Sandur Manganese & Iron Ores Ltd

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

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Pros:

Company is virtually debt free.

Stock is trading at 0.86 times its book value

Company has delivered good profit growth of 31.19% CAGR over last 5 years

Cons:

Contingent liabilities of Rs.190.39 Cr.

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 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019
	205	167	195	135	196	138	138
	119	108	137	114	112	91	101
Operating Profit	86	59	58	21	85	47	36
OPM %	42%	35%	30%	15%	43%	34%	26%
Other Income	2	3	3	11	2	3	4
Interest	1	2	1	2	2	2	2
Depreciation	3	3	3	3	4	5	5
Profit before tax	84	57	57	26	80	44	33
Tax %	36%	38%	34%	20%	32%	39%	40%
Net Profit	53	35	37	21	54	27	20
EPS in Rs	60.75	40.49	42.50	23.50	62.08	30.82	22.52
	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	TTM
	435	294	363	206	219	347	351	269	434	608	702	608
	206	259	223	188	193	291	308	249	335	434	478	419
Operating Profit	229	36	140	18	26	57	42	20	99	174	224	189
OPM %	53%	12%	39%	9%	12%	16%	12%	7%	23%	29%	32%	31%
Other Income	5	13	3	9	23	17	4	6	10	13	19	19
Interest	0	2	2	1	2	0	2	0	7	5	6	7
Depreciation	10	11	14	19	19	18	10	9	12	12	13	17
Profit before tax	223	36	128	7	27	56	35	16	90	169	224	184
Tax %	35%	38%	35%	244%	14%	35%	20%	57%	33%	34%	34%
Net Profit	146	24	85	-8	25	37	25	7	60	110	146	122
EPS in Rs	165.73	26.50	96.25	0.00	28.49	41.56	28.51	7.90	68.45	126.26	167.41	138.92
Dividend Payout %	2%	11%	5%	-0%	0%	7%	10%	36%	4%	6%	4%

* Sales is net of excise duty and discounts

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	9	9	9	9	9	9	9	9	9	9	9
Reserves	177	198	278	270	295	329	351	355	420	522	662
Borrowings	19	16	12	0	0	0	0	0	0	0	0
	184	189	209	191	164	177	174	145	167	156	191
Total Liabilities	388	411	507	470	467	514	533	508	596	687	862
	99	111	252	241	229	222	225	224	225	262	260
CWIP	47	115	8	13	28	5	4	3	4	12	202
Investments	50	61	83	18	40	45	58	48	119	175	65
	192	124	164	197	170	242	245	234	248	238	335
Total Assets	388	411	507	470	467	514	533	508	596	687	862

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	171	33	56	-66	32	16	36	-7	85	128	169
	-135	-62	-67	60	-28	-9	-24	4	-71	-106	-147
	18	-4	-8	-5	-0	-0	-3	-3	-13	-13	-12
Net Cash Flow	54	-34	-20	-12	4	8	9	-7	1	9	10

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
ROCE %		17%	50%	2%	10%	17%	11%	-1%	25%	36%	37%
Debtor Days	25	31	20	81	31	43	6	10	5	3	11
Inventory Turnover		1.38	-0.22	0.22	0.56	1.84	1.51	1.21	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