Sandur Manganese & Iron Ores Ltd

Sandur Manganese & Iron Ores is engaged in mining of Manganese and iron ore.

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Pros:

Stock is trading at 0.45 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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Detailed Comparison with:

	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019
	160	125	144	152	187	205	167	195	135	196	138	138
	106	98	101	119	125	121	110	139	116	114	93	104
Operating Profit	54	27	43	33	63	84	57	56	19	82	45	34
OPM %	34%	22%	30%	22%	34%	41%	34%	29%	14%	42%	33%	25%
Other Income	3	3	3	3	2	2	3	3	10	1	3	3
Interest	4	1	-1	3	1	1	2	1	2	2	2	2
Depreciation	2	2	2	2	2	2	2	2	2	3	3	4
Profit before tax	50	27	44	32	62	83	56	56	25	79	43	32
Tax %	35%	31%	37%	35%	36%	37%	39%	35%	21%	32%	40%	41%
Net Profit	33	19	28	21	39	52	34	36	20	53	26	19
EPS in Rs	37.36	21.18	32.12	23.46	44.97	59.74	39.25	41.36	22.42	60.86	29.65	21.42
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	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	608
	186	195	248	209	156	134	248	269	223	343	442	487	427
Operating Profit	84	232	40	139	25	27	52	25	-1	91	166	215	181
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	12
Profit before tax	75	225	43	136	27	36	58	21	-5	85	165	219	179
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	118
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	134.35
Dividend Payout %	0%	2%	9%	5%	0%	0%	7%	18%	-18%	8%	6%	4%

* Sales is net of excise duty and discounts

	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

	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

	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