SANDUMANSE14 February 2025

Sandur Manganese & Iron Ores Limited has informed the Exchange about Investor Presentation

Sandur Manganese & Iron Ores Limited

(An ISO 9001:2015; ISO 14001:2015 and 45001:2018 certified company) CIN:L85110KA1954PLC000759; Website: www.sandurgroup.com

REGISTERED OFFICE ‘SATYALAYA’, No.266 Ward No.1, Palace Road Sandur – 583 119, Ballari District Karnataka, India Tel: +91 8395 260301/ 283173-199 Fax: +91 8395 260473

CORPORATE OFFICE ‘SANDUR HOUSE’, No.9 Bellary Road, Sadashivanagar Bengaluru – 560 080 Karnataka, India Tel: +91 80 4152 0176 - 79 / 4547 3000 Fax: +91 80 4152 0182

SMIORE / SEC / 2024-25 / 96

14 February 2025

BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai - 400 001 Scrip Codes: 504918 & 976135 Symbol: SANDUMA

Dear Sir/ Madam,

National Stock Exchange of India Limited Exchange Plaza, C-1, Block G Bandra-Kurla Complex Mumbai - 400 051 Symbol: SANDUMA

Sub:

Investor Presentation for the quarter and nine months ended 31 December 2024

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 2024.

Stock Exchanges are requested to take the same on record.

Thank you

for The Sandur Manganese & Iron Ores Limited

Neha Thomas Company Secretary & Compliance Officer ICSI Membership No. A60853

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

FORGING A

THE SANDUR MANGANESE & IRON ORES LIMITED NSE: SANDUMA | BSE: 504918 BLOOMBERG: SANDUMA:IN

new path:

Q3FY25 E a r n i n g s P re s e n t a t i o n F E B R U A R Y 2 0 2 5

FROM MINES TO METALS

ABOUT S MIORE

SMIORE at a Glance

7 DECADES

As one of the most respected private sector merchant miners of manganese and iron ores

2nd LARGEST

Manganese ore miner in India

3rd LARGEST

Iron ore miner in Karnataka

A+ (STABLE)

ICRA RATING & CRISIL A/POSITIVE RATED Robust credit rating for term loans, cash credit and debentures

2,777*

SMIORE family members

Vast Mining Reserves with Leases up to 2033

17 MT

Manganese Ore

117 MT

Iron Ore

Current Capacities

0.582 MTPA Manganese Ore

3.81 MTPA Iron Ore

0.50 MTPA Coke

32 MW WHRB-based Power

42.9 MW Solar-Wind Renewable Energy

95,000/1,25,000 TPA Ferroalloys (SiMn/ FeMn)

*As on 31 December 2024

E A R N

N G S

P R E S E N T A T I

O N

s a n d u r g r o u p

. c o m

ABOUT S MIORE

Operational Units

EVOLUTION OF THE LEASE AREA OVER TIME

Bengaluru Corporate Office

1904 7,511 HA Original Lease

1974 4,715 HA First Renewal

Map not to scale

Mining Leases (Deogiri, Kammathuru, Subbarayanahalli and Ramghad)

Ferroalloy Plant, Power Plant, Coke Oven Plant (Vyasankere)

Ballari and Vijayanagara Districts, Karnataka

1994 3,215 HA Second Renewal

E A R N

N G S

P R E S E N T A T I

O N

s a n d u r g r o u p

. c o m

Ramghad

1973 Area Surrendered: ~2,800 HA

1993 Area Surrendered: ~1,500 HA

Yeshwant Nagar

SMIORE Registered Office

Deogiri

2014 1,999 HA Third Renewal

ABOUT S MIORE

Transforming Business Canvas

MINING

FERROALLOYS

POWER

COKE AND ENERGY

1.60 MTPA Iron Ore

0.28 MTPA Manganese Ore

32,000 TPA Ferroalloys

32 MW Thermal Power Plant

1.60 MTPA Iron Ore

0.28 MTPA Manganese Ore

48,000/ 66,000 TPA Ferroalloys (SiMn/FeMn)

0.40 MTPA Coke

32 MW WHRB Based Energy

TRAITS

Mining

Ferroalloys

Coke and Energy

Others

REVENUE CONTRIBUTION FY18-20 (%)

