 -3.98 -0.21 -4.17 14.71 34.08 29.40 33.49 41.20 43.77
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
1,102 1,417 1,619 1,440 1,228 870 859 2,748 6,591 2,145 1,254 2,201 2,590
880 1,175 1,326 1,193 1,046 733 778 1,027 1,930 2,150 1,308 1,670 1,915
Operating Profit 222 242 293 247 182 137 81 1,721 4,662 -5 -53 530 676
OPM % 20% 17% 18% 17% 15% 16% 9% 63% 71% -0% -4% 24% 26%
25 -77 -42 -4 15 4 7 12 106 143 114 117 73
Interest 22 41 64 72 77 60 55 56 18 37 11 7 16
Depreciation 57 58 63 73 75 79 74 73 72 72 73 79 87
Profit before tax 168 67 125 97 44 1 -41 1,605 4,677 29 -23 560 646
Tax % 23% 7% 16% 11% 12% 886% -23% 33% 35% -82% 23% 23%
Net Profit 121 57 100 81 36 4 -44 1,099 3,026 68 -18 431 571
EPS in Rs 28.33 14.32 25.13 20.20 9.12 1.10 -11.03 275.12 784.07 17.52 -4.65 111.68 147.86
Dividend Payout % 35% 35% 32% 30% 33% 0% 0% 29% 10% 143% -65% 36%
Compounded Sales Growth
10 Years: 5%
5 Years: 21%
3 Years: -31%
TTM: 59%
Compounded Profit Growth
10 Years: 11%
5 Years: 62%
3 Years: -49%
TTM: 233%
Stock Price CAGR
10 Years: 18%
5 Years: -16%
3 Years: 1%
1 Year: -35%
Return on Equity
10 Years: 23%
5 Years: 29%
3 Years: 3%
Last Year: 11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
43 40 40 40 40 40 40 40 39 39 39 39 39
Reserves 868 809 905 960 974 956 913 1,868 3,755 3,473 3,456 3,875 4,038
910 1,269 1,396 1,027 917 782 684 297 667 594 298 665 757
231 327 358 478 315 176 216 534 684 332 451 730 816
Total Liabilities 2,052 2,446 2,700 2,506 2,246 1,953 1,853 2,739 5,144 4,438 4,244 5,308 5,649
659 745 718 941 907 932 889 833 788 745 694 763 817
CWIP 79 128 215 119 108 27 1 2 19 101 373 696 853
Investments 196 156 152 174 223 227 231 248 942 1,245 1,358 1,171 807
1,118 1,416 1,615 1,273 1,009 767 732 1,656 3,396 2,348 1,819 2,678 3,172
Total Assets 2,052 2,446 2,700 2,506 2,246 1,953 1,853 2,739 5,144 4,438 4,244 5,308 5,649

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
38 27 115 773 276 249 157 594 1,488 739 716 -141
-143 -165 -145 -294 -83 -29 -1 -9 -676 -275 -417 -183
113 144 26 -482 -202 -219 -153 -588 -788 -460 -310 344
Net Cash Flow 7 6 -3 -3 -8 1 3 -3 24 4 -11 20

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 131 126 135 133 121 134 153 129 66 68 84 98
Inventory Days 560 323 282 256 238 342 216 391 428 226 262 431
Days Payable 48 54 62 119 76 48 73 188 124 30 116 197
Cash Conversion Cycle 642 396 355 270 282 428 297 332 370 264 230 331
Working Capital Days 299 240 227 151 184 212 172 159 123 235 180 185
ROCE % 11% 10% 11% 9% 6% 3% 1% 86% 139% -0% -2% 13%

Shareholding Pattern

Numbers in percentages

Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
59.62 59.62 59.62 59.62 59.62 59.62 55.13 55.13 55.13 55.13 55.12 55.12
11.04 11.17 7.83 6.97 9.43 11.27 14.29 13.38 8.90 6.81 5.68 4.98
7.42 7.42 7.32 7.35 7.41 7.48 7.50 7.49 8.19 8.44 8.51 6.67
21.91 21.79 25.22 26.06 23.54 21.62 23.08 23.99 27.77 29.61 30.67 33.22

* 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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