GRP Limited — Annual Report 2021

May 21, 2021

21.05.2021

Scrip code : 509152	Symbol : GRPLTD – Series: EQ
Mumbai - 400 001.	Mumbai - 400 051.
Dalal Street,	Bandra (E),
Phiroze Jeejeebhoy Towers,	Exchange Plaza, Bandra Kurla Complex
BSE Limited	National Stock Exchange of India Limited
To	To

Dear Sir / Madam,

Sub: Outcome of Board Meeting

Pursuant to Regulation 30 & 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, we are enclosing herewith Audited Financial Results (Standalone and Consolidated) for the quarter and year ended 31st March, 2021 and Report of Auditors' on the said Results, as taken on record by the Board of Directors at its meeting held on 21st May, 2021. A declaration regarding unmodified opinion with respect to Audited Financial Results for the year ended 31st March, 2021 is also enclosed.

Further, we wish to inform you that the Board of Directors at its meeting held on 21st May, 2021, has recommended dividend of Rs.2.50 per share (25%) for the year ended 31st March, 2021 subject to approval of the shareholders at the ensuing Annual General Meeting of the Company.

The meeting of the Board of Directors commenced at 4.30 p.m. and concluded at 9.20 p.m.

Kindly acknowledge receipt.

Thanking you,

Yours faithfully, For GRP Ltd.

Abhijeet Sawant Company Secretary

Encl : a/a

611 Dalamal Tower 211 Nariman Point Mumbai 400021 Tel. No. 99875 37434 Email : deepak@dkpassociates.com

Independent Auditors' Report on the Quarterly and Year to Date Audited Standalone Financial Results of the Company Pursuant to the Regulations 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

TO The Board of Directors of GRP LIMITED

Report on the audit of the Standalone Financial Results

Opinion

We have audited the accompanying Statement of quarterly and year to date Standalone financial results of GRP LIMITED (the "Company"), for the quarter and year ended March 31, 2021 (the "Statement"), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, the statement:

• a. is presented in accordance with the requirements of the Listing Regulations in this regard; and
• b. gives a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India, of the net profit, other comprehensive income and other financial information of the Company for the quarter and year ended March 31, 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SA"s) specified under Section 143(10) of the Companies Act, 2013 as amended ("the Act") Our responsibilities under those Standards are further described in the "Auditors' Responsibilities for the Audit of the Standalone Financial Results" section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.

Management's Responsibilities for the Standalone Financial Results

The Statement has been prepared on the basis of the standalone annual financial statements. The Board of Directors of the Company are responsible for the preparation and presentation of the Statement that gives true and fair view of the net profit and other comprehensive income of the Company and other financial information in accordance with the applicable accounting standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulations 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, Implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

611 Dalamal Tower 211 Nariman Point Mumbai 400021 Tel. No. 99875 37434 Email : deepak@dkpassociates.com

In preparing the Statement, the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards

611 Dalamal Tower 211 Nariman Point Mumbai 400021 Tel. No. 99875 37434 Email : deepak@dkpassociates.com

Other Matter

The Statements includes the results for the quarter ended March 31, 2021 being the balancing figure between the audited figures in respect of full financial year ended March 31, 2021 and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

For D K P & Associates. Chartered Accountants (Firm Registration No 126305W)

D. K. Doshi Partner Membership No.: 037148 UDIN: 21037148AAAACK5235 Mumbai Date: 21st May, 2021.

GRP Limited (CIN : L25191GJ1974PLC002555)

Registered Office : Plot No.8, GIDC Estate, Ankleshwar - 393 002 Dist. Bharuch, Gujarat

