(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

10 February 2023
The Secretary
BSE Limited
Phiroze Jeejeebhoy Towers
Dalal Street
Mumbai - 400 001

Dear Sir/Madam,

Sub: Investor Presentation in connection with Un-audited Standalone and Consolidated

Financial Results for quarter ended 31 December 2022

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 Un-audited Standalone and Consolidated Financial
Results for quarter ended 31 December 2022.

The Exchange is requested to take the same on record.

Thanking you.

Yours faithfully,
for The Sandur Manganese & Iron Ores Limited
Digitally signed by
Bijan Kumar Bijan Kumar Dash
Dash Date: 2023.02.10
16:39:46 +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

Q3FY23
Towards an
integrated
future

Earnings Presentation
FEBRUARY 2023
ABO U T S AND U R 2

SMIORE at a Glance

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

3rd Largest
Manganese
ore miner in India

A / Stable
CAPACITIES

CRISIL & ICRA RATED

Robust credit rating

2,274* 0.28 MTPA 1.60 MTPA 0.50 MTPA 32 MW 95,000/

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

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

*As on 31 December 2022

ABO U T S AND U R 3

Operational Units

EARNINGS PRESENTATION
1904

Sandur 7,511 HA
Ballari and Vijayanagara (Districts), Karnataka Original Lease

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

First Renewal

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

Ramghad SANDUR Deogiri 2014

Upcoming DI Pipe and Hot Metal Registered Office
1,999 HA

sandurgroup.com
Plant (Vyasankere) Third Renewal
 ABO U T S AND U R 4

Transforming Business Canvas

EARNINGS PRESENTATION
MINING FERROALLOYS POWER COKE AND ENERGY DI PIPES AND PIG IRON TRAITS
0.28 MTPA
FY20 AND BEFORE

Manganese Ore REVENUE CONTRIBUTION PBT CONTRIBUTION

FY18-20 (%) FY18-20 (%)
Asset light, free
cash-rich generating
mining operations
coupled with
marginally-profitable
power-intensive
72 ferroalloys
32 MW 98 operations
1.60 MTPA 32,000 TPA Thermal Power
Ferroalloys 26 2
Iron Ore Plant 2

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

Manganese Ore WHRB Asset light, free
FY21

Based cash-rich generating

Energy
mining operations
coupled with self
sustainable and
profitable ferroalloys
69 operations supported
0.40
48,000/ 66,000 TPA MTPA 87 by Coke + WHRB
1.60 MTPA
Iron Ore Ferroalloys (Si/Mn) Coke based power
17 14 9 4 generation
32 MW
0.28 MTPA
WHRB
Manganese Ore
Based REVENUE CONTRIBUTION (%) PBT CONTRIBUTION (%)
FY22

Energy

0.50
95,000/ 1,25,000 TPA MTPA
43 37 52 28
1.60 MTPA

sandurgroup.com
Iron Ore Ferroalloys (Si/Mn) Coke
20 20

Mining Ferroalloys Coke and Others

Energy
 ABO U T S AND U R 5

Transforming Business Canvas (Going Forward)

EARNINGS PRESENTATION
MINING FERROALLOYS POWER COKE AND ENERGY DI PIPES AND PIG IRON 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

0.46 MTPA SMIORE has

Manganese
Ore
partnered to set up a Integrated Operations Further expansion of mining operations planned
with captive Coke &
EXPANSION

hybrid renewable
power plant (42.9 Iron Ore
MW) in a SPV which Fully integrated value-added operations such as
0.30 MTPA
will cater to the DI Pipe Plant DI Pipes and Pig Iron, with each business
increasing power segment complementing the other
0.20 MTPA
requirement to 32 MW 0.50 Pig Iron Plant
4.50 MTPA 7.00 MTPA expand Ferroalloys WHRB MTPA
Iron Ore Beneficiation operations. Based Coke Combined Max
Unit Energy Output 0.4 MTPA

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

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

operations resulting • Forward integration into value-added

in high OPM and
end-products – to begin with DI Pipes
significant operating-
leverage
• Generating consistent

sandurgroup.com
Free 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.
ABO U T S AND U R 6

Improving Profit Profile

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

Multifold
increase
in absolute PBT ₹ 230 Mining 98%

Crore Ferroalloys 02%

FY21

₹ 296
Mining 87%

Ferroalloys 04%
Crore
Coke and Energy 09%

Diversi- FY22

fication
in profit profile of Mining 52%
the Company ₹ 996 Ferroalloys 20%
Crore

sandurgroup.com
Coke and Energy 28%

*# Arithmetic Average FY18-20 | Note – PBT excludes finance costs and unallocable expenses/income
ABO U T S AND U R 7

Values that Drive Us

EARNINGS PRESENTATION
SANDUR Some of SMIORE’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 Subsidized LPG Cylinder

