(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 / 88 8 February 2024

BSE Limited National Stock Exchange of India Limited

Phiroze Jeejeebhoy Towers Exchange Plaza, C-1, Block G
Dalal Street Bandra-Kurla Complex
Mumbai – 400 001 Mumbai – 400 051
Scrip Code: 504918 Symbol: SANDUMA

Dear Sir/ Madam,

Sub: Investor Presentation for the quarter and nine months ended 31 December 2023

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 for the quarter and nine months ended 31 December 2023.

The Exchanges are requested to kindly take the same on record.

Thank you

for The Sandur Manganese & Iron Ores Limited

MOHAMMED Digitally signed by
MOHAMMED ABDUL
ABDUL SALEEM
Date: 2024.02.08
SALEEM 21:36:41 +05'30'

Mohammed Abdul Saleem

Whole Time Director, Company Secretary &
Compliance Officer
ICSI Membership No. F5218

Encl: A/a

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, Vijayanagara District
Tel: +91 8394 244450 / 244335
 THE SANDUR MANGANESE &
IRON ORES LIMITED

Q3FY24
TOWARDS AN
INTEGRATED AND
SUSTAINABLE
FUTURE

Earnings Presentation
FEBRUARY 2024
ABO U T S AND U R

Sandur at a Glance

EARNINGS PRESENTATION
7 decades 3rd Largest A/ Positive 2,569*
As one of the most respected private sector Manganese CRISIL RATED SANDUR family
merchant miners of manganese and iron ores ore miner in India Robust credit rating members

sandurgroup.com
VAST MINING RESERVES WITH LEASES UP TO 2033

17 MT 110 MT
Manganese Ore Iron Ore

CURRENT CAPACITIES

0.46 MTPA 3.81 MTPA 0.50 MTPA 32 MW 42.9 MW 95,000/1,25,000 TPA

Manganese Ore Iron Ore Coke WHRB-based Power Solar-Wind Renewable Energy Ferroalloys (SiMn/ FeMn)

*As on 31 December 2023

2
 Mining Leases
ABO U T S AND U R
(Deogiri, Kammathuru,
Subbarayanahalli and Ramghad)
Operational Units

EARNINGS PRESENTATION
Ferroalloy Plant, Power Plant,
Coke Oven Plant (Vyasankere)
EVOLUTION OF THE LEASE AREA OVER TIME
Ballari and Vijayanagara Districts,
Karnataka

1994

3,215 HA

sandurgroup.com
Ramghad Second Renewal
1973
Bengaluru Area Surrendered:
1993
Corporate ~2,800 HA Area Surrendered:
Office ~1,500 HA

1904

7,511 HA
Original Lease

1974 Yeshwant 2014

4,715 HA Nagar Deogiri 1,999 HA
First Renewal Third Renewal
SANDUR
Registered Office

Map not to scale

3
ABO U T S AND U R

Transforming Business Canvas

EARNINGS PRESENTATION
Mining Ferroalloys Coke and Energy Others

MINING FERROALLOYS POWER COKE AND ENERGY TRAITS

FY20 AND BEFORE

REVENUE CONTRIBUTION PBT CONTRIBUTION
FY18-20 (%) FY18-20 (%)
Asset light,
cash generating
mining operations
coupled with
marginally-profitable
32 MW power-intensive
72 ferroalloys
Thermal Power
operations

sandurgroup.com
Plant 98
1.60 MTPA 0.28 MTPA 32,000 TPA
Iron Ore Manganese Ore Ferroalloys 26 2 2

REVENUE CONTRIBUTION (%) PBT CONTRIBUTION (%)

Asset light,
cash generating
mining operations
coupled with self

FY21
sustainable and
profitable ferroalloys
69 operations supported
32 MW
0.40 WHRB 87 by Coke + WHRB
1.60 MTPA 0.28 MTPA 48,000/ 66,000 TPA MTPA Based based power
Iron Ore Manganese Ore Ferroalloys (Si/Mn) Coke Energy 17 14 9 4 generation

32 MW
WHRB REVENUE CONTRIBUTION (%) PBT CONTRIBUTION (%)
Based
Energy

FY22
0.50
43 37 52 28
1.60 MTPA 0.28 MTPA 95,000/ 1,25,000 TPA MTPA
Iron Ore Manganese Ore Ferroalloys (Si/Mn) Coke 20 20

