Sandur Manganese & Iron Ores Ltd
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]
- Market Cap ₹ 3,235 Cr.
- Current Price ₹ 1,198
- High / Low ₹ 1,414 / 655
- Stock P/E 11.9
- Book Value ₹ 716
- Dividend Yield 0.42 %
- ROCE 18.8 %
- ROE 15.1 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company has delivered good profit growth of 20.5% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 27.1%
- Debtor days have improved from 31.7 to 24.8 days.
- Company's median sales growth is 15.5% of last 10 years
Cons
- Working capital days have increased from 28.9 days to 96.3 days
* 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.
Peer comparison
Sector: Mining & Mineral products Industry: Mining / Minerals / Metals
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
181 | 161 | 300 | 295 | 222 | 434 | 608 | 702 | 592 | 747 | 2,249 | 2,126 | |
156 | 134 | 248 | 269 | 222 | 343 | 442 | 477 | 396 | 470 | 1,275 | 1,733 | |
Operating Profit | 25 | 27 | 52 | 25 | 0 | 91 | 166 | 225 | 195 | 276 | 974 | 393 |
OPM % | 14% | 17% | 17% | 9% | 0% | 21% | 27% | 32% | 33% | 37% | 43% | 18% |
13 | 23 | 15 | 3 | -1 | 9 | 11 | 18 | 6 | 13 | 35 | 59 | |
Interest | 0 | 2 | 0 | 2 | 0 | 7 | 5 | 6 | 7 | 13 | 38 | 28 |
Depreciation | 11 | 11 | 9 | 5 | 4 | 7 | 7 | 13 | 19 | 27 | 56 | 64 |
Profit before tax | 27 | 36 | 58 | 21 | -5 | 85 | 165 | 224 | 175 | 250 | 915 | 359 |
Tax % | 68% | 11% | 34% | 32% | -189% | 35% | 35% | 34% | 16% | 38% | 26% | 25% |
Net Profit | 8 | 33 | 38 | 14 | -14 | 56 | 107 | 147 | 147 | 154 | 675 | 271 |
EPS in Rs | 3.23 | 12.36 | 14.59 | 5.46 | -5.41 | 21.18 | 40.50 | 56.03 | 54.59 | 57.01 | 250.04 | 100.32 |
Dividend Payout % | -0% | -0% | 7% | 18% | -18% | 8% | 6% | 4% | 4% | 6% | 1% | -0% |
Compounded Sales Growth | |
---|---|
10 Years: | 29% |
5 Years: | 28% |
3 Years: | 53% |
TTM: | -5% |
Compounded Profit Growth | |
---|---|
10 Years: | 24% |
5 Years: | 21% |
3 Years: | 23% |
TTM: | -60% |
Stock Price CAGR | |
---|---|
10 Years: | 25% |
5 Years: | 27% |
3 Years: | 91% |
1 Year: | 13% |
Return on Equity | |
---|---|
10 Years: | 21% |
5 Years: | 26% |
3 Years: | 27% |
Last Year: | 15% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 27 | |
Reserves | 300 | 333 | 368 | 379 | 362 | 423 | 521 | 695 | 831 | 984 | 1,650 | 1,907 |
-0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | 400 | 369 | 310 | 206 | |
149 | 119 | 109 | 115 | 106 | 136 | 127 | 158 | 222 | 362 | 733 | 392 | |
Total Liabilities | 458 | 461 | 486 | 503 | 476 | 568 | 657 | 862 | 1,462 | 1,724 | 2,702 | 2,532 |
81 | 75 | 67 | 74 | 78 | 83 | 123 | 260 | 306 | 808 | 844 | 878 | |
CWIP | 5 | 18 | 4 | 4 | 1 | 3 | 12 | 202 | 557 | 82 | 42 | 67 |
Investments | 169 | 191 | 196 | 209 | 175 | 247 | 303 | 65 | 57 | 291 | 376 | 489 |
203 | 177 | 220 | 216 | 222 | 235 | 220 | 335 | 541 | 543 | 1,439 | 1,098 | |
Total Assets | 458 | 461 | 486 | 503 | 476 | 568 | 657 | 862 | 1,462 | 1,724 | 2,702 | 2,532 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
18 | 24 | 6 | 30 | 3 | 80 | 122 | 169 | -13 | 340 | 873 | 143 | |
-20 | -22 | -6 | -20 | 3 | -68 | -106 | -147 | -370 | -249 | -793 | -12 | |
-5 | -0 | -0 | -3 | -3 | -12 | -13 | -12 | 378 | -58 | -106 | -147 | |
Net Cash Flow | -7 | 2 | -1 | 6 | 3 | -0 | 3 | 10 | -6 | 32 | -26 | -16 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 100 | 62 | 69 | 4 | 14 | 5 | 3 | 11 | 19 | 37 | 33 | 25 |
Inventory Days | 1,791 | 498 | 782 | 685 | 440 | 238 | 180 | 1,178 | 475 | 145 | 92 | |
Days Payable | 527 | 197 | 419 | 218 | 161 | 142 | 207 | 586 | 672 | 266 | 79 | |
Cash Conversion Cycle | 1,364 | 363 | 432 | 4 | 481 | 285 | 99 | -16 | 611 | -160 | -88 | 37 |
Working Capital Days | -13 | -52 | 20 | -13 | 13 | -11 | -5 | -16 | 52 | 6 | -16 | 96 |
ROCE % | 8% | 12% | 16% | 6% | -0% | 23% | 35% | 37% | 19% | 20% | 57% | 19% |
Documents
Announcements
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 4h
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Compliances-Reg.24(A)-Annual Secretarial Compliance
1d - Secretarial Compliance Report for the year ended 31 March 2023
- Disclosure Of Related Party Transactions For Half Year Ended 31 March 2023 17 May
- Corporate Action-Board approves Dividend 17 May
- Audited Standalone And Consolidated Financial Results For The Quarter And Year Ended 31 March 2023 17 May
Annual reports
Concalls
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May 2023TranscriptNotesPPT
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Feb 2023TranscriptNotesPPT
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Nov 2022TranscriptNotesPPT
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Aug 2022TranscriptNotesPPT
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May 2022TranscriptNotesPPT
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Feb 2022TranscriptNotesPPT
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Nov 2021TranscriptNotesPPT
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Aug 2021Transcript PPT
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Jun 2021TranscriptNotesPPT
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Jun 2021TranscriptNotesPPT
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Jul 2019TranscriptPPT
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]