	STATEMENT OF AUDITED STANDLAONE FINANCIAL RESULTS FOR THE QUARTER & YEAR ENDED 31st MARCH 2021
	(₹ in Lakhs, except per share data)
				Standalone
Sr	Particulars		Quarter ended			Year ended
No.		31-03-2021	31-12-2020	31-03-2020	31-03-2021	31-03-2020
		Audited	Unaudited	Audited	Audited	Audited
I	Revenue from Operations (Gross)	9,375.63	8,972.50	8,352.78	29,652.44	36,612.16
	Less: Goods & Service Tax	553.62	516.09	411.09	1,700.26	1,749.58
	Revenue from Operations	8,822.01	8,456.41	7,941.69	27,952.18	34,862.58
II	Other Income	119.70	31.53	(0.87)	181.99	66.95
III	Total Income (I + II)	8,941.71	8,487.94	7,940.82	28,134.17	34,929.53
IV	Expenses
	(a) Cost of Materials consumed	4,301.44	4,016.19	3,906.35	13,386.59	17,518.77
	(b) Purchases of Stock-in-Trade	-	-	-	-	-
	(c) Changes in inventories of finished goods, Stock-in	121.80	109.49	(212.87)	228.66	(318.30)
	Trade and Work-in-progress
	(d) Employees benefits expense	1,359.14	1,427.82	1,578.05	4,846.42	6,042.41
	(e) Finance Costs	91.72	136.59	372.20	535.09	812.91
	(f) Depreciation & amortisation expense	306.13	317.45	336.03	1,252.63	1,349.46
	(g) Other Expenses	2,294.72	2,246.95	2,194.86	7,816.71	9,749.55
	Total Expenses (IV)	8,474.95	8,254.49	8,174.62	28,066.10	35,154.80
V	Profit/(Loss) before exceptional items and tax (III - IV)	466.76	233.45	(233.80)	68.07	(225.27)
VI	Exceptional Items	-	-	-	-	-
VII	Profit/(Loss) before tax (V-VI)	466.76	233.45	(233.80)	68.07	(225.27)
	VIII Tax Expense
	(1) Current Tax	(0.50)	-	(31.16)	(0.50)	(46.67)
	(2) Deferred Tax	(4.23)	69.19	(64.80)	(95.09)	(478.45)
	Total Tax Expense	(4.73)	69.19	(95.96)	(95.59)	(525.12)
IX	Profit/(loss) for the period (VII-VIII)	471.49	164.26	(137.84)	163.66	299.85
X	Other Comprehensive Income
	(i) Items that will not be reclassified to profit or loss	18.06	11.81	(29.50)	26.14	(179.79)
	(ii) Income tax relating to Items that will not be	(4.70)	(3.07)	4.94	(6.80)	46.75
	reclassified to profit or loss
	(iii) Items that will be reclassified to profit or loss	311.44	32.41	(227.63)	339.34	(296.21)
	(iv) Income tax relating to items that will be reclassified	(80.98)	(8.42)	59.00	(88.23)	91.89
	to profit or loss
	Total Other Comprehensive Income (X)	243.82	32.73	(193.19)	270.45	(337.36)
XI	Total Comprehensive Income for the period (IX + X)	715.31	196.99	(331.03)	434.11	(37.51)
XII	Paid up Equity Share Capital (Face value of ₹ 10/- each)	133.33	133.33	133.33	133.33	133.33
	XIII Other Equity excluding Revaluation Reserves as per
	Balance Sheet	-	-	-	13,425.51	12,991.39
	XIV Earning Per share (Face value of ₹ 10/- each) (* Not
	Annualised)
	(1) Basic	35.36 *	12.32 *	(10.34)*	12.27	22.49
	(2) Diluted	35.36 *	12.32 *	(10.34)*	12.27	22.49

	AUDITED STANDALONE SEGMENT INFORMATION FOR THE QUARTER & YEAR ENDED 31st MARCH 2021(₹ in Lakhs)
		Standalone
Sr	Particulars	Quarter ended				Year ended
No.		31-03-2021	31-12-2020	31-03-2020	31-03-2021	31-03-2020
		Audited	Unaudited	Audited	Audited	Audited
1	Segment Revenue
	a) Reclaim Rubber	8,532.45	8,153.96	7,970.24	27,408.12	34,827.33
	b) Others	843.18	818.54	382.54	2,244.32	1,784.83
	Revenue from Operations (Gross)	9,375.63	8,972.50	8,352.78	29,652.44	36,612.16
	Less: Goods and Service Tax	553.62	516.09	411.09	1,700.26	1,749.58
	Revenue from Operations	8,822.01	8,456.41	7,941.69	27,952.18	34,862.58
2	Segment Results
	Profit/(Loss) Before Tax & Interest from each segment
	a) Reclaim Rubber	919.22	647.28	722.39	1,875.30	2,430.82
	b) Others	69.22	126.89	5.16	156.18	141.51
	Total	988.44	774.17	727.55	2,031.48	2,572.33
	Less: Finance Costs	91.72	136.59	372.20	535.09	812.91
	Less: Other unallocable expenses net of unallocable
	income	429.96	404.13	589.15	1,428.32	1,984.69
	Profit/(Loss) before tax	466.76	233.45	(233.80)	68.07	(225.27)
3	Segment Assets
	a) Reclaim Rubber	18,676.00	18,309.86	21,225.69	18,676.00	21,225.69
	b) Others	3,131.14	3,187.79	3,261.74	3,131.14	3,261.74
	c) Unallocated Assets	3,442.31	3,162.81	2,845.95	3,442.31	2,845.95
	Total Segment Assets	25,249.45	24,660.46	27,333.38	25,249.45	27,333.38
4	Segment Liabilities
	a) Reclaim Rubber	2,518.87	2,515.58	3,326.69	2,518.87	3,326.69
	b) Others	231.92	213.95	171.27	231.92	171.27
	c) Unallocated Liabilities	8,939.82	8,911.39	10,710.70	8,939.82	10,710.70
	Total Segment Liabilities	11,690.61	11,640.92	14,208.66	11,690.61	14,208.66