4
ABO U T S AND U R

Transforming Business Canvas (Going Forward)

EARNINGS PRESENTATION
Mining Ferroalloys Coke and Energy

MINING FERROALLOYS POWER COKE AND ENERGY TRAITS

REVENUE CONTRIBUTION (%) PBT CONTRIBUTION (%)

FY23
32 MW
0.28 0.50 WHRB 77
50 32

sandurgroup.com
1.60 MTPA MTPA 95,000/ 1,25,000 TPA MTPA Based
Iron Ore Manganese Ferroalloys (Si/Mn)* Coke Energy 18 15 8
Ore

SANDUR has set up

a hybrid renewable

EXPANSION
energy plant (42.9
MW) in a SPV to Further expansion of mining
cater the growing operations
energy needs of its 32 MW
7.00 MTPA 0.58 Ferroalloys 0.50 WHRB
Beneficiation 4.50 MTPA MTPA Based
operations. MTPA
Unit Iron Ore Manganese Coke Energy
Ore

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

& profitable

TRAITS
• Cost-efficient operations • Mitigates sustainability concerns
resulting in high OPM and ferroalloys as a pure-play merchant miner
significant operating-leverage operations
• Forward integration into
• Generating consistent Cash value-added end-products
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.
5
ABO U T S AND U R

Improving Profit Profile

EARNINGS PRESENTATION
Mining Ferroalloys Coke and Energy

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

₹ 230
Crore

sandurgroup.com
98% 2%

FY21

₹ 296
Crore
87% 9% 4%

FY22

₹ 996 Multifold increase

Crore in absolute PBT
52% 28% 20%

FY23

₹ 399 Diversification
Crore in profit profile of the Company
77% 15% 8%

*Arithmetic Average FY18-20 | Note – PBT excludes finance costs and unallocable expenses/income
6
ABO U T S AND U R

Values that Drive Us

EARNINGS PRESENTATION
SANDUR is run by the ethos M.Y.
GHORPADE
“All that we get (earn) from the soil of
Sandur in one form or the other should be
primarily used to benefit Sandur“ Sandur Kushala Kala Kendra supported by the Company has created a
Guinness World Record for the 'Largest Display of Lambani Items' on 10 July
2023 at Hampi during the G20 Summit
Values

sandurgroup.com
Scientific Mining & Sustainable Operations Some of SANDUR’s successful
Employee Welfare Programs
Environment Preservation & Community Development
Food Security
A food package for a family of 5 costs ₹ 145 against actual cost of
Employee Welfare & Development ~₹4,340, balance being absorbed by the Company.

Subsidized LPG Cylinder

Adherence to Highest Corporate Governance Standards SANDUR provides subsidised LPG cylinders to a large subset of its
employees with a 90% subsidy to prevent them from cutting trees for fuel.

Housing Loan Subsidy

Awards and Recognitions Interest subsidy on housing loans availed by employees.

Awarded 5-STAR rating by the
Government of India every year
since the introduction of
Sustainable Development
Framework (SDF)
Other prestigious awards include National Safety Award
(Mines) from the Government of India, prizes secured
during competitions held by Mines Safety Association
Karnataka, prizes secured during competitions held by
Mines Environment & Mineral Conservation
Association, among others.
Pension
Lifetime pension to certain long-standing employees.
Other
Includes cloth subsidy, marriage & festival gifts, medical care, sickness
benefits, education & training facilities, housing & electricity, and many more.

