Sandur Manganese & Iron Ores Ltd

Sandur Manganese & Iron Ores Limited is engaged in mining of manganese and iron ores in Deogiri village of Sandur Taluk, Ballari District, Karnataka. The Company is also engaged in the manufacture of ferroalloys at the Metal & Ferroalloy Plant located at Vyasanakere, Hospet.

Pros:
Stock is trading at 0.67 times its book value
Company has good consistent profit growth of 29.37% over 5 years
Cons:
Contingent liabilities of Rs.184.35 Cr.
Promoters have pledged 55.20% of their holding.

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

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
98 160 125 144 152 187 205 167 195 135 196 138
80 106 98 101 119 125 121 110 139 116 114 93
Operating Profit 18 54 27 43 33 63 84 57 56 19 82 45
OPM % 19% 34% 22% 30% 22% 34% 41% 34% 29% 14% 42% 33%
Other Income 1 3 3 3 3 2 2 3 3 10 1 3
Interest 4 4 1 -1 3 1 1 2 1 2 2 2
Depreciation 2 2 2 2 2 2 2 2 2 2 3 3
Profit before tax 14 50 27 44 32 62 83 56 56 25 79 43
Tax % 35% 35% 31% 37% 35% 36% 37% 39% 35% 21% 32% 40%
Net Profit 9 33 19 28 21 39 52 34 36 20 53 26
EPS in Rs 10.48 37.36 21.18 32.12 23.46 44.97 59.74 39.25 41.36 22.42 60.86 29.65
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
270 428 287 349 181 161 300 295 222 434 608 702 665
186 195 248 209 156 134 248 269 223 343 442 487 462
Operating Profit 84 232 40 139 25 27 52 25 -1 91 166 215 202
OPM % 31% 54% 14% 40% 14% 17% 17% 9% -0% 21% 27% 31% 30%
Other Income 1 3 15 10 13 23 15 3 0 9 11 18 18
Interest 1 0 2 2 0 2 0 2 0 7 5 6 7
Depreciation 10 10 10 11 11 11 9 5 4 7 7 8 11
Profit before tax 75 225 43 136 27 36 58 21 -5 85 165 219 203
Tax % 23% 34% 32% 33% 68% 11% 34% 32% -189% 35% 35% 35%
Net Profit 58 147 29 92 8 33 38 14 -14 56 107 142 135
EPS in Rs 63.33 167.84 32.83 103.98 9.70 37.16 43.34 15.80 0.00 63.67 121.74 162.77 154.29
Dividend Payout % 0% 2% 9% 5% 0% 0% 7% 18% -18% 8% 6% 4%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:5.08%
5 Years:18.54%
3 Years:46.70%
TTM:-6.56%
Compounded Profit Growth
10 Years:-0.58%
5 Years:29.37%
3 Years:112.94%
TTM:-7.84%
Stock Price CAGR
10 Years:2.95%
5 Years:-0.04%
3 Years:-9.59%
1 Year:-46.55%
Return on Equity
10 Years:13.45%
5 Years:13.30%
3 Years:20.36%
Last Year:23.27%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Sep 2019
9 9 9 9 9 9 9 9 9 9 9 9 9
Reserves 35 179 205 292 300 333 368 379 362 423 521 657 732
Borrowings 0 0 0 0 0 0 0 0 0 0 0 0 231
105 151 170 180 149 122 110 115 106 136 127 161 261
Total Liabilities 148 339 384 481 458 463 487 503 476 568 657 827 1,232
58 80 73 86 81 75 67 74 78 83 123 125 140
CWIP 1 4 7 8 5 18 4 4 1 3 12 202 417
Investments 0 89 111 148 169 191 196 209 175 247 303 187 213
90 166 193 239 203 180 220 216 222 236 220 313 462
Total Assets 148 339 384 481 458 463 487 503 476 568 657 827 1,232

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
-10 147 10 28 18 24 6 30 3 80 122 160
13 -132 -4 -44 -20 -22 -6 -20 3 -68 -106 -144
-1 -4 -2 -3 -5 -0 -0 -3 -3 -12 -13 -12
Net Cash Flow 1 11 4 -19 -7 2 -1 6 3 -0 3 4

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 445% 194% 22% 54% 8% 12% 16% 6% -0% 23% 35% 37%
Debtor Days 43 37 71 31 100 62 69 4 14 5 3 11
Inventory Turnover 27.31 15.71 10.32 12.45 3.92 3.90 8.76 5.93 3.55 5.82 6.92 9.25