Sandur Manganese & Iron Ores Ltd

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

Production Capacities
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 permissible production limit of 1.6 million tonne per annum (TPA) for the former and 0.55 MnTPA for the later.
The company has also sought approval to increase the iron ore mining limit from 1.6 MnTPA to 3.85 MnTPA since Jan, 2019.[1]
It also manufactures ferro-alloys (silico-manganese) from its 36,000-metric-tonnes-per-annum (MTPA)plant in Vyasankare, Karnataka. [2]

See full details
  • Market Cap 1,612 Cr.
  • Current Price 1,790
  • High / Low 2,260 / 660
  • Stock P/E 13.3
  • Book Value 746
  • Dividend Yield 0.56 %
  • ROCE 37.5 %
  • ROE 23.8 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 31.21% CAGR over last 5 years

Cons

  • Promoters have pledged 53.10% of their holding.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

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 60.74 40.49 42.50 23.51 62.08 30.82 22.51

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
206 259 223 191 193 291 308 266 335 434 477 419
Operating Profit 229 35 140 15 26 57 42 3 99 174 225 189
OPM % 53% 12% 39% 7% 12% 16% 12% 1% 23% 29% 32% 31%
Other Income 5 14 4 12 23 17 4 23 10 13 18 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 166.42 27.01 97.06 -8.83 28.49 42.07 29.12 8.45 68.45 126.26 167.41 138.92
Dividend Payout % 2% 11% 5% 0% 0% 7% 10% 36% 4% 6% 4%
Compounded Sales Growth
10 Years: 5%
5 Years: 15%
3 Years: 38%
TTM: 15%
Compounded Profit Growth
10 Years: 0%
5 Years: 31%
3 Years: 328%
TTM: 30%
Stock Price CAGR
10 Years: 15%
5 Years: 22%
3 Years: 15%
1 Year: 155%
Return on Equity
10 Years: 14%
5 Years: 15%
3 Years: 21%
Last Year: 24%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

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

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
Debtor Days 25 31 20 81 31 43 6 10 5 3 11
Inventory Days 125 1,836 574 256 440 238 180
Days Payable 769 665 346 107 146 128 207
Cash Conversion Cycle 25 -612 20 1,252 259 43 6 159 299 113 -16
Working Capital Days -36 -111 -72 -31 -70 -8 -22 -1 -10 -3 -16
ROCE % 17% 50% 2% 10% 17% 11% -1% 25% 36% 37%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
72.45 72.45 72.45 72.46 72.47 73.24 73.24 73.24 73.24 73.22 73.22 73.22
1.57 1.53 1.44 1.30 0.56 0.36 0.36 0.03 0.00 0.00 0.00 0.13
1.53 1.52 1.52 1.59 1.66 1.58 1.58 1.58 1.53 0.81 0.81 0.81
24.45 24.50 24.59 24.65 25.31 24.82 24.82 25.16 25.23 25.97 25.97 25.84

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