Sandur Manganese & Iron Ores Ltd

About [ edit ]

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. ^#

Key Points [ edit ]

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 0.289 million TPA for the later.
The company has also sought approval to increase the iron ore mining limit from 1.6 mtpa to 3.5 mtpa.
It also manufactures ferro-alloys (silico-manganese) from its 36,000-metric-tonnes-per-annum (MTPA)plant in Vyasankare, Karnataka. ^#

Amalgamation of Subsidiary
In FY20, the company amalgamated its only subsidiary Star Metallics & Power Ltd in which the company held 80.5% interest. The company issued ~250,000 shares of SMIORE to the minority shareholders of Star Metallics. This development increased the total equity capital from 8.75 crores to 9 crores. ^#

Phase-1 of Integrated Steel Plant
The company has planned to setup 1.0 MTPA Steel Project in phases. In January 2020, it commenced the commercial production of phase 1 of the project wherein it set up a 4 coke oven plants of 0.1 MTPA each. 30MW Waste Heat Recovery Boilers (WHRB), refurbishment of old 20 MVA ferro-alloy furnace & commenced its new 24 MVA ferro-alloy furnace. ^#

Expected Power Savings
The power generated from the WHRB will cover the entire power requirement of the ferro-alloys division, which is currently loss-making due to high power costs. ^#

Change in MD of company
Mr. Nazim Sheikh, former MD retired from the company in June 2020 due to health reasons.
Mr. Bahirji A. Ghorpade (member of promoter family) was appointed as managing director from the retirement of former MD. He has also been a part of company before as he joined company as a management trainee in 2015. ^#

Website BSE

Market Cap ₹ 942 Cr.
Current Price ₹ 1,046
High / Low ₹ 1,320 / 295
Stock P/E 7.31
Book Value ₹ 1,002
Dividend Yield 0.67 %
ROCE 18.7 %
ROE 19.1 %
Face Value ₹ 10.0

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Pros

Stock is trading at 1.04 times its book value
Company has delivered good profit growth of 58.08% CAGR over last 5 years

Cons

Promoters have pledged 53.09% 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

	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020
	187	205	167	195	135	196	138	138	120	129	143	117
	125	121	110	139	115	114	91	101	92	91	78	83
Operating Profit	63	84	57	56	21	82	47	36	27	37	65	34
OPM %	34%	41%	34%	29%	15%	42%	34%	26%	23%	29%	46%	29%
Other Income	2	2	3	3	11	1	3	4	-3	4	3	5
Interest	1	1	2	1	2	2	2	2	2	2	2	2
Depreciation	2	2	2	2	3	3	5	5	6	5	5	5
Profit before tax	62	83	56	56	26	79	44	33	17	34	61	33
Tax %	36%	37%	39%	35%	20%	32%	39%	40%	-168%	32%	33%	44%
Net Profit	39	52	34	36	21	53	27	20	46	23	41	19
EPS in Rs	44.97	59.74	39.25	41.36	23.93	60.86	31.07	22.75	50.80	25.89	45.70	20.63
	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	508
	195	248	209	156	134	248	269	223	343	442	478	396	344
Operating Profit	232	40	139	25	27	52	25	-1	91	166	224	195	164
OPM %	54%	14%	40%	14%	17%	17%	9%	-0%	21%	27%	32%	33%	32%
Other Income	3	15	10	13	23	15	3	0	9	11	19	6	9
Interest	0	2	2	0	2	0	2	0	7	5	6	7	6
Depreciation	10	10	11	11	11	9	5	4	7	7	13	19	21
Profit before tax	225	43	136	27	36	58	21	-5	85	165	224	175	146
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	129
EPS in Rs	168.54	33.34	104.79	9.70	37.15	43.85	16.41	-16.26	63.67	121.74	168.41	163.73	143.02
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:	-16%

Compounded Profit Growth
10 Years:	18%
5 Years:	58%
3 Years:	38%
TTM:	6%

Stock Price CAGR
10 Years:	6%
5 Years:	30%
3 Years:	-6%
1 Year:	51%

Return on Equity
10 Years:	14%
5 Years:	16%
3 Years:	21%
Last Year:	19%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Sep 2020
	9	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	893
Borrowings	0	0	0	0	0	0	0	0	0	0	0	400	345
	136	158	180	149	119	109	115	106	136	127	159	223	283
Total Liabilities	324	372	481	458	461	486	503	476	568	657	862	1,462	1,530
	80	73	86	81	75	67	74	78	83	123	260	306	299
CWIP	4	7	8	5	18	4	4	1	3	12	202	557	618
Investments	89	111	148	169	191	196	209	175	247	303	65	57	143
	150	181	239	203	177	220	216	222	235	220	335	541	471
Total Assets	324	372	481	458	461	486	503	476	568	657	862	1,462	1,530

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

Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020
72.43	72.45	72.45	72.45	72.45	72.45	72.46	72.47	73.24	73.24	73.24	73.24
1.25	1.25	1.33	1.57	1.53	1.44	1.30	0.56	0.36	0.36	0.03	0.00
1.53	1.53	1.53	1.53	1.52	1.52	1.59	1.66	1.58	1.58	1.58	1.53
24.79	24.77	24.69	24.45	24.50	24.59	24.65	25.31	24.82	24.82	25.16	25.23

Sandur Manganese & Iron Ores Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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