GRP Ltd

GRP Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

GRP Ltd

₹ 6,499 -0.07%
19 Apr 12:35 p.m.
grrpl.com; www.grpweb.com BSE: 509152 NSE : GRPLTD
About

GRP Ltd, established in 1974, is a manufacturer of reclaimed rubber from used tyres, upscaled polyamide from nylon waste and engineered products die-cut from end-of- life tyres. [1]

Key Points

Business Verticals
Reclaim Rubber - It produces high-quality reclaim rubber from end-of-life tires, tread peelings, natural rubber, and butyl tubes, molded rubber products for use in both, tire and non-tire rubber products.
Engineering plastics - It is a sustainable material solution provider for challenging engineering applications. Its sustainable solutions are based on unfilled, and glass-reinforced Polyamide 6, Polyamide 66, and Polybutylene terephthalate. [1]
Polymer composite- It is produced using 100% recycled rubber and plastic. The products are eco-friendly and are stronger and more durable than wood. The products are well suited for application in logistics, construction, oil & gas, aviation, marine, industrial, and agriculture sectors. [2]

Segment Wise Revenue Split
Reclaim Rubber - 91% in FY22 vs 93% in FY21
Other Segments - 9% in FY22 vs 7% in FY21 [3]

Website BSE NSE
  • Market Cap ₹ 864 Cr.
  • Current Price ₹ 6,499
  • High / Low ₹ 6,945 / 2,670
  • Stock P/E 74.1
  • Book Value ₹ 1,143
  • Dividend Yield 0.26 %
  • ROCE 7.37 %
  • ROE 6.83 %
  • Face Value ₹ 10.0
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Pros

  • Company has delivered good profit growth of 60.3% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 21.0%
  • Debtor days have improved from 73.7 to 57.7 days.

Cons

  • Stock is trading at 5.68 times its book value
  • The company has delivered a poor sales growth of 8.53% over past five years.
  • Company has a low return on equity of 4.06% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Plantation & Plantation Products Industry: Miscellaneous

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
84.56 88.22 82.75 100.62 93.31 111.45 123.76 117.27 114.40 95.38 98.95 114.27 109.67
78.00 80.77 78.60 95.21 87.77 103.48 117.73 111.09 107.61 89.28 92.35 103.16 99.14
Operating Profit 6.56 7.45 4.15 5.41 5.54 7.97 6.03 6.18 6.79 6.10 6.60 11.11 10.53
OPM % 7.76% 8.44% 5.02% 5.38% 5.94% 7.15% 4.87% 5.27% 5.94% 6.40% 6.67% 9.72% 9.60%
0.32 1.20 0.29 0.30 0.06 0.50 0.17 5.21 1.84 -1.91 0.56 0.53 0.61
Interest 1.37 0.92 0.92 1.00 1.38 1.19 1.60 1.47 1.61 1.78 1.80 1.84 1.91
Depreciation 3.17 3.06 2.93 2.99 3.15 3.20 3.22 3.25 3.02 2.90 2.70 2.87 3.16
Profit before tax 2.34 4.67 0.59 1.72 1.07 4.08 1.38 6.67 4.00 -0.49 2.66 6.93 6.07
Tax % 29.49% -1.07% 218.64% -97.67% 27.10% 43.14% 20.29% 21.89% 1.50% 93.88% 20.68% 28.57% 23.89%
1.64 4.71 -0.70 3.39 0.78 2.32 1.10 5.20 3.95 -0.02 2.11 4.95 4.62
EPS in Rs 12.30 35.33 -5.25 25.43 5.85 17.40 8.25 39.00 29.63 -0.15 15.83 37.13 34.65
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
244 274 309 339 315 303 299 357 349 280 388 451 418
200 242 273 317 286 277 280 332 330 263 364 426 384
Operating Profit 45 32 36 22 29 27 19 25 19 17 24 25 34
OPM % 18% 12% 12% 7% 9% 9% 6% 7% 5% 6% 6% 6% 8%
5 3 1 8 0 3 1 1 1 2 0 5 -0
Interest 4 6 7 5 4 4 4 5 8 5 4 6 7
Depreciation 7 10 12 15 14 14 13 13 13 13 12 12 12
Profit before tax 38 18 18 11 11 12 2 8 -2 1 7 12 15
Tax % 33% 34% 39% 20% 24% 31% 60% 23% 233% -141% 22% 12%
26 12 11 9 8 8 1 6 3 2 6 10 12
EPS in Rs 192.90 87.83 81.23 66.53 60.15 62.18 7.35 47.85 22.50 12.30 43.35 76.73 87.46
Dividend Payout % 17% 17% 20% 17% 17% 16% 17% 17% 24% 20% 21% 22%
Compounded Sales Growth
10 Years: 5%
5 Years: 9%
3 Years: 9%
TTM: -10%
Compounded Profit Growth
10 Years: -2%
5 Years: 60%
3 Years: 49%
TTM: -7%
Stock Price CAGR
10 Years: 18%
5 Years: 44%
3 Years: 100%
1 Year: 140%
Return on Equity
10 Years: 5%
5 Years: 4%
3 Years: 4%
Last Year: 7%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 1 1 1 1 1 1 1 1 1 1 1 1 1
Reserves 87 96 104 111 118 126 126 132 130 134 139 146 151
76 90 85 67 68 65 56 64 86 72 100 85 91
47 49 52 53 49 50 48 52 57 45 60 50 60
Total Liabilities 211 236 242 233 236 243 231 250 273 252 300 283 303
107 139 136 129 130 130 123 119 120 108 120 101 110
CWIP 16 2 4 6 2 2 2 1 2 2 0 5 12
Investments 0 0 0 1 1 1 1 8 8 8 23 21 21
88 95 102 97 103 109 104 122 143 134 157 155 160
Total Assets 211 236 242 233 236 243 231 250 273 252 300 283 303

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
26 13 28 32 18 22 23 9 8 25 2 26
-42 -32 -14 -9 -12 -17 -7 -10 -12 1 -38 -3
27 6 -14 -24 -5 -7 -15 4 8 -20 23 -23
Net Cash Flow 11 -13 1 -1 0 -2 1 3 4 5 -13 0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 63 64 59 54 63 58 62 66 68 83 80 58
Inventory Days 75 92 84 62 81 118 88 73 98 116 106 79
Days Payable 61 52 47 42 45 41 41 46 52 45 53 28
Cash Conversion Cycle 77 105 95 74 99 135 110 93 114 153 134 109
Working Capital Days 47 59 60 49 64 83 80 81 91 116 102 88
ROCE % 31% 14% 14% 8% 8% 8% 4% 7% 3% 2% 6% 7%

Shareholding Pattern

Numbers in percentages

4 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
41.74% 41.71% 41.75% 41.58% 41.49% 41.51% 41.26% 40.61% 40.51% 40.41% 40.36% 40.36%
0.00% 0.00% 0.00% 0.03% 0.01% 0.12% 0.01% 0.13% 0.00% 0.00% 0.00% 0.00%
58.26% 58.29% 58.25% 58.39% 58.50% 58.37% 58.71% 59.24% 59.50% 59.58% 59.64% 59.64%
No. of Shareholders 2,8492,9872,8263,1433,1223,0062,8023,0913,0742,9972,9453,151

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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