(An ISO 9001:2015; ISO 14001:2015 and 45001:2018 certified company)

CIN: L85110KA1954PLC000759; Website: www.sandurgroup.com

REGISTERED OFFICE CORPORATE OFFICE

‘SATYALAYA’, No.266 ‘SANDUR HOUSE’, No.9
Ward No.1, Palace Road Bellary Road, Sadashivanagar
Sandur – 583 119, Ballari District Bengaluru – 560 080
Karnataka, India Karnataka, India
Tel: +91 8395 260301/ 283173-199 Tel: +91 80 4152 0176 - 79 / 4547 3000
Fax: +91 8395 260473 Fax: +91 80 4152 0182

SMIORE/SEC/2023-24/17 18 May 2023

The Secretary
BSE Limited
Phiroze Jeejeebhoy Towers
Dalal Street
Mumbai - 400 001

Dear Sir/Madam,

Sub: Investor Presentation in connection with Audited Financial Results for quarter and year
ended 31 March 2023

Ref: Company Code: 504918

Pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015, please find enclosed herewith the copy of Investor
Presentation in connection with Audited Financial Results for quarter and year ended 31 March 2023.

The Exchange is requested to take the same on record.

Thanking you.

for The Sandur Manganese & Iron Ores Limited

Digitally signed by
BIJAN KUMAR BIJAN KUMAR DASH
DASH Date: 2023.05.18
19:07:39 +05'30'

Bijan Kumar Dash

Company Secretary & Chief Compliance Officer

MINES OFFICE: Deogiri - 583112, Sandur Taluk, Ballari District

Tel: +91 8395 271025 / 28 / 29 / 40; Fax: +91 8395 271066
PLANT OFFICE: Metal & Ferroalloy Plant, Vyasankere, Mariyammanahalli – 583 222, Hosapete Taluk, Ballari District
Tel: +91 8394 244450 / 244335
 THE SANDUR
THE SANDURMANGANESE
MANGANESE&& IRON ORES LIMITED
IRON ORES LIMITED

FY23
Towards an
integrated
future

E a r n i n g s P re s e n t a t i o n
MAY 2023
ABOUT S AN DUR 2

SANDUR at a Glance

EARNINGS PRESENTATION
6+ decades 17 MT 105 MT
VAST MINING
RESERVES
As one of the most respected private sector WITH LEASES
UP TO 2033 Manganese Ore Iron Ore
merchant miners of manganese and iron ore

3rd Largest
Manganese
ore miner in India

CAPACITIES
A / Stable
CRISIL & ICRA RATED
Robust credit rating

2,294* 0.28 MTPA 1.60 MTPA 0.50 MTPA 32 MW 95,000/

SANDUR family Iron Ore Coke WHRB-based 1,25,000 TPA

sandurgroup.com
Manganese Ore
members Power Ferroalloys (SiMn/ FeMn)

*As on 31 March 2023

ABOUT S AN DUR 3

Operational Units

EARNINGS PRESENTATION
1904
SANDUR
7,511 HA
Original Lease

1973
Bengaluru 1974 Area Surrendered:
Corporate
Office 4,715 HA ~2,800 HA

First Renewal

Mining Leases
(Deogiri, Kammathuru,
Subbarayanahalli and Ramghad) 1993
1994 Area Surrendered:
3,215 HA 1,500 HA
Ferroalloy Plant, Power Plant, Coke Yeshwant Second Renewal
Oven Plant (Vyasankere) Nagar

Ballari and Vijayanagara Districts,

Karnataka
Ramghad SANDUR Deogiri 2014
Registered Office
1,999 HA

sandurgroup.com
Third Renewal
Map not to scale
 ABOUT S AN DUR 4

Transforming Business Canvas

EARNINGS PRESENTATION
MINING FERROALLOYS POWER COKE AND ENERGY TRAITS
0.28 MTPA
FY20 AND BEFORE

Manganese Ore REVENUE CONTRIBUTION PBT CONTRIBUTION

FY18-20 (%) FY18-20 (%)
Asset light,
cash generating
mining operations
coupled with
marginally-profitable
power-intensive
ferroalloys
32 MW operations
1.60 MTPA 32,000 TPA Thermal Power
Ferroalloys 2 2
Iron Ore Plant

0.28 MTPA 32 MW REVENUE CONTRIBUTION (%) PBT CONTRIBUTION (%)

Manganese Ore WHRB Asset light,
FY21

Based
cash generating
Energy
mining operations
coupled with self
sustainable and
profitable ferroalloys
0.40 operations supported
48,000/ 66,000 TPA MTPA by Coke + WHRB
1.60 MTPA
Ferroalloys (Si/Mn) Coke based power
Iron Ore
generation
32 MW
0.28 MTPA
WHRB
Manganese Ore
Based REVENUE CONTRIBUTION (%) PBT CONTRIBUTION (%)
FY22

Energy

0.50
1.60 MTPA 95,000/ 1,25,000 TPA MTPA

sandurgroup.com
Iron Ore Ferroalloys (Si/Mn) Coke

Mining Ferroalloys Coke and Others

Energy
 ABOUT S AN DUR 5

Transforming Business Canvas (Going Forward)

