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9833781237 / 9819338575
GRP Ltd.
Data 2014 2015 2016 2017 2018
Revenue 30879.15 33947.01 31,487.99 30,319.15 30,190.21
Other Revenues 203.07 706.18 49.91 308.81 106.8
Total Revenue 31082.22 34653.19 31537.9 30627.96 30297.01

Sales Growth Rate 11.49% -8.99% -2.89% -1.08%

CAGR

Expenses
Material Costs 14523.8 17785.79 14928.58 13866.13 14049.33
Employee Benefits 3551.72 4343.76 4910.94 5297.31 5199.27
Other Expenses 9290 9574.71 8793.96 8487.49 9036.02
27365.52 31704.26 28633.48 27650.93 28284.62
15.85% -9.69% -3.43% 2.29%

Operating Profit-EBITDA 3716.7 2948.93 2904.42 2977.03 2012.39

-20.66% -1.51% 2.50% -32.40%

Operating Profit % 11.96% 8.51% 9.21% 9.72% 6.64%

Depreciation 1244.42 1472.04 1401.32 1393.53 1335.69

EBIT 2472.28 1476.89 1503.1 1583.5 676.7

7.95% 4.26% 4.77% 5.17% 2.23%

Finance Costs 695.98 495.9 446.31 370.91 429.6

EBT 1776.3 980.99 1056.79 1212.59 247.1

5.71% 2.83% 3.35% 3.96% 0.82%

Taxation 693.7 215.34 255.15 375.81 148.82

PAT 1082.6 765.65 801.64 836.78 98.28

3.48% 2.21% 2.54% 2.73% 0.32%

Exceptional Items 0 121.16 0 0 12.66

PAT After Exceptional Items 1082.6 886.81 801.64 836.78 110.94

Cash from Operating Activities 2831.34 3167.22 1773.14 2190.56 2307.68

Cash from Investing Activities -1387.54 -805.23 -1190.94 -1682.14 -736.88
Cash from Financing Activities -1377.36 -2413.63 -546.51 -670.9 -1516.48
Cash from Operating activities as % of EBITDA 76.18% 107.40% 61.05% 73.58% 114.67%

Balance Sheet Data

Equity and Reserves 10559.43 11247.07 11888.24 12770.5 12,698.83
Long Term Liabilities 5075.5 3581.42 3373.28 3539.86 2,773.62
Short Term Borrowings 4519.91 4240.11 4634.59 5016.28 4,526.64
Trade Payables 1877.79 2035.16 1846.15 2093.77 1549.75
Other Current Liabilities 2180.05 2199.06 1840.98 898.67 1506.22
24212.68 23302.82 23583.24 24319.08 23055.06

Debt Equity Ratio-Long term 0.48 0.32 0.28 0.28 0.22

Equity to Total Debt 1.29 1.07 0.98 0.90 0.82

Tangible Assets 13543.67 12861.2 12,970.59 13,007.19 12226.54

Intangible Assets 77.14 87.16 66.84 46.97 27.94
Capital Work-In-Progress 388.58 607.62 196.15 218.9 221.72
Intangible Assets Under Development 0 0 0 0 14.1
Fixed Assets 14009.39 13555.98 13233.58 13273.06 12490.3
Non-Current Investments 43.15 58.66 67.16 124.01 129.55
Long Term Loans And Advances 803.81 713.57 832.03 922.92 373.17
Other Non-Current Assets 23.16 0 0 0 358.72
Total Non-Current Assets 14879.51 14328.21 14132.77 14319.99 13351.74
CURRENT ASSETS
Current Investments 0.08 0.08 0.08 0.08 0
Inventories 3326.17 3005.13 3313.97 4500.81 3334.66
Trade Receivables 4997.55 5048.26 5445.33 4823.27 5124.71
Cash And Cash Equivalents 237.84 186.2 240.07 59.02 113.43
Short Term Loans And Advances 626.14 424.38 399.65 428.31 94.08
OtherCurrentAssets 145.39 310.56 51.37 187.6 1036.44
Total Current Assets 9333.17 8974.61 9450.47 9999.09 9703.32
Total Assets 24212.68 23302.82 23583.24 24319.08 23055.06

Error Check OK OK OK OK OK

Working Capital 755.42 500.28 1128.75 1990.37 2120.71

Working Capital T/O 41.1456144 69.27 27.94 15.39 14.29

Inventory T/O 9.34 11.53 9.52 6.80 9.09

Receivables T/O 6.22 6.86 5.79 6.35 5.91
Fixed Assets T/O 2.22 2.56 2.38 2.31 2.43
Total Assets T/O 1.28 1.49 1.34 1.26 1.31

Share Price

Number of Shares 1333333 1333333 1333333 1333333 1333333

EPS 81.20 57.42 60.12 62.76 7.37
Non-Financial Data

Company Achievements

Operational Data
Number of Employees
R & D Scientist

Cost Analysis
Material Costs 52.39% 47.41% 45.73% 46.54%
Employee Benefits 12.80% 15.60% 17.47% 17.22%
Other Expenses 28.20% 27.93% 27.99% 29.93%

Return Analysis
Return on Average Equity 10.25% 7.02% 6.93% 6.79% 0.77%
Dividends Paid 14.5 11.25 10 10 1.25
Payout Ratio 1.34% 1.47% 1.25% 1.20% 1.27%
Share Price 1,089 1,000 1,602 1,177
 Note for Students
7 / 9819338575 Please capture relevant information only in cells shaded as Blue
Do not change the formulae
2019
35,696.20
87.46
35783.66