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BU S INE S S VE RT IC AL S RE VIE W

Mining –

EARNINGS PRESENTATION
our mainstay
MANGANESE ORE
MINING OPERATIONS
(MTPA)

• Mining manganese and iron ores

from two mining leases located in 0.28 0.28 0.28
0.28 0.28
Sandur (Karnataka) 0.26
0.22 0.21
0.20
• Fully-mechanized iron ore mining 0.20
contributing to higher margins

• Semi-mechanized, labour-intensive

sandurgroup.com
manganese ore mining with relatively
lower margins but generating large FY19 FY20 FY21 FY22 FY23
scale employment opportunities
Production Sales
• Mining operations with one of the
best operating metrics & track
record in the Industry
IRON ORE
• Mining operations conducted with utmost MINING OPERATIONS
respect for environment and adherence (MTPA)
to regulatory norms of authorities

1.58 1.59 1.60 1.57 1.60

Capacity
1.59 1.60
1.58
1.55

Enhancement 1.49

Capacity already enhanced for manganese ore

production from 0.28 MTPA to 0.46 MTPA, and
further proposed to increase to 0.58 MTPA. Similarly,
iron ore production capacity has been enhanced FY19 FY20 FY21 FY22 FY23
from 1.60 MTPA to 3.81 MTPA, and further proposed
to increase to 4.50 MTPA. All of the proposed Production Sales
expansions are duly complying with the parameters
prescribed by the Hon’ble Supreme Court.
8
BU S INE S S VE RT IC AL S RE VIE W CAPACITIES

Ferroalloys –

EARNINGS PRESENTATION
FY22 Onwards

new and improved 95,000/

1,25,000 TPA
Turnaround of ferroalloys operations in FY21 Achieved a shift towards a cleaner source of (SiMn/FeMn)*
through feasible power generation energy such as Waste Heat & Green Energy
against previously used coal-based energy
FY21
The combination of Coke Oven Plant and
WHRB generates power as a by-product, thus
Effective power generation
cost was reduced significantly post
48,000/
leading to substantial savings by eliminating commissioning of WHRB & further setup of 66,000 TPA

sandurgroup.com
the need for thermal coal hybrid renewable energy plant
(SiMn/FeMn)

FERROALLOYS Key products FY20

OPERATIONS
Silicomanganese and Ferromanganese 32,000 TPA
(MTPA)

54,698 57,338
36,265
32,254
53,114 55,174
20,544
37,523
32,669
19,292

*Note – Existing capacities are used primarily

to produce SiMn/FeMn, hence capacity
FY19 FY20 FY21 FY22 FY23 calculations are as per SiMn/FeMn. However,
the Company plans to add new products, hence
Production Sales actual capacities may differ as per the product-
mix.
9
BU S INE S S VE RT IC AL S RE VIE W

Coke and Energy –

EARNINGS PRESENTATION
strengthening operations

0.5 MTPA March 2018

4 Batteries with a cumulative Started expansion work
capacity of 0.5 MTPA

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

18 January 2021
Fully commissioned Coke Oven

10
C O NC L U S IO N

Investment Rationale

EARNINGS PRESENTATION
Stable & Growing Company
Cash Flows With a Heart
Through long-standing
Adhering to the highest standards of
mining operations
corporate governance and sustainability

sandurgroup.com
Strong Disciplined
Balance Sheet Capital Allocation
Guided by strong parentage
With net-debt free
status, supported by
surplus liquidity

New and Improved

Emerging Ferroalloys
Integrated Player Operations, contributing meaningfully
Merchant miner to hot metal & value-added products to financial performance
manufacturer, to enjoy benefits of higher conversion and margins

11
 F INANC IAL S RE VIE W

Key Performance Indicators

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

2,249 915
2,126
44%
38% 675
34%
32%
1,009 359
702 747 21% 250 271
592 219
451 142 175 147 154
289

sandurgroup.com
233 201

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)

2,500
2,124
60% 1,797 60% 0.49
1,326
2,000
1,940 50%
0.37
1,362 40% 51% 40%
1,500 1,248 48% 916
19%
30% 772 0.19
1,000 18% 633
701 15% 20% 15% 20% 0.11
23% 19%
500
33% 10% 17%
0.00
- 0% 0%
FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23

CAPITAL EMPLOYED ROCE AVG. EQUITY ROE DEBT TO EQUITY

12
Q 3F Y 24 PE RF O RM ANC E HIG HL IG HT S

Q3FY24 Operational Highlights

EARNINGS PRESENTATION
MANGANESE ORE IRON ORE FERROALLOYS COKE

Production 0.73 Lakh Tonne 3.95 Lakh Tonne 6,344 Tonne 3,722 Tonne*

sandurgroup.com
Sales 0.40 Lakh Tonne 1.48 Lakh Tonne 4,363 Tonne 6,174 Tonne

YoY Sales
Volume (16%) (64%) (69%) (82%)

