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HEG Ltd. Interim / Quarterly Report 2025

Nov 14, 2024

61624_rns_2024-11-14_7c2167de-8bc6-4ced-9b79-a6bc2863c2cc.pdf

Interim / Quarterly Report

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HEG/SECTT/2024

14[th] November, 2024

1 BSE Limited
P J Towers
Dalal Street
MUMBAI - 400 001.
Scrip Code : 509631		 2 National Stock Exchange of India Limited
Exchange Plaza, 5th Floor
Plot No.C/1, G Block, Bandra - Kurla Complex
Bandra (E),MUMBAI - 400 051.
Scrip Code : HEG

Sub: Investors presentation on the Unaudited Financial Results of the Company for the quarter & half year ended 30[th] September, 2024.

Dear Sirs,

Please find enclosed a copy of Investors Presentation on the Unaudited Financial Results of the Company for the quarter & half year ended 30[th] September, 2024 for your information and record please.

The copy of same is also being uploaded on the website of the Company.

Thanking you,

Yours faithfully, For HEG Limited

Vivek Digitally signed by Vivek Chaudhary Chaudhary Date: 2024.11.14 21:58:03 +05'30'

Vivek Chaudhary Company Secretary A-13263 [email protected]

Encl: As above

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HEG LIMITED Investor Presentation

Performance Highlights Q2 of FY 2024-25

Graphite Electrode (GE)

  • A consumable for Electric Arc Furnaces (EAF) for Steel production

  • Used as electrical conductors in Electric Arc Furnaces to generate heat to melt steel scrap

  • High-tech / High Entry Barrier – HEG the last new entrant in the world -1976

  • EAF Steel emits one fourth carbon in the environment as compared to same Steel produced by traditional Blast Furnaces

As per World Steel Association, EAF Steel production (w/o China) has gone up from 44% to 49% between 2015 - 2022 - while China’s production through EAF is around 11% and is likely to go upto around 15-20% by 2025

HEG Ltd © LNJ Bhilwara Group

2

HEG Limited – Unique Strengths

  • Has been World’s Largest Single Site Graphite Electrode Plant under one roof with a capacity of 80,000 tons pa for a long time.

  • Recently completed expansion to 100,000 tons to become the third largest producer of Graphite electrodes in the western world.

  • Except ours, no additional capacity announced by any other company in the western world.

  • Exporting approx. 65 - 70% of its production to about 35 countries around the world consistently since more than 20 years

  • Diversified customer base - supplying large portion of production to top 20 steel companies of the world

  • Captive power generation capacity of around 80 mw (Two thermal power plants & One hydro power plant)

HEG Ltd © LNJ Bhilwara Group

3

GE Capacity Build up

Capacity Fig. in 000’MT

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120
100
80
60
100
40 80
66
52
20
30
14
0
1990 2002 2006 2009 2012 2023
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* w.e.f. Nov 2023
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HEG Ltd © LNJ Bhilwara Group

4

Expanded plant at 100,000 tons - Fully Operational

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HEG Ltd © LNJ Bhilwara Group

5

TOP 10 Crude Steel - Producing Countries

Crude Steel Production (mmt) First nine month Y-o-Y First nine month Y-o-Y Last 3 months Y-o-Y
Sr. No Country Jan-Sep'24
Jan-Sep'23
Y-o-Y (%)		 Jul-Sep'24
Jul-Sep'23
Q-o-Q (%)
1
China
2
India
3
Japan
4
United States
5
Russia
6
South Korea
7
Germany
8
Turkey
9
Brazil
10
Iran		 760.5
797.2
-4.8%
110.3
104.3
5.5%
63.3
65.4
-3.3%
60.3
61.3
-1.6%
54.0
57.2
-5.8%
48.1
50.4
-4.9%
28.4
27.3
3.8%
27.9
24.5
12.1%
25.2
24.1
4.3%
21.3
22.0
-3.2%		 237.9
260.2
-8.6%
36.2
35.2
2.8%
20.6
21.6
-4.5%
20.4
20.4
0.2%
17.2
19.2
-10.6%
16.6
16.8
-1.2%
9.0
8.7
3.7%
9.3
8.6
8.0%
8.9
8.1
9.6%
4.6
6.2
-25.8%
Total 71 countries 1,394.1
1,421.5		 -2.0% 440.2
466.0
-5.5%
World ex china 625.7
624.3		 0.2% 202.3
205.9
-1.7%

Source: World Steel Association. Estimates are subject to revision in the next update. The table above represents 71 countries,

