HEG hits a new high

HEG has hit a new 52-week high today at Rs.221, with volumes surging almost 9.5 times. The stock remains strongly in the green, up 8%.

The stock hit a high on the back of exuberant numbers for Q3FY14. YoY, the performance of the company looks extremely good on the back of robust jump in net sales and the fact that Q3FY13 net profit had been seriously dented by a forex loss of Rs.13 crore compared to Rs.2 crore in current Q3. The company ended Q3FY14 with a net profit at Rs.44 crore, up from Rs.11 crore in Q3FY13 and Rs.5 crore in Q2FY14. Its net revenue jumped up to Rs.424 crore, up 21% (YoY) and up 40% sequentially. Finance cost remains high at Rs.20 crore.