HEG Limited — Important, 13-11-2024: General Updates

HEG Limited has reported its financial results for the quarter and half-year, showing mixed performance. Revenue from operations for the quarter ending September 30, 2024, stood at ₹567.60 crore, a decrease from ₹614.17 crore in the previous year. Total income for the same period was ₹610.55 crore. The company achieved a profit before tax of ₹82.28 crore, up from ₹82.86 crore YoY. In terms of expenses, costs associated with materials consumption rose to ₹251.10 crore, while total expenses amounted to ₹528.27 crore.

In corporate governance news, Dr. Kamal Gupta has been appointed as an additional Non-Executive Non-Independent Director, effective November 14, 2024, pending shareholder approval. Manish Gulati's re-appointment as Executive Director has been approved, effective March 1, 2025, for five years.

The Board also approved further investment in Bhilwara Infotechnology Limited, which will become a wholly-owned subsidiary, with an acquisition cost of approximately ₹37.27 crore for a 61.41% stake. This strategic move is expected to enhance HEG's business operations and profitability. Investors should view these developments with a positive outlook, considering both the opportunities from the acquisition and the company's ongoing strategic direction.