HEG Ltd

hegltd.com BSE: 509631 NSE : HEG
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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. #

Website BSE NSE
  • Market Cap ₹ 6,043 Cr.
  • Current Price ₹ 1,562
  • High / Low ₹ 1,646 / 410
  • Stock P/E
  • Book Value ₹ 910
  • Dividend Yield 1.60 %
  • ROCE -0.15 %
  • ROE -0.13 %
  • Face Value ₹ 10.0
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 51.52%
  • Company has been maintaining a healthy dividend payout of 60.66%
  • Debtor days have improved from 87.63 to 67.97 days.

Cons

  • Company has low interest coverage ratio.

Peer comparison

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

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
1,587.38 1,793.80 1,864.99 1,346.65 816.51 564.38 393.69 374.44 233.29 322.88 319.59
399.41 424.99 551.50 558.65 468.72 425.33 388.95 871.86 244.60 364.75 320.86
Operating Profit 1,187.97 1,368.81 1,313.49 788.00 347.79 139.05 4.74 -497.42 -11.31 -41.87 -1.27
OPM % 74.84% 76.31% 70.43% 58.52% 42.59% 24.64% 1.20% -132.84% -4.85% -12.97% -0.40%
Other Income 7.95 20.37 37.20 42.28 39.16 35.03 27.28 42.29 46.03 16.41 25.35
Interest 1.74 5.39 3.57 5.86 9.25 9.95 8.73 8.58 5.97 3.04 1.27
Depreciation 17.56 18.13 18.52 18.20 17.72 17.75 17.79 18.88 17.77 18.34 18.53
Profit before tax 1,176.62 1,365.66 1,328.60 806.22 359.98 146.38 5.50 -482.59 10.98 -46.84 4.28
Tax % 34.53% 34.91% 34.76% 34.95% 34.89% -22.31% -8.00% 24.16% 2.00% 27.60% -9.35%
Net Profit 775.66 902.79 865.45 482.28 243.47 202.34 -1.23 -376.96 14.33 -15.36 -0.80
EPS in Rs 194.11 225.93 216.58 124.96 63.08 52.43 -0.32 -97.67 3.71 -3.98 -0.21
Notes Notes Notes Notes Notes 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 Mar 2020 TTM
1,115 1,102 1,417 1,619 1,440 1,228 870 859 2,748 6,591 2,145 1,250
772 880 1,175 1,326 1,199 1,046 733 778 1,027 1,933 2,151 1,802
Operating Profit 343 222 242 293 240 182 137 81 1,721 4,658 -6 -552
OPM % 31% 20% 17% 18% 17% 15% 16% 9% 63% 71% -0% -44%
Other Income 10 25 -77 -41 2 15 4 7 12 109 144 130
Interest 59 22 41 64 72 77 60 55 56 18 37 19
Depreciation 51 57 58 63 73 75 79 74 73 72 72 74
Profit before tax 242 168 67 125 97 44 1 -41 1,605 4,677 29 -514
Tax % 29% 23% 7% 16% 11% 12% 886% -23% 33% 35% -82%
Net Profit 185 121 57 100 81 36 4 -44 1,099 3,026 68 -379
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 -98.15
Dividend Payout % 23% 35% 35% 32% 30% 33% 0% 0% 29% 10% 143%
Compounded Sales Growth
10 Years:7%
5 Years:12%
3 Years:36%
TTM:-60%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:24%
TTM:-141%
Stock Price CAGR
10 Years:23%
5 Years:61%
3 Years:-15%
1 Year:70%
Return on Equity
10 Years:32%
5 Years:41%
3 Years:52%
Last Year:-0%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions
Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
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 3,473
Borrowings 731 910 1,269 1,396 1,027 917 782 684 297 667 594 241
234 231 327 358 478 315 176 216 534 684 332 327
Total Liabilities 1,797 2,052 2,446 2,700 2,506 2,246 1,953 1,853 2,739 5,144 4,438 4,079
658 659 745 718 941 907 932 889 833 788 745 715
CWIP 58 79 128 215 119 108 27 1 2 19 101 152
Investments 169 196 156 152 174 223 227 231 248 942 1,245 1,372
912 1,118 1,416 1,615 1,273 1,009 767 732 1,656 3,396 2,348 1,841
Total Assets 1,797 2,052 2,446 2,700 2,506 2,246 1,953 1,853 2,739 5,144 4,438 4,079

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
304 38 27 115 773 276 249 157 594 1,488 864
-49 -143 -165 -145 -294 -83 -29 -1 -9 -676 -401
-256 113 144 26 -482 -202 -219 -153 -588 -788 -460
Net Cash Flow -2 7 6 -3 -3 -8 1 3 -3 24 4

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
ROCE % 11% 10% 11% 9% 6% 3% 1% 86% 139% -0%
Debtor Days 144 131 126 135 133 121 134 153 129 66 68
Inventory Turnover 1.32 1.43 1.47 1.44 1.55 1.15 1.62 1.67 1.43 1.54

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
61.04 61.04 61.04 61.04 61.24 61.24 59.62 59.62 59.62 59.62 59.62 59.62
3.97 5.35 8.23 8.00 5.75 6.67 7.23 10.16 11.04 11.17 7.83 6.97
11.78 11.65 10.91 10.57 9.54 9.68 9.62 8.05 7.42 7.42 7.32 7.35
23.22 21.96 19.83 20.39 23.47 22.41 23.52 22.17 21.91 21.79 25.22 26.06

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