EARNINGS PRESENTATION
MINING FERROALLOYS POWER COKE AND ENERGY TRAITS
EXISTING CAPACITY

0.28 MTPA 0.50

Manganese Ore MTPA
Coke

32 MW
WHRB
1.60 MTPA 95,000/ 1,25,000 TPA Based
Iron Ore Ferroalloys (Si/Mn) Energy

0.58 MTPA SANDUR has

Manganese partnered to set up a
Ore
EXPANSION

hybrid renewable
power plant (42.9
MW) in a SPV which
will cater to the Further expansion of mining operations planned
increasing energy
requirement to 32 MW 0.50
4.50 MTPA 7.00 MTPA expand Ferroalloys WHRB MTPA
Iron Ore Beneficiation operations. Based Coke
Unit Energy

• Asset-light and high • Self-sustainable & • Long-term vision of growth

ROCE profitable ferroalloys • Mitigates sustainability concerns as a pure-play
• Cost-efficient operations merchant miner
TRAITS

operations resulting
• Forward integration into value-added
in high OPM and
end-products
significant operating-
leverage
• Generating consistent

sandurgroup.com
Cash Flows

*Note: Existing capacities are used primarily to produce SiMn/FeMn, hence capacity
calculations are as per SiMn/FeMn. However, the Company plans to add new
products, hence actual capacities may differ as per the product-mix.
ABOUT S AN DUR 6

Improving Profit Profile

EARNINGS PRESENTATION
F Y 1 8 - 2 0 ( A v e r a g e *)

Multifold
increase ₹ 230 Mining 98%
in absolute PBT
Crore Ferroalloys 02%

FY21

Mining 87%

₹ 296 Ferroalloys 04%

Crore Coke and Energy 09%

FY22

Mining 52%

₹ 996 Ferroalloys 20%

Crore
Diversi- Coke and Energy 28%

fication FY23

in profit profile of
the Company Mining 77%
₹ 399 Ferroalloys 15%

sandurgroup.com
Crore
Coke and Energy 08%

*Arithmetic Average FY18-20 | Note – PBT excludes finance costs and unallocable expenses/income
ABOUT S AN DUR 7

Values that Drive Us

EARNINGS PRESENTATION
SANDUR Some of SANDUR’s
is run by the ethos successful Welfare
Scientific Mining & Employee Programs
“All that we get (earn) from the Sustainable Welfare &
soil of Sandur in one form or Operations Development
the other should be primarily Food Security Scheme
used to benefit Sandur“ A food package for a family of 5 costs ₹ 145
against actual cost of ₹3,950, balance being
absorbed by the Company.
Values
M.Y. GHORPADE

Environment Adherence to Subsidized LPG Cylinder

SANDUR provides subsidised LPG cylinders to a
Preservation & Highest Corporate large subset of its employees with a 90% subsidy
to prevent them from cutting trees for fuel.
Community Governance
Development Standards
Housing Loan Subsidy
Interest subsidy on housing loans availed by
employees.

Awards and Recognitions

Awarded 5-STAR rating by the Other prestigious awards include National Safety Award (Mines) from the Other
Government of India every year Government of India, prizes secured during competitions held by Mines Safety Including clothes subsidy, marriage & festival gifts,

sandurgroup.com
since the introduction of Association Karnataka, prizes secured during competitions held by Mines medical care, sickness benefits, education & training
Sustainable Development Environment & Mineral Conservation Association, among others. facilities, housing & electricity, and many more.
Framework (SDF)
BUS IN ES S VERTICALS REVIEW 8

Mining - our mainstay

EARNINGS PRESENTATION
Mining manganese and iron ores Mining operations with one of
from two mining leases located in the best operating metrics &
Sandur (Karnataka) track record in the Industry

Fully-mechanized iron ore mining Mining operations

contributing to higher margins conducted with utmost respect
for environment and
adherence to regulatory norms
Capacity Enhancement Semi-mechanized, labour-intensive
of authorities
Proposed to enhance manganese ore production from 0.28 to 0.56 manganese ore mining with
MTPA and iron ore production from 1.60 to 4.50 MTPA, duly complying relatively lower margins but
with the parameters prescribed by the Hon’ble Supreme Court generating large scale
employment opportunities

MANGANESE 0.28 0.26 0.28 0.22 0.28 0.20 0.28 0.21 0.28 0.20 IRON ORE 1.58 1.49 1.59 1.55 1.60 1.59 1.57 1.60 1.60 1.58
ORE MINING MINING
OPERATIONS OPERATIONS
(MTPA) (MTPA)

0.28 1.60

sandurgroup.com
MTPA MTPA
FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23
Production Sales MPL Production Sales MPL
BUS IN ES S VERTICALS REVIEW 9

Ferroalloys - new and improved CAPACITIES

EARNINGS PRESENTATION
FY22
Turned around ferroalloys Achieved a shift towards a cleaner FERROALLOYS 95,000/
operations in FY21 through source of energy from its OPERATIONS
feasible power generation previously used coal-based energy (MTPA) 1,25,000 TPA
(SiMn/FeMn)*

32,254
32,669

19,292

37,523

54,698
53,114
20,544

36,265

57,338
55,174
The combination of Coke Oven Effective power generation
Plant and WHRB generates power cost was reduced significantly post FY21
as a by-product, thus leading to
substantial savings by eliminating
commissioning of WHRB
48,000/
the need for thermal coal 66,000 TPA
(SiMn/FeMn)