PBT CONTRIBUTION FY18-20 (%)

Asset light, cash generating mining operations coupled with marginally-profitable power-intensive ferroalloys operations

Asset light, cash generating mining operations coupled with self sustainable and profitable ferroalloys operations supported by Coke + WHRB based power generation

REVENUE CONTRIBUTION (%)

PBT CONTRIBUTION (%)

REVENUE CONTRIBUTION (%)

PBT CONTRIBUTION (%)

E R O F E B D N A 0 2 Y F

1 2 Y F

2 2 Y F

1.60 MTPA Iron Ore

0.28 MTPA Manganese Ore

95,000/ 1,25,000 TPA Ferroalloys (SiMn/FeMn)

0.50 MTPA Coke

32 MW WHRB Based Energy

E A R N

N G S

P R E S E N T A T I

O N

s a n d u r g r o u p

. c o m

ABOUT S MIORE

Transforming Business Canvas

MINING

FERROALLOYS

POWER

COKE AND ENERGY

TRAITS

Mining

Ferroalloys

Coke and Energy

1.60 MTPA Iron Ore

0.28 MTPA Manganese Ore

95,000/ 1,25,000 TPA Ferroalloys (SiMn/FeMn)*

0.50 MTPA Coke

32 MW WHRB Based Energy

SMIORE has set up a hybrid renewable energy plant (42.9 MW) in a SPV to cater the growing energy needs of its Ferroalloys operations.

3.81 MTPA Iron Ore

0.46 MTPA Manganese Ore

• Asset-light and high Return on

Capital Employed (ROCE)

• Cost-efficient operations resulting in high Operating Profit Margins (OPM) and significant operating-leverage

• Generating consistent Cash Flows

0.50 MTPA Coke

32 MW WHRB Based Energy

•

Long-term vision of growth

• Mitigates sustainability concerns as a pure-play merchant miner

•

Forward integration into value-added end-products

*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.

REVENUE CONTRIBUTION (%)

PBT CONTRIBUTION (%)

REVENUE CONTRIBUTION (%)

PBT CONTRIBUTION (%)

100

Further expansion of mining operations underway

3 2 Y F

4 2 Y F

S T I A R T

E A R N

N G S

P R E S E N T A T I

O N

s a n d u r g r o u p

. c o m

Some of SMIORE’s Successful Employee Welfare Programs

Food Security: A food package for a family of 5 costs ₹ 145 against actual cost of ~₹4,200, balance being absorbed by the Company.

Subsidized LPG Cylinder: SMIORE 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: Interest subsidy on housing loans availed by employees.

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.

ABOUT S MIORE

Values

that Drive Us

SMIORE is run by the ethos “All that we get (earn) from the soil of Sandur in one form or the other should be primarily used to benefit Sandur“ M . Y . G H O R P A D E

Values

Scientific Mining & Sustainable Operations

Environment Preservation & Community Development

Employee Welfare & Development

Adherence to Highest Corporate Governance Standards

Awards and Recognitions

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.

E A R N

N G S

P R E S E N T A T I

O N

s a n d u r g r o u p

. c o m

BUS IN ES S VERTICALS REVIEW

Mining – Our Mainstay

MANGANESE ORE

0.582 MTPA Capacity

IRON ORE

3.81 MTPA Capacity

Capacity Enhancement

Capacity enhanced for manganese ore production from 0.28 MTPA to 0.46 MTPA, and further to 0.58 MTPA. Similarly, iron ore production capacity has been enhanced from 1.60 MTPA to 3.81 MTPA, and further proposed to increase to 4.36 MTPA. All the proposed expansions are duly complying with the parameters prescribed by the Hon’ble Supreme Court.