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

Awards and Recognitions

Awarded 5-STAR rating every Other prestigious awards include National Safety Award (Mines), prizes Other
year since the introduction of secured during competition held by Mines Safety Association Karnataka, Including clothes subsidy, marriage & festival gifts,

sandurgroup.com
Sustainable Development prizes secured during competition held by Mines Environment & Mineral medical care, sickness benefits, education & training
Framework (SDF) Conservation Association, among others. facilities, housing & electricity, and many more.
BU S INE S S VE RT IC AL S RE VIE W 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 from 0.28 to 0.46 MTPA and manganese ore mining with
iron ore production from 1.60 to 4.50 MTPA, duly complying with the relatively lower margins but
parameters prescribed by the Hon’ble Supreme Court generating large scale
employment opportunities

MANGANESE 0.26 0.22 0.28 0.26 0.29 0.22 0.28 0.20 0.28 0.21 IRON ORE 1.58 1.33 1.58 1.49 1.59 1.55 1.60 1.59 1.57 1.60
ORE MINING MINING
OPERATIONS OPERATIONS
(MTPA) (MTPA)

0.28 1.60

sandurgroup.com
MTPA MTPA
FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22
Production Sales MPL Production Sales MPL
BU S INE S S VE RT IC AL S RE VIE W 9

Ferroalloys - new and improved CAPACITIES

EARNINGS PRESENTATION
FY22
Turned around ferroalloys Achieved a shift towards a cleaner FERROALLOYS MINING 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)*

29,317
30,987

32,254
32,669

19,292

37,523

54,698
53,114
36,265
20,54
4
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 FY18 FY19 FY20 FY21 FY22
*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.
BU S INE S S VE RT IC AL S RE VIE W 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
C O NC L U S IO N 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
Phase 2 CAPEX of Hot Metal & value-
Strong added DI Pipe facility commenced. It

Balance will integrate existing operations further

while delivering new growth drivers
Sheet

sandurgroup.com
With net-debt free status,
supported by surplus liquidity
 F INANC IAL S RE VIE W 12

Key Performance Indicators

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

2,249
1,009
612
177

592
201

165
107

219
142

175
147

250
154

675
915
747
289
702
233

32

34

38

44
28
FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22

REVENUE EBITDA OPERA TING M ARGINS (%) PBT PA T

CAPITAL EMPLOYED, ROCE EQUITY, ROE GROSS DEBT TO EQUITY

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

1,362

1,980

1,326
60%

0.49

0.37

0.19
0.00
2,500

0.00
559

701

512

772

916
633
31

33

15

19

48

22

19

17

51
23
60% 1,500
2,000
50%
40%
1,500 40% 1,000
1,000 30%
20% 20% 500
500
10%
- 0% 0% -

sandurgroup.com
FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22

CAPITAL EMPLOYED ROCE AVG. EQUITY ROE DEBT TO EQUITY

Q 3F Y 23 PE RF O RM ANC E HIG HL IG HT S 13

Q3FY23 Operational Highlights

EARNINGS PRESENTATION
MANGANESE ORE IRON ORE FERROALLOYS COKE

Production 0.70 Lakh Tonne 4.05 Lakh Tonne 15,254 Tonne 0.36* Lakh Tonne

Sales 0.47 Lakh Tonne 4.15 Lakh Tonne 14,063 Tonne 0.34 Lakh Tonne

YoY Sales
Volume 89% 43% 20% (51%)

QoQ Sales
Volume
9% 164% 0% (48%)

Average/Tonne
Realization
₹6,783/- ₹2,407/- ₹69,977/- ₹40,318/-**

QoQ Change
in Realizations
(18%) (18%) (7%) (6%)

Realization Remarks Decrease Decrease Marginal Decrease Marginal Decrease

sandurgroup.com
Sales Volumes
Remarks
Significant Significant Increase Decrease in Sale Volume
Increase Increase in Contract Mfg. Volume
Increase
*Excludes production under contract manufacturing of 0.85 Lakh tonnes during the quarter.
**Excludes conversion & screening income under contract manufacturing of ₹19.15 Crore during the quarter.
 Q 3F Y 23 PE RF O RM ANC E HIG HL IG HT S 14

Q3FY23 Segment Highlights

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

1.00 10,766 12,000 6.00 3,990 4,500

0.86 3,726 4.98
3,268 4,000
8,764 8,639 8,276 10,000 5.00
0.80 2,953 4.15 3,500
6,783 2,407
8,000 4.00 3,000
0.60 0.74 0.71 2.90
0.68 0.69 0.47 4.05 4.10 4.05 2,500
0.43 6,000 3.00
0.70 3.50 4.05 2,000
0.40
0.25 4,000 2.00 1.57 1,500
1.00 1,000
0.20 2,000 1.00
0.06 500
0.00 0 0.00 0
Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23