FY20

32,000 TPA

Key products:

sandurgroup.com
Silicomanganese FY19 FY20 FY21 FY22 FY23
*Note – Existing capacities are used primarily to produce
and Ferromanganese SiMn/FeMn, hence capacity calculations are as per SiMn/FeMn.
However, the Company plans to add new products, hence actual
Production Sales capacities may differ as per the product-mix.
BUS IN ES S VERTICALS REVIEW 10

Coke and Energy - strengthening operations

EARNINGS PRESENTATION
March 2018
Started expansion work

0.5 MTPA
4 Batteries with a cumulative
capacity of 0.5 MTPA

32 MW
2 Waste Heat Recovery
Boilers with a cumulative
capacity of 32 MW
setup for generating
cleaner energy

18 January 2021

sandurgroup.com
Fully commissioned Coke Oven
CON CLUS ION 11

Investment Rationale

EARNINGS PRESENTATION
Stable & Growing New and Improved Emerging
Cash Flows Ferroalloys Integrated Player,
Through long-standing Operations, contributing meaningfully Merchant miner
mining operations to financial performance to hot metal
& value-added
products manufacturer,
to enjoy benefits of
higher conversion
Disciplined Company and margins

Capital Allocation With a Heart,

Guided by strong parentage adhering to the highest standards of
corporate governance and sustainability

Phase 2 CAPEX
It will integrate existing operations
Strong further while delivering new growth
drivers
Balance
Sheet

sandurgroup.com
With net-debt free status,
supported by surplus liquidity
 FIN AN CIALS REVIEW 12

Key Performance Indicators

EARNINGS PRESENTATION
REVENUE, EBITDA EBITDA MARGINS PBT & PAT
(₹ IN CRORE) (IN %) (₹ IN CRORE)

2,249
1,009

2,126
451
592
201

219

147
142

175

250
154

675

271
915

359
747
289
702
233

21
32

34

38

44
FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23

REVENUE EBITDA EBITDA MARGINS (%) PBT PAT

CAPITAL EMPLOYED, ROCE EQUITY, ROE GROSS DEBT TO EQUITY

(₹ IN CRORE & IN %) (₹ IN CRORE & IN %) (IN TIMES)
1,248

1,362

1,940

2,124

1,326

1,797

0.49

0.37

0.19
2,500 60%

0.00

0.11
701

916
772
633
33

15

19

48

18

17

51
19
23

15
2,000
2,000 60%

1,500
40% 1,500
40%
1,000 1,000
20% 20%
500 500

- 0% - 0%

sandurgroup.com
FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23

CAPITAL EMPLOYED ROCE AVG. EQUITY ROE DEBT TO EQUITY

Q4FY23 PERFOR M AN C E H IGH LIGH T S 13

Q4FY23 Operational Highlights

EARNINGS PRESENTATION
MANGANESE ORE IRON ORE FERROALLOYS COKE

Production 0.70 Lakh Tonne 3.80 Lakh Tonne 14,371 Tonne 0.39* Lakh Tonne

Sales 1.00 Lakh Tonne 9.12 Lakh Tonne 16,606 Tonne 0.31 Lakh Tonne

YoY Sales
Volume 15% 83% 9% (63%)

QoQ Sales
Volume
110% 120% 18% (8%)

Average/Tonne
Realization
₹6,952/- ₹3,132/- ₹70,670/- ₹37,269/-**

QoQ Change
in Realizations
2% 30% 1% (8%)

Realization Remarks Marginal Increase Significant Increase Flattish Marginal Decrease

sandurgroup.com
Sales Volumes
Remarks
Significant Significant Marginal Increase Marginal Decrease
Increase Increase
*Excludes production under contract manufacturing of 0.68 Lakh tonnes during the quarter.
**Excludes conversion & screening income under contract manufacturing of ₹15.21 Crore during the quarter.
 Q4FY23 PERFOR M AN C E H IGH LIGH T S 14

Q4FY23 Segment Highlights

EARNINGS PRESENTATION
MANGANESE ORE OPERATIONAL PERFORMANCE IRON ORE OPERATIONAL PERFORMANCE
(Lakh Tonnes & ₹/Tonne) (Lakh Tonnes & ₹/Tonne)

3.00 8,742 8,639 7,255 20.00 3,967 3,990

8,276
2,979
2.50 6,783 6,952 2,953 3,132
15.00
2.00 16.00 2,407 15.84
2.10
1.50 1.96 10.00
1.00 9.12
1.00 5.00
0.50 1.00 1.57
2.85 0.74 0.06 0.71 0.43 0.70 0.47 0.70 2.85 15.66 4.10 4.05 4.05 4.15 3.80 16.00
0.00 0.00
FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 FY23 FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 FY23

Production Sales Realisations Production Sales Realisations

FERROALLOYS OPERATIONAL PERFORMANCE COKE OPERATIONAL PERFORMANCE

(Tonnes & ₹/Tonne) (Lakh Tonnes & ₹/Tonne)

80,000 86,451 89,318 74,771 3.50 50,694

70,000 74,845 2.84 45,223
69,977 70,670 3.00 43,025
40,318
60,000 2.50 2.93 37,269
50,000
53,115 2.00 2.44 2.30
40,000
1.50 32,723
30,000 55,174 1.01
20,000 14,050 14,063 16,606 1.00 0.65
10,455 0.36 0.34 0.39 0.31
0.50
1.03
10,000 54,698 15,945 11,768 15,254 14,371 57,337 0.66
0 0.00

sandurgroup.com
FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 FY23 FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 FY23