• Mining manganese and iron ores from two mining

leases located in Sandur (Karnataka)

• Fully-mechanized iron ore mining contributing

to higher margins

• Semi-mechanized, labour-intensive manganese ore mining with relatively lower margins but generating large scale employment opportunities

• Mining operations with one of the best operating

metrics & track record in the Industry

• Mining operations conducted with utmost respect for environment and adherence to regulatory norms of authorities

M A N G A N E S E O R E M I N I N G O P E R A T I O N S ( M T P A )

0.28

0.22

0.20

0.21

0.20

0.32

0.20

FY20

FY21

FY22

FY23

FY24

Production

Sales

E A R N

N G S

P R E S E N T A T I

O N

s a n d u r g r o u p

. c o m

I R O N O R E M I N I N G O P E R A T I O N S ( M T P A )

1.59

1.55

1.60

1.59

1.57

1.60

1.97

1.58

1.68

FY20

FY21

FY22

FY23

FY24

Production

Sales

BUS IN ES S VERTICALS REVIEW

Ferroalloys – New and Improved

Turnaround of Ferroalloys operations in FY21 through feasible power generation

Achieved a shift towards cleaner sources of energy such as Waste Heat & Green Energy against previously used coal-based energy

The combination of Coke Oven Plant and WHRB generates power as a by-product, thus leading to substantial savings by eliminating the need for thermal coal

Effective power generation cost was reduced significantly post commissioning of WHRB & further setup of hybrid renewable energy plant

F E R R O A L L O Y S O P E R A T I O N S ( T P A )

SiMn

FeMn

95,000/1,25,000 TPA (SiMn/FeMn) Capacity

Key products Silicomanganese and Ferromanganese

54,698

57,338

53,114

55,174

28,694

28,446

36,265

37,523

20,544

19,292

FY20

FY21

FY22

FY23

FY24

Production

Sales

C A P A C I T I E S

FY22 Onwards

95,000/ 1,25,000 TPA (SiMn/FeMn)*

FY21

48,000/ 66,000 TPA (SiMn/FeMn)

FY20

32,000 TPA

*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.

E A R N

N G S

P R E S E N T A T I

O N

s a n d u r g r o u p

. c o m

BUS IN ES S VERTICALS REVIEW

Coke and Energy – Strengthening Operations

0.5 MTPA Coke Oven Plant

32 MW Waste Heat Recovery Boilers (WHRB)

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

March 2018

Started expansion work

18 January 2021

Fully commissioned Coke Oven

E A R N

N G S

P R E S E N T A T I

O N

s a n d u r g r o u p

. c o m

CON CLUS ION

SMIORE in a Nutshell

Strong Balance Sheet Robust balance sheet with moderate leverage

Company With a Heart Adhering to the highest standards of corporate governance and sustainability

Disciplined Capital Allocation Guided by strong parentage

Stable & Growing Cash Flows Through long-standing mining operations

New and Improved Ferroalloys Operations, contributing meaningfully to financial performance

Emerging Integrated Player Merchant miner to hot metal & value-added products manufacturer, to enjoy benefits of higher conversion and margins

Strategic Inorganic Growth Strategic business acquisition of Arjas Steel to accelerate SMIORE’s entry into the steel market, in a niche sub-segment (SBQ steel)

E A R N

N G S

P R E S E N T A T I

O N

s a n d u r g r o u p

. c o m

KEY TRAN S ACTION DETAILS

Strategic Business Acquisition

Strategic business acquisition of Arjas Steel Private Limited (Arjas) by SMIORE Announced on 25 April 2024 & completed on 11 November 2024

~₹ 3,000 Crore EV Arjas has been valued at an Enterprise Value (EV) of ~₹ 3,000 Crore, equity value for the transaction is ~₹ 2,000 Crore

Share Purchase Agreement (SPA)

Bought ~99% equity stake

SPA with an entity affiliated with ADV Partners, an Asia-focused private equity firm

~99% equity capital acquired by SMIORE, making Arjas a material subsidiary

Consideration Pure cash consideration paid by SMIORE

Transaction closure Completed on 11 November 2024

Indirect acquisition Of Arjas Modern Steel Private Limited completed on 11 November 2024

Consolidation of results Consolidation of financial results beginning Q3FY25 (partially), Q4FY25 will be the first complete quarter of consolidation

E A R N

N G S

P R E S E N T A T I

O N

s a n d u r g r o u p

. c o m

ABOUT ARJAS S TEEL

Leading Independent Player in a Specialised Industry

Snapshot

~0.5 MTPA Manufacturing capacity, being expanded further

Production facilities, one each in Andhra Pradesh & Punjab

~950 acres

Enough land bank & infrastructure to expand up to 1 MTPA in future

A speciality steel company focused on high quality auto grade Special Bar Quality (SBQ) steel

