GRP Ltd - Stock Valuation and Financial Performance

BSE: 509152 | NSE: GRPLTD | Rubber Products | Small Cap

GRP Share Price

6,500 -30.00 -0.46%
as on 28-Mar'24 15:14

DeciZen - make an informed investing decision on GRP

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

GRP stock performance -

mw4me loader
P/E Ratio (SA):
74.65
Market Cap:
870.7 Cr.
52-wk low:
2,575
52-wk high:
6,899

Is GRP Ltd an attractive stock to invest in?

1. Is GRP Ltd a good quality company?

Past 10 year’s financial track record analysis by Moneyworks4me indicates that GRP Ltd is a below average quality company.

2. Is GRP Ltd undervalued or overvalued?

The key valuation ratios of GRP Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is GRP Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of GRP Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

10 Year X-Ray of GRP:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
GRP Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 8%3.7%6.3%5.1%2.3%3.6%1.9%1.1%1.9%5.1%-
Value Creation
Index
-0.4-0.7-0.6-0.6-0.8-0.7-0.9-0.9-0.9-0.6-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 309339315303299357349280388451418
Sales YoY Gr.-9.9%-7.2%-3.7%-1.2%19.2%-2.3%-19.8%38.9%16.2%-
Adj EPS 76.52563.253.710.127.2-13.6-10.38.355.787.5
YoY Gr.--67.3%152.6%-15.1%-81.2%168.9%-150%NANA571.5%-
BVPS (₹) 792843.6891.6957.8952.41,003.5984.41,016.91,051.81,108.51,177.6
Adj Net
Profit
10.23.38.47.21.43.6-1.8-1.41.17.412
Cash Flow from Ops. 28.332.217.721.923.18.77.524.81.825.9-
Debt/CF from Ops. 32.13.832.47.411.32.954.33.3-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 4.3%8.5%9%16.2%
Adj EPS -3.5%40.7%NA571.5%
BVPS3.8%3.1%4%5.4%
Share Price 20.2% 42% 101% 128.2%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
10.13.17.35.81.12.8-1.4-10.85.27.7
Op. Profit
Mgn %
11.76.69.38.86.25.93.54.84.24.88.2
Net Profit
Mgn %
3.312.72.40.51-0.5-0.50.31.72.8
Debt to
Equity
0.80.60.60.50.40.50.70.50.70.6-
Working Cap
Days
14314516415513810912715712512170
Cash Conv.
Cycle
69637080806980106887923

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 7.70%

Debt to equity has declined versus last 3 years average to 0.57

Sales growth has been subdued in last 3 years 8.95%

Net Profit has been subdued in last 3 years 0.00%

Sales growth is not so good in last 4 quarters at -10.29%

Latest Financials - GRP Ltd.

Standalone Consolidated
TTM EPS (₹) 87.5 102.9
TTM Sales (₹ Cr.) 418 419
BVPS (₹.) 1,177.6 1,169.3
Reserves (₹ Cr.) 156 155
P/BV 5.55 5.58
PE 74.65 63.46
From the Market
52 Week Low / High (₹) 2575.00 / 6899.00
All Time Low / High (₹) 14.80 / 6899.00
Market Cap (₹ Cr.) 871
Equity (₹ Cr.) 1.3
Face Value (₹) 10
Industry PE 31.6

Management X-Ray of GRP:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.180.180.360.340.190.190.19
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales309339315303299357349280388451
Operating Expenses 274317286277281336337266373430
Manufacturing Costs58615859617168548093
Material Costs145178149139138172172136183210
Employee Cost 36434953525860484753
Other Costs 35353026303536286273
Operating Profit 35222927182112131521
Operating Profit Margin (%) 11.4%6.6%9.1%8.8%6.1%5.9%3.5%4.8%4.0%4.7%
Other Income 2703257599
Interest 7544458546
Depreciation 12151414131313131212
Exceptional Items 0100000000
Profit Before Tax 1811111228-21712
Tax 723412-5-121
Profit After Tax 119881632610
PAT Margin (%) 3.5%2.6%2.5%2.8%0.3%1.8%0.9%0.6%1.5%2.3%
Adjusted EPS (₹)81.266.560.162.87.447.922.512.343.476.7
Dividend Payout Ratio (%)20%17%17%16%17%17%24%20%21%22%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 106112119128127134131136140148
Share Capital 1111111111
Reserves 104111118126126132130134139146
Minority Interest0000000000
Debt69535661506281679376
Long Term Debt24109115311163022
Short Term Debt45424650455969526354
Trade Payables19201821152225172616
Others Liabilities 691117759383637334447
Total Liabilities 263296270268231253273253304286

Fixed Assets

Gross Block194201216230233240254250271246
Accumulated Depreciation57728599111122135143152145
Net Fixed Assets136129130131121118119107119100
CWIP 4622212205
Investments 0111291082321
Inventories33303345333446435346
Trade Receivables50505448516565638671
Cash Equivalents 22211581401
Others Assets37784740192124152342
Total Assets 263296270268231253273253304286

