GRP Ltd

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

GRP Ltd

₹ 3,800 -5.00%
29 Sep 11:57 a.m.
grrpl.com; www.grpweb.com BSE: 509152 NSE - BE : 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 - BE
  • Market Cap ₹ 505 Cr.
  • Current Price ₹ 3,800
  • High / Low ₹ 4,290 / 1,740
  • Stock P/E 34.1
  • Book Value ₹ 1,106
  • Dividend Yield 0.45 %
  • ROCE 8.97 %
  • ROE 9.53 %
  • Face Value ₹ 10.0
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Pros

  • Company has delivered good profit growth of 81.2% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 19.0%
  • Debtor days have improved from 73.8 to 57.2 days.

Cons

  • Stock is trading at 3.44 times its book value
  • The company has delivered a poor sales growth of 8.51% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 5.07% over last 3 years.
  • Earnings include an other income of Rs.9.92 Cr.

* 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

Consolidated Figures in Rs. Crores / View Standalone

Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023
31.65 75.15 84.64 88.33 83.08 100.70 93.42 111.23 124.14 117.03 114.29 95.54 99.34
34.08 69.90 78.03 80.84 78.90 95.25 87.81 103.26 118.01 111.05 107.44 89.70 92.83
Operating Profit -2.43 5.25 6.61 7.49 4.18 5.45 5.61 7.97 6.13 5.98 6.85 5.84 6.51
OPM % -7.68% 6.99% 7.81% 8.48% 5.03% 5.41% 6.01% 7.17% 4.94% 5.11% 5.99% 6.11% 6.55%
0.14 0.21 0.32 1.20 0.29 0.28 0.04 0.55 0.11 6.40 1.84 1.16 0.52
Interest 2.13 0.96 1.38 0.93 0.93 1.01 1.38 1.20 1.61 1.48 1.63 1.78 1.80
Depreciation 2.98 3.37 3.21 3.09 2.96 3.02 3.19 3.23 3.25 3.28 3.05 2.93 2.76
Profit before tax -7.40 1.13 2.34 4.67 0.58 1.70 1.08 4.09 1.38 7.62 4.01 2.29 2.47
Tax % 24.59% 20.35% 29.91% -0.86% 224.14% -98.82% 27.78% 43.28% 21.01% 19.16% 1.50% -20.09% 20.65%
-5.58 0.90 1.64 4.71 -0.72 3.37 0.79 2.32 1.09 6.15 3.95 2.75 1.97
EPS in Rs -41.85 6.75 12.30 35.33 -5.40 25.28 5.93 17.40 8.18 46.13 29.63 20.63 14.78
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
244 274 309 339 315 304 300 357 349 280 388 451 426
200 242 273 317 286 278 281 332 330 263 364 426 401
Operating Profit 45 32 36 22 29 26 18 25 19 17 24 25 25
OPM % 18% 12% 12% 7% 9% 9% 6% 7% 5% 6% 6% 6% 6%
5 3 1 8 -0 3 1 0 1 2 0 10 10
Interest 4 6 7 5 4 4 4 5 8 5 5 6 7
Depreciation 7 10 12 15 14 14 14 13 14 13 12 13 12
Profit before tax 39 18 18 11 10 11 1 7 -2 1 7 15 16
Tax % 33% 34% 39% 19% 24% 35% 197% 26% 232% -127% 23% 9%
26 12 11 9 8 7 -1 5 3 2 6 14 15
EPS in Rs 194.33 87.90 81.38 66.53 59.33 51.68 -5.63 39.98 22.28 12.53 43.20 104.63 111.17
Dividend Payout % 17% 17% 20% 17% 17% 19% -22% 20% 25% 20% 21% 16%
Compounded Sales Growth
10 Years: 5%
5 Years: 9%
3 Years: 9%
TTM: -1%
Compounded Profit Growth
10 Years: 1%
5 Years: 81%
3 Years: 68%
TTM: 96%
Stock Price CAGR
10 Years: 14%
5 Years: 26%
3 Years: 76%
1 Year: 125%
Return on Equity
10 Years: 5%
5 Years: 4%
3 Years: 5%
Last Year: 10%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
1 1 1 1 1 1 1 1 1 1 1 1
Reserves 87 96 105 111 118 125 123 128 126 130 135 146
76 90 85 67 68 67 57 65 86 72 101 89
47 49 52 53 50 51 48 52 56 44 59 50
Total Liabilities 211 237 242 233 237 244 230 247 269 248 296 287
107 139 136 130 132 134 126 122 122 110 122 103
CWIP 16 2 4 6 2 2 2 1 2 2 0 11
Investments 0 0 0 1 1 1 1 1 1 0 15 16
88 95 102 97 102 107 100 123 144 135 158 156
Total Assets 211 237 242 233 237 244 230 247 269 248 296 287

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

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 21 22 8 7 25 2 25
-42 -32 -14 -8 -13 -16 -7 -9 -11 1 -38 -5
27 6 -14 -24 -5 -6 -15 4 8 -20 23 -19
Net Cash Flow 11 -13 1 -1 0 -2 1 3 4 5 -13 0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 63 67 68 83 81 57
Inventory Days 75 92 84 62 82 121 91 74 100 117 107 81
Days Payable 61 52 47 42 46 42 42 46 50 43 50 27
Cash Conversion Cycle 77 105 95 74 99 137 112 95 118 158 138 111
Working Capital Days 47 59 60 49 64 82 78 82 93 118 104 88
ROCE % 31% 14% 14% 8% 8% 8% 3% 6% 3% 2% 6% 9%

Shareholding Pattern

Numbers in percentages

19 Recently
Sep 2020Dec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023
41.81% 41.81% 41.81% 41.74% 41.71% 41.75% 41.58% 41.49% 41.51% 41.26% 40.61% 40.51%
0.04% 0.04% 0.05% 0.00% 0.00% 0.00% 0.03% 0.01% 0.12% 0.01% 0.13% 0.00%
58.15% 58.15% 58.14% 58.26% 58.29% 58.25% 58.39% 58.50% 58.37% 58.71% 59.24% 59.50%
No. of Shareholders 2,9972,8592,8052,8492,9872,8263,1433,1223,0062,8023,0913,074

* 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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