GRP Limited — Annual Report 2021

May 21, 2021

==> picture [537 x 28] intentionally omitted <==

==> picture [537 x 29] intentionally omitted <==

==> picture [537 x 28] intentionally omitted <==

21.05.2021

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

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 31[st] March, 2021 and Report of Auditors’ on the said Results, as taken on record by the Board of Directors at its meeting held on 21[st] May, 2021. A declaration regarding unmodified opinion with respect to Audited Financial Results for the year ended 31[st] March, 2021 is also enclosed.

Further, we wish to inform you that the Board of Directors at its meeting held on 21[st] May, 2021, has recommended dividend of Rs.2.50 per share (25%) for the year ended 31[st] 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.

==> picture [90 x 40] intentionally omitted <==

Abhijeet Sawant Company Secretary

Encl : a/a

==> picture [594 x 25] intentionally omitted <==

==> picture [594 x 25] intentionally omitted <==

==> picture [594 x 25] intentionally omitted <==

D K P & ASSOCIATES CHARTERED ACCOUNTANTS

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.

D K P & ASSOCIATES CHARTERED ACCOUNTANTS

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

D K P & ASSOCIATES CHARTERED ACCOUNTANTS

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)

==> picture [96 x 48] intentionally omitted <==

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

==> picture [130 x 67] intentionally omitted <==

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

GRP Limited (CIN : L25191GJ1974PLC002555)

STATEMENT OF AUDITED STANDLAONE FINANCIAL RESULTS FOR THE QUARTER & YEAR ENDED 31st MARCH 2021

GRP Limited(CIN : L25191GJ1974PLC002555) Registered Office : Plot No.8, GIDC Estate, Ankleshwar - 393 002 Dist. Bharuch, Gujarat	GRP Limited(CIN : L25191GJ1974PLC002555) Registered Office : Plot No.8, GIDC Estate, Ankleshwar - 393 002 Dist. Bharuch, Gujarat	GRP Limited(CIN : L25191GJ1974PLC002555) Registered Office : Plot No.8, GIDC Estate, Ankleshwar - 393 002 Dist. Bharuch, Gujarat	GRP Limited(CIN : L25191GJ1974PLC002555) Registered Office : Plot No.8, GIDC Estate, Ankleshwar - 393 002 Dist. Bharuch, Gujarat	GRP Limited(CIN : L25191GJ1974PLC002555) Registered Office : Plot No.8, GIDC Estate, Ankleshwar - 393 002 Dist. Bharuch, Gujarat	GRP Limited(CIN : L25191GJ1974PLC002555) Registered Office : Plot No.8, GIDC Estate, Ankleshwar - 393 002 Dist. Bharuch, Gujarat	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)
Sr No.	Particulars	Standalone
		Quarter ended			Year ended
		31-03-2021	**31-12-2020 **	**31-03-2020 **	31-03-2021	31-03-2020
		Audited	Unaudited	Audited	Audited	Audited
I II III IV V VI VII VIII IX X XI XII XIII XIV	Revenue from Operations (Gross) Less: Goods & Service Tax Revenue from Operations Other Income Total Income (I + II) Expenses (a) Cost of Materials consumed (b) Purchases of Stock-in-Trade (c) Changes in inventories of finished goods, Stock-in- Trade and Work-in-progress (d) Employees benefits expense (e) Finance Costs (f) Depreciation & amortisation expense (g) Other Expenses Total Expenses (IV) Profit/(Loss) before exceptional items and tax (III - IV) Exceptional Items Profit/(Loss) before tax (V-VI) Tax Expense (1) Current Tax (2) Deferred Tax Total Tax Expense Profit/(loss) for the period (VII-VIII) Other Comprehensive Income (i) Items that will not be reclassified to profit or loss (ii) Income tax relating to Items that will not be reclassified to profit or loss (iii) Items that will be reclassified to profit or loss (iv) Income tax relating to items that will be reclassified to profit or loss Total Other Comprehensive Income (X) Total Comprehensive Income for the period (IX + X) Paid up Equity Share Capital (Face value of ₹ 10/- each) Other Equity excluding Revaluation Reserves as per Balance Sheet Earning Per share (Face value of ₹ 10/- each) (* Not Annualised) (1) Basic (2)Diluted	9,375.63 553.62	8,972.50 516.09	8,352.78 411.09	29,652.44 1,700.26	36,612.16 1,749.58
		8,822.01 119.70	8,456.41 31.53	7,941.69 (0.87)	27,952.18 181.99	34,862.58 66.95
		8,941.71	8,487.94	7,940.82	28,134.17	34,929.53
		4,301.44 - 121.80 1,359.14 91.72 306.13 2,294.72	4,016.19 - 109.49 1,427.82 136.59 317.45 2,246.95	3,906.35 - (212.87) 1,578.05 372.20 336.03 2,194.86	13,386.59 - 228.66 4,846.42 535.09 1,252.63 7,816.71	17,518.77 - (318.30) 6,042.41 812.91 1,349.46 9,749.55
		8,474.95	8,254.49	8,174.62	28,066.10	35,154.80
		466.76	233.45	(233.80)	68.07	(225.27)
		-	-	-	-	-
		466.76	233.45	(233.80)	68.07	(225.27)
		(0.50) (4.23)	- 69.19	(31.16) (64.80)	(0.50) (95.09)	(46.67) (478.45)
		(4.73)	69.19	(95.96)	(95.59)	(525.12)
		471.49	164.26	(137.84)	163.66	299.85
		18.06 (4.70) 311.44 (80.98)	11.81 (3.07) 32.41 (8.42)	(29.50) 4.94 (227.63) 59.00	26.14 (6.80) 339.34 (88.23)	(179.79) 46.75 (296.21) 91.89
		243.82	32.73	(193.19)	270.45	(337.36)
		715.31	196.99	(331.03)	434.11	(37.51)
		133.33 - 35.36 * 35.36 *	133.33 - 12.32 * 12.32 *	133.33 - (10.34) (10.34)	133.33 13,425.51 12.27 12.27	133.33 12,991.39 22.49 22.49

