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 0.55 MnTPA for the later.
The company has also sought approval to increase the iron ore mining limit from 1.6 MnTPA to 3.85 MnTPA since Jan, 2019.^#
It also manufactures ferro-alloys (silico-manganese) from its 36,000-metric-tonnes-per-annum (MTPA)plant in Vyasankare, Karnataka. ^#

Website BSE

Market Cap ₹ 1,855 Cr.
Current Price ₹ 2,061
High / Low ₹ 2,234 / 545
Stock P/E 12.0
Book Value ₹ 1,103
Dividend Yield 0.34 %
ROCE 20.7 %
ROE 16.8 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company is expected to give good quarter

Cons

Promoters have pledged 53.10% of their holding.
Debtor days have increased from 22.27 to 36.95 days.

Peer comparison

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

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021
	205	167	195	135	196	138	138	120	129	143	117	358
	121	110	139	115	114	91	101	92	91	78	83	223
Operating Profit	84	57	56	21	82	47	36	27	37	65	34	135
OPM %	41%	34%	29%	15%	42%	34%	26%	23%	29%	46%	29%	38%
Other Income	2	3	3	11	1	3	4	-3	4	3	5	6
Interest	1	2	1	2	2	2	2	2	2	2	2	8
Depreciation	2	2	2	3	3	5	5	6	5	5	5	11
Profit before tax	83	56	56	26	79	44	33	17	34	61	33	121
Tax %	37%	39%	35%	20%	32%	39%	40%	-168%	32%	33%	44%	41%
Net Profit	52	34	36	21	53	27	20	46	23	41	19	71
EPS in Rs	59.74	39.25	41.36	23.93	60.86	31.07	22.75	50.80	25.89	45.70	20.63	78.77
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021
	287	349	181	161	300	295	222	434	608	702	592	747
	248	209	156	134	248	269	223	343	442	478	396	475
Operating Profit	40	139	25	27	52	25	-1	91	166	224	195	272
OPM %	14%	40%	14%	17%	17%	9%	-0%	21%	27%	32%	33%	36%
Other Income	15	10	13	23	15	3	0	9	11	19	6	18
Interest	2	2	0	2	0	2	0	7	5	6	7	13
Depreciation	10	11	11	11	9	5	4	7	7	13	19	27
Profit before tax	43	136	27	36	58	21	-5	85	165	224	175	250
Tax %	32%	33%	68%	11%	34%	32%	-189%	35%	35%	34%	16%	38%
Net Profit	29	92	8	33	38	14	-14	56	107	147	147	154
EPS in Rs	33.34	104.79	9.70	37.15	43.85	16.41	-16.26	63.67	121.74	168.41	163.73	171.00
Dividend Payout %	9%	5%	0%	0%	7%	18%	-18%	8%	6%	4%	4%	6%

Compounded Sales Growth
10 Years:	8%
5 Years:	27%
3 Years:	7%
TTM:	26%

Compounded Profit Growth
10 Years:	5%
5 Years:	60%
3 Years:	13%
TTM:	4%

Stock Price CAGR
10 Years:	15%
5 Years:	30%
3 Years:	30%
1 Year:	278%

Return on Equity
10 Years:	14%
5 Years:	19%
3 Years:	19%
Last Year:	17%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions Corp actions Equity History

	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021
	9	9	9	9	9	9	9	9	9	9	9	9
Reserves	205	292	300	333	368	379	362	423	521	695	831	984
Borrowings	0	0	0	0	0	0	0	0	0	0	400	307
	158	180	149	119	109	115	106	136	127	159	223	424
Total Liabilities	372	481	458	461	486	503	476	568	657	862	1,462	1,724
	73	86	81	75	67	74	78	83	123	260	306	808
CWIP	7	8	5	18	4	4	1	3	12	202	557	82
Investments	111	148	169	191	196	209	175	247	303	65	57	291
	181	239	203	177	220	216	222	235	220	335	541	543
Total Assets	372	481	458	461	486	503	476	568	657	862	1,462	1,724

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021
	10	28	18	24	6	30	3	80	122	169	-13	337
	-4	-44	-20	-22	-6	-20	3	-68	-106	-147	-370	-250
	-2	-3	-5	-0	-0	-3	-3	-12	-13	-12	378	-54
Net Cash Flow	4	-19	-7	2	-1	6	3	-0	3	10	-6	32

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021
ROCE %	22%	54%	8%	12%	16%	6%	-0%	23%	35%	37%	19%	21%
Debtor Days	71	31	100	62	69	4	14	5	3	11	19	37
Inventory Turnover	1.50	-0.84	0.22	0.60	0.47	0.27	0.52	0.99	1.52	1.73	0.45	0.76

Shareholding Pattern

Numbers in percentages

Insider trades

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

Sandur Manganese & Iron Ores Ltd

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Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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