GRM Overseas Ltd

About [ edit ]

GRM Overseas Limited is an India-based company engaged in the business of manufacturing and trading of rice.

  • Market Cap 768 Cr.
  • Current Price 1,950
  • High / Low 2,030 / 124
  • Stock P/E 15.6
  • Book Value 306
  • Dividend Yield 1.03 %
  • ROCE 17.0 %
  • ROE 42.7 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company has delivered good profit growth of 50.91% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 32.81%

Cons

  • Stock is trading at 6.38 times its book value
  • Promoter holding has decreased over last quarter: -2.13%
  • The company has delivered a poor sales growth of 5.39% over past five years.
  • Company might be capitalizing the interest cost
  • Debtor days have increased from 100.54 to 134.91 days.

Peer comparison

Sector: FMCG Industry: Food - Processing - Indian

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
251.54 255.94 138.99 205.28 470.43 316.16 139.93 108.70 201.73 118.22 171.22 206.24
231.23 245.28 131.98 197.65 455.25 304.37 133.06 101.69 175.32 106.76 150.84 192.24
Operating Profit 20.31 10.66 7.01 7.63 15.18 11.79 6.87 7.01 26.41 11.46 20.38 14.00
OPM % 8.07% 4.17% 5.04% 3.72% 3.23% 3.73% 4.91% 6.45% 13.09% 9.69% 11.90% 6.79%
Other Income 0.00 0.00 0.24 0.96 0.25 0.09 0.24 0.25 12.24 0.04 0.30 0.43
Interest 10.36 3.85 0.92 1.99 9.08 3.07 1.35 1.47 8.59 3.29 2.54 2.75
Depreciation 0.48 0.50 0.51 0.44 0.70 0.54 0.70 0.66 1.01 0.73 0.69 0.69
Profit before tax 9.47 6.31 5.82 6.16 5.65 8.27 5.06 5.13 29.05 7.48 17.45 10.99
Tax % 40.44% 29.95% 30.41% 44.81% 43.19% 34.95% 9.49% 25.34% 22.99% 25.13% 25.16% 25.75%
Net Profit 5.63 4.41 4.04 3.40 3.21 5.38 4.58 3.83 22.38 5.59 13.06 8.15
EPS in Rs 15.26 11.95 10.95 9.22 8.70 14.58 12.41 10.38 60.66 15.15 35.40 22.09

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
258 276 170 237 270 422 568 355 591 924 1,068 739 697
249 265 163 225 258 406 544 341 571 889 1,026 687 625
Operating Profit 9 10 7 12 12 16 24 14 20 35 42 52 72
OPM % 3% 4% 4% 5% 4% 4% 4% 4% 3% 4% 4% 7% 10%
Other Income 0 -0 0 -0 0 -0 -0 0 -0 0 1 13 13
Interest 3 3 4 7 7 7 14 9 10 15 16 14 17
Depreciation 1 1 1 1 1 1 2 2 2 2 2 3 3
Profit before tax 5 6 2 4 4 7 8 3 8 18 25 48 65
Tax % 35% 35% 34% 33% 33% 33% 42% 34% 34% 35% 35% 24%
Net Profit 3 4 2 2 3 5 5 2 6 12 16 36 49
EPS in Rs 8.84 9.97 4.34 6.48 7.53 13.09 12.39 5.56 15.15 31.66 44.04 98.01 133.30
Dividend Payout % 23% 20% 23% 31% 27% 15% 0% 0% 0% 16% 11% 5%
Compounded Sales Growth
10 Years:10%
5 Years:5%
3 Years:8%
TTM:-33%
Compounded Profit Growth
10 Years:26%
5 Years:51%
3 Years:86%
TTM:189%
Stock Price CAGR
10 Years:51%
5 Years:111%
3 Years:101%
1 Year:1034%
Return on Equity
10 Years:22%
5 Years:27%
3 Years:33%
Last Year:43%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
4 4 4 4 4 4 4 4 4 4 4 4 4
Reserves 18 22 19 20 22 26 31 33 38 50 64 98 117
Borrowings 38 66 73 78 99 143 155 132 198 292 348 210 134
9 13 11 11 11 38 55 15 59 64 62 60 50
Total Liabilities 69 104 107 113 136 211 244 183 299 410 478 372 305
22 24 18 18 18 22 22 21 21 21 31 37 36
CWIP 0 0 0 0 0 0 0 0 0 0 3 0 0
Investments 0 0 0 0 0 0 0 0 0 1 1 1 2
47 81 89 95 118 189 222 162 278 387 442 333 268
Total Assets 69 104 107 113 136 211 244 183 299 410 478 372 305

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
17 -22 -3 6 -14 -26 1 46 -67 -77 -23 161
-9 -2 -0 -1 -0 -5 -3 -1 -2 -3 -15 -6
-9 24 3 -3 13 36 -3 -32 56 78 38 -155
Net Cash Flow -1 1 0 2 -1 5 -5 13 -13 -1 1 0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 14% 12% 6% 11% 10% 10% 12% 7% 9% 11% 10% 17%
Debtor Days 6 14 53 59 96 47 83 85 46 74 93 135
Inventory Turnover 5.36 4.56 2.31 3.54 4.91 4.39 4.63 3.98 3.85 4.03 5.29 5.65

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
73.62 73.62 73.62 73.62 73.62 73.62 73.62 73.62 73.62 73.62 73.62 73.62
3.36 3.36 3.36 3.36 3.36 3.36 3.36 3.36 3.36 3.36 8.18 3.36
2.09 2.45 2.45 2.45 2.45 2.31 2.37 2.40 2.40 2.40 2.40 2.40
20.93 20.57 20.57 20.57 20.57 20.71 20.65 20.62 20.62 20.62 15.80 20.62

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