	AUDITED STANDALONE STATEMENT OF ASSETS & LIABILITIES(₹ in Lakhs)
			Standalone
Sr	Particulars	AS AT	AS AT
No.		31-03-2021	31-03-2020
		Audited	Audited
	ASSETS
1	NON-CURRENT ASSETS
	Property, Plant and Equipment	9,791.63	10,904.17
	Capital Work in progress	161.83	133.56
	Right of use assets	921.78	990.32
	Investment Property	104.91	107.23
	Intangible assets	11.51	15.08
	Intangible assets under development	31.49	31.49
	Financial Assets
	- Investments	777.88	842.90
	Other Non-current assets	270.35	307.94
	Total Non-Current Assets	12,071.38	13,332.69
2	CURRENT ASSETS
	Inventories	4,321.95	4,615.58
	Financial Assets
	- Trade receivables	6,344.80	6,497.25
	- Cash and cash equivalents	1,370.52	823.55
	- Bank balances other than mentioned above	9.29	19.69
	- Other Financial assets	235.04	33.93
	Current Tax Assets (Net)	148.74	92.23
	Other Current Assets	747.73	1,918.46
	Total Current Assets	13,178.07	14,000.69
	TOTAL ASSETS	25,249.45	27,333.38
	EQUITY AND LIABILITIES
1	EQUITY
	Equity Share Capital	133.33	133.33
	Other Equity	13,425.51	12,991.39
	Total Equity	13,558.84	13,124.72
2	LIABILITIES
2A	NON-CURRENT LIABILITIES
	Financial Liabilities
	- Borrowings	1,572.72	1,148.03
	- Other Financial liabilities	36.48	85.43
	Provisions	74.26	65.85
	Deferred Tax Liabilities (Net)	1,559.51	1,566.37
	Total Non-Current Liabilities	3,242.97	2,865.68
2B	CURRENT LIABILITIES
	Financial Liabilities
	- Borrowings	5,150.30	6,907.52
	- Trade Payables
	- Dues of micro and small enterprises	198.59	213.49
	- Dues of creditors other than micro and small enterprises	1,493.76	2,237.76
	- Other Financial Liabilities	530.22	933.40
	Other Current Liabilities	973.19	944.76
	Provisions	101.58	106.05
	Total Current Liabilities	8,447.64	11,342.98
	Total Liabilities	11,690.61	14,208.66
	TOTAL EQUITY AND LIABILITIES	25,249.45	27,333.38