QoQ Sales
Volume (23%) (57%) 616% 68%

Average/Tonne
Realization
₹8,147/- ₹4,337/- ₹59,234/- ₹35,550/-**

QoQ Change
in Realizations
9% 21% (14%) 2%

Realization
Remarks Marginal Increase Significant Increase Marginal Decrease Flattish

Sales Volumes
Decrease on both Significant decrease on Significant decrease on YoY & Significant decrease on YoY &
Remarks
YoY & QoQ YoY & QoQ Significant increase on QoQ Significant increase on QoQ

*Excludes production under contract manufacturing of 0.37 Lakh tonnes during the quarter.
**Excludes conversion & screening income under contract manufacturing of ₹ 6.26 Crore during the quarter. 13
 Q 3F Y 24 PE RF O RM ANC E HIG HL IG HT S

Q3FY24 Segment Highlights

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

1.20 7,897 10,000 10.00 4,337 5,000

8,147
6,952 7,449 3,578
1.00 6,783 8,000 8.00 3,132 3,375 4,000
9.12
0.80 2,407
1.00 6,000 6.00 3,000
0.60
4,000 4.00 2,000
0.40 0.52 4.52
0.47 4.15
0.40 2,000 2.00 3.40 1,000

sandurgroup.com
0.20 0.70 0.70 0.72 0.36 0.72 0.73 4.05 3.80 4.05 4.05 3.95 1.48
0.00 0 0.00 0
Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24

Production Sales Realisations Production Sales Realisations

FERROALLOYS OPERATIONAL PERFORMANCE COKE OPERATIONAL PERFORMANCE

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

20,000 70,670 70,362 75,000 0.50 42,000

69,977 40,318
69,269 37,269
15,000
70,000 0.40 35,309 40,000
16,606
14,063 65,000 0.30 38,000
10,000 59,234 0.34 0.34 35,550
60,000 0.20 0.31 34,827 36,000
5,000 6,937 55,000 0.10 34,000
15,254 14,371 8,196 7,193 6,344 4,363 0.36 0.39 0.30 0.14 0.04 0.04 0.06
609
0 50,000 0.00 32,000
Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24

Production Sales Realisations Production Sales Realisations

Coke production excludes production under contract manufacturing of 0.37 Lakh tonnes during the quarter.
Coke realizations excludes conversion & screening income under contract manufacturing of ₹ 6.26 Crore during the quarter.

14
Q 3F Y 24 PE RF O RM ANC E HIG HL IG HT S

Q3FY24 Financial Highlights

EARNINGS PRESENTATION
Capital
Total Income EBITDA PAT
Structure

Growth (YoY) (58%) (59%) (77%)

sandurgroup.com
Growth (QoQ) (17%) (41%) (64%)

Margin 19% 6%
₹ 168 Crore ₹ 32 Crore
Total Income EBITDA
Margins Expansion/
(Contraction) (YoY) (50 bps) (459 bps)
₹ 10 Crore ₹ 1,994 Crore
PAT Shareholders Funds
Gross Debt/Equity 0.07

15
9 M F Y 2 4 PE RF O RM ANC E HIG HL IG HT S

9MFY24 Financial Highlights

EARNINGS PRESENTATION
Capital
Total Income EBITDA PAT
Structure

Growth (YoY) (52%) (18%) (22%)

sandurgroup.com
Margin 22% 10%

Margins Expansion/
897 bps 387 bps
₹ 751 Crore ₹ 164 Crore (Contraction) (YoY)