HEG Ltd © LNJ Bhilwara Group

6

WSA Steel Demand Forecast – To steel consumin countries p g

WSA Global Steel Demand Outlook: 0.9% Decline in 2024, Recovery Expected in 2025

**Sr. No ** Country Million Tonnes Million Tonnes Million Tonnes Y-o-Y Growth Y-o-Y Growth Y-o-Y Growth
2023 2024(f) 2025(f) 2023 2024(f) 2025(f)
1 India 132.8 143.4 155.6 14.4% 8.0% 8.5%
2 United States 90.5 89.2 91.0 -4.2% -1.5% 2.0%
3 South Korea 52.4 50.4 50.1 2.2% -3.8% -0.6%
4 Japan 53.3 52.2 53.1 -3.0% -2.1% 1.7%
5 Russia 44.6 44.2 43.3 7.0% -1.0% -2.0%
6 Türkiye 38.1 36.0 35.5 17.2% -5.5% -1.4%
7 Mexico 29.0 29.3 29.5 16.2% 0.8% 0.6%
8 Germany 28.2 26.2 27.7 -13.5% -7.0% 5.7%
9 Brazil 24.0 25.2 25.9 1.9% 5.0% 3.0%
10 Others w/o China 378.4 386.0 399.7 -2.9% 2.0% 3.5%
World w/o China 871.3 882.1 911.4 2.0% 1.2% 3.3%
China 895.7 868.8 860.1 -3.3% -3.0% -1.0%
Total World 1,767.0 1,750.9 1,771.5 -0.8% -0.9% 1.2%

HEG Ltd © LNJ Bhilwara Group

7

Industry Outlook

  1. As per WSA, Global crude steel production for the July to Sept. quarter declined by 5.5% to 440.2 mmt compared to the same period last year. On a yearly basis, production for the first nine months decreased by 2%

  2. On a quarterly basis, production from July to Sept 2024 (excluding China) was 202 mmt, compared to 206 mmt during the same period in 2023, a decline of 1.7% year-over-year

  3. Steel production outside of China is constrained by subdued demand and increased pricing pressure as rising Chinese steel exports drive down global prices

  4. Chinese steel exports increased to 80.8 mmt between Jan-Sept period and is expected to hit an eight year high in 2024 to expected to reach 109 mmt as per Macquarie group.

  5. India, the world's second-largest steel producer, experienced growth, with production increasing by 5.5% to 110.3 mmt, driven by government-led infrastructure spending and a resilient automotive sector

  6. China's transition to (EAF) steel production stagnates, leading to an oversupply of Chinese electrodes and price decline.

  7. GE demand remained sluggish, and prices continued to be under pressure for another 1-2 quarters

  8. Expected initiatives for steel industry decarbonization are set to increase demand for graphite electrodes, driven by the adoption of EAF steelmaking , resulting in additional demand of 200,000 tons approx. by 2030 (excl China)

  9. However, considering the irreversible process of decarbonization, we are optimistic about the growth of GE demand in the medium to long run.

HEG Ltd © LNJ Bhilwara Group

8

Financial Results for the Quarter & Half year ended 30[th] Sep 2024 - Standalone (Rs. cr)

Sl. No. Particulars Quarter Ended Quarter Ended Quarter Ended Half Year Ended Half Year Ended Year Ended
30-09-2024 30-06-2024 30-09-2023 30-09-2024 30-09-2023 31-03-2024
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
I
II
III
IV
V
VI
VII		 Revenue from operations 567.60 571.46 614.17 1,139.06 1,285.60 2,394.90
Other income 42.95 20.44 28.02 63.39 54.14 141.67
Total Income (I+II) 610.55 591.90 642.19 1,202.45 1,339.74 2536.57
Expenses
Cost of materials consumed
Changes in inventories of finished goods and work-in-progress
Employee benefit expenses
Finance costs
Depreciation and amortisation expense
Power and fuel
Other expenses
Total expenses (IV)		 251.10
(10.29)
22.63
9.34
47.94
89.85
117.50
528.07		 231.16
45.27
23.73
8.47
47.50
84.35
148.16
588.64		 304.41
(28.45)
22.99
8.53
38.48
78.41
134.36
558.73		 482.26
34.98
46.36
17.81
95.44
174.20
265.66
1,116.71		 612.81
(33.61)
46.84
17.38
76.82
163.04
242.65
1,125.93		 1,093.00
58.39
94.80
35.74
174.65
310.08
454.67
2221.33
Profit/(loss) before exceptional items and tax (III-IV) 82.48 3.26 83.46 85.74 213.81 315.24
Exceptional items - - - -
Profit/(loss) before tax (V-VI) 82.48 3.26 83.46 85.74 213.81 315.24

