Sandur Manganese & Iron Ores Ltd

₹ 1,007 -1.20%
05 Aug - close price
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]

  • Market Cap 2,720 Cr.
  • Current Price 1,007
  • High / Low 1,703 / 520
  • Stock P/E 4.03
  • Book Value 614
  • Dividend Yield 0.99 %
  • ROCE 57.4 %
  • ROE 50.9 %
  • Face Value 10.0

Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 64.7% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 32.4%
  • Company's median sales growth is 15.5% of last 10 years

Cons

* 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 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
135 196 138 138 120 129 143 117 358 475 566 492 716
115 114 91 101 92 91 78 83 223 221 259 301 494
Operating Profit 21 82 47 36 27 37 65 34 135 254 307 191 222
OPM % 15% 42% 34% 26% 23% 29% 46% 29% 38% 54% 54% 39% 31%
11 1 3 4 -3 4 3 5 6 8 8 7 12
Interest 2 2 2 2 2 2 2 2 8 10 10 9 9
Depreciation 3 3 5 5 6 5 5 5 11 12 12 13 19
Profit before tax 26 79 44 33 17 34 61 33 121 240 293 176 207
Tax % 20% 32% 39% 40% -168% 32% 33% 44% 41% 38% 38% 38% -14%
Net Profit 21 53 27 20 46 23 41 19 71 149 182 109 236
EPS in Rs 7.96 20.25 10.34 7.57 16.94 8.63 15.24 6.88 26.26 55.11 67.39 40.32 87.23

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
349 181 161 300 295 222 434 608 702 592 747 2,249
209 156 134 248 269 222 343 442 477 396 475 1,275
Operating Profit 139 25 27 52 25 0 91 166 225 195 272 974
OPM % 40% 14% 17% 17% 9% 0% 21% 27% 32% 33% 36% 43%
10 13 23 15 3 -1 9 11 18 6 18 35
Interest 2 0 2 0 2 0 7 5 6 7 13 38
Depreciation 11 11 11 9 5 4 7 7 13 19 27 56
Profit before tax 136 27 36 58 21 -5 85 165 224 175 250 915
Tax % 33% 68% 11% 34% 32% -189% 35% 35% 34% 16% 38% 26%
Net Profit 92 8 33 38 14 -14 56 107 147 147 154 675
EPS in Rs 34.86 3.23 12.36 14.59 5.46 -5.41 21.18 40.50 56.03 54.59 57.01 250.04
Dividend Payout % 5% 0% 0% 7% 18% -18% 8% 6% 4% 4% 6% 1%
Compounded Sales Growth
10 Years: 29%
5 Years: 39%
3 Years: 47%
TTM: 201%
Compounded Profit Growth
10 Years: 58%
5 Years: 65%
3 Years: 67%
TTM: 339%
Stock Price CAGR
10 Years: 20%
5 Years: 32%
3 Years: 64%
1 Year: 66%
Return on Equity
10 Years: 23%
5 Years: 30%
3 Years: 32%
Last Year: 51%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
9 9 9 9 9 9 9 9 9 9 9 9
Reserves 292 300 333 368 379 362 423 521 695 831 984 1,650
0 0 0 0 0 0 0 0 0 400 364 310
180 149 119 109 115 106 136 127 159 223 367 733
Total Liabilities 481 458 461 486 503 476 568 657 862 1,462 1,724 2,702
86 81 75 67 74 78 83 123 260 306 808 844
CWIP 8 5 18 4 4 1 3 12 202 557 82 42
Investments 148 169 191 196 209 175 247 303 65 57 291 376
239 203 177 220 216 222 235 220 335 541 543 1,439
Total Assets 481 458 461 486 503 476 568 657 862 1,462 1,724 2,702

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
28 18 24 6 30 3 80 122 169 -13 337 873
-44 -20 -22 -6 -20 3 -68 -106 -147 -370 -250 -793
-3 -5 -0 -0 -3 -3 -12 -13 -12 378 -54 -106
Net Cash Flow -19 -7 2 -1 6 3 -0 3 10 -6 32 -26

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 31 100 62 69 4 14 5 3 11 19 37 33
Inventory Days 1,791 498 782 685 440 238 180 1,178 475 145
Days Payable 527 197 419 218 161 142 207 586 563 266
Cash Conversion Cycle 31 1,364 363 432 4 481 285 99 -16 611 -52 -88
Working Capital Days -72 -13 -52 20 -13 13 -11 -5 -16 52 -23 45
ROCE % 54% 8% 12% 16% 6% -0% 23% 35% 37% 19% 20% 57%

Shareholding Pattern

Numbers in percentages

2 recently
Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
72.46 72.47 73.24 73.24 73.24 73.24 73.22 73.22 73.22 73.18 73.18 73.23
1.30 0.56 0.36 0.36 0.03 0.00 0.00 0.00 0.13 0.25 0.36 0.51
1.59 1.66 1.58 1.58 1.58 1.53 0.81 0.81 0.81 0.81 0.81 0.80
24.65 25.31 24.82 24.82 25.16 25.23 25.97 25.97 25.84 25.76 25.65 25.46

Documents

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