Integrated manufacturer from coke, sinter, hot metal & billets, to value-add bars & bright bars

Amongst the top 5 players in this very specialised industry

Manufacturing over 100+ grades with varied applications

20 MW

Captive power capacity (Solar + Waste-Heat)

1,655

Team strength

CRISIL A

Rated CRISIL A/Watch Positive

Marquee OEM clientele (direct & via supply-chain partners)

CV & Off-road

Robust financial profile

Revenue & EBITDA growth and a robust balance sheet

Successful acquisition

Acquired & stabilized Modern Steel (Punjab) into Arjas Modern Steel

E A R N

N G S

P R E S E N T A T I

O N

s a n d u r g r o u p

. c o m

S UPERIOR BUS IN ES S PROFIL E

Strengthening

an Already Robust Business

A quality business

High-quality convertor: SBQ steel has better realisations and margins vis-à-vis commodity steel products

Strategic locations: To cater to auto OEM clusters in both South & North India

Strong entry barriers: Empaneled vendor, after a stringent process, with numerous auto-Original Equipment Manufacturers (OEM) over many years of operations

Focusing on growing non- auto opportunities: Working on product development for non-auto sectors like Railways (already RDSO approved), Energy, EVs & exports

To be strengthened further Highest-possible integration in the industry

SMIORE will aid sourcing of key RM for Arjas

Limited distance between SMIORE-Arjas (~250 km) and both sites are equipped with railway sidings

s r e m o t s u C

To enhance Arjas’ business positioning & cost- competitiveness further

Quality control & dispatch

Value-add processing

Integrated manufacturing facility (Including coke oven, sinter plant and captive power)

E A R N

N G S

P R E S E N T A T I

O N

s a n d u r g r o u p

. c o m

~250 KM Tadipatri, AP

Sandur, KA Vyasanakere, KA

Map not to scale

Iron ore

Transportation

IN VES TMEN T RATION ALE

Rationale for the Acquisition

Acquired a business over an asset

Thriving i.e., superior growth & profitability metrics

Well-managed i.e., seasoned management team & CXOs

Quality facility i.e., technically- advanced facility with good SOPs established by a Brazilian steel major

Accelerates SMIORE’s forward-integration to become a steel company As opposed to a minimum 2-3 years of gestation period for a greenfield project, and further time to get numerous OEM empanelments

Potential for future brownfield investments Sizable land bank & infrastructure to expand up to 1 MTPA, add more products to the portfolio

E A R N

N G S

P R E S E N T A T I

O N

s a n d u r g r o u p

. c o m

MILES TON E S

Recent Milestones

April 2023 • Received

Environmental Clearance for mining expansion from 1.6 to 4.5 MTPA of iron ore

June 2023

• Commissioned 42.9 MW captive hybrid renewable energy project

September 2023

• SMIORE was listed on the National Stock Exchange of India Limited (NSE)

December 2023 • Announced

Bonus Issue of equity shares in the ratio of 5:1

January 2024

• Commenced exports of iron ore after lifting of export restrictions by the Hon’ble Supreme Court in May 2022

• SMIORE crossed $ 1 billion in market capitalization

February 2024 • Received enhanced MPAP of 3.81 MT of iron ore and 0.462 MT of manganese ore from the Monitoring Committee

• ICRA upgraded SMIORE’s credit rating to A+(Stable)

August 2024

• Appointment of new CEO & COO

April 2024 • Announced strategic business acquisition of Arjas Steel Private Limited

October 2024 • Concluded

maiden NCD allotment & its listing on BSE Limited

November 2024 • Closure of strategic business acquisition of Arjas Steel Private Limited

September 2024

• Enhancement in EC for iron ore of 0.216 MTPA at Ramghad mines and received additional Consent for Operation for manganese ore of 0.12 MTPA

January 2025 • Receipt of

approval for enhancement of Permissible Annual Production limit of iron ore to 4.36 MTPA, now Consent for Operation (Expansion) awaited

E A R N

N G S

P R E S E N T A T I

O N

s a n d u r g r o u p

. c o m

FIN AN CIALS REVIEW

Key Performance Indicators (Standalone)

R E V E N U E , E B I T D A ( ₹ I N C R O R E )

