Sandur Manganese & Iron Ores Ltd
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. #
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. #
- 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
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
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
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 |
Documents
Add documentRecent announcements
- Announcement under Regulation 30 (LODR)-Newspaper Publication 12 Feb
- Un-Audited Financial Results For Quarter Ended 31 December 2020 10 Feb
- Compliance With Regulation 30(5) Of Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015 - Authorisation For Determining Materiality Of An Event Or Information 10 Feb
- Appointment of Company Secretary and Compliance Officer 10 Feb
- Announcement under Regulation 30 (LODR)-Resignation of Company Secretary / Compliance Officer 10 Feb
View all