	AUDITED STANDALONE CASH FLOW STATEMENT(₹ in Lakhs)
			Standalone
Sr	Particulars		Year ended
No.			31-03-2020
		Audited	Audited
A	Cash Flow from Operating Activities
	Profit before exceptional items and tax	68.07	(225.27)
	Adjustments for:
	Depreciation	1,252.63	1,349.46
	Share of (Profit) / Loss in LLP	15.40	(25.97)
	(Profit) / Loss on sale of Property, plant and equipment (Net)	(109.76)	(0.13)
	Interest Income	(46.96)	(17.96)
	Interest Expense	535.09	812.91
	Rent Income	(3.00)	(21.00)
	Net unrealised foreign exchange (gain)/loss	111.54	(10.28)
	Employee benefits expenses	30.07	184.41
	Operating Profit before working capital changes	1,853.08	2,046.17
	Adjustments for
	(Increase)/Decrease in Trade and other receivables	1,108.86	(509.64)
	(Increase)/Decrease in Inventories	293.63	(1,175.36)
	Increase/(Decrease) in Trade and other payable	(773.86)	470.90
	Cash generated from operations	2,481.71	832.07
	Direct taxes paid (net of refund)	(6.34)	(81.91)
	Net Cash generated from Operating Activities	2,475.37	750.16
B	Cash Flow from Investing Activities
	Interest received	49.21	12.55
	Sale proceeds of Property, plant and equipment	334.92	7.20
	Rent Income	3.00	21.00
	Investments	49.63	(8.39)
	Purchase of Property, plant and equipment	(357.99)	(1,194.93)
	Net Cash used in Investing Activities	78.76	(1,162.56)
C	Cash Flow from Financing Activities
	Loans repaid (Net of borrowings)	(1,405.61)	1,870.26
	Interest paid	(543.30)	(803.63)
	Payment of Lease Liabilities	(58.25)	(48.30)
	Dividend & Dividend tax paid	-	(218.48)
	Net Cash used in Financing Activities	(2,007.16)	799.85
D	Net Increase / (Decrease) in Cash and cash equivalents (A + B + C)	546.97	387.45
	Cash and cash equivalents as at 1st April	823.55	436.10
	Cash and cash equivalents as at 31st March	1,370.52	823.55

NOTES

• 1 These results have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard (Ind AS) prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and other accounting principles generally accepted in India.
• 2 The above results are reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 21st May, 2021.
• 3 Based on the "management approach" as defined in Ind AS 108 – Operating Segments, the Chief Operating Decision Maker (CODM) evaluates the Company's performance and allocates resources based on an analysis of various performance indicators of business segment/s in which the company operates, 'Reclaim Rubber' has been identified as reportable segment and smaller business segments not separately reportable have been grouped under the heading 'Others'.

4 The Covid 19 pandemic had its impact on the global economic environment including in India, causing significant disruption in economic activities and the Reclaim Rubber Industry where the Company is operating had been adversely impacted in the first half of FY 2020-21 due to the pandemic. To optimise operating efficiency, the Company has temporarily shut down its manufacturing operations at its Tamilnadu Plant from 01st October, 2020. With the gradual relaxation in India in the second half, economic activities had improved. However, the second wave of Covid 19 emerging in India in the Month of April-May 2021 may have an impact on the industry and Company.

The Company closely monitors the recent developments and effect of present pandemic over the business. The company believes that this pandemic is not likely to have material impact on the carrying value of its assets and hence no provision for any Impairment is required. As the situation unfolds in the future, the eventual impact may be different from the estimates made as on the date of approval of these Financial Statements.

• 5 The figures for the quarter ended 31st March, 2021 and 31st March, 2020 are the balancing figures between the Audited figures in respect of the full financial year and the year to date figures up to the third quarter of respective financial year which were subjected to Limited Review by the Statutory Auditors.
• 6 The Board of Directors have recommended a dividend of ₹ 2.50 (25%) (subject to deduction of tax at applicable rates) per fully paid up equity share of ₹ 10/- each for the financial year 2020-21, subject to approval of the shareholders at the ensuing Annual General Meeting of the Company.

7 Figures for the previous period are regrouped/reclassified wherever necessary, to make them comparable.

FOR GRP LIMITED

Place : Mumbai Date : 21st May, 2021 HARSH R. GANDHI JOINT MANAGING DIRECTOR HARSH RAJENDRA GANDHI Digitally signed by HARSH RAJENDRA GANDHI Date: 2021.05.21 20:42:15 +05'30'

611 Dalamal Tower 211 Nariman Point Mumbai 400021 Tel. No. 99875 37434 Email : deepak@dkpassociates.com

Independent Auditors' Report on the Quarterly and Year to Date Audited Consolidated Financial Results of the Company Pursuant to the Regulations 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

TO The Board of Directors of GRP LIMITED

Report on the audit of the Consolidated Financial Results

Opinion

We have audited the accompanying Statement of quarterly and year to date Consolidated financial results of GRP LIMITED ("Holding Company"), and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group") and its joint venture for the quarter and year ended March 31, 2021 ("Statement"), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, the statement:

• a) Includes the results of the following entities: GRP Limited- Holding Company Grip Polymers Limited- Subsidiary Gripsurya Recycling LLP- Subsidiary Marangoni GRP Private Limited- Joint Venture
• b) is presented in accordance with the requirements of the Listing Regulations in this regard; and
• c) gives a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information of the Group for the quarter and year ended March 31, 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SA"s) specified under Section 143(10) of the Companies Act, 2013 as amended ("the Act") Our responsibilities under those Standards are further described in the "Auditors" Responsibilities for the Audit of the Consolidated Financial Results" section of our report. We are independent of the Group, its joint ventures in accordance with the "Code of Ethics" issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.