Production Sales Realisations Production Sales Realisations

FERROALLOYS OPERATIONAL PERFORMANCE COKE OPERATIONAL PERFORMANCE

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

18,000 92,105 93,885 89,318 1,00,000 1.20 60,000

50,694
16,000 74,845 69,977
15,174 43,025
14,000 15,945 14,050 14,063 80,000 1.00 39,272 40,318 50,000
15,360 11,764 1.03 1.01
12,000 10,455 0.80
34,938 40,000
15,254
12,546 60,000 0.85 0.83
10,000 11,768 0.75
0.60 30,000
8,000 0.68 0.66 0.65
40,000
6,000 0.40 20,000
4,000 20,000 0.20 0.36 0.34 10,000
2,000
0 0 0.00 -

sandurgroup.com
Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23

Production Sales Realisations Production Sales Realisations

Note: Coke Production Data excludes production under contract manufacturing of 0.85 Lakh tonnes during the quarter.
Realisations exclude conversion & screening income under contract manufacturing of ₹19.15 Crore during the quarter.
Q 3F Y 23 PE RF O RM ANC E HIG HL IG HT S 15

Q3FY23 Financial Highlights

EARNINGS PRESENTATION
(₹ in Crore)

Total Income EBITDA PAT Capital

Structure
400
Total Income

Growth (YoY) (20%) (60%) (62%)

Growth (QoQ) (19%) 49% 88% 79

EBITDA

Margin 20% 10%

41
PAT
Margins
Expansion/
(1,994 bps) (1,153 bps)
(Contraction)
(YoY)

1,760

sandurgroup.com
Shareholders Funds
Gross Debt/Equity 0.15
9 M F Y 2 3 PE RF O RM ANC E HIG HL IG HT S 16

9MFY23 Financial Highlights

EARNINGS PRESENTATION
(₹ in Crore)

Total Income EBITDA PAT Capital

Structure
1,560
Total Income

Growth (YoY) 0.3% (74%) (78%)

Margin 13% 6% 200

EBITDA

Margins
Expansion/
(3,704 bps) (2,205 bps)
(Contraction)
(YoY) 97
PAT

Gross Debt/Equity 0.15

1,760

sandurgroup.com
Shareholders Funds
Q 3F Y 23 PE RF O RM ANC E HIG HL IG HT S
Q3FY23 Management Commentary
Progressing well on
Phase 2 CAPEX of DI
Pipe & Pig Iron project.
BAHIRJI A. GHORPADE
M A N A G IN G DIR EC T OR
Mining
As communicated earlier, we have increased
offering our mined ore from Q3 onwards. While
we have witnessed a quarter-on-quarter
increase in sale of mining volumes, for both
manganese ore & iron ore, we haven't cleared
all our inventories from the previous quarters.
We are confident of completing the sale of all
the stocks in the coming quarter so as to meet
our annual targets. On the realisation front,
there was compression in both the products, in
line with the global pricing trends.
Mining Expansion
On the mining expansion front, post a
successful public hearing in December 2022
and subsequent recommendation of the
proposal by the Expert Advisory Committee, the
Company is expecting Environment Clearance
soon. Once all approvals are in place, we can
proceed with the beneficiation project as well.
Ferroalloys
On the ferroalloys front, we witnessed further
compression in realisations and consequently
profitability margins due to industry-wide
decrease in realisations of silicomanganese. The
continued adverse conditions of the steel
manufacturing industry have trickled down to
the ferroalloys industry as well. The Company is
attempting to curtail the impact on realisations
by optimising the product-mix, to the extent
possible.
17
EARNINGS PRESENTATION
As far as the expansion of this segment goes,
we are on track to complete furnace
refurbishment before the end of this financial
year. On the power front, we are expecting
offtake from our renewable power project from
April onwards. Post commissioning, we will be
able to effectively utilise our 95,000/ 1,25,000
TPA (SiMn/ FeMn) capacity.
Coke and Energy
After a particularly challenging H1, we have
witnessed a marginal comeback in this segment
in Q3. Some portion of higher-cost inventories
have partly affected our performance in Q3 as
well, however almost all the high-cost inventory
has been cleared now and fresh procurement is
at competitive rates. We have reduced our
exposure to Coke volatility with higher
production under contract manufacturing
arrangements during the quarter. Going
forward as well the Company will keep an
optimum mix of direct sales and contract
manufacturing arrangements.
Phase 2 CAPEX
DI Pipe & Pig Iron
After initial ground breaking, site preparation
and levelling works at the project site, the
sandurgroup.com
Company has commenced placing orders for
procurement of equipment. With all major
approvals in place, we are positively
progressing as per the plan.
Q 3F Y 23 PE RF O RM ANC E HIG HL IG HT S 18

Corporate Information

EARNINGS PRESENTATION
SHAREHOLDING SUMMARY
(IN %)

25.63
Public

Current Market Price ₹970

52 Week High/Low ₹1,700/655

Market Capitalization ₹2,620 Cr

74.37 Shares Outstanding 2.70 Cr

Promoters

sandurgroup.com
BSE Scrip Code 504918
Shareholding Data as on 31 December 2022 Market Price Data as on 9 February 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”, “SMIORE”), has been prepared solely for information purposes and do not constitute any
offer, recommendation or invitation to purchase or subscribe for 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
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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-

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INVESTOR RELATIONS ADVISOR
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