Sandur Manganese & Iron Ores Ltd

Sandur Manganese & Iron Ores Ltd

₹ 561 1.79%
24 Jul - close price
About

The Sandur Manganese & Iron Ores Limited (SMIORE), the flagship company of the Karnataka based Sandur Group, incorporated in 1954. Company is involved in mining of low phosphorous manganese and iron ore in the Hosapete Ballari region of Karnataka. In addition, Company manufactures ferro-alloys (silico-Manganese and ferro manganese) and coke at its plant in Vyasankare, near Hospet.[1] It is the 3rd Largest Manganese ore miner in India.[2]

Key Points

Mining Segment (~64% of 9MFY24 revenues) [1]
This is the legacy business of the company wherein it is involved in the mining of iron and manganese ores. Company produces iron ore with Fe content of 56-58%, with lump to fine production ratio of 1:2.[2]Company has large mines with two leases up to 2033, ML-2678 and ML-2679, with an area of 1860.10 hectares (ha) and 139.20 ha, respectively [3]with reserves of Manganese Ore: 17MT & Iron Ore: 110 MT. Company currently has a capacity of Manganese Ore: 0.46 MTPA & Iron Ore: 3.81 MTPA[4]

  • Market Cap 9,097 Cr.
  • Current Price 561
  • High / Low 636 / 197
  • Stock P/E 38.2
  • Book Value 133
  • Dividend Yield 0.15 %
  • ROCE 15.5 %
  • ROE 11.6 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Working capital days have increased from 109 days to 323 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
358 475 566 492 716 652 478 388 608 363 185 153 552
223 221 259 301 494 596 444 321 372 305 147 136 344
Operating Profit 135 254 307 191 222 56 35 67 235 58 38 17 208
OPM % 38% 54% 54% 39% 31% 9% 7% 17% 39% 16% 20% 11% 38%
6 8 8 7 12 12 18 12 17 18 18 15 31
Interest 8 10 10 9 9 7 7 7 7 6 5 5 4
Depreciation 11 12 12 13 19 16 16 16 16 14 14 15 15
Profit before tax 121 240 293 176 207 45 30 56 229 56 36 13 219
Tax % 41% 38% 38% 38% -14% 25% 26% 26% 24% 29% 26% 25% 26%
71 149 182 109 236 34 22 41 174 40 26 10 162
EPS in Rs 4.38 9.18 11.23 6.72 14.54 2.09 1.35 2.55 10.74 2.46 1.63 0.59 10.01
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
161 300 295 222 434 608 702 592 747 2,249 2,126 1,252
134 248 269 222 343 442 477 396 470 1,275 1,733 932
Operating Profit 27 52 25 0 91 166 225 195 276 974 393 320
OPM % 17% 17% 9% 0% 21% 27% 32% 33% 37% 43% 18% 26%
23 15 3 -1 9 11 18 6 13 35 59 82
Interest 2 0 2 0 7 5 6 7 13 38 28 20
Depreciation 11 9 5 4 7 7 13 19 27 56 64 58
Profit before tax 36 58 21 -5 85 165 224 175 250 915 359 324
Tax % 11% 34% 32% 189% 35% 35% 34% 16% 38% 26% 25% 27%
33 38 14 -14 56 107 147 147 154 675 271 238
EPS in Rs 2.06 2.44 0.91 -0.90 3.54 6.76 9.36 9.10 9.50 41.67 16.72 14.69
Dividend Payout % 0% 7% 18% -18% 8% 6% 4% 4% 6% 1% 5% 7%
Compounded Sales Growth
10 Years: 15%
5 Years: 12%
3 Years: 19%
TTM: -41%
Compounded Profit Growth
10 Years: 20%
5 Years: 11%
3 Years: 16%
TTM: -10%
Stock Price CAGR
10 Years: 33%
5 Years: 71%
3 Years: 72%
1 Year: 176%
Return on Equity
10 Years: 19%
5 Years: 21%
3 Years: 23%
Last Year: 12%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 9 9 9 9 9 9 9 9 9 9 27 162
Reserves 333 368 379 362 423 521 695 831 984 1,650 1,907 1,995
0 0 0 0 0 0 0 400 369 310 206 133
119 109 115 106 136 127 158 222 362 733 392 302
Total Liabilities 461 486 503 476 568 657 862 1,462 1,724 2,702 2,532 2,592
75 67 74 78 83 123 260 306 808 844 878 886
CWIP 18 4 4 1 3 12 202 557 82 42 67 116
Investments 191 196 209 175 247 303 65 57 291 376 489 502
177 220 216 222 235 220 335 541 543 1,439 1,098 1,087
Total Assets 461 486 503 476 568 657 862 1,462 1,724 2,702 2,532 2,592

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
24 6 30 3 80 122 169 -13 340 837 143 154
-22 -6 -20 3 -68 -106 -147 -370 -249 -757 -12 -49
-0 -0 -3 -3 -12 -13 -12 378 -58 -106 -147 -107
Net Cash Flow 2 -1 6 3 -0 3 10 -6 32 -26 -16 -2

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 62 69 4 14 5 3 11 19 37 33 25 10
Inventory Days 498 782 685 440 238 180 1,178 475 145 92 794
Days Payable 197 419 218 161 142 207 586 672 266 79 275
Cash Conversion Cycle 363 432 4 481 285 99 -16 611 -160 -88 37 529
Working Capital Days -52 20 -13 13 -11 -5 -16 52 6 -16 21 323
ROCE % 12% 16% 6% -0% 23% 35% 37% 19% 20% 57% 18% 16%

Shareholding Pattern

Numbers in percentages

2 Recently
Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024
73.22% 73.18% 73.18% 73.23% 74.37% 74.37% 74.37% 74.31% 74.26% 74.22% 74.22% 74.22%
0.13% 0.25% 0.36% 0.51% 0.49% 0.30% 0.32% 0.31% 0.33% 0.43% 0.70% 0.77%
0.81% 0.81% 0.81% 0.80% 0.81% 0.81% 0.79% 0.74% 0.64% 1.26% 1.42% 1.45%
25.84% 25.76% 25.65% 25.46% 24.34% 24.53% 24.52% 24.65% 24.78% 24.07% 23.67% 23.56%
No. of Shareholders 12,95512,25312,71624,21430,56030,24327,45825,80324,75734,62157,02352,803

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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