Management's Responsibilities for the Consolidated Financial Results

The Statement has been prepared on the basis of the consolidated annual financial statements. The Holding Company"s Board of Directors are responsible for the preparation and presentation of the Statement that gives true and fair view of the net profit ,other comprehensive income and other financial information of the Group including its joint ventures in accordance with the applicable accounting standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Listing Regulations. The respective Board of Directors of the companies included in the Group and of its joint

611 Dalamal Tower 211 Nariman Point Mumbai 400021 Tel. No. 99875 37434 Email : deepak@dkpassociates.com

venture are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and its joint venture and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, Implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.

In preparing the Statement, the respective Board of Directors of the companies included in the Group and of its joint venture are responsible for assessing the ability of Group and of its joint venture to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group and of its joint venture is also responsible for overseeing the financial reporting process of the Group and of its joint venture.

Auditor's Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor"s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors" use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its joint venture to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor"s report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor"s report. However, future events or conditions may cause the Group and its joint venture to cease to continue as a going concern.

611 Dalamal Tower 211 Nariman Point Mumbai 400021 Tel. No. 99875 37434 Email : deepak@dkpassociates.com

• Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial results/ financial information of the entities within the Group and its joint venture to express an opinion on the statement.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards

We also performed procedures in accordance with the Circular No. CIR/CFD/CMD1/44/2019 dated March 29, 2019 issued by the Securities Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.

Other Matter

The Statements includes the results for the quarter ended March 31, 2021 being the balancing figure between the audited figures in respect of full financial year ended March 31, 2021 and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

For D K P & Associates. Chartered Accountants (Firm Registration No 126305W)

D. K. Doshi Partner Membership No. 037148 UDIN: 21037148AAAACM1640 Mumbai Date: 21st May, 2021.

GRP Limited (CIN : L25191GJ1974PLC002555)

Registered Office : Plot No.8, GIDC Estate, Ankleshwar - 393 002 Dist. Bharuch, Gujarat