Production Sales Realisations Production Sales Realisations

*Excludes production under contract manufacturing of 0.68 Lakh tonnes during the quarter.
**Excludes conversion & screening income under contract manufacturing of ₹15.21 Crore during the quarter.
Q4FY23 PERFOR M AN C E H IGH LIGH T S 15

Q4FY23 Financial Highlights

EARNINGS PRESENTATION
(₹ in Crore)

Total Income EBITDA PAT Capital

Structure
624
Total Income

Growth (YoY) (14%) 8% (26%)

Growth (QoQ) 56% 220% 322% 252

EBITDA

Margin 41% 28%

174
PAT
Margins
Expansion/
818 bps (446 bps)
(Contraction)
(YoY)

1,934

sandurgroup.com
Shareholders Funds
Gross Debt/Equity 0.11
FY23 PERFOR M AN C E H IGH LIGH T S 16

FY23 Financial Highlights

EARNINGS PRESENTATION
(₹ in Crore)

Total Income EBITDA PAT Capital

Structure
2,185
Total Income

Growth (YoY) (4%) (55%) (60%)

Margin 21% 12% 451

EBITDA

Margins
Expansion/
(2,353 bps) (1,716 bps)
(Contraction)
(YoY) 271
PAT

Gross Debt/Equity 0.11

1,934

sandurgroup.com
Shareholders Funds
Q4FY23 PERFOR M AN C E H IGH LIGH T S
Management Commentary
We are well positioned
to take our mining
operations to the next
orbit.
BAHIRJI A. GHORPADE
MANAGING DIRECTOR
Mining
As guided earlier, we have offered almost
entire quantity of mined ore for the year.
Thus, mining sales volumes were
substantially higher in Q4FY23, especially
for iron ore.
Manganese ore realisations have
remained flattish during the quarter, while
iron ore realisations witnessed a
substantial 30% increase during the
quarter in line with global pricing trends,
leading to a significantly higher top line in
Mining segment.
Mining Expansion
The Company is pleased to report a
significant breakthrough in its mining
expansion project. On 25 April 2023, the
Company was granted Environmental
Clearance for expansion of iron ore
production from 1.60 MTPA to 4.50 MTPA
along with 7.0 MTPA Beneficiation Plant
and a Downhill Conveyor System. The
Company expects all further approvals by
Q2FY24 from respective authorities to
ramp up production to the new maximum
permissible limits. Once the production
ramps up, we will be focussing on
downstream operations i.e., beneficiation
and pellets.
17
EARNINGS PRESENTATION
Ferroalloys I am also pleased to
Ferroalloy industry continues to witness announce that the Board has
muted demand as demand in steel recommended dividend
industry hasn’t picked up yet. More @ ₹ 5/- per share and given
specifically for our operations, we concurrence for listing
maintained our production volumes in Company’s equity shares on
Q4FY23, and delivered marginal volume National Stock Exchange. We
look forward to keep on
growth in FY23. Realisations also
remained flat during the quarter. delivering value to our
shareholders, and build on
Additionally, our renewable energy
our 7 decade journey.
project in collaboration with Renew will
be commissioned in June 2023, and we
expect to use that in ramping our
Ferroalloys volumes in FY24.
Coke and Energy
Coking coal prices continue to remain
volatile along with fluctuations in the
exchange rates for the last couple of
months. We have remained cautious of
our exposure on this front, and
accordingly optimised volumes where
needed, without disturbing our Waste
sandurgroup.com
Heat Recovery Boiler operations.
Q4FY23 PERFOR M AN C E H IGH LIGH T S 18

Corporate Information

EARNINGS PRESENTATION
SHAREHOLDING SUMMARY
(IN %)

25.63
Public

Current Market Price ₹1,222

52 Week High/Low ₹1,414/655

Market Capitalization ₹3,301 Cr

74.37 Shares Outstanding 2.70 Cr

Promoters

sandurgroup.com
BSE Scrip Code 504918
Shareholding Data as on 31 March 2022 Market Price Data as on 17 May 2023
 19

EARNINGS PRESENTATION
THE SANDUR
THE SANDURMANGANESE
MANGANESE&& IRON ORES LIMITED
IRON ORES LIMITED

This document which has been prepared by The Sandur Manganese & Iron Ores Limited (the “Company”,
“SANDUR”), solely for information purposes and do not constitute any offer, recommendation or
invitation to purchase or subscribe any securities, and shall not form the basis or be relied on in
connection with any contract or binding commitment whatsoever. No offering of securities of the
Company will be made except by means of a statutory offering document containing detailed
information about the Company.
This document has been prepared by the Company based on information and data which the Company
considers reliable, but the Company makes no representation or warranty, express or implied,
whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and
Get in touch
reasonableness of the contents of this Document. This Document may not be all inclusive and may not
contain all of the information that you may consider material. Any liability in respect of the contents of, or BIJAN KUMAR DASH
any omission from, this Document is expressly excluded. COMPANY SECRETARY & COMPLIANCE OFFICER
Certain matters discussed in this Document may contain statements regarding the Company’s market bijan.dash@sandurgroup.com / investors@sandurgroup.com
opportunity and business prospects that are individually and collectively forward-looking statements.
Such forward-looking statements are not guarantees of future performance and are subject to known
and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and SAYAM POKHARNA
uncertainties include, but are not limited to, the performance of the Indian economy and of the INVESTOR RELATIONS ADVISOR
economies of various international markets, the performance of the industry in India and world-wide, TIL ADVISORS PRIVATE LIMITED
competition, the Company’s ability to successfully implement its strategy, the Company’s future levels of sayam@theinvestmentlab.in
growth and expansion, technological implementation, changes and advancements, changes in revenue, +91 94266 60791
income or cash flows, the Company’s market preferences and its exposure to market risks, as well as
other risks. The Company’s actual results, levels of activity, performance or achievements could differ
materially and adversely from results expressed in or implied by this Document. The Company assumes DIWAKAR PINGLE
no obligation to update any forward-looking information contained in this Document. Any forward- INVESTOR RELATIONS ADVISOR

