Sandur Manganese & Iron Ores Ltd

sandurgroup.com BSE: 504918
About

Sandur Manganese & Iron Ores (SMIORE) is involved in mining of low phosphorous manganese and iron ore in the Hospet-Ballari region of Karnataka. It is the flagship company of the Sandur group which was promoted by the former ruler of the princely state of Sandur. It is the fifth-largest iron ore miner in Karnataka and the largest private miner of manganese ore in India. [1]

Key Points

Production Capacities
Company has two mining leases valid up to 2033, with estimated reserves of almost 118.5 million tonne of iron ore and around 14.7 million tonne of manganese with permissible production limit of 1.6 million tonne per annum (TPA) for the former and 0.55 MnTPA for the later.
The company has also sought approval to increase the iron ore mining limit from 1.6 MnTPA to 3.85 MnTPA since Jan, 2019.[1]
It also manufactures ferro-alloys (silico-manganese) from its 36,000-metric-tonnes-per-annum (MTPA)plant in Vyasankare, Karnataka. [2]

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Website BSE
  • Market Cap ₹ 1,723 Cr.
  • Current Price ₹ 1,914
  • High / Low ₹ 2,260 / 799
  • Stock P/E 4.10
  • Book Value ₹ 1,460
  • Dividend Yield 0.52 %
  • ROCE 20.2 %
  • ROE 16.8 %
  • Face Value ₹ 10.0
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Pros

  • Company is expected to give good quarter

Cons

  • Promoters have pledged 53.10% of their holding.
  • Debtor days have increased from 22.27 to 36.95 days.

Peer comparison

Sector: Mining & Mineral products Industry: Mining / Minerals / Metals

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
195 135 196 138 138 120 129 143 117 358 475 566
139 115 114 91 101 92 91 78 83 223 221 259
Operating Profit 56 21 82 47 36 27 37 65 34 135 254 307
OPM % 29% 15% 42% 34% 26% 23% 29% 46% 29% 38% 54% 54%
Other Income 3 11 1 3 4 -3 4 3 5 6 8 8
Interest 1 2 2 2 2 2 2 2 2 8 10 10
Depreciation 2 3 3 5 5 6 5 5 5 11 12 12
Profit before tax 56 26 79 44 33 17 34 61 33 121 240 293
Tax % 35% 20% 32% 39% 40% -168% 32% 33% 44% 41% 38% 38%
Net Profit 36 21 53 27 20 46 23 41 19 71 149 182
EPS in Rs 41.36 23.93 60.86 31.07 22.75 50.80 25.89 45.70 20.63 78.77 165.29 202.11
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
287 349 181 161 300 295 222 434 608 702 592 747 1,515
248 209 156 134 248 269 222 343 442 477 396 475 785
Operating Profit 39 139 25 27 52 25 0 91 166 225 195 272 730
OPM % 14% 40% 14% 17% 17% 9% 0% 21% 27% 32% 33% 36% 48%
Other Income 16 10 13 23 15 3 -1 9 11 18 6 18 28
Interest 2 2 0 2 0 2 0 7 5 6 7 13 30
Depreciation 10 11 11 11 9 5 4 7 7 13 19 27 41
Profit before tax 43 136 27 36 58 21 -5 85 165 224 175 250 687
Tax % 32% 33% 68% 11% 34% 32% -189% 35% 35% 34% 16% 38%
Net Profit 29 92 8 33 38 14 -14 56 107 147 147 154 420
EPS in Rs 33.34 104.79 9.70 37.15 43.85 16.41 -16.26 63.67 121.74 168.41 163.73 171.00 466.80
Dividend Payout % 9% 5% 0% 0% 7% 18% -18% 8% 6% 4% 4% 6%
Compounded Sales Growth
10 Years: 8%
5 Years: 27%
3 Years: 7%
TTM: 187%
Compounded Profit Growth
10 Years: 5%
5 Years: 60%
3 Years: 13%
TTM: 223%
Stock Price CAGR
10 Years: 17%
5 Years: 20%
3 Years: 21%
1 Year: 138%
Return on Equity
10 Years: 14%
5 Years: 19%
3 Years: 19%
Last Year: 17%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions
Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
9 9 9 9 9 9 9 9 9 9 9 9 9
Reserves 205 292 300 333 368 379 362 423 521 695 831 984 1,305
Borrowings 0 0 0 0 0 0 0 0 0 0 400 364 340
158 180 149 119 109 115 106 136 127 159 223 367 532
Total Liabilities 372 481 458 461 486 503 476 568 657 862 1,462 1,724 2,187
73 86 81 75 67 74 78 83 123 260 306 808 790
CWIP 7 8 5 18 4 4 1 3 12 202 557 82 87
Investments 111 148 169 191 196 209 175 247 303 65 57 291 319
181 239 203 177 220 216 222 235 220 335 541 543 991
Total Assets 372 481 458 461 486 503 476 568 657 862 1,462 1,724 2,187

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
10 28 18 24 6 30 3 80 122 169 -13 337
-4 -44 -20 -22 -6 -20 3 -68 -106 -147 -370 -250
-2 -3 -5 -0 -0 -3 -3 -12 -13 -12 378 -54
Net Cash Flow 4 -19 -7 2 -1 6 3 -0 3 10 -6 32

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 71 31 100 62 69 4 14 5 3 11 19 37
Inventory Days 109 1,791 498 782 685 440 238 180 1,178 475
Days Payable 809 527 197 419 218 161 142 207 586 563
Cash Conversion Cycle -629 31 1,364 363 432 4 481 285 99 -16 611 -52
Working Capital Days -22 -72 -13 -52 20 -13 13 -11 -5 -16 52 5
ROCE % 22% 54% 8% 12% 16% 6% -0% 23% 35% 37% 19% 20%

Shareholding Pattern

Numbers in percentages

Insider trades
Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
72.45 72.45 72.45 72.46 72.47 73.24 73.24 73.24 73.24 73.22 73.22 73.22
1.57 1.53 1.44 1.30 0.56 0.36 0.36 0.03 0.00 0.00 0.00 0.13
1.53 1.52 1.52 1.59 1.66 1.58 1.58 1.58 1.53 0.81 0.81 0.81
24.45 24.50 24.59 24.65 25.31 24.82 24.82 25.16 25.23 25.97 25.97 25.84

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