Sandur Manganese & Iron Ores Ltd

₹ 743 2.91%
25 Nov - close price
About

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. [1]

Key Points

Mining Segment (~34% of revenues)[1]
This is the legacy business of the company wherein it is involved in the mining of iron and manganese ores[2] with capacities of 1.6 MTPA and ~0.3 MTPA respectively. It has reserves of ~105 Million tonnes (MT) and ~17 MT of iron ore (56-58% Fe grade)[3] and manganese ore respectively through its mining leases valid upto 2033.[4]
Proposed Expansion :- The company has sought approval to expand its iron ore mining operations from 1.6 MTPA to 4.5 MTPA and manganese ore mining from 0.28 MTPA to 0.46 MTPA. It has filed requisite applications with the respective government authorities.[5]

  • Market Cap 2,007 Cr.
  • Current Price 743
  • High / Low 1,703 / 621
  • Stock P/E 5.02
  • Book Value 636
  • Dividend Yield 0.67 %
  • ROCE 56.8 %
  • ROE 50.5 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Stock is trading at 1.17 times its book value
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 64.4% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 32.2%
  • Promoter holding has increased by 1.14% over last quarter.
  • Company's median sales growth is 15.5% of last 10 years

Cons

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
138 138 120 129 143 117 358 475 566 492 716 652 478
91 101 92 91 78 83 223 221 259 301 494 596 444
Operating Profit 47 36 27 37 65 34 135 254 307 191 222 56 35
OPM % 34% 26% 23% 29% 46% 29% 38% 54% 54% 39% 31% 9% 7%
3 4 -3 4 3 5 6 8 8 7 12 12 18
Interest 2 2 2 2 2 2 8 10 10 9 9 7 7
Depreciation 5 5 6 5 5 5 11 12 12 13 19 16 16
Profit before tax 44 33 17 34 61 33 121 240 293 176 207 45 30
Tax % 39% 40% -168% 32% 33% 44% 41% 38% 38% 38% -14% 25% 26%
Net Profit 27 20 46 23 41 19 71 149 182 109 236 34 22
EPS in Rs 10.34 7.57 16.94 8.63 15.24 6.88 26.26 55.11 67.39 40.32 87.23 12.51 8.11
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
349 181 161 300 295 222 434 608 702 592 747 2,249 2,338
209 156 134 248 269 222 343 442 477 396 470 1,275 1,835
Operating Profit 139 25 27 52 25 0 91 166 225 195 276 974 504
OPM % 40% 14% 17% 17% 9% 0% 21% 27% 32% 33% 37% 43% 22%
10 13 23 15 3 -1 9 11 18 6 13 35 49
Interest 2 0 2 0 2 0 7 5 6 7 13 38 32
Depreciation 11 11 11 9 5 4 7 7 13 19 27 56 63
Profit before tax 136 27 36 58 21 -5 85 165 224 175 250 915 457
Tax % 33% 68% 11% 34% 32% -189% 35% 35% 34% 16% 38% 26%
Net Profit 92 8 33 38 14 -14 56 107 147 147 154 675 400
EPS in Rs 34.86 3.23 12.36 14.59 5.46 -5.41 21.18 40.50 56.03 54.59 57.01 250.04 148.17
Dividend Payout % 5% 0% 0% 7% 18% -18% 8% 6% 4% 4% 6% 1%
Compounded Sales Growth
10 Years: 29%
5 Years: 39%
3 Years: 47%
TTM: 54%
Compounded Profit Growth
10 Years: 58%
5 Years: 64%
3 Years: 67%
TTM: -5%
Stock Price CAGR
10 Years: 18%
5 Years: 17%
3 Years: 54%
1 Year: 17%
Return on Equity
10 Years: 23%
5 Years: 30%
3 Years: 32%
Last Year: 50%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
9 9 9 9 9 9 9 9 9 9 9 9 27
Reserves 292 300 333 368 379 362 423 521 695 831 984 1,650 1,692
0 0 0 0 0 0 0 0 0 400 369 310 281
180 149 119 109 115 106 136 127 159 223 362 733 608
Total Liabilities 481 458 461 486 503 476 568 657 862 1,462 1,724 2,702 2,608
86 81 75 67 74 78 83 123 260 306 808 844 846
CWIP 8 5 18 4 4 1 3 12 202 557 82 42 55
Investments 148 169 191 196 209 175 247 303 65 57 291 376 307
239 203 177 220 216 222 235 220 335 541 543 1,439 1,400
Total Assets 481 458 461 486 503 476 568 657 862 1,462 1,724 2,702 2,608

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
28 18 24 6 30 3 80 122 169 -13 340 873
-44 -20 -22 -6 -20 3 -68 -106 -147 -370 -249 -793
-3 -5 -0 -0 -3 -3 -12 -13 -12 378 -58 -106
Net Cash Flow -19 -7 2 -1 6 3 -0 3 10 -6 32 -26

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 31 100 62 69 4 14 5 3 11 19 37 33
Inventory Days 1,791 498 782 685 440 238 180 1,178 475 145
Days Payable 527 197 419 218 161 142 207 586 672 266
Cash Conversion Cycle 31 1,364 363 432 4 481 285 99 -16 611 -160 -88
Working Capital Days -72 -13 -52 20 -13 13 -11 -5 -16 52 6 -16
ROCE % 54% 8% 12% 16% 6% -0% 23% 35% 37% 19% 20% 57%

Shareholding Pattern

Numbers in percentages

Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
72.47 73.24 73.24 73.24 73.24 73.22 73.22 73.22 73.18 73.18 73.23 74.37
0.56 0.36 0.36 0.03 0.00 0.00 0.00 0.13 0.25 0.36 0.51 0.49
1.66 1.58 1.58 1.58 1.53 0.81 0.81 0.81 0.81 0.81 0.80 0.81
25.31 24.82 24.82 25.16 25.23 25.97 25.97 25.84 25.76 25.65 25.46 24.34

Documents

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