sandurgroup.com
looking statements and projections made by third parties included in this Document are not adopted by ERNST & YOUNG LLP
the Company and the Company is not responsible for such third-party statements and projections. Diwakar.Pingle@in.ey.com
 THE SANDUR
THE SANDURMANGANESE
MANGANESE&& IRON ORES LIMITED
IRON ORES LIMITED

FY23
Towards an
integrated
future

E a r n i n g s P re s e n t a t i o n
MAY 2023
ABOUT S AN DUR 2

SANDUR at a Glance

EARNINGS PRESENTATION
6+ decades 17 MT 105 MT
VAST MINING
RESERVES
As one of the most respected private sector WITH LEASES
UP TO 2033 Manganese Ore Iron Ore
merchant miners of manganese and iron ore

3rd Largest
Manganese
ore miner in India

CAPACITIES
A / Stable
CRISIL & ICRA RATED
Robust credit rating

2,294* 0.28 MTPA 1.60 MTPA 0.50 MTPA 32 MW 95,000/

SANDUR family Iron Ore Coke WHRB-based 1,25,000 TPA

sandurgroup.com
Manganese Ore
members Power Ferroalloys (SiMn/ FeMn)

*As on 31 March 2023

ABOUT S AN DUR 3

Operational Units

EARNINGS PRESENTATION
1904
SANDUR
7,511 HA
Original Lease

1973
Bengaluru 1974 Area Surrendered:
Corporate
Office 4,715 HA ~2,800 HA

First Renewal

Mining Leases
(Deogiri, Kammathuru,
Subbarayanahalli and Ramghad) 1993
1994 Area Surrendered:
3,215 HA 1,500 HA
Ferroalloy Plant, Power Plant, Coke Yeshwant Second Renewal
Oven Plant (Vyasankere) Nagar

Ballari and Vijayanagara Districts,

Karnataka
Ramghad SANDUR Deogiri 2014
Registered Office
1,999 HA

sandurgroup.com
Third Renewal
Map not to scale
 ABOUT S AN DUR 4

Transforming Business Canvas

EARNINGS PRESENTATION
MINING FERROALLOYS POWER COKE AND ENERGY TRAITS
0.28 MTPA
FY20 AND BEFORE

Manganese Ore REVENUE CONTRIBUTION PBT CONTRIBUTION

FY18-20 (%) FY18-20 (%)
Asset light,
cash generating
mining operations
coupled with
marginally-profitable
power-intensive
ferroalloys
32 MW operations
1.60 MTPA 32,000 TPA Thermal Power
Ferroalloys 2 2
Iron Ore Plant

0.28 MTPA 32 MW REVENUE CONTRIBUTION (%) PBT CONTRIBUTION (%)

Manganese Ore WHRB Asset light,
FY21

Based
cash generating
Energy
mining operations
coupled with self
sustainable and
profitable ferroalloys
0.40 operations supported
48,000/ 66,000 TPA MTPA by Coke + WHRB
1.60 MTPA
Ferroalloys (Si/Mn) Coke based power
Iron Ore
generation
32 MW
0.28 MTPA
WHRB
Manganese Ore
Based REVENUE CONTRIBUTION (%) PBT CONTRIBUTION (%)
FY22

Energy

0.50
1.60 MTPA 95,000/ 1,25,000 TPA MTPA

sandurgroup.com
Iron Ore Ferroalloys (Si/Mn) Coke

Mining Ferroalloys Coke and Others

Energy
 ABOUT S AN DUR 5

Transforming Business Canvas (Going Forward)

EARNINGS PRESENTATION
MINING FERROALLOYS POWER COKE AND ENERGY TRAITS
EXISTING CAPACITY

0.28 MTPA 0.50

Manganese Ore MTPA
Coke

32 MW
WHRB
1.60 MTPA 95,000/ 1,25,000 TPA Based
Iron Ore Ferroalloys (Si/Mn) Energy

0.58 MTPA SANDUR has

Manganese partnered to set up a
Ore
EXPANSION

hybrid renewable
power plant (42.9
MW) in a SPV which
will cater to the Further expansion of mining operations planned
increasing energy
requirement to 32 MW 0.50
4.50 MTPA 7.00 MTPA expand Ferroalloys WHRB MTPA
Iron Ore Beneficiation operations. Based Coke
Unit Energy

• Asset-light and high • Self-sustainable & • Long-term vision of growth

ROCE profitable ferroalloys • Mitigates sustainability concerns as a pure-play
• Cost-efficient operations merchant miner
TRAITS

operations resulting
• Forward integration into value-added
in high OPM and
end-products
significant operating-
leverage
• Generating consistent

sandurgroup.com
Cash Flows

*Note: Existing capacities are used primarily to produce SiMn/FeMn, hence capacity
calculations are as per SiMn/FeMn. However, the Company plans to add new
products, hence actual capacities may differ as per the product-mix.
ABOUT S AN DUR 6

