HEG : Annual Report 2023-24

HEG LIMITED

52nd ANNUAL REPORT

2023-24

Contents

Future Ready 2

About HEG 4

Statement from the Chairman's Office 6

Key Performance Indicators 10

Management Discussion & Analysis 12

Corporate Social Responsibility 27

Board's Report 38

Corporate Governance Report 64

Business Responsibility

& Sustainability Report 92

Standalone Financial Statements 129

Consolidated Financial Statements 212

Corporate Information

Today's businesses can all

count on one thing... uncertainty.

A razor-thin margin for error and rapid pace of change

has transformed the rules of the game.

It's one thing for companies to recognise that they need to redefine the way they do business to succeed in an age of disruption. It's quite another to understand how to achieve that.

It requires leaders who think strategically, executive teams willing to accept failure as the price of success, and a culture conducive to constant experimentation, testing, and reiteration.

Becoming future-ready involves clearly

defining one's ambitions, scanning the

market to uncover areas of potentially

untapped value, and crafting a vision statement

that reflects where the organisation aims to

see itself. It is followed by committing to one's conviction.

52nd Annual Report 2023-24

1

2

HEG LIMITED

52nd Annual Report 2023-24

3

4

HEG LIMITED

52nd Annual Report 2023-24

5

Statement From The Chairman's Office

"Our enhanced capacity, our position as a cost competitive producer, our state-of-the-art equipments, cutting- edge technology and our strong business relations with leading steel producers across the world should allow us to

capitalise on emerging opportunities effectively and efficiently."

Dear Shareholders,

I am immensely pleased to write to you, especially because we achieved the best results among our peers in a year challenged by heightened geopolitical stress, unprecedented inflationary pressures and supply chain constraints.

It has been a momentous year as our new capacity became fully operational in Nov'23 and is working perfectly well. At 100,000 tons, we are the world's largest single-location facility for manufacturing graphite electrodes and the third-largest graphite company in the Western world. It's a moment of joy for everyone at HEG who has made this possible. I am sure you would also experience a sense of pride with this achievement.

6

HEG LIMITED

52nd Annual Report 2023-24

7

8

HEG LIMITED

52nd Annual Report 2023-24

9

10

HEG LIMITED

52nd Annual Report 2023-24

11

Management

Discussion & Analysis

12

HEG LIMITED

52nd Annual Report 2023-24

13

14

HEG LIMITED

52nd Annual Report 2023-24

15

16

HEG LIMITED

52nd Annual Report 2023-24

17