E B I T D A M A R G I N S ( I N % )

P B T & P A T ( ₹ I N C R O R E )

2,249

2,126

592

201

747

289

1,009

1,252

451

402

34%

38%

44%

30%

21%

915

675

175

147

250

154

359

271

324

238

FY20

FY21

FY22

FY23

FY24

FY20

FY21

FY22

FY23

FY24

FY20

FY21

FY22

FY23

FY24

REVENUE

EBITDA

EBITDA MARGINS (%)

PBT

PAT

C A P I T A L E M P L O Y E D , R O C E ( ₹ I N C R O R E & I N % )

E Q U I T Y , R O E ( ₹ I N C R O R E & I N % )

G R O S S D E B T T O E Q U I T Y ( I N T I M E S )

2,500

2,000

1,500

1,000

500

1,248

1,362

1,940

48%

2,122

2,298

15%

19%

18%

15%

60% 50% 40% 30% 20% 10% 0%

51%

1,326

2,045

1,797

15%

12%

60%

40%

20%

772

19%

916

17%

FY20

FY21

FY22

FY23

FY24

FY20

FY21

FY22

FY23

FY24

0.49

0.37

0.19

0.11

0.06

FY20

FY21

FY22

FY23

FY24

CAPITAL EMPLOYED

ROCE

AVG. EQUITY

ROE

DEBT TO EQUITY

E A R N

N G S

P R E S E N T A T I

O N

s a n d u r g r o u p

. c o m

Q3FY25 PERFOR M AN C E HIGHLIGHTS

Q3FY25 Operational Highlights

MANGANESE ORE

IRON ORE

FERROALLOYS

COKE

Production

1.13 Lakh Tonne

10.17 Lakh Tonne

7,102 Tonne

0.44 Lakh Tonne

9.83 Lakh Tonne

304 Tonne

10%

135%

₹8,915/-

25%

Increase

564%

62%

₹3,582/-

20%

Increase

(93%)

(95%)

₹64,056/-

(4%)

Flattish

Sales

YoY Sales Volume

QoQ Sales Volume

Average/Tonne Realization

QoQ Change in Realizations

Realization Remarks

Sales Volumes Remarks

Increase in YoY & Significant Increase in QoQ

Significant Increase in YoY & QoQ

Significant Decrease in YoY & QoQ

Significant Increase in YoY & QoQ

13,558 Tonne

30,811 Tonne

399%

354%

₹26,096/-

(13%)

Decrease

E A R N

N G S

P R E S E N T A T I

O N

s a n d u r g r o u p

. c o m

Q3FY25 PERFOR M AN C E HIGHLIGHTS

Q3FY25 Segment Highlights

M A N G A N E S E O R E O P E R A T I O N A L P E R F O R M A N C E ( L a k h T o n n e & ₹ / T o n n e )

I R O N O R E O P E R A T I O N A L P E R F O R M A N C E ( L a k h T o n n e & ₹ / T o n n e )

8,147

8,047

8,530

7,107

0.75

0.67

0.40

8,915

0.44

0.73

0.98

0.85

0.81

0.19

1.13

12.00

10.00

8.00

6.00

4.00

2.00

0.00

4,337

4,746

10.73

3,679

7.40

2,997

6.06

3,582

9.83

3.95

1.48

7.63

8.69

10.91

10.17

Q3FY24

Q4FY24

Q1FY25

Q2FY25

Q3FY25

Q3FY24

Q4FY24

Q1FY25

Q2FY25

Q3FY25

Production

Sales

Realisations

Production

Sales

Realisations

F E R R O A L L O Y S O P E R A T I O N A L P E R F O R M A N C E ( T o n n e & ₹ / T o n n e )

C O K E O P E R A T I O N A L P E R F O R M A N C E ( L a k h T o n n e & ₹ / T o n n e )