18.11%
2.86%

17193.26
5827.97
10178.03
33199.26
17.38%

2584.4
28.42%

7.22%

1295.61

1288.79
3.60% 52.13%

464.62

824.17
2.30%

186.02

638.15
1.78%

62.33

700.48

993.47
-955.06
308.18
 38.44%

13,379.23
2,480.48
5,886.02
2177.32
1067.3
24990.35

0.19
0.87

11901.29
21.26
97.25
11.79
12031.59
808.54
0
479.26
13319.39

0
3440.22
6503.7
457.1
0
1269.94
11670.96
24990.35

OK

2540.32
14.09

10.40
5.50
2.97
1.43

1333333
47.86
48.17%
16.33%
28.51%

4.89%
8
1.25%
1,110 580.5
Company’s Revenue or Sales Growth?
5 Year CAGR
2015 2016 2017 2018 2019 2.86%
Revenue 34653.19 31537.9 30627.96 30297.01 35783.66
Annual Growth Rate -8.99% -2.89% -1.08% 18.11%

Revenue Growth
38000 18.11% 0.2
36000 0.15
34000 0.1
0.05
32000
-1.08% 0
30000 -2.89%
-0.05
28000 -8.99% -0.1
26000 -0.15
2015 2016 2017 2018 2019

Revenue Annual Growth Rate

Profitability Levels of the Company GAP Analysis

As % of Sales 2015 2016 2017 2018 2019

EBIDTA 8.51% 9.21% 9.72% 6.64% 7.22%
EBIT 4.26% 4.77% 5.17% 2.23% 3.60% 4.25% 4.44%
PBT 2.83% 3.35% 3.96% 0.82% 2.30% 1.43% 1.42%
PAT 2.21% 2.54% 2.73% 0.32% 1.78% 0.62% 0.81%

Profitability Trend
12.00%
10.00% 9.21% 9.72%
8.00% 8.51% 7.22%
6.00% 6.64%
4.00%
2.00% 2.21% 2.54% 2.73%
1.78%
0.00% 0.32%
2015 2016 2017 2018 2019

EBIDTA EBIT PBT PAT

Business Efficiency Levels of the Company

# of Days
Turnover Ratios 2015 2016 2017 2018 2019 2015
Inventory T/O 11.53 9.52 6.80 9.09 10.40 31.65
Receivables T/O 6.86 5.79 6.35 5.91 5.50 53.17
Working Capital T/O 69.27 27.94 15.39 14.29 14.09 5.27
Fixed Assets T/O 2.56 2.38 2.31 2.43 2.97
Total Assets T/O 1.49 1.34 1.26 1.31 1.43
 Turnover Ratios
80.00
70.00
60.00
50.00
40.00
27.94
30.00
20.00 10.40 14.09
9.52 5.79 5.50
10.00 2.38 2.97 1.34 1.43
-
Inventory T/O Receivables T/O Working Capital Fixed Assets T/O Total Assets T/O
T/O

2015 2016 2017 2018 2019

Cost Management 2015 2016 2017 2018 2019

Material Costs 52% 47% 46% 47% 48% -5% -2%
Employee Benefits 13% 16% 17% 17% 16% 3% 2%
Other Expenses 28% 28% 28% 30% 29% 0% 0%

Material Costs
2%
-2% 1%
1 2 3 4
-5%

Employee Costs
3%
2%
0%
1 2 3 -1%
4

Other Expenses
2%

0%
1 0%
2 3 4
-1%
How Company is performing from Investor Perspective?

Return Ratios 2015 2016 2017 2018 2019

Return on Avg Equity
 sb@evaluenz.com
9833781237 / 9819338575

Comments
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4.55% 4.41% 3.62%

1.21% 1.42% 1.30%
1.23% 0.49% 0.52%

365
2016 2017 2018 2019
38.35 53.64 40.17 35.09
63.02 57.48 61.74 66.34
13.06 23.72 25.55 25.91
1% 2%
0% -1%
2% -1%
Name of the Student
Roll No

Capture your analysis of the Company and state inputs that you will consider for future projections perspective

Your Analysis
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Inputs with respect to Future Projections

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 Nandish Kothari
17-F-245

of the Company and state inputs that you will consider for future projections perspective

Sales Revenue - There was a dip in the revenue In the innital years but has raised in the FY 2019.
Expenses - There was a dip in the expenses In the innital years but has raised in the FY 2019.

EBIT - The EBIT has increase @ 3.60% as compared to FY 2018 but has been decreased @ 52.13% as compared to FY 2015.
EBT - Based on the recent 5 years data, we understand that there has been a decrease in the finance cost YoY basis
Working capital - There has been a YoY increase in the investment of the working capital

Future Projections
Sales growth for the next five years at the rate of 3% to 5%
YoY expense for the next 5 years the rate of 4%.
Depreciation on the fixed Asset @ 12%
Interest Cost of the debt financing would be at the rate 10%
Increase in working capital is estimated @ 15Cr/year
Trade receivable would be @15% of the sales.
Covid-19 has limited the businees growth due to temporary lock down, this will affect the H1 of the business but H2 can be
good growing seeing its exisitance in 6 continants
Being into vertical integration now, the cost of raw material will reduce as it will be made available inhouse.

Since 7 out of top 10 tyre companies are their client and tyre indurty is directly linked with automobile companies, they ar
facing the heat of less demand and delay in payments. As per reports automobile industy is suppose to pick up sales in H2
21, so we can expect the revenue to be up in H2 when demand increases.