Improving Profit Profile

EARNINGS PRESENTATION
F Y 1 8 - 2 0 ( A v e r a g e *)

Multifold
increase ₹ 230 Mining 98%
in absolute PBT
Crore Ferroalloys 02%

FY21

Mining 87%

₹ 296 Ferroalloys 04%

Crore Coke and Energy 09%

FY22

Mining 52%

₹ 996 Ferroalloys 20%

Crore
Diversi- Coke and Energy 28%

fication FY23

in profit profile of
the Company Mining 77%
₹ 399 Ferroalloys 15%

sandurgroup.com
Crore
Coke and Energy 08%

*Arithmetic Average FY18-20 | Note – PBT excludes finance costs and unallocable expenses/income
ABOUT S AN DUR 7

Values that Drive Us

EARNINGS PRESENTATION
SANDUR Some of SANDUR’s
is run by the ethos successful Welfare
Scientific Mining & Employee Programs
“All that we get (earn) from the Sustainable Welfare &
soil of Sandur in one form or Operations Development
the other should be primarily Food Security Scheme
used to benefit Sandur“ A food package for a family of 5 costs ₹ 145
against actual cost of ₹3,950, balance being
absorbed by the Company.
Values
M.Y. GHORPADE

Environment Adherence to Subsidized LPG Cylinder

SANDUR provides subsidised LPG cylinders to a
Preservation & Highest Corporate large subset of its employees with a 90% subsidy
to prevent them from cutting trees for fuel.
Community Governance
Development Standards
Housing Loan Subsidy
Interest subsidy on housing loans availed by
employees.

Awards and Recognitions

Awarded 5-STAR rating by the Other prestigious awards include National Safety Award (Mines) from the Other
Government of India every year Government of India, prizes secured during competitions held by Mines Safety Including clothes subsidy, marriage & festival gifts,

sandurgroup.com
since the introduction of Association Karnataka, prizes secured during competitions held by Mines medical care, sickness benefits, education & training
Sustainable Development Environment & Mineral Conservation Association, among others. facilities, housing & electricity, and many more.
Framework (SDF)
BUS IN ES S VERTICALS REVIEW 8

Mining - our mainstay

EARNINGS PRESENTATION
Mining manganese and iron ores Mining operations with one of
from two mining leases located in the best operating metrics &
Sandur (Karnataka) track record in the Industry

Fully-mechanized iron ore mining Mining operations

contributing to higher margins conducted with utmost respect
for environment and
adherence to regulatory norms
Capacity Enhancement Semi-mechanized, labour-intensive
of authorities
Proposed to enhance manganese ore production from 0.28 to 0.56 manganese ore mining with
MTPA and iron ore production from 1.60 to 4.50 MTPA, duly complying relatively lower margins but
with the parameters prescribed by the Hon’ble Supreme Court generating large scale
employment opportunities

MANGANESE 0.28 0.26 0.28 0.22 0.28 0.20 0.28 0.21 0.28 0.20 IRON ORE 1.58 1.49 1.59 1.55 1.60 1.59 1.57 1.60 1.60 1.58
ORE MINING MINING
OPERATIONS OPERATIONS
(MTPA) (MTPA)

0.28 1.60

sandurgroup.com
MTPA MTPA
FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23
Production Sales MPL Production Sales MPL
BUS IN ES S VERTICALS REVIEW 9

Ferroalloys - new and improved CAPACITIES

EARNINGS PRESENTATION
FY22
Turned around ferroalloys Achieved a shift towards a cleaner FERROALLOYS 95,000/
operations in FY21 through source of energy from its OPERATIONS
feasible power generation previously used coal-based energy (MTPA) 1,25,000 TPA
(SiMn/FeMn)*

32,254
32,669

19,292

37,523

54,698
53,114
20,544

36,265

57,338
55,174
The combination of Coke Oven Effective power generation
Plant and WHRB generates power cost was reduced significantly post FY21
as a by-product, thus leading to
substantial savings by eliminating
commissioning of WHRB
48,000/
the need for thermal coal 66,000 TPA
(SiMn/FeMn)

FY20

32,000 TPA

Key products:

sandurgroup.com
Silicomanganese FY19 FY20 FY21 FY22 FY23
*Note – Existing capacities are used primarily to produce
and Ferromanganese SiMn/FeMn, hence capacity calculations are as per SiMn/FeMn.
However, the Company plans to add new products, hence actual
Production Sales capacities may differ as per the product-mix.
BUS IN ES S VERTICALS REVIEW 10

Coke and Energy - strengthening operations

EARNINGS PRESENTATION
March 2018
Started expansion work

0.5 MTPA
4 Batteries with a cumulative
capacity of 0.5 MTPA

32 MW
2 Waste Heat Recovery
Boilers with a cumulative
capacity of 32 MW
setup for generating
cleaner energy

18 January 2021

sandurgroup.com
Fully commissioned Coke Oven
CON CLUS ION 11

Investment Rationale

EARNINGS PRESENTATION
Stable & Growing New and Improved Emerging
Cash Flows Ferroalloys Integrated Player,
Through long-standing Operations, contributing meaningfully Merchant miner
mining operations to financial performance to hot metal
& value-added
products manufacturer,
to enjoy benefits of
higher conversion
Disciplined Company and margins

