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Sandur Manganese & Iron Ores Gains 15.35% After Q4 Results

18 May 20232 mins read by Angel One
Company regains momentum after a period of market volatility showed 322% increase in QoQ net sales and recommended dividend.
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Results for Q4FY23 and year end were declared by Sandur Manganese & Iron Ores Ltd.

In comparison to the same quarter last year, the company’s net profit for the fourth quarter that ended on March 31, 2023, declined by 26.13% to Rs 173.97 crore from Rs 235.52 crore on a standalone basis. In Q4FY23, the company’s total revenue declined by 14.30% to Rs 624.27 crore from Rs 728.46 crore in the similar quarter the year prior.

In comparison to the last quarter, the company’s net profit for the fourth quarter that ended on March 31, 2023, increased by 321.85% to Rs 173.97 crore from Rs 41.24 crore on a standalone basis. In Q4FY23, the company’s total revenue climbed by 56.03% to Rs 624.27 crore from Rs 400.09 crore in the last quarter Q3FY23.

The primary cause of the decline in sales and net profit year-over-year can be attributed to the market’s volatility, influenced by various geopolitical events. However, there are signs of improved stability in the market, as reflected in the quarter-over-quarter results.

The company reported 59.87% decrease in net profit for the year ended March 31, 2023, from Rs 675.11 crore to Rs 270.91 crore on standalone basis. When compared to the year ended March 31, 2022, the company’s total revenue declined by 4.35% reaching Rs 2184.65 crore as compared to Rs 2283.97 crore for the year ended March 31, 2022.

A dividend of Rs 5 per equity share with a face value of Rs 10 was also recommended by the company’s board of directors for the fiscal year ending March 31, 2023. If approved by the company’s shareholders, in the forthcoming Annual General Meeting.

In yesterday’s trading session it closed at Rs 1222.35 and today it opened at Rs 1325 and currently it is trading at opened priced, up by 8.40%. As of now 1,05,554 shares were traded over the counter at BSE. In today’s trading session it went high till Rs 1410 which is up by 15.35% and had low of Rs 1320.

Sandur Manganese & Iron Ores (SMIORE) is involved in mining of low phosphorous manganese and iron ore. It is the fifth-largest iron ore miner in Karnataka and the largest private miner of manganese ore in India.

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