Hira Ferro Alloys Limited ()

210 +0 (0%) 1Y
Price per Unit 210
Minimum no. of Units 500
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Hira Ferro Alloys Limited

DRHP Status : Not Filed

210

Current Price 210
Market Cap 405.80 Cr
ISIN INE573I01011
Face Value 10
P/E Ratio 46.16
EPS 3.79
P/B Ratio .57
Book Value 304.51
Debt to Equity Ratio .24
P&L Statement 2021 2022 2023 2024
Revenue 314 593 454 346
Cost of Material Consumed 200 322 243 221
Gross Margins 36.31 45.7 46.48 36.13
Change in Inventory 7 -22 -1 2
Employee Benefit Expenses 13 14 16 17
Other Expenses 64 125 168 86
EBITDA 30 154 28 20
OPM 9.55 25.97 6.17 5.78
Other Income 2.5 15 13 19
Finance Cost 5 4.5 6 15
D&A 6 6 6 12
EBIT 24 148 22 8
EBIT Margins 7.64 24.96 4.85 2.31
PBT 21.5 158 29 11
PBT Margins 6.85 26.64 6.39 3.18
Tax 0.75 45 7 3
PAT 20.75 113 22 8
NPM 6.61 19.06 4.85 2.31
EPS 10.6 48.75 9.49 3.45
Financial Ratios
 2021 2022 2023 2024
Operating Profit Margin 9.55 25.97 6.17 5.78
Net Profit Margin 6.61 19.06 4.85 2.31
Earning Per Share (Diluted) 10.6 48.75 9.49 3.45
Assets 2021 2022 2023 2024
Fixed Assets 97 99 228 350
CWIP 0.7 144 123 8.5
Investments 89 205 190 392
Trade Receivables 24 57 26 26
Inventory 95 129 103 152
Other Assets 45.3 153 256 89.5
Total Assets 351 787 926 1018
Liabilities 2021 2022 2023 2024
Share Capital 19.58 23.18 23.18 23.18
FV 10 10 10 10
Reserves 206 487 496 683
Borrowings 36 33 298 171
Trade Payables 51 67 55 66
Other Liabilities 38.42 176.82 53.82 74.82
Total Liabilities 351 787 926 1018
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Hira Ferro Alloys Limited (HFAL), established in 1990, is a closely-held public limited company and a part of the Hira Group of Industries, specializing in manufacturing manganese-based ferroalloys with a capacity of 60,500 TPA, and also generates electricity through various sources including solar, thermal, biomass, and wind

Strengths:

  1. Strong Parent Support: HFAL benefits significantly from the financial and operational backing of its parent company, GPIL. This support includes capital infusions and centralized procurement and treasury operations, enhancing HFAL's stability and growth prospects. ​CRISIL Ratings

  2. Commitment to Sustainability: The company has made substantial investments in green energy initiatives, including a 55 MW captive solar power plant and additional biomass and wind energy projects. These efforts have enabled HFAL to power approximately one-third of its ferro alloys production with renewable energy, reducing its carbon footprint and aligning with global sustainability trends. ​hiragroup.com+4hiraferroalloys.com+4hiraferroalloys.com+4

  3. Healthy Financial Risk Profile: HFAL maintains a comfortable capital structure with limited external debt. As of March 31, 2023, the company reported a gearing ratio of 0.57 and a total outstanding liabilities to adjusted net worth (TOL/ANW) ratio of 0.78, indicating prudent financial management. ​CRISIL Ratings

Weaknesses:

  1. Average Scale of Operations: With revenues of ₹455 crore in fiscal 2023, HFAL operates on a moderate scale. This limits its bargaining power with customers and suppliers, especially in a highly competitive industry with numerous players. ​

  2. Exposure to Market Volatility: HFAL's profitability is susceptible to fluctuations in raw material prices, such as manganese ore, and the cyclicality of the steel industry. For instance, in fiscal 2023, the company's operating income declined by over 20% due to lower realizations and increased input costs, including power and fuel charges.

  3. Dependence on the Steel Industry: As a supplier of ferro alloys, HFAL's performance is closely tied to the steel industry's health. Downturns in steel production can lead to reduced demand for ferro alloys, impacting HFAL's sales and profitability.

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