Sandur Manganese & Iron Ores Ltd

About

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

  • Market Cap 606 Cr.
  • Current Price 673
  • High / Low 922 / 295
  • Stock P/E 5.27
  • Book Value 933
  • Dividend Yield 1.04 %
  • ROCE 18.7 %
  • ROE 19.1 %
  • Face Value 10.0

Pros

  • Stock is trading at 0.72 times its book value
  • Company has delivered good profit growth of 58.08% CAGR over last 5 years

Cons

  • Tax rate seems low
  • Contingent liabilities of Rs.234.12 Cr.
  • Company might be capitalizing the interest cost
  • Promoters have pledged 53.09% of their holding.
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020
144 152 187 205 167 195 135 196 138 138 120 129
101 119 125 121 110 139 115 114 93 101 92 91
Operating Profit 43 33 63 84 57 56 21 82 45 36 27 37
OPM % 30% 22% 34% 41% 34% 29% 15% 42% 33% 26% 23% 29%
Other Income 3 3 2 2 3 3 11 1 3 4 -3 4
Interest -1 3 1 1 2 1 2 2 2 2 2 2
Depreciation 2 2 2 2 2 2 3 3 3 5 6 5
Profit before tax 44 32 62 83 56 56 26 79 43 33 17 34
Tax % 37% 35% 36% 37% 39% 35% 20% 32% 40% 40% -168% 32%
Net Profit 28 21 39 52 34 36 21 53 26 20 46 23
EPS in Rs 32.12 23.46 44.97 59.74 39.25 41.36 23.93 60.86 29.65 22.12 50.80 25.90
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
428 287 349 181 161 300 295 222 434 608 702 592 524
195 248 209 156 134 248 269 223 343 442 478 396 378
Operating Profit 232 40 139 25 27 52 25 -1 91 166 224 195 146
OPM % 54% 14% 40% 14% 17% 17% 9% -0% 21% 27% 32% 33% 28%
Other Income 3 15 10 13 23 15 3 0 9 11 19 6 7
Interest 0 2 2 0 2 0 2 0 7 5 6 7 7
Depreciation 10 10 11 11 11 9 5 4 7 7 13 19 19
Profit before tax 225 43 136 27 36 58 21 -5 85 165 224 175 128
Tax % 34% 32% 33% 68% 11% 34% 32% -189% 35% 35% 34% 16%
Net Profit 147 29 92 8 33 38 14 -14 56 107 147 147 115
EPS in Rs 167.84 32.83 103.98 9.70 37.16 43.34 15.80 0.00 63.67 121.74 168.42 168.44 128.47
Dividend Payout % 2% 9% 5% 0% 0% 7% 18% -18% 8% 6% 4% 4%
Compounded Sales Growth
10 Years:7%
5 Years:15%
3 Years:11%
TTM:-25%
Compounded Profit Growth
10 Years:18%
5 Years:58%
3 Years:38%
TTM:-21%
Stock Price CAGR
10 Years:1%
5 Years:4%
3 Years:-16%
1 Year:10%
Return on Equity
10 Years:14%
5 Years:16%
3 Years:21%
Last Year:19%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
9 9 9 9 9 9 9 9 9 9 9 9
Reserves 179 205 292 300 333 368 379 362 423 521 695 831
Borrowings 0 0 0 0 0 0 0 0 0 0 0 400
136 158 180 149 119 109 115 106 136 127 159 223
Total Liabilities 324 372 481 458 461 486 503 476 568 657 862 1,462
80 73 86 81 75 67 74 78 83 123 260 306
CWIP 4 7 8 5 18 4 4 1 3 12 202 557
Investments 89 111 148 169 191 196 209 175 247 303 65 57
150 181 239 203 177 220 216 222 235 220 335 541
Total Assets 324 372 481 458 461 486 503 476 568 657 862 1,462

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
147 10 28 18 24 6 30 3 80 122 169 -13
-132 -4 -44 -20 -22 -6 -20 3 -68 -106 -147 -370
-4 -2 -3 -5 -0 -0 -3 -3 -12 -13 -12 378
Net Cash Flow 11 4 -19 -7 2 -1 6 3 -0 3 10 -6

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 194% 22% 54% 8% 12% 16% 6% -0% 23% 35% 37% 19%
Debtor Days 37 71 31 100 62 69 4 14 5 3 11 19
Inventory Turnover -1.05 1.50 -0.84 0.22 0.60 0.47 0.27 0.52 0.99 1.52 1.73 0.45

Shareholding Pattern

Numbers in percentages

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
72.43 72.43 72.45 72.45 72.45 72.45 72.45 72.46 72.47 73.24 73.24 73.24
0.72 1.25 1.25 1.33 1.57 1.53 1.44 1.30 0.56 0.36 0.36 0.03
1.53 1.53 1.53 1.53 1.53 1.52 1.52 1.59 1.66 1.58 1.58 1.58
25.32 24.79 24.77 24.69 24.45 24.50 24.59 24.65 25.31 24.82 24.82 25.16

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