Sandur Manganese & Iron Ores Ltd

sandurgroup.com BSE: 504918
About [ edit ]

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

Key Points [ edit ]

Sandur is the fifth-largest iron ore miner in Karnataka and the largest private miner of manganese ore in India.

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 production capacity of 1.6 million tonne per annum (TPA) for the former and 0.289 million TPA for the later.

Company has sought approval to increase the iron ore mining limit from 1.6 mtpa to 3.5 mtpa.

The company is among the few entities with category 'A' iron ore mining leases with production capacity of more than 1 million TPA.

The company has undertaken a large capex of 650 Cr, wherein the company plans to set up a 0.4 million TPA coke oven facility, a 30 megawatt (MW) waste heat recovery-based (WHRB) power plant, and also upgrade the existing ferroalloy plant apart from establishing additional evacuation infrastructure for its mines. The WHRB power plant is expected to bring down power cost substantially.

Website BSE
  • Market Cap ₹ 1,015 Cr.
  • Current Price ₹ 1,127
  • High / Low ₹ 1,320 / 295
  • Stock P/E 7.80
  • Book Value ₹ 1,002
  • Dividend Yield 0.62 %
  • ROCE 18.7 %
  • ROE 19.1 %
  • Face Value ₹ 10.0
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Pros

  • Stock is trading at 1.12 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

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
152 187 205 167 195 135 196 138 138 120 129 143
119 125 121 110 139 115 114 91 101 92 91 78
Operating Profit 33 63 84 57 56 21 82 47 36 27 37 65
OPM % 22% 34% 41% 34% 29% 15% 42% 34% 26% 23% 29% 46%
Other Income 3 2 2 3 3 11 1 3 4 -3 4 3
Interest 3 1 1 2 1 2 2 2 2 2 2 2
Depreciation 2 2 2 2 2 3 3 5 5 6 5 5
Profit before tax 32 62 83 56 56 26 79 44 33 17 34 61
Tax % 35% 36% 37% 39% 35% 20% 32% 39% 40% -168% 32% 33%
Net Profit 21 39 52 34 36 21 53 27 20 46 23 41
EPS in Rs 23.46 44.97 59.74 39.25 41.36 23.93 60.86 31.07 22.75 50.80 25.89 45.70
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
428 287 349 181 161 300 295 222 434 608 702 592 529
195 248 209 156 134 248 269 223 343 442 478 396 363
Operating Profit 232 40 139 25 27 52 25 -1 91 166 224 195 166
OPM % 54% 14% 40% 14% 17% 17% 9% -0% 21% 27% 32% 33% 31%
Other Income 3 15 10 13 23 15 3 0 9 11 19 6 7
Interest 0 2 2 0 2 0 2 0 7 5 6 7 7
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 56 107 147 147 130
EPS in Rs 168.54 33.34 104.79 9.70 37.15 43.85 16.41 -16.26 63.67 121.74 168.41 163.73 145.14
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:-20%
Compounded Profit Growth
10 Years:18%
5 Years:58%
3 Years:38%
TTM:-5%
Stock Price CAGR
10 Years:6%
5 Years:23%
3 Years:-6%
1 Year:31%
Return on Equity
10 Years:14%
5 Years:16%
3 Years:21%
Last Year:19%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions
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

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
72.43 72.45 72.45 72.45 72.45 72.45 72.46 72.47 73.24 73.24 73.24 73.24
1.25 1.25 1.33 1.57 1.53 1.44 1.30 0.56 0.36 0.36 0.03 0.00
1.53 1.53 1.53 1.53 1.52 1.52 1.59 1.66 1.58 1.58 1.58 1.53
24.79 24.77 24.69 24.45 24.50 24.59 24.65 25.31 24.82 24.82 25.16 25.23

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