	STATEMENT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER & YEAR ENDED 31st MARCH 2021
					(₹ in Lakhs, except per share data)
				Consolidated
Sr			Quarter ended			Year ended
No.	Particulars
		31-03-2021	31-12-2020	31-03-2020	31-03-2021	31-03-2020
		Audited	Unaudited	Audited	Audited	Audited
I	Revenue from Operations (Gross)	9,407.61	9,005.00	8,376.50	29,741.72	36,722.08
	Less: Goods & Service Tax	574.21	541.15	432.14	1,764.40	1,852.28
	Revenue from Operations	8,833.40	8,463.85	7,944.36	27,977.32	34,869.80
II	Other Income	120.00	31.85	30.48	187.32	63.65
III	Total Income (I + II)	8,953.40	8,495.70	7,974.84	28,164.64	34,933.45
IV	Expenses
	(a) Cost of Materials consumed	4,277.75	3,993.27	3,863.51	13,304.81	17,364.91
	(b) Purchases of Stock-in-Trade	-	-	-	-	-
	(c) Changes in inventories of finished goods, Stock-in	128.98	105.56	(206.55)	239.48	(332.77)
	Trade and Work-in-progress
	(d) Employees benefits expense	1,367.00	1,437.06	1,587.05	4,876.90	6,077.53
	(e) Finance Costs	93.00	137.90	373.13	539.97	818.18
	(f) Depreciation & amortisation expense	309.32	320.66	339.21	1,265.66	1,364.47
	(g) Other Expenses	2,310.57	2,267.34	2,250.53	7,864.27	9,866.54
	Total Expenses (IV)	8,486.62	8,261.79	8,206.88	28,091.09	35,158.86
V	Profit Before Share of Profit / (Loss) of Joint Ventures,	466.78	233.91	(232.04)	73.55	(225.41)
	Exceptional Items and Tax (III - IV)
VI	Share of Profit / (Loss) of Joint Ventures	-	-	-	-	-
VII	Profit/(Loss) before exceptional items and tax (V + VI)	466.78	233.91	(232.04)	73.55	(225.41)
	VIII Exceptional Items	-	-	-	-	-
IX	Profit/(Loss) before tax (VII-VIII)	466.78	233.91	(232.04)	73.55	(225.41)
X	Tax Expense
	(1) Current Tax	(0.37)	-	(31.16)	(0.37)	(46.67)
	(2) Deferred Tax	(3.71)	69.74	(63.96)	(92.99)	(475.48)
	Total Tax Expense	(4.08)	69.74	(95.12)	(93.36)	(522.15)
XI	Profit/(loss) for the period (IX-X)	470.86	164.17	(136.92)	166.91	296.74
XII	Other Comprehensive Income
	(i) Items that will not be reclassified to profit or loss	18.06	11.81	(29.50)	26.14	(179.79)
	(ii) Income tax relating to Items that will not be	(4.70)	(3.07)	4.94	(6.80)	46.75
	reclassified to profit or loss
	(iii) Items that will be reclassified to profit or loss	312.08	33.42	(230.06)	340.37	(299.97)
	(iv) Income tax relating to items that will be reclassified	(80.98)	(8.42)	59.00	(88.23)	91.89
	to profit or loss
	Total Other Comprehensive Income (XII)	244.46	33.74	(195.62)	271.48	(341.12)
	XIII Total Comprehensive Income for the period (XI+XII)	715.32	197.91	(332.54)	438.39	(44.38)
	XIV Profit for the year attributable to
	-Owners of the Company	470.86	164.17	(136.92)	166.91	296.74
	-Non-controlling interest	(0.00)	0.00	(0.00)	(0.00)	0.00
	Other comprehensive income for the year attributable to
	-Owners of the Company	244.46	33.74	(195.62)	271.48	(341.12)
	-Non-controlling interest	-	-	-	-	-
	Total comprehensive income for the year attributable to
	-Owners of the Company	715.32	197.91	(332.54)	438.39	(44.38)
	-Non-controlling interest	(0.00)	0.00	(0.00)	(0.00)	0.00
XV	Paid up Equity Share Capital (Face value of ₹ 10/- each)	133.33	133.33	133.33	133.33	133.33
	XVI Other Equity excluding Revaluation Reserves as per	-	-	-	13,024.76	12,586.35
	Balance Sheet
	XVII Earning Per share (Face value of ₹ 10/- each) (* Not
	Annualised)
	(1) Basic	35.32 *	12.31 *	(10.27)*	12.52	22.26
	(2) Diluted	35.32 *	12.31 *	(10.27)*	12.52	22.26

	AUDITED CONSOLIDATED SEGMENT INFORMATION FOR THE QUARTER & YEAR ENDED 31st MARCH 2021(₹ in Lakhs)
	Consolidated
Sr	Particulars		Quarter ended			Year ended
No.		31-03-2021	31-12-2020	31-03-2020	31-03-2021	31-03-2020
		Audited	Unaudited	Audited	Audited	Audited
1	Segment Revenue
	a) Reclaim Rubber	8,564.44	8,186.45	7,993.96	27,497.40	34,937.25
	b) Others	843.17	818.55	382.54	2,244.32	1,784.83
	Revenue from Operations (Gross)	9,407.61	9,005.00	8,376.50	29,741.72	36,722.08
	Less: Goods and Service Tax	574.21	541.15	432.14	1,764.40	1,852.28
	Revenue from Operations	8,833.40	8,463.85	7,944.36	27,977.32	34,869.80
2	Segment Results
	Profit/(Loss) Before Tax & Interest from each segment
	a) Reclaim Rubber	920.90	648.77	714.40	1,882.75	2,461.38
	b) Others	69.22	126.89	5.16	156.18	141.51
	Total	990.12	775.66	719.56	2,038.93	2,602.89
	Less: Finance Costs	93.00	137.90	373.13	539.97	818.18
	Less: Other unallocable expenses net of unallocable	430.34	403.85	578.47	1,425.41	2,010.12
	income
	Less: Share of (Profit) / Loss of Joint Ventures	-	-	-	-	-
	Profit/(Loss) before tax	466.78	233.91	(232.04)	73.55	(225.41)
3	Segment Assets
	a) Reclaim Rubber	18,389.35	18,036.39	20,931.02	18,389.35	20,931.02
	b) Others	2,934.70	3,000.15	3,101.79	2,934.70	3,101.79
	c) Unallocated Assets	3,448.90	3,169.58	2,851.04	3,448.90	2,851.04
	Total Segment Assets	24,772.95	24,206.12	26,883.85	24,772.95	26,883.85
4	Segment Liabilities
	a) Reclaim Rubber	2,428.16	2,447.33	3,268.11	2,428.16	3,268.11
	b) Others	231.92	213.95	171.27	231.92	171.27
	c) Unallocated Liabilities	8,954.78	8,926.08	10,724.79	8,954.78	10,724.79
	Total Segment Liabilities	11,614.86	11,587.36	14,164.17	11,614.86	14,164.17