HEG Ltd © LNJ Bhilwara Group

9

Financial Results for the Quarter & Half year ended 30th Sep 2024 - Standalone (Rs. cr) Financial Results for the Quarter & Half year ended 30th Sep 2024 - Standalone (Rs. cr) Financial Results for the Quarter & Half year ended 30th Sep 2024 - Standalone (Rs. cr) Financial Results for the Quarter & Half year ended 30th Sep 2024 - Standalone (Rs. cr) Financial Results for the Quarter & Half year ended 30th Sep 2024 - Standalone (Rs. cr) Financial Results for the Quarter & Half year ended 30th Sep 2024 - Standalone (Rs. cr) Financial Results for the Quarter & Half year ended 30th Sep 2024 - Standalone (Rs. cr) Financial Results for the Quarter & Half year ended 30th Sep 2024 - Standalone (Rs. cr)
Sl. No. Particulars Quarter Ended Half Year Ended Year Ended
30-09-2024 30-06-2024 30-09-2023 30-09-2024 30-09-2023 31-03-2024
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
VII
VIII
IX
X
XI
XII
XIII
XIV		 Profit/(loss) before tax (V-VI) 82.48 3.26 83.46 85.74 213.81 315.24
Tax expense
(1) Current tax
(2)Deferred tax		 9.12
11.27		 7.57
(6.89)		 16.86
4.84		 16.69
4.38		 48.20
6.29		 74.58
9.12
Profit/(loss) for the period (VII-VIII) 62.09 2.58 61.76 64.67 159.32 231.54
Other comprehensive income
A (i) Items that will not be classified to profit or loss
- Remeasurement of employee defined benefit plan
(ii) Tax expense relating to items that will not be reclassified
to profit or loss
B (i) Items that will be reclassified to profit or loss
(ii) Tax relating to items that will be reclassified to profit or loss		 0.90
(0.23)
-
-		 -
-
-
-		 (0.01)
0.00
-
-		 0.90
(0.23)
-
-		 (0.01)
0.00
-
-		 0.47
(0.12)
-
-
Total other comprehensive income for the period (IX+X) 62.76 2.58 61.75 65.34 159.31 231.89
Paid -Up Equity Share Capital ( Face Value ₹ 2/- per share)
Other equity (excluding revaluation reserves)
Earnings per share (₹) (not annualised)
- Basic (₹)
- Diluted(₹)		 38.60
3.22
3.22		 38.60
0.13
0.13		 38.60
3.20
3.20		 38.60
3.35
3.35		 38.60
8.26
8.26		 38.60
4106.48
12.00
12.00

HEG Ltd © LNJ Bhilwara Group

10

Financial Results for the Quarter & Half year ended 30[th] Sep 2024 - Consolidated (Rs. cr)

Sl. No. Particulars Quarter Ended Quarter Ended Quarter Ended Half Year Ended Half Year Ended Year Ended
30-09-2024 30-06-2024 30-09-2023 30-09-2024 30-09-2023 31-03-2024
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
I
II
III
IV
V
VI
VII
VIII
IX		 Revenue from Operations 567.60 571.46 614.17 1,139.06 1,285.60 2,394.90
Other Income 42.95 20.44 28.02 63.39 54.14 141.67
Total Income (I+II) 610.55 591.90 642.19 1,202.45 1,339.74 2536.57
Expenses
Cost of materials consumed
Changes in inventories of finished goods and work-in- progress
Employee benefits expense
Finance cost
Depreciation and amortisation expense
Power and Fuel
Other Expenses
Total expenses		 251.10
(10.29)
22.82
9.34
47.94
89.85
117.51
528.27		 231.16
45.27
23.82
8.47
47.50
84.35
148.17
588.74		 304.41
(28.45)
23.12
8.53
38.48
78.41
134.83
559.33		 482.26
34.98
46.64
17.81
95.44
174.20
265.68
1,117.01		 612.81
(33.61)
47.15
17.38
76.82
163.04
243.19
1,126.79		 1,093.00
58.39
95.27
35.74
174.65
310.08
455.73
2222.86
Profit/(Loss) before exceptional items and tax (III-IV) 82.28 3.16 82.86 85.44 212.95 313.71
Exceptional Items - - - - - -
Profit/(Loss) before Tax & Share of Profit/(Loss)of Associates (V-VI) 82.28 3.16 82.86 85.44 212.95 313.71
Share of Profit/ (Loss) of Associates 20.39 20.57 34.82 40.96 76.64 81.66
Profit/(Loss) before Tax (VII+VIII) 102.67 23.73 117.68 126.40 289.60 395.37

