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 ]
  • Market Cap 1,128 Cr.
  • Current Price 1,253
  • High / Low 1,320 / 458
  • Stock P/E 8.76
  • Book Value 1,002
  • Dividend Yield 0.56 %
  • ROCE 18.7 %
  • ROE 19.1 %
  • Face Value 10.0

Pros

  • Company has delivered good profit growth of 58.08% CAGR over last 5 years

Cons

  • Promoters have pledged 53.10% of their holding.
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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

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:7%
5 Years:15%
3 Years:3%
1 Year:166%
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

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
72.45 72.45 72.45 72.45 72.45 72.46 72.47 73.24 73.24 73.24 73.24 73.22
1.25 1.33 1.57 1.53 1.44 1.30 0.56 0.36 0.36 0.03 0.00 0.00
1.53 1.53 1.53 1.52 1.52 1.59 1.66 1.58 1.58 1.58 1.53 0.81
24.77 24.69 24.45 24.50 24.59 24.65 25.31 24.82 24.82 25.16 25.23 25.97

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