69,602

16,538

66,380

64,056

59,234

60,069

9,396

4,363

6,344

6,962

6,464

7,055

7,102

304

5,944

0.35

0.30

0.25

0.20

0.15

0.10

0.05

0.00

35,550

0.30

29,872

0.26

29,869

0.10

29,947

0.31

26,096

0.14

0.04

0.06

0.20

0.28

0.07

Q3FY24

Q4FY24

Q1FY25

Q2FY25

Q3FY25

Q3FY24

Q4FY24

Q1FY25

Q2FY25

Q3FY25

Production

Sales

Realisations

Production

Sales

Realisations

1.20

1.00

0.80

0.60

0.40

0.20

0.00

18,000

16,000

14,000

12,000

10,000

8,000

6,000

4,000

2,000

E A R N

N G S

P R E S E N T A T I

O N

s a n d u r g r o u p

. c o m

ARJAS PERFOR M AN C E REVIEW

Arjas Steel Financial Review

Arjas Steel

Arjas Modern Steel

Pre-Acquisition

Post-Acquisition

(₹ Crore)

Pre-Acquisition

Post-Acquisition

(₹ Crore)

Particulars

FY24

Upto October 2024

November- December 2024

9MFY25

Particulars

FY24

Upto October 2024

November- December 2024

9MFY25

1,696

Revenue

2,019

1,317

EBITDA

208

EBITDA Margin

10%

PBT

PBT Margin

(40)

(3%)

379

14%

112

(17)

(1%)

591

EBITDA

EBITDA Margin

PBT

(14)

PBT Margin

(2%)

355

(19)

(5%)

(0)

(0%)

(9)

(9%)

447

(27)

(6%)

E A R N

N G S

P R E S E N T A T I

O N

s a n d u r g r o u p

. c o m

Q3FY25 PERFOR M AN C E HIGHLIGHTS

Q3FY25 Financial Highlights

Standalone

(In ₹ Crore)

499

Total Income

Growth (YoY)

Growth (QoQ)

Margin

Margins Expansion/ (Contraction) (YoY)

Gross Debt/Equity

Consolidated

(In ₹ Crore)

972

2,445

Shareholders’ Funds

Total Income

210

EBITDA

127

PAT

260

EBITDA

137

PAT

2,456

Shareholders’ Funds

Total Income

EBITDA

PAT

Capital Structure

Total Income

EBITDA

PAT

Capital Structure

197%

75%

550%

236%

42%

1,219%

295%

25%

2,287 bps

1,970 bps

Growth (YoY)

Growth (QoQ)

Margin

Margins Expansion/ (Contraction) (YoY)

0.44

Gross Debt/Equity

477%

240%

700%

315%

27%

1,416%

328%

14%

747 bps

876 bps

0.81

E A R N

N G S

P R E S E N T A T I

O N

s a n d u r g r o u p

. c o m

9MFY25 PERFOR M AN C E HIGHLIGHTS

9MFY25 Financial Highlights

Standalone

(In ₹ Crore)

1,408

Total Income

486

EBITDA

305

PAT

2,445

Shareholders’ Funds

Consolidated

(In ₹ Crore)

1,882

Total Income

537

EBITDA

314

PAT

2,456

Shareholders’ Funds

Total Income

EBITDA

PAT

Capital Structure

Total Income

EBITDA

PAT

Capital Structure

Growth (YoY)

87%

197%

303%

Growth (YoY)

150%

227%

314%

Margin

Margins Expansion/ (Contraction) (YoY)

Gross Debt/Equity

35%

22%

1,274 bps

1,159 bps

Margin

Margins Expansion/ (Contraction) (YoY)

29%

17%

669 bps

661 bps

0.44

Gross Debt/Equity

0.81

E A R N

N G S

P R E S E N T A T I

O N

s a n d u r g r o u p

. c o m

Q3FY25 PERFOR M AN C E HIGHLIGHTS

Management Commentary

Mining

Mining Expansion

After a slow second quarter of mining operations on account of excessive rainfalls in August and September, we have made a comeback in production volumes for both manganese ore and iron ore. Manganese ore production stands noticeably higher at 1.13 lakh tonnes, as we have ramped up our excavation & processing capabilities. Sales couldn't be fully ramped up in Q3 but is expected to increase in the coming quarter. Similarly, iron ore production and sales volume are in line with our new Maximum Permissible Annual Production (MPAP) limits.

Realisations for both the products have witnessed noticeable increase in the third quarter.

