Sandur Manganese & Iron Ores Ltd

Sandur Manganese & Iron Ores Ltd

₹ 431 4.99%
23 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 6,989 Cr.
  • Current Price 431
  • High / Low 614 / 152
  • Stock P/E 28.0
  • Book Value 123
  • Dividend Yield 0.19 %
  • ROCE 18.4 %
  • ROE 14.7 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 20.0% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 26.9%
  • Debtor days have improved from 31.7 to 24.8 days.
  • 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

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
117.05 357.68 475.05 565.68 491.77 716.24 651.68 478.50 387.92 607.71 362.53 184.81 153.02
82.63 223.00 220.92 258.51 300.98 494.21 595.78 443.62 321.35 372.43 304.63 147.28 135.91
Operating Profit 34.42 134.68 254.13 307.17 190.79 222.03 55.90 34.88 66.57 235.28 57.90 37.53 17.11
OPM % 29.41% 37.65% 53.50% 54.30% 38.80% 31.00% 8.58% 7.29% 17.16% 38.72% 15.97% 20.31% 11.18%
5.30 5.90 8.07 8.26 6.68 12.22 12.29 17.82 12.17 16.56 18.32 17.52 15.14
Interest 1.52 8.44 10.32 9.89 9.27 8.95 6.86 7.09 7.00 6.90 5.63 5.07 4.80
Depreciation 5.28 11.08 12.21 12.25 12.57 18.57 16.06 15.99 15.95 16.26 14.19 14.43 14.56
Profit before tax 32.92 121.06 239.67 293.29 175.63 206.73 45.27 29.62 55.79 228.68 56.40 35.55 12.89
Tax % 43.59% 41.43% 37.92% 37.97% 38.02% -13.93% 25.36% 26.03% 26.08% 23.92% 29.43% 25.88% 25.45%
18.57 70.91 148.79 181.94 108.86 235.52 33.79 21.91 41.24 173.97 39.80 26.35 9.61
EPS in Rs 1.15 4.38 9.18 11.23 6.72 14.54 2.09 1.35 2.55 10.74 2.46 1.63 0.59
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
181 161 300 295 222 434 608 702 592 747 2,249 2,126 1,308
156 134 248 269 222 343 442 477 396 470 1,275 1,733 960
Operating Profit 25 27 52 25 0 91 166 225 195 276 974 393 348
OPM % 14% 17% 17% 9% 0% 21% 27% 32% 33% 37% 43% 18% 27%
13 23 15 3 -1 9 11 18 6 13 35 59 68
Interest 0 2 0 2 0 7 5 6 7 13 38 28 22
Depreciation 11 11 9 5 4 7 7 13 19 27 56 64 59
Profit before tax 27 36 58 21 -5 85 165 224 175 250 915 359 334
Tax % 68% 11% 34% 32% -189% 35% 35% 34% 16% 38% 26% 25%
8 33 38 14 -14 56 107 147 147 154 675 271 250
EPS in Rs 0.54 2.06 2.44 0.91 -0.90 3.54 6.76 9.36 9.10 9.50 41.67 16.72 15.42
Dividend Payout % 0% 0% 7% 18% -18% 8% 6% 4% 4% 6% 1% 5%
Compounded Sales Growth
10 Years: 29%
5 Years: 28%
3 Years: 53%
TTM: -41%
Compounded Profit Growth
10 Years: 23%
5 Years: 20%
3 Years: 22%
TTM: -25%
Stock Price CAGR
10 Years: 31%
5 Years: 53%
3 Years: 92%
1 Year: 169%
Return on Equity
10 Years: 21%
5 Years: 25%
3 Years: 27%
Last Year: 15%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 9 9 9 9 9 9 9 9 9 9 9 27 27
Reserves 300 333 368 379 362 423 521 695 831 984 1,650 1,907 1,958
0 0 0 0 0 0 0 0 400 369 310 206 147
149 119 109 115 106 136 127 158 222 362 733 392 238
Total Liabilities 458 461 486 503 476 568 657 862 1,462 1,724 2,702 2,532 2,369
81 75 67 74 78 83 123 260 306 808 844 878 872
CWIP 5 18 4 4 1 3 12 202 557 82 42 67 85
Investments 169 191 196 209 175 247 303 65 57 291 376 489 458
203 177 220 216 222 235 220 335 541 543 1,439 1,098 954
Total Assets 458 461 486 503 476 568 657 862 1,462 1,724 2,702 2,532 2,369

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
18 24 6 30 3 80 122 169 -13 340 837 143
-20 -22 -6 -20 3 -68 -106 -147 -370 -249 -757 -12
-5 -0 -0 -3 -3 -12 -13 -12 378 -58 -106 -147
Net Cash Flow -7 2 -1 6 3 -0 3 10 -6 32 -26 -16

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 100 62 69 4 14 5 3 11 19 37 33 25
Inventory Days 1,791 498 782 685 440 238 180 1,178 475 145 92
Days Payable 527 197 419 218 161 142 207 586 672 266 79
Cash Conversion Cycle 1,364 363 432 4 481 285 99 -16 611 -160 -88 37
Working Capital Days -13 -52 20 -13 13 -11 -5 -16 52 6 -16 21
ROCE % 8% 12% 16% 6% -0% 23% 35% 37% 19% 20% 57% 18%

Shareholding Pattern

Numbers in percentages

2 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Feb 2024
73.22% 73.22% 73.18% 73.18% 73.23% 74.37% 74.37% 74.37% 74.31% 74.26% 74.22% 74.22%
0.00% 0.13% 0.25% 0.36% 0.51% 0.49% 0.30% 0.32% 0.31% 0.33% 0.43% 0.59%
0.81% 0.81% 0.81% 0.81% 0.80% 0.81% 0.81% 0.79% 0.74% 0.64% 1.26% 1.41%
25.97% 25.84% 25.76% 25.65% 25.46% 24.34% 24.53% 24.52% 24.65% 24.78% 24.07% 23.77%
No. of Shareholders 9,90812,95512,25312,71624,21430,56030,24327,45825,80324,75734,62150,156

* 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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