Shares of HEG Ltd tumbled 4.35 percent to Rs 1,203.35 in morning trade on May 23 after the graphite electrode manufacturer registered a 23 percent year-on-year decline in consolidated profit at Rs 99.72 crore for the March FY23 quarter, impacted by lower topline and operating numbers.
Revenue from operations for the quarter at Rs 616.88 crore fell by 8.3 percent as compared to the corresponding period last fiscal, the company said in a regulatory filing post market hours on May 22.
The company announced a final dividend of Rs 42.50 per share.
Follow our live blog for all the market action
The HEG board has also approved further investment of up to Rs 90 crore in one or more tranches, in its subsidiary TACC.
“HEG reported a subdued operational performance for Q4FY23 wherein on account of higher-than-expected raw material costs, standalone EBITDA margin declined both QoQ as well as YoY,” ICICIdirect said in a note.
During Q4FY23, standalone EBITDA margin was at 20.1 percent, compared to 23.3 percent in Q4 FY22 and 25.1 percent in Q3 FY23.
During Q4 FY23, raw material cost as a percentage of sales was at 43 percent compared to 36 percent in Q4 FY22 and 35 percent in Q3FY23.
Shares of HEG have risen over 10 percent this year to date.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
