Sandur Manganese & Iron Ores Ltd

Sandur Manganese & Iron Ores is engaged in mining of Manganese and iron ore.

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Pros:

Stock is trading at 0.69 times its book value

Company has delivered good profit growth of 29.37% CAGR over last 5 years

Cons:

Contingent liabilities of Rs.184.35 Cr.

Company might be capitalizing the interest cost

Promoters have pledged 53.09% of their holding.

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

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Detailed Comparison with:

	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020
	125	144	152	187	205	167	195	135	196	138	138	120
	98	101	119	125	121	110	139	115	114	93	101	92
Operating Profit	27	43	33	63	84	57	56	21	82	45	36	27
OPM %	22%	30%	22%	34%	41%	34%	29%	15%	42%	33%	26%	23%
Other Income	3	3	3	2	2	3	3	11	1	3	4	-3
Interest	1	-1	3	1	1	2	1	2	2	2	2	2
Depreciation	2	2	2	2	2	2	2	3	3	3	5	6
Profit before tax	27	44	32	62	83	56	56	26	79	43	33	17
Tax %	31%	37%	35%	36%	37%	39%	35%	20%	32%	40%	40%	-168%
Net Profit	19	28	21	39	52	34	36	21	53	26	20	46
EPS in Rs	21.18	32.12	23.46	44.97	59.74	39.25	41.36	23.93	60.86	29.65	22.12	50.80
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	TTM
	270	428	287	349	181	161	300	295	222	434	608	702	592
	186	195	248	209	156	134	248	269	223	343	442	487	400
Operating Profit	84	232	40	139	25	27	52	25	-1	91	166	215	191
OPM %	31%	54%	14%	40%	14%	17%	17%	9%	-0%	21%	27%	31%	32%
Other Income	1	3	15	10	13	23	15	3	0	9	11	18	5
Interest	1	0	2	2	0	2	0	2	0	7	5	6	7
Depreciation	10	10	10	11	11	11	9	5	4	7	7	8	17
Profit before tax	75	225	43	136	27	36	58	21	-5	85	165	219	172
Tax %	23%	34%	32%	33%	68%	11%	34%	32%	-189%	35%	35%	35%
Net Profit	58	147	29	92	8	33	38	14	-14	56	107	142	145
EPS in Rs	63.33	167.84	32.83	103.98	9.70	37.16	43.34	15.80	0.00	63.67	121.74	162.77	163.43
Dividend Payout %	0%	2%	9%	5%	0%	0%	7%	18%	-18%	8%	6%	4%

* Sales is net of excise duty and discounts

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
	9	9	9	9	9	9	9	9	9	9	9	9	9
Reserves	35	179	205	292	300	333	368	379	362	423	521	657	831
Borrowings	0	0	0	0	0	0	0	0	0	0	0	0	400
	97	136	158	180	149	119	109	115	106	136	127	161	222
Total Liabilities	140	324	372	481	458	461	486	503	476	568	657	827	1,462
	58	80	73	86	81	75	67	74	78	83	123	125	306
CWIP	1	4	7	8	5	18	4	4	1	3	12	202	557
Investments	0	89	111	148	169	191	196	209	175	247	303	187	57
	81	150	181	239	203	177	220	216	222	235	220	313	541
Total Assets	140	324	372	481	458	461	486	503	476	568	657	827	1,462

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	-10	147	10	28	18	24	6	30	3	80	122	160
	13	-132	-4	-44	-20	-22	-6	-20	3	-68	-106	-144
	-1	-4	-2	-3	-5	-0	-0	-3	-3	-12	-13	-12
Net Cash Flow	1	11	4	-19	-7	2	-1	6	3	-0	3	4

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
ROCE %	445%	194%	22%	54%	8%	12%	16%	6%	-0%	23%	35%	37%
Debtor Days	43	37	71	31	100	62	69	4	14	5	3	11
Inventory Turnover	-0.19	-1.05	1.50	-0.84	0.22	0.60	0.47	0.27	0.52	0.99	1.52	1.73

Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020
72.43	72.43	72.43	72.45	72.45	72.45	72.45	72.45	72.46	72.47	73.24	73.24
0.10	0.72	1.25	1.25	1.33	1.57	1.53	1.44	1.30	0.56	0.36	0.36
0.84	1.53	1.53	1.53	1.53	1.53	1.52	1.52	1.59	1.66	1.58	1.58
26.63	25.32	24.79	24.77	24.69	24.45	24.50	24.59	24.65	25.31	24.82	24.82