Capital Allocation With a Heart,

Guided by strong parentage adhering to the highest standards of
corporate governance and sustainability

Phase 2 CAPEX
It will integrate existing operations
Strong further while delivering new growth
drivers
Balance
Sheet

sandurgroup.com
With net-debt free status,
supported by surplus liquidity
 FIN AN CIALS REVIEW 12

Key Performance Indicators

EARNINGS PRESENTATION
REVENUE, EBITDA EBITDA MARGINS PBT & PAT
(₹ IN CRORE) (IN %) (₹ IN CRORE)

2,249
1,009

2,126
451
592
201

219

147
142

175

250
154

675

271
915

359
747
289
702
233

21
32

34

38

44
FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23

REVENUE EBITDA EBITDA MARGINS (%) PBT PAT

CAPITAL EMPLOYED, ROCE EQUITY, ROE GROSS DEBT TO EQUITY

(₹ IN CRORE & IN %) (₹ IN CRORE & IN %) (IN TIMES)
1,248

1,362

1,940

2,124

1,326

1,797

0.49

0.37

0.19
2,500 60%

0.00

0.11
701

916
772
633
33

15

19

48

18

17

51
19
23

15
2,000
2,000 60%

1,500
40% 1,500
40%
1,000 1,000
20% 20%
500 500

- 0% - 0%

sandurgroup.com
FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23

CAPITAL EMPLOYED ROCE AVG. EQUITY ROE DEBT TO EQUITY

Q4FY23 PERFOR M AN C E H IGH LIGH T S 13

Q4FY23 Operational Highlights

EARNINGS PRESENTATION
MANGANESE ORE IRON ORE FERROALLOYS COKE

Production 0.70 Lakh Tonne 3.80 Lakh Tonne 14,371 Tonne 0.39* Lakh Tonne

Sales 1.00 Lakh Tonne 9.12 Lakh Tonne 16,606 Tonne 0.31 Lakh Tonne

YoY Sales
Volume 15% 83% 9% (63%)

QoQ Sales
Volume
110% 120% 18% (8%)

Average/Tonne
Realization
₹6,952/- ₹3,132/- ₹70,670/- ₹37,269/-**

QoQ Change
in Realizations
2% 30% 1% (8%)

Realization Remarks Marginal Increase Significant Increase Flattish Marginal Decrease

sandurgroup.com
Sales Volumes
Remarks
Significant Significant Marginal Increase Marginal Decrease
Increase Increase
*Excludes production under contract manufacturing of 0.68 Lakh tonnes during the quarter.
**Excludes conversion & screening income under contract manufacturing of ₹15.21 Crore during the quarter.
 Q4FY23 PERFOR M AN C E H IGH LIGH T S 14

Q4FY23 Segment Highlights

EARNINGS PRESENTATION
MANGANESE ORE OPERATIONAL PERFORMANCE IRON ORE OPERATIONAL PERFORMANCE
(Lakh Tonnes & ₹/Tonne) (Lakh Tonnes & ₹/Tonne)

3.00 8,742 8,639 7,255 20.00 3,967 3,990

8,276
2,979
2.50 6,783 6,952 2,953 3,132
15.00
2.00 16.00 2,407 15.84
2.10
1.50 1.96 10.00
1.00 9.12
1.00 5.00
0.50 1.00 1.57
2.85 0.74 0.06 0.71 0.43 0.70 0.47 0.70 2.85 15.66 4.10 4.05 4.05 4.15 3.80 16.00
0.00 0.00
FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 FY23 FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 FY23

Production Sales Realisations Production Sales Realisations

FERROALLOYS OPERATIONAL PERFORMANCE COKE OPERATIONAL PERFORMANCE

(Tonnes & ₹/Tonne) (Lakh Tonnes & ₹/Tonne)

80,000 86,451 89,318 74,771 3.50 50,694

70,000 74,845 2.84 45,223
69,977 70,670 3.00 43,025
40,318
60,000 2.50 2.93 37,269
50,000
53,115 2.00 2.44 2.30
40,000
1.50 32,723
30,000 55,174 1.01
20,000 14,050 14,063 16,606 1.00 0.65
10,455 0.36 0.34 0.39 0.31
0.50
1.03
10,000 54,698 15,945 11,768 15,254 14,371 57,337 0.66
0 0.00

sandurgroup.com
FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 FY23 FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 FY23

Production Sales Realisations Production Sales Realisations

*Excludes production under contract manufacturing of 0.68 Lakh tonnes during the quarter.
**Excludes conversion & screening income under contract manufacturing of ₹15.21 Crore during the quarter.
Q4FY23 PERFOR M AN C E H IGH LIGH T S 15

Q4FY23 Financial Highlights

EARNINGS PRESENTATION
(₹ in Crore)

Total Income EBITDA PAT Capital

Structure
624
Total Income

Growth (YoY) (14%) 8% (26%)

Growth (QoQ) 56% 220% 322% 252

EBITDA

Margin 41% 28%

174
PAT
Margins
Expansion/
818 bps (446 bps)
(Contraction)
(YoY)

1,934

sandurgroup.com
Shareholders Funds
Gross Debt/Equity 0.11
FY23 PERFOR M AN C E H IGH LIGH T S 16