Total Income EBITDA

Gross Debt/Equity 0.07

₹ 76 Crore ₹ 1,994 Crore
PAT Shareholders Funds

16
Q 3F Y 24 PE RF O RM ANC E HIG HL IG HT S

Management Commentary

Mining
The production of both manganese and
iron ores has remained in line with our
quarterly production trends. Sales volume
In a significant for iron ore has been lower in Q3, as the
Company was strategically exploring
milestone, we have opportunities to export the iron ore which
commenced the would fetch better realisation. In a
significant milestone, the Company has
export of iron ore.
(Expansion) on 4 September 2023 from
Karnataka State Pollution Control Board
(KSPCB) for enhancement in manganese
and iron ore production and setting up a
beneficiation plant along with Downhill
Conveyor System (DCS), the Company has
on 2 February 2024 received Consent For
Operation (CFO) from KSPCB for
enhancement in manganese ore
EARNINGS PRESENTATION
Ferroalloys
Tepid demand scenario continues in the
ferroalloy industry coupled with a further
decline in realisations during Q3. Market
fluctuations continue to be the primary
headwind for the ferroalloy industry.
However, for the Company, volumes have
witnessed a recovery on both YOY and QOQ
basis. We are hopeful of a better demand

commenced its first export order in Q4FY24
and has already moved some more
BAHIRJI A. GHORPADE inventory to the port for further export
MANAGING DIRECTOR
shipments. We have been evaluating
opportunities in export markets ever since
the Hon’ble Supreme Court lifted export
restrictions on iron ore from Karnataka in
May 2022. However, the markets were not
favourable for exports earlier.
Realisations for both manganese and iron
ores have been on a rise with higher
appreciation being witnessed in iron ore
realisations during Q3. Overall, the mining
segment continues to be the bedrock of
our profitability.
Mining Expansion
Subsequent to receiving Environmental
Clearance on 25 April 2023 from Ministry
of Environment, Forest & Climate Change
(MoEFCC) and Consent for Establishment
sandurgroup.com
production from 0.286 to 0.46 Million scenario in the coming financial year.
Tonnes Per Annum (MTPA) and iron ore
production from 1.60 to 3.81 MTPA.
All the requisite statutory approvals
obtained by the Company have now been
placed before the Monitoring Committee
constituted by the Hon’ble Supreme Court,
seeking Maximum Permissible Annual
Production limits for undertaking enhanced
level of production.
Coke and Energy
Volatility in the coking coal segment
continues with fluctuations in pricing of raw
materials. Continuing with its cautious
stance in this segment, the Company has
curtailed volumes in this segment. Higher
volumes have been registered under
contract manufacturing arrangements
during the quarter, thus limiting exposure
to market price fluctuations whilst
maintaining production levels.
17
Q 3F Y 24 PE RF O RM ANC E HIG HL IG HT S

Corporate Information

EARNINGS PRESENTATION
SHAREHOLDING SUMMARY
(IN %)
₹547
Current Market Price

25.78

sandurgroup.com
Public
₹613/142 ₹8,860 Cr
52 Week High/Low Market Capitalization

16.20 Cr 504918 SANDUMA

Shares Outstanding BSE Scrip Code NSE Scrip Code

74.22
Promoters

Shareholding Data as on 31 December 2023 Market Price Data (BSE) as on 8 February 2024
18
 Safe Harbor

EARNINGS PRESENTATION
THE SANDUR MANGANESE & IRON ORES LIMITED

THE SANDUR MANGANESE &

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.

Get in touch This document has been prepared by the Company based on information and data which the Company

sandurgroup.com
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
reasonableness of the contents of this Document. This Document may not be all inclusive and may not
MOHAMMED ABDUL SALEEM contain all of the information that you may consider material. Any liability in respect of the contents of,
WHOLE TIME DIRECTOR, or 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
secretarial@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
SAYAM POKHARNA and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and
INVESTOR RELATIONS ADVISOR uncertainties include, but are not limited to, the performance of the Indian economy and of the
TIL ADVISORS PRIVATE LIMITED economies of various international markets, the performance of the industry in India and world-wide,
sayam@theinvestmentlab.in competition, the Company’s ability to successfully implement its strategy, the Company’s future levels of
+91 94266 60791 growth and expansion, technological implementation, changes and advancements, changes in revenue,
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
DIWAKAR PINGLE materially and adversely from results expressed in or implied by this Document. The Company assumes
INVESTOR RELATIONS ADVISOR no obligation to update any forward-looking information contained in this Document. Any forward-
ERNST & YOUNG LLP looking statements and projections made by third parties included in this Document are not adopted by
diwakar.pingle@in.ey.com the Company and the Company is not responsible for such third-party statements and projections.

19