HEG tumbled 9.23% to Rs 2,435.45 after the company's consolidated net profit slipped 67% to Rs 32.91 crore on 11.34% decline in revenue from operations to Rs 546.90 crore in Q4 FY24 over Q4 FY23.
Profit before tax in fourth quarter of FY24 was at Rs 46.37 crore, down 62.95% from Rs 125.17 crore recorded in the corresponding quarter previous year.On the segmental front, revenue from the graphite business stood at Rs 538.37 crore (down 11.09% YoY) and power business revenue was Rs 8.53 crore (down 24.78% YoY).
On a full year basis, the consolidated net profit slipped 41.46% to Rs 311.67crore on a 2.93% decrease in revenue from operations to Rs 2,394.90 crore in FY24 over FY23.
Meanwhile, the companys board recommended a final dividend of Rs 22.50 per eqiuty share for financial year 2023-2024.
Further, the company announced the approval of demerger of Graphite Business into a new company and post demerger, merger of Bhilwara Energy into HEG, subject to various regulatory approvals and compliances. The appointed date for the scheme is set as 1 April 2024.
HEG 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.
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