	AUDITED CONSOLIDATED STATEMENT OF ASSETS & LIABILITIES(₹ in Lakhs)
			Consolidated
Sr		AS AT	AS AT
No.	Particulars	31-03-2021	31-03-2020
		Audited	Audited
	ASSETS
1	NON-CURRENT ASSETS
	Property, Plant and Equipment	9,943.90	11,074.67
	Capital Work in progress	161.83	133.56
	Right of use assets	972.06	1,042.70
	Investment Property	104.91	107.23
	Other Intangible assets	11.56	15.16
	Intangible assets under development	31.49	31.49
	Financial Assets
	- Investments	17.18	65.77
	- Others	0.35	0.34
	Other Non-current assets	286.85	324.45
	Total Non-Current Assets	11,530.13	12,795.37
2	CURRENT ASSETS
	Inventories	4,335.75	4,676.83
	Financial Assets
	- Trade receivables	6,390.90	6,520.00
	- Cash and cash equivalents	1,373.68	824.62
	- Bank balances other than mentioned above	9.29	19.69
	- Other Financial assets	235.04	33.93
	Current Tax Assets (Net)	149.21	92.73
	Other Current Assets	748.94	1,920.69
	Total Current Assets	13,242.81	14,088.49
	TOTAL ASSETS	24,772.94	26,883.86
	EQUITY AND LIABILITIES
1	EQUITY
	Equity Share Capital	133.33	133.33
	Other Equity	13,024.76	12,586.35
	Equity attributable to Owners of the Company	13,158.09	12,719.68
	Non-Controlling Interests	0.04	0.04
	Total Equity	13,158.13	12,719.72
2	LIABILITIES
2A	NON-CURRENT LIABILITIES
	Financial Liabilities
	- Borrowings	1,572.72	1,148.04
	- Other Financial liabilities	45.49	95.43
	Provisions	74.25	65.85
	Deferred Tax Liabilities (Net)	1,565.47	1,570.23
	Total Non-Current Liabilities	3,257.93	2,879.55
2B	CURRENT LIABILITIES
	Financial Liabilities
	- Borrowings	5,163.36	6,951.83
	- Trade Payables
	- Dues of micro and small enterprises	198.59	213.49
	- Dues of creditors other than micro and small enterprises	1,379.74	2,131.50
	- Other Financial Liabilities	531.22	934.40
	Other Current Liabilities	982.39	947.32
	Provisions	101.58	106.05
	Total Current Liabilities	8,356.88	11,284.59
	Total Liabilities	11,614.81	14,164.14
	TOTAL EQUITY AND LIABILITIES	24,772.94	26,883.86