HEG Ltd © LNJ Bhilwara Group

11

Financial Results for the Quarter & Half year ended 30th Sep 2024 - Consolidated (Rs. cr) Financial Results for the Quarter & Half year ended 30th Sep 2024 - Consolidated (Rs. cr) Financial Results for the Quarter & Half year ended 30th Sep 2024 - Consolidated (Rs. cr) Financial Results for the Quarter & Half year ended 30th Sep 2024 - Consolidated (Rs. cr) Financial Results for the Quarter & Half year ended 30th Sep 2024 - Consolidated (Rs. cr) Financial Results for the Quarter & Half year ended 30th Sep 2024 - Consolidated (Rs. cr) Financial Results for the Quarter & Half year ended 30th Sep 2024 - Consolidated (Rs. cr) Financial Results for the Quarter & Half year ended 30th Sep 2024 - Consolidated (Rs. cr)
Sl. No. Particulars Quarter Ended Half Year Ended Year Ended
30-09-2024 30-06-2024 30-09-2023 30-09-2024 30-09-2023 31-03-2024
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
IX Profit/(Loss) before Tax (VII+VIII) 102.67 23.73 117.68 126.40 289.60 395.37
X
XI
XII
XIII
XIV
XV
XVI		 Tax expense
(1) Current Tax
(2)Deferred Tax		 9.12
11.27		 7.57
(6.89)		 16.86
4.84		 16.69
4.38		 48.20
6.29		 74.58
9.12
Profit/(Loss) for the period (IX-X) 82.28 23.05 95.98 105.33 235.11 311.67
Other Comprehensive Income
A (i) Items that will not be classified to profit or loss
- Remeasurement of Employee Defined Benefit Plan
(ii) Income tax relating to items that will not be reclassified
to profit or loss
B (i) Items that will be reclassified to profit or loss
(ii) Income tax relating to items that will be reclassified to profit or loss
C Share of Other Comprehensive Income of Associates		 0.90
(0.23)
-
-
(0.03)		 -
-
-
-
(0.02)		 (0.01)
0.00
-
-
(0.02)		 0.90
(0.23)
-
-
(0.05)		 (0.01)
0.00
-
-
(0.06)		 0.47
(0.12)
-
-
(0.11)
Total Comprehensive Income for the period (XI+XII) 82.92 23.03 95.95 105.95 235.04 311.91
Paid -Up Equity Share Capital ( Face Value ₹ 2/- per share)
Other Equity (Excluding Revaluation Reserves)
Earnings per share (₹) (not annualised)
- Basic (₹)
- Diluted(₹)		 38.60
4.26
4.26		 38.60
1.19
1.19		 38.60
4.97
4.97		 38.60
5.46
5.46		 38.60
12.18
12.18		 38.60
4387.34
16.14
16.14

HEG Ltd © LNJ Bhilwara Group 12

Financial Snapshot (Standalone)

Rs. cr (except EPS)

PARTICULARS FY 24-25 FY 24-25 FY FY FY
Q2 Q1 23-24 22-23 21-22
TOTAL INCOME 611 592 2537 2576 2281
EBITDA 140 59 526 729 607
EBIT 92 12 351 626 527
PAT 62 3 232 456 391
EPS 3.22 0.13 12.00 23.60 20.24
EBITDA Margin (%) 23% 10% 21% 28% 27%
PAT Margin (%) 10% 0.44% 9% 18% 17%

HEG Ltd © LNJ Bhilwara Group

13

Quarterly Performance (Standalone)

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HEG Ltd © LNJ Bhilwara Group

14

Investments and Borrowings (Standalone)

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  • Investments including Cash & Cash equivalents and excluding investments in Associates & Wholly Owned Subsidiary

HEG Ltd © LNJ Bhilwara Group

15

Thank You

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Mr.Manish Gulati : Executive Director Mr.Om Prakash Ajmera : Group CFO Mr.Ravi Kant Tripathi : CFO Mr.Puneet Anand : CSO HEG Limited

Ph: +91 9981190052 Fax: +91 120 254 1575 Email: [email protected] [email protected]

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HEG Ltd © LNJ Bhilwara Group

16

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