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:
Company is virtually debt free.
Company is expected to give good quarter
Company has good consistent profit growth of 26.80% over 5 years
Cons:
Company has a low return on equity of 11.42% for last 3 years.

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

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018
51 61 88 77 98 160 125 144 152 187 205 167
54 64 81 65 80 106 98 101 119 125 121 110
Operating Profit -3 -3 7 12 18 54 27 43 33 63 84 57
OPM % -7% -5% 8% 16% 19% 34% 22% 30% 22% 34% 41% 34%
Other Income 1 -5 2 2 1 3 3 3 3 2 2 3
Interest 0 0 0 0 4 4 1 -1 3 1 1 2
Depreciation 1 1 1 2 2 2 2 2 2 2 2 2
Profit before tax -3 -9 8 13 14 50 27 44 32 62 83 56
Tax % 33% -83% 35% 31% 35% 35% 31% 37% 35% 36% 37% 39%
Net Profit -2 -17 5 9 9 33 19 28 21 39 52 34
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
123 270 428 287 349 181 161 300 295 222 434 612 712
107 186 195 248 209 156 134 248 269 223 343 447 475
Operating Profit 15 84 232 40 139 25 27 52 25 -1 91 166 237
OPM % 13% 31% 54% 14% 40% 14% 17% 17% 9% -0% 21% 27% 33%
Other Income 10 1 3 15 10 13 23 15 3 0 9 11 10
Interest 1 1 0 2 2 0 2 0 2 0 7 5 7
Depreciation 44 10 10 10 11 11 11 9 5 4 7 7 8
Profit before tax -20 75 225 43 136 27 36 58 21 -5 85 165 232
Tax % -1% 23% 34% 32% 33% 68% 11% 34% 32% -189% 35% 35%
Net Profit -20 58 147 29 92 8 33 38 14 -14 56 107 146
EPS in Rs 0.00 63.33 167.84 32.83 103.98 9.70 37.16 43.34 15.80 0.00 63.67 121.74
Dividend Payout % -0% 0% 2% 9% 5% 0% 0% 7% 18% -18% 5% 6%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:8.55%
5 Years:30.60%
3 Years:27.61%
TTM:35.33%
Compounded Profit Growth
10 Years:6.30%
5 Years:26.80%
3 Years:92.51%
TTM:65.53%
Return on Equity
10 Years:15.73%
5 Years:9.86%
3 Years:11.42%
TTM:22.15%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Sep 2018
9 9 9 9 9 9 9 9 9 9 9 9 9
Reserves -21 35 179 205 292 300 333 368 379 362 423 521 605
Borrowings 1 0 0 0 0 0 0 0 0 0 0 0 0
152 105 151 170 180 149 122 110 115 106 136 128 156
Total Liabilities 142 148 339 384 481 458 463 487 503 476 568 657 770
67 58 80 73 86 81 75 67 74 78 83 123 128
CWIP 0 1 4 7 8 5 18 4 4 1 3 12 26
Investments 0 0 89 111 148 169 191 196 209 175 247 303 327
75 90 166 193 239 203 180 220 216 222 236 220 290
Total Assets 142 148 339 384 481 458 463 487 503 476 568 657 770

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
145 -10 147 10 28 18 24 6 30 3 80 122
-102 13 -132 -4 -44 -20 -22 -6 -20 3 -68 -106
-28 -1 -4 -2 -3 -5 -0 -0 -3 -3 -12 -13
Net Cash Flow 15 1 11 4 -19 -7 2 -1 6 3 -0 3

Ratios Standalone / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % -137% 445% 194% 22% 54% 8% 12% 16% 6% -0% 23% 35%
Debtor Days 112 43 37 71 31 100 62 69 4 14 5 3
Inventory Turnover 11.20 27.31 15.71 10.32 12.45 3.92 3.90 8.76 5.93 3.55 5.82 6.97