	AUDITED CONSOLIDATED CASH FLOW STATEMENT		(₹ in Lakhs)
			Consolidated
Sr	Particulars		Year ended
No.			31-03-2020
		Audited	Audited
A	Cash Flow from Operating Activities
	Profit before exceptional items and tax	73.55	(225.41)
	Adjustments for:
	Depreciation	1,265.66	1,364.47
	(Profit) / Loss on sale of Property, plant and equipment (Net)	(109.76)	(9.64)
	Property, plant and equipment discarded	-	8.89
	Amortization of Deferred Income	(1.00)	(1.00)
	Interest Income	(47.21)	(18.30)
	Interest Expense	539.97	818.18
	Rent Income	(3.00)	(21.00)
	Net unrealised foreign exchange (gain)/loss	111.54	(10.28)
	Bad Debts written off	-	14.24
	Employee benefits expenses	30.07	184.41
	Operating Profit before working capital changes	1,859.82	2,104.56
	Adjustments for
	(Increase)/Decrease in Trade and other receivables	1,086.51	(457.95)
	(Increase)/Decrease in Inventories	341.09	(1,195.43)
	Increase/(Decrease) in Trade and other payable	(774.97)	366.99
	Cash generated from operations	2,512.44	818.17
	Direct taxes paid (net of refund)	(6.44)	(82.55)
	Net Cash generated from Operating Activities	2,506.01	735.62
B	Cash Flow from Investing Activities
	Interest received	49.46	12.89
	Sale proceeds of Property, plant and equipment	342.25	57.28
	Rent Income	3.00	21.00
	Investments	49.62	(8.40)
	Purchase of Property, plant and equipment	(357.99)	(1,200.40)
	Net Cash used in Investing Activities	86.34	(1,117.63)
C	Cash Flow from Financing Activities
	Loans repaid (Net of borrowings)	(1,436.86)	1,842.07
	Interest paid	(548.17)	(808.91)
	Payment of Lease Liabilities	(58.25)	(48.30)
	Dividend & Dividend tax paid	-	(218.48)
	Net Cash used in Financing Activities	(2,043.29)	766.38
D	Net Increase / (Decrease) in Cash and cash equivalents (A + B + C)	549.06	384.37
	Cash and cash equivalents as at 1st April	824.62	440.25
	Cash and cash equivalents as at 31st March	1,373.68	824.62

NOTES

• 1 These results have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard (Ind AS) prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and other accounting principles generally accepted in India.
• 2 The above results are reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 21st May, 2021.
• 3 Based on the "management approach" as defined in Ind AS 108 – Operating Segments, the Chief Operating Decision Maker (CODM) evaluates the Group's performance and allocates resources based on an analysis of various performance indicators of business segment/s in which the Group operates, 'Reclaim Rubber' has been identified as reportable segment and smaller business segments not separately reportable have been grouped under the heading 'Others'.
• 4 The Covid 19 pandemic had its impact on the global economic environment including in India, causing significant disruption in economic activities and the Reclaim Rubber Industry where the Group is operating had been adversely impacted in the first half of FY 2020-21 due to the pandemic. To optimise operating efficiency, the Parent Company has temporarily shut down its manufacturing operations at its Tamilnadu Plant from 01st October, 2020. With the gradual relaxation in India in the second half, economic activities had improved. However, the second wave of Covid 19 emerging in India in the Month of April-May 2021 may have an impact on the industry and Group.

The Group closely monitors the recent developments and effect of present pandemic over the business. The Group believes that this pandemic is not likely to have material impact on the carrying value of its assets and hence no provision for any Impairment is required. As the situation unfolds in the future, the eventual impact may be different from the estimates made as on the date of approval of these Financial Statements.

• 5 The figures for the quarter ended 31st March, 2021 and 31st March, 2020 are the balancing figures between the Audited figures in respect of the full financial year and the year to date figures up to the third quarter of respective financial year which were subjected to Limited Review by the Statutory Auditors.
• 6 The Board of Directors have recommended a dividend of ₹ 2.50 (25%) (subject to deduction of tax at applicable rates) per fully paid up equity share of ₹ 10/- each for the financial year 2020-21, subject to approval of the shareholders at the ensuing Annual General Meeting of the Parent Company.
• 7 Figures for the previous period are regrouped/reclassified wherever necessary, to make them comparable.

	FOR GRP LIMITED
	HARSHDigitally signed byHARSH RAJENDRARAJENDRGANDHIDate: 2021.05.21A GANDHI20:44:16 +05'30'
Place : Mumbai	HARSH R. GANDHI
Date : 21st May, 2021	JOINT MANAGING DIRECTOR

21.05.2021

To BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001.

To National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex Bandra (E), Mumbai - 400 051.

Scrip code : 509152

Symbol : GRPLTD – Series: EQ

Dear Sir / Madam,

Sub: Declaration pursuant to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

In terms of the provisions of Regulations 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the "Regulations"), we hereby declare that the Statutory Auditors of the Company M/s.DKP & Associates (Firm Registration No.:126305W) have issued an Audit Report with unmodified opinion on the audited Financial Results of the Company (Standalone and Consolidated) for the year ended 31st March, 2021.

Kindly take this declaration on record.

Thanking you,

Yours faithfully, For GRP Ltd.

Harsh Gandhi Joint Managing Director HARSH RAJENDRA GANDHI Digitally signed by HARSH RAJENDRA GANDHI Date: 2021.05.21 20:37:07 +05'30'