Sandur Manganese

While QOQ the result looks very bad, with this industry one has to compare YoY (along with other factors):

1. Ferro alloys are going through a major slump as GPIL itself mentioned.
2. Coking and thermal coal prices are spiraling down

Earnings driver for Sandur is majorly going to come from how they deliver with the expanded mining capacity, with their mining licenses due for expiry within 7 years (in 2030).
Once 2030 comes they have to participate in the auction and bid for any renewal and it’s pretty sure with the 2020 mining auction rule changes, the royalty and other terms will be drastically non-remunerative compared to their current mining license.