Sandur Manganese & Iron Ores Ltd

About [ edit ]

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

Key Points [ edit ]

Sandur is the fifth-largest iron ore miner in Karnataka and the largest private miner of manganese ore in India.

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 production capacity of 1.6 million tonne per annum (TPA) for the former and 0.289 million TPA for the later.

Company has sought approval to increase the iron ore mining limit from 1.6 mtpa to 3.5 mtpa.

The company is among the few entities with category 'A' iron ore mining leases with production capacity of more than 1 million TPA.

The company has undertaken a large capex of 650 Cr, wherein the company plans to set up a 0.4 million TPA coke oven facility, a 30 megawatt (MW) waste heat recovery-based (WHRB) power plant, and also upgrade the existing ferroalloy plant apart from establishing additional evacuation infrastructure for its mines. The WHRB power plant is expected to bring down power cost substantially.

  • Market Cap 1,072 Cr.
  • Current Price 1,191
  • High / Low 1,320 / 295
  • Stock P/E 8.76
  • Book Value 746
  • Dividend Yield 0.59 %
  • ROCE 37.5 %
  • ROE 24.0 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 31.67% CAGR over last 5 years

Cons

  • Promoters have pledged 53.09% 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
Notes 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
435 294 363 206 219 347 351 269 434 608 702 608
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 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:32%
3 Years:328%
TTM:29%
Stock Price CAGR
10 Years:6%
5 Years:26%
3 Years:-5%
1 Year:49%
Return on Equity
10 Years:14%
5 Years:16%
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
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

Shareholding Pattern

Numbers in percentages

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
72.43 72.43 72.45 72.45 72.45 72.45 72.45 72.46 72.47 73.24 73.24 73.24
0.72 1.25 1.25 1.33 1.57 1.53 1.44 1.30 0.56 0.36 0.36 0.03
1.53 1.53 1.53 1.53 1.53 1.52 1.52 1.59 1.66 1.58 1.58 1.58
25.32 24.79 24.77 24.69 24.45 24.50 24.59 24.65 25.31 24.82 24.82 25.16

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