Sandur Manganese & Iron Ores Ltd

₹ 939 1.70%
03 Feb - close price
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

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]

  • Market Cap 2,536 Cr.
  • Current Price 939
  • High / Low 1,703 / 655
  • Stock P/E 3.76
  • Book Value 636
  • Dividend Yield 0.53 %
  • ROCE %
  • ROE %
  • Face Value 10.0

Pros

  • Company has delivered good profit growth of 62.3% CAGR over last 5 years
  • Company's median sales growth is 15.5% of last 10 years

Cons

* 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.

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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 Jun 2021 Mar 2022 Jun 2022 Sep 2022
205 167 195 135 196 138 138 475 716 652 478
119 108 137 114 112 91 101 221 494 596 444
Operating Profit 86 59 58 21 85 47 36 254 222 56 35
OPM % 42% 35% 30% 15% 43% 34% 26% 54% 31% 9% 7%
2 3 3 11 2 3 4 8 12 12 18
Interest 1 2 1 2 2 2 2 10 9 7 7
Depreciation 3 3 3 3 4 5 5 12 19 16 16
Profit before tax 84 57 57 26 80 44 33 240 207 45 30
Tax % 36% 38% 34% 20% 32% 39% 40% 38% -14% 25% 26%
Net Profit 53 36 37 21 55 27 20 149 236 34 22
EPS in Rs 20.21 13.47 14.14 7.82 20.65 10.25 7.49 55.11 87.23 12.45 8.10
Raw PDF

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 Mar 2022
435 294 363 206 219 347 351 269 434 608 702 2,249
206 259 223 191 193 291 308 266 335 434 477 1,275
Operating Profit 229 35 140 15 26 57 42 3 99 174 225 974
OPM % 53% 12% 39% 7% 12% 16% 12% 1% 23% 29% 32% 43%
5 14 4 12 23 17 4 23 10 13 18 35
Interest 0 2 2 1 2 0 2 0 7 5 6 38
Depreciation 10 11 14 19 19 18 10 9 12 12 13 56
Profit before tax 223 36 128 7 27 56 35 16 90 169 224 915
Tax % 35% 38% 35% 244% 14% 35% 20% 57% 33% 34% 34% 26%
Net Profit 145 22 83 -11 23 36 25 7 61 111 147 675
EPS in Rs 55.37 8.98 32.29 -2.94 9.48 14.00 9.69 2.81 22.77 42.01 55.70 250.04
Dividend Payout % 2% 11% 5% -0% -0% 7% 10% 36% 4% 6% 4% 1%
Compounded Sales Growth
10 Years: 27%
5 Years: 39%
3 Years: 47%
TTM: %
Compounded Profit Growth
10 Years: 62%
5 Years: 62%
3 Years: 68%
TTM: %
Stock Price CAGR
10 Years: 19%
5 Years: 18%
3 Years: 51%
1 Year: 9%
Return on Equity
10 Years: %
5 Years: %
3 Years: %
Last Year: %

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 Mar 2022 Sep 2022
9 9 9 9 9 9 9 9 9 9 9 27
Reserves 177 198 278 270 295 329 351 355 420 522 662 1,692
19 16 12 -0 -0 -0 -0 -0 -0 -0 -0 281
184 189 209 191 164 177 174 145 167 156 191 590
Total Liabilities 388 411 507 470 467 514 533 508 596 687 862 2,590
99 111 252 241 229 222 225 224 225 262 260 846
CWIP 47 115 8 13 28 5 4 3 4 12 202 55
Investments 50 61 83 18 40 45 58 48 119 175 65 287
192 124 164 197 170 242 245 234 248 238 335 1,402
Total Assets 388 411 507 470 467 514 533 508 596 687 862 2,590

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 Mar 2022
171 33 56 -66 32 16 36 -7 85 128 169 873
-135 -62 -67 60 -28 -9 -24 4 -71 -106 -147 -793
18 -4 -8 -5 -0 -0 -3 -3 -13 -13 -12 -106
Net Cash Flow 54 -34 -20 -12 4 8 9 -7 1 9 10 -26

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 Mar 2022
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

Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
73.24 73.24 73.24 73.24 73.22 73.22 73.22 73.18 73.18 73.23 74.37 74.37
0.36 0.36 0.03 0.00 0.00 0.00 0.13 0.25 0.36 0.51 0.49 0.30
1.58 1.58 1.58 1.53 0.81 0.81 0.81 0.81 0.81 0.80 0.81 0.81
24.82 24.82 25.16 25.23 25.97 25.97 25.84 25.76 25.65 25.46 24.34 24.53

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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