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 28321822239825226
PBT 1811111228-21712
Adjustment 19171817171623181717
Changes in Working Capital -35-7-44-13-126-201
Tax Paid -6-1-3-30-3-10-2-4
Cash Flow From Investing Activity -14-9-12-17-7-10-121-38-3
Capex -14-9-11-14-7-9-120-24-5
Net Investments 000-10-700-154
Others 00-1-206010-1
Cash Flow From Financing Activity -14-24-5-7-1548-2023-23
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 0000000000
Interest Paid -6-4-4-3-4-5-8-5-4-6
Dividend Paid -2-2-2-2-20-200-1
Others -5-180-2-9918-1528-15
Net Cash Flow 1-10-21345-130
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)10.678.136.936.790.774.892.261.234.197.1
ROCE (%)13.088.638.218.333.596.772.842.855.357.65
Asset Turnover Ratio1.191.261.151.171.261.551.391.131.481.63
PAT to CFO Conversion(x)2.553.562.252.75231.52.6712.50.332.6
Working Capital Days
Receivable Days56525960585765796660
Inventory Days37333545463340554338
Payable Days46404752484049564337

GRP Ltd Stock News

GRP Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of GRP on 28-Mar-2024 15:14 is ₹6,500.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 28-Mar-2024 15:14 the market cap of GRP stood at ₹870.7.
The latest P/E ratio of GRP as of 28-Mar-2024 15:14 is 74.65.
The latest P/B ratio of GRP as of 28-Mar-2024 15:14 is 5.55.
The 52-week high of GRP is ₹6,899 and the 52-week low is ₹2,575.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of GRP is ₹418.3 ( Cr.) .

About GRP Ltd

Established in 1974, Gujarat Reclaim & Rubber Products Ltd. (GRRP) began producing with a modest capacity of only 2400 MT.From then on, there was no looking back. GRRPL grew manifold and widened its geographical presence in India and abroad. It was conferred the 'Export House' status by the Government of India for its steady export, growth and performance.

GRRPL produces reclaim rubber from scrap of whole tyres, tread peelings, natural rubber tubes, butyl tubes, moulded rubber products for different applications in both, tyre and non tyre rubber products.

Through steady growth and a strong vision, GRRP has emerged as the largest manufacturer of reclaim rubber in the country and among the largest globally.

GRRP has achieved a strong export growth in the last decade and spread itself to over 35 countries across the globe. GRRP is striving to expand its global base by reaching out to countries and applications not explored in the past. 

Product range of the company includes:

GRRPL produces reclaim rubber from scrap of whole tyres, tread peelings, natural rubber tubes, butyl tubes, moulded rubber products for different applications in both, tyre and non tyre rubber products.

  • BT 999 Butyl Reclaim
  • BTA 777 Butyl Reclaim
  • BTI 888 Butyl Reclaim
  • T 1010 Tube Reclaim
  • CHT 100 Latex Reclaim
  • EP 101 EPDM Reclaim
  • 777 E Nitrile Polycoat
  • FKM 100 Reprocessed Fluroelastomer (FKM)
  • FKM 101 Reprocessed Fluroelastomer (FKM)
  • HT 555 High Tensile Whole Tyre Reclaim

Milestones:

  • 1978 Production commences at Ankleshwar
  • 1984  First export order 4800
  • 1986  Solapur plant setup 7200
  • 1989  Joint venture in Malaysia
  • 1991  Exports grow to 5 countries, commenced production of Butyl Reclaim
  • 1993  Commenced manufacture of surface treated crumb from tyre crumb & NBR crumb
  • 1997  Commenced production of products split and punched from waste tyres
  • 1999  Exports cross 10 countries, commenced production of EPDM reclaim
  • 2003  Exports cross 25 countries
  • 2004  Government of India confers 'Export House' status, company receives single ISO 9001 certification for both plants
  • 2005  Implemented SAP for streamlining processes, exports cross 31 countries
  • 2006  3rd Reclaim plant setup at Panoli, company receives ISO 14001 certification
  • 2007  A dedicated plant for fine crumbs set up, exports cross 35 countries

Achievements/ recognition:

  • Largest manufacturer and exporter of reclaimed rubber in India.
  • Successfully offered technical collaboration (a plant in Malaysia) for supply of machinery and technical know how to manufacture reclaimed rubber.
  • First to introduce a surface treated crumb rubber manufacturing facility in India capable of manufacturing crumbs from various types of natural rubber based and synthetic rubber based products.
  • Punch and split products from used tyres were manufactured for the first time in India by GRRP.
  • First to design and commission an air pollution control system.
  • GRRP has in its portfolio the most number of grades of reclaim from synthetic rubbers such as Butyl, EPDM.
  • GRRP has been an uninterrupted dividend paying company.
  • Use of a gas based captive power plant at Ankleshwar & Panoli for continuous power supply, ensuring a clean environment. The company has also utilized waste heat from the process to use back in its processes.
  • GRRP has implemented a SAP ERP to streamline its business processes, moving it from a people driven to a systems driven company.
  • GRRP has been conferred a Star Export House status by the Government of India.

Certification

  • Solapur plant receives ISO 9001 certification.
  • Ankleshwar plant receives ISO 9002 certification.

Awards From

  • Compuworld
  • AIRIA
  • CAPEXIL
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