Another significant development recently was "The Karnataka (Minerals Rights and Mineral Bearing Land) Tax Bill, 2024" proposed by the state government, which proposed new levies on mining of manganese & iron ores in the state. For the time being, this bill has been returned by the Governor of Karnataka. The Company is closely monitoring the developments on this front and is evaluating the potential impact & appropriate course of action if at all this bill is implemented.

Following the recent receipt of approval for enhancement of Permissible Annual Production limit of iron ore to 4.36 MTPA from the present 3.81 MTPA on 1 January 2025, the Company has applied to receive Consent for Operation (Expansion) from Karnataka State Pollution Control Board. The Company is also seeking other regulatory approvals to operate at the enhanced levels.

Coke and Energy

Volatility in the coking coal market persisted in Q3. However, the business has shown some early signs of revival with the initiative of quantitative restrictions (QR) being in place from 1 January 2025 till end of June 2025. We continue with our cautious stance in this business segment.

Ferroalloys

Ferroalloys performance is partly linked to the volumes in Coke and Energy segment, on account of waste-heat generation. To that extent there has not been an increase in Ferroalloys volumes.

Given the domestic steel industry outlook, the demand & pricing scenario for Ferroalloys was tepid in Q3. Nonetheless, with the recent increase in prices following Q3, we expect to do better volumes in the coming quarter.

Arjas Steel

Post the completion of the strategic business acquisition of Arjas Steel in November 2024, this is the first quarter of partial consolidation of Arjas' financial results with SMIORE. The 9MFY25 period has been tough for the domestic steel industry due to various macro factors. Additionally, Arjas undertook some planned plant shutdowns for ongoing CAPEX projects, leading to overall lower capacity utilization rates. We expect to do better on capacity utilization front in the coming financial year. Additionally, the integration process with Arjas is progressing well: 4 Board appointments on behalf of SMIORE have been made, steady supplies of iron ore from SMIORE have commenced, common functions are being streamlined across both companies, and work is ongoing to maximize the overall synergies between the two companies.

“With mining expansions in place and integration of Arjas steel progressing well, we look forward to drive success and create lasting value in both mining and metal sector “

E A R N

N G S

P R E S E N T A T I

O N

s a n d u r g r o u p

. c o m

Q3FY25 PERFOR M AN C E HIGHLIGHTS

S H A R E H O L D I N G S U M M A R Y ( I N % )

Corporate Information

23.23

Public

2.55

FII + DII

74.22

Promoters

Shareholding Data as on 31 December 2024. Data rounded-off where necessary.

₹345

Current Market Price

₹635/330

52 Week High/Low

₹5,592 CRORE

Market Capitalization

16.20 CRORE

Shares Outstanding

504918

BSE Scrip Code

SANDUMA

NSE Scrip Code

Market Price Data (NSE) as on 14 February 2024

E A R N

N G S

P R E S E N T A T I

O N

s a n d u r g r o u p

. c o m

SafeHarbor

This document which has been prepared by The Sandur Manganese & Iron Ores Limited (the “Company”, “SMIORE”), 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 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 any omission from, this Document is expressly excluded.

Certain matters discussed in this Document may contain statements regarding the Company’s market 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 uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the Company’s ability to successfully implement its strategy, the Company’s future levels of 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 materially and adversely from results expressed in or implied by this Document. The Company assumes no obligation to update any forward-looking information contained in this Document. Any forward-looking statements and projections made by third parties included in this Document are not adopted by the Company and the Company is not responsible for such third-party statements and projections.

THE SANDUR MANGANESE & IRON ORES LIMITED

Get in touch

NEHA THOMAS C O M P A N Y S E C R E T A R Y A N D C O M P L I A N C E O F F I C E R secretarial@sandurgroup.com/ investors@sandurgroup.com

SAYAM POKHARNA I N V E S T O R R E L A T I O N S A D V I S O R T I L A D V I S O R S P R I V A T E L I M I T E D sayam@theinvestmentlab.in +91 94266 60791

DIWAKAR PINGLE I N V E S T O R R E L A T I O N S A D V I S O R E R N S T & Y O U N G L L P diwakar.pingle@in.ey.com

THE SANDUR MANGANESE & IRON ORES LIMITED

← All Transcripts SANDUMA Stock Page →

Sandur Manganese & Iron Ores Limited has informed the Exchange about Investor Presentation

Market Movers