FY23 Financial Highlights

EARNINGS PRESENTATION
(₹ in Crore)

Total Income EBITDA PAT Capital

Structure
2,185
Total Income

Growth (YoY) (4%) (55%) (60%)

Margin 21% 12% 451

EBITDA

Margins
Expansion/
(2,353 bps) (1,716 bps)
(Contraction)
(YoY) 271
PAT

Gross Debt/Equity 0.11

1,934

sandurgroup.com
Shareholders Funds
Q4FY23 PERFOR M AN C E H IGH LIGH T S
Management Commentary
We are well positioned
to take our mining
operations to the next
orbit.
BAHIRJI A. GHORPADE
MANAGING DIRECTOR
Mining
As guided earlier, we have offered almost
entire quantity of mined ore for the year.
Thus, mining sales volumes were
substantially higher in Q4FY23, especially
for iron ore.
Manganese ore realisations have
remained flattish during the quarter, while
iron ore realisations witnessed a
substantial 30% increase during the
quarter in line with global pricing trends,
leading to a significantly higher top line in
Mining segment.
Mining Expansion
The Company is pleased to report a
significant breakthrough in its mining
expansion project. On 25 April 2023, the
Company was granted Environmental
Clearance for expansion of iron ore
production from 1.60 MTPA to 4.50 MTPA
along with 7.0 MTPA Beneficiation Plant
and a Downhill Conveyor System. The
Company expects all further approvals by
Q2FY24 from respective authorities to
ramp up production to the new maximum
permissible limits. Once the production
ramps up, we will be focussing on
downstream operations i.e., beneficiation
and pellets.
17
EARNINGS PRESENTATION
Ferroalloys I am also pleased to
Ferroalloy industry continues to witness announce that the Board has
muted demand as demand in steel recommended dividend
industry hasn’t picked up yet. More @ ₹ 5/- per share and given
specifically for our operations, we concurrence for listing
maintained our production volumes in Company’s equity shares on
Q4FY23, and delivered marginal volume National Stock Exchange. We
look forward to keep on
growth in FY23. Realisations also
remained flat during the quarter. delivering value to our
shareholders, and build on
Additionally, our renewable energy
our 7 decade journey.
project in collaboration with Renew will
be commissioned in June 2023, and we
expect to use that in ramping our
Ferroalloys volumes in FY24.
Coke and Energy
Coking coal prices continue to remain
volatile along with fluctuations in the
exchange rates for the last couple of
months. We have remained cautious of
our exposure on this front, and
accordingly optimised volumes where
needed, without disturbing our Waste
sandurgroup.com
Heat Recovery Boiler operations.
Q4FY23 PERFOR M AN C E H IGH LIGH T S 18

Corporate Information

EARNINGS PRESENTATION
SHAREHOLDING SUMMARY
(IN %)

25.63
Public

Current Market Price ₹1,222

52 Week High/Low ₹1,414/655

Market Capitalization ₹3,301 Cr

74.37 Shares Outstanding 2.70 Cr

Promoters

sandurgroup.com
BSE Scrip Code 504918
Shareholding Data as on 31 March 2022 Market Price Data as on 17 May 2023
 19

EARNINGS PRESENTATION
THE SANDUR
THE SANDURMANGANESE
MANGANESE&& IRON ORES LIMITED
IRON ORES LIMITED

This document which has been prepared by The Sandur Manganese & Iron Ores Limited (the “Company”,
“SANDUR”), solely for information purposes and do not constitute any offer, recommendation or
invitation to purchase or subscribe any securities, and shall not form the basis or be relied on in
connection with any contract or binding commitment whatsoever. No offering of securities of the
Company will be made except by means of a statutory offering document containing detailed
information about the Company.
This document has been prepared by the Company based on information and data which the Company
considers reliable, but the Company makes no representation or warranty, express or implied,
whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and
Get in touch
reasonableness of the contents of this Document. This Document may not be all inclusive and may not
contain all of the information that you may consider material. Any liability in respect of the contents of, or BIJAN KUMAR DASH
any omission from, this Document is expressly excluded. COMPANY SECRETARY & COMPLIANCE OFFICER
Certain matters discussed in this Document may contain statements regarding the Company’s market bijan.dash@sandurgroup.com / investors@sandurgroup.com
opportunity and business prospects that are individually and collectively forward-looking statements.
Such forward-looking statements are not guarantees of future performance and are subject to known
and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and SAYAM POKHARNA
uncertainties include, but are not limited to, the performance of the Indian economy and of the INVESTOR RELATIONS ADVISOR
economies of various international markets, the performance of the industry in India and world-wide, TIL ADVISORS PRIVATE LIMITED
competition, the Company’s ability to successfully implement its strategy, the Company’s future levels of sayam@theinvestmentlab.in
growth and expansion, technological implementation, changes and advancements, changes in revenue, +91 94266 60791
income or cash flows, the Company’s market preferences and its exposure to market risks, as well as
other risks. The Company’s actual results, levels of activity, performance or achievements could differ
materially and adversely from results expressed in or implied by this Document. The Company assumes DIWAKAR PINGLE
no obligation to update any forward-looking information contained in this Document. Any forward- INVESTOR RELATIONS ADVISOR

sandurgroup.com
looking statements and projections made by third parties included in this Document are not adopted by ERNST & YOUNG LLP
the Company and the Company is not responsible for such third-party statements and projections. Diwakar.Pingle@in.ey.com