Sarda Energy & Minerals Ltd

₹ 1,012 -3.19%
05 Dec 4:01 p.m.
About

Incorporated in 1973, Sarda Energy & Minerals Limited (SEML) is the flagship company of Sarda Group and is engaged in the production of steel, ferro alloys and power. [1]

Key Points

Products and Capacities
Ferro Alloys (39% in FY21 vs 40% in FY20): Ferro alloys are high value added products used for manufacturing of mild steel and special steel. Production capacity of 111 MVA.
Steel – billets, wire rods and HB wire (28% in FY21 vs 27% in FY20): Billets are semi-finished steel products while Hot rolled products are made from direct hot billet charging. Production capacity of Billets - 3 lakh MT, Wire rods - 1.8 lakh MT and HB wires - 30,000 MT.
Sponge Iron (11% in FY21 vs 13% in FY20): Produced by reducing Iron Ore using non-coking coal. It is used to produce steel billets. Production capacity of 3.6 lakh MT.
Pellet (15% in FY21 vs 10% in FY20): Mainly used for production of Sponge Iron. Production capacity of 8 lakh MT.
Power (4% in FY21 vs 5% in FY18): Power generated through Hydro projects (143 MW capacity) as well as thermal projects (162 MW capacity).
Others: 3% in FY21 vs 5% in FY20. [1] [2] [3]

  • Market Cap 3,567 Cr.
  • Current Price 1,012
  • High / Low 1,360 / 700
  • Stock P/E 4.94
  • Book Value 897
  • Dividend Yield 0.70 %
  • ROCE 29.5 %
  • ROE 30.8 %
  • Face Value 10.0

Pros

  • Stock is trading at 1.17 times its book value
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 51.0% CAGR over last 5 years
  • Debtor days have improved from 20.4 to 15.7 days.
  • Promoter holding has increased by 1.63% over last quarter.

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.

Peer comparison

Sector: Steel Industry: Steel - Medium / Small

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
550 456 438 347 548 604 699 832 1,025 999 1,058 1,261 967
462 375 361 293 416 455 515 560 614 678 707 892 685
Operating Profit 88 82 77 54 132 149 184 272 411 321 352 370 281
OPM % 16% 18% 18% 16% 24% 25% 26% 33% 40% 32% 33% 29% 29%
11 15 -54 33 23 38 36 -2 31 -16 30 -39 21
Interest 18 21 21 20 20 17 22 15 43 45 45 32 32
Depreciation 20 20 19 19 19 19 19 19 39 39 46 44 44
Profit before tax 62 56 -17 48 116 151 180 235 360 222 291 255 226
Tax % -16% 24% -70% 19% 26% 23% 23% 28% 27% 24% 30% 32% 18%
Net Profit 70 43 -32 36 85 116 139 168 263 169 207 173 186
EPS in Rs 19.12 11.72 -8.95 9.84 23.41 32.06 38.68 46.62 70.90 46.34 59.20 47.10 51.28
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
891 1,108 1,405 1,591 1,760 1,480 1,434 2,174 2,324 2,000 2,199 3,914 4,284
754 940 1,115 1,263 1,383 1,295 1,217 1,772 1,842 1,644 1,679 2,559 2,961
Operating Profit 138 168 290 329 377 185 217 402 482 356 520 1,355 1,323
OPM % 15% 15% 21% 21% 21% 12% 15% 18% 21% 18% 24% 35% 31%
51 47 49 44 -77 41 96 63 17 -17 130 43 -3
Interest 36 72 69 123 120 112 94 97 99 82 79 147 153
Depreciation 60 65 69 96 93 75 69 73 76 78 75 143 173
Profit before tax 93 79 201 154 87 39 150 294 324 179 495 1,108 993
Tax % 23% -12% 19% 40% 35% 68% 15% 30% 36% 24% 23% 27%
Net Profit 72 88 162 92 56 13 127 205 207 128 376 807 734
EPS in Rs 19.95 24.31 45.05 25.39 15.27 3.50 36.60 56.17 56.36 35.05 103.99 223.07 203.92
Dividend Payout % 15% 0% 7% 12% 20% 143% 11% 9% 9% 14% 7% 3%
Compounded Sales Growth
10 Years: 13%
5 Years: 22%
3 Years: 19%
TTM: 36%
Compounded Profit Growth
10 Years: 25%
5 Years: 51%
3 Years: 59%
TTM: 7%
Stock Price CAGR
10 Years: 23%
5 Years: 19%
3 Years: 81%
1 Year: 33%
Return on Equity
10 Years: 14%
5 Years: 18%
3 Years: 20%
Last Year: 31%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
36 36 36 36 36 36 36 36 36 36 36 36 35
Reserves 771 864 1,017 1,112 1,174 1,187 1,322 1,540 1,707 1,834 2,182 2,968 3,126
787 1,130 1,427 1,737 1,482 1,221 1,363 1,386 1,395 1,694 1,714 1,581 1,379
183 307 306 363 352 382 395 451 543 538 587 714 810
Total Liabilities 1,776 2,336 2,786 3,247 3,044 2,827 3,115 3,413 3,682 4,102 4,518 5,298 5,350
750 800 1,428 1,383 1,333 1,226 1,183 1,358 1,349 1,323 1,287 2,853 2,834
CWIP 245 613 263 375 441 594 799 783 1,063 1,374 1,616 133 202
Investments 198 133 289 572 279 205 226 241 213 191 266 500 399
584 791 806 917 991 803 907 1,030 1,057 1,214 1,349 1,812 1,915
Total Assets 1,776 2,336 2,786 3,247 3,044 2,827 3,115 3,413 3,682 4,102 4,518 5,298 5,350

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
-66 274 247 241 -36 469 177 300 480 336 188 917
-186 -444 -474 -385 330 -148 -241 -156 -399 -415 -186 -402
205 233 218 176 -385 -383 63 -86 -106 199 -70 -331
Net Cash Flow -47 64 -9 32 -91 -61 -1 58 -24 120 -68 185

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 18 14 20 15 20 31 27 22 15 23 23 16
Inventory Days 175 129 113 122 177 84 133 102 107 141 157 107
Days Payable 44 48 52 54 29 42 59 39 46 72 67 46
Cash Conversion Cycle 148 96 81 83 168 72 101 85 76 92 113 77
Working Capital Days 105 90 53 65 105 105 131 86 86 108 133 92
ROCE % 8% 8% 11% 10% 12% 6% 8% 14% 14% 8% 15% 30%

Shareholding Pattern

Numbers in percentages

Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
72.50 72.50 72.50 72.50 72.50 72.50 72.50 72.50 72.50 72.50 71.01 72.64
0.00 0.19 0.17 0.07 0.05 0.11 0.76 1.33 1.56 1.72 1.83 1.97
0.16 0.15 0.16 0.24 0.41 1.65 2.31 1.94 1.77 2.21 2.54 2.82
27.34 27.17 27.17 27.19 27.04 25.74 24.43 24.23 24.17 23.58 24.62 22.55

* The XBRL reporting format changed from Sep'2022 onwards. The new format added details about banks and foreign portfolio investors. These were not available earlier.
The sudden increase in FII or DII might be because of these changes.

Please click on the line-items to see the names of individual entities.

Documents

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