Sandur Manganese & Iron Ores Ltd

Sandur Manganese & Iron Ores Limited is engaged in mining of manganese and iron ores in Deogiri village of Sandur Taluk, Ballari District, Karnataka. The Company is also engaged in the manufacture of ferroalloys at the Metal & Ferroalloy Plant located at Vyasanakere, Hospet.

Pros:
Company is virtually debt free.
Stock is trading at 0.80 times its book value
Company has good consistent profit growth of 31.19% over 5 years
Cons:
Contingent liabilities of Rs.190.39 Cr.
Promoters have pledged 55.20% of their holding

Peer Comparison Sector: Mining & Mineral products // Industry: Mining / Minerals / Metals

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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
205 167 195 135 196 138
119 108 137 114 112 91
Operating Profit 86 59 58 21 85 47
OPM % 42% 35% 30% 15% 43% 34%
Other Income 2 3 4 11 2 3
Interest 1 2 1 2 2 2
Depreciation 3 3 3 3 4 5
Profit before tax 84 57 57 26 80 44
Tax % 36% 38% 34% 20% 32% 39%
Net Profit 53 35 37 21 54 27
EPS in Rs 60.75 40.49 42.67 23.50 62.08 30.82
Notes Notes Notes Notes Notes Notes

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
435 294 363 206 219 347 351 269 434 608 702 665
206 259 223 188 193 291 308 249 335 434 478 454
Operating Profit 229 36 140 18 26 57 42 20 99 174 224 211
OPM % 53% 12% 39% 9% 12% 16% 12% 7% 23% 29% 32% 32%
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 16
Profit before tax 223 36 128 7 27 56 35 16 90 169 224 208
Tax % 35% 38% 35% 244% 14% 35% 20% 57% 33% 34% 34%
Net Profit 146 24 85 -8 25 37 25 7 60 110 146 139
EPS in Rs 165.73 26.50 96.25 0.00 28.49 41.56 28.51 7.90 68.45 126.26 167.41 159.07
Dividend Payout % 2% 11% 5% -0% 0% 7% 10% 36% 4% 6% 4%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:4.91%
5 Years:15.12%
3 Years:37.73%
TTM:15.47%
Compounded Profit Growth
10 Years:-0.17%
5 Years:31.19%
3 Years:327.50%
TTM:29.57%
Stock Price CAGR
10 Years:3.78%
5 Years:-0.22%
3 Years:-4.78%
1 Year:-48.79%
Return on Equity
10 Years:14.27%
5 Years:15.44%
3 Years:21.21%
Last Year:23.81%

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
199 201 221 191 183 193 193 145 167 156 191
Total Liabilities 404 424 519 470 487 530 552 508 596 687 862
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
208 136 176 197 190 258 264 234 248 238 335
Total Assets 404 424 519 470 487 530 552 508 596 687 862

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
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 8.27 10.79 3.96 4.71 7.02 4.92 3.74 5.82 6.92 9.25