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

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

AUDITED STANDALONE CASH FLOW STATEMENT		(₹ in Lakhs)
Sr No.	Particulars	Standalone
		Year ended
		31-03-2021	31-03-2020
		Audited	Audited
A B C D	Cash Flow from Operating Activities Profit before exceptional items and tax Adjustments for: Depreciation Share of (Profit) / Loss in LLP (Profit) / Loss on sale of Property, plant and equipment (Net) Interest Income Interest Expense Rent Income Net unrealised foreign exchange (gain)/loss Employee benefits expenses	68.07 1,252.63 15.40 (109.76) (46.96) 535.09 (3.00) 111.54 30.07	(225.27) 1,349.46 (25.97) (0.13) (17.96) 812.91 (21.00) (10.28) 184.41
	Operating Profit before working capital changes	1,853.08	2,046.17
	Adjustments for (Increase)/Decrease in Trade and other receivables (Increase)/Decrease in Inventories Increase/(Decrease)in Trade and otherpayable	1,108.86 293.63 (773.86)	(509.64) (1,175.36) 470.90
	Cashgenerated from operations	2,481.71	832.07
	Direct taxespaid(net of refund)	(6.34)	(81.91)
	Net Cashgenerated from Operating Activities	2,475.37	750.16
	Cash Flow from Investing Activities Interest received Sale proceeds of Property, plant and equipment Rent Income Investments Purchase of Property, plant and equipment	49.21 334.92 3.00 49.63 (357.99)	12.55 7.20 21.00 (8.39) (1,194.93)
	Net Cash used in Investing Activities	78.76	(1,162.56)
	Cash Flow from Financing Activities Loans repaid (Net of borrowings) Interest paid Payment of Lease Liabilities Dividend & Dividend taxpaid	(1,405.61) (543.30) (58.25) -	1,870.26 (803.63) (48.30) (218.48)
	Net Cash used in Financing Activities	(2,007.16)	799.85
	Net Increase / (Decrease) in Cash and cash equivalents (A + B + C) Cash and cash equivalents as at 1st April Cash and cash equivalents as at 31st March	546.97 823.55 1,370.52	387.45 436.10 823.55

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 21[st ] 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 01[st] 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 31[st] March, 2021 and 31[st] 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 : 21[st] May, 2021

HARSH Digitally signed by HARSH RAJENDRA RAJENDRA GANDHI Date: 2021.05.21 GANDHI 20:42:15 +05'30' HARSH R. GANDHI JOINT MANAGING DIRECTOR

D K P & ASSOCIATES CHARTERED ACCOUNTANTS

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

D K P & ASSOCIATES CHARTERED ACCOUNTANTS

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.

D K P & ASSOCIATES CHARTERED ACCOUNTANTS

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)

==> picture [99 x 54] intentionally omitted <==

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

==> picture [130 x 66] intentionally omitted <==

GRP Limited(CIN : L25191GJ1974PLC002555) Registered Office : Plot No.8, GIDC Estate, Ankleshwar - 393 002 Dist. Bharuch, Gujarat	GRP Limited(CIN : L25191GJ1974PLC002555) Registered Office : Plot No.8, GIDC Estate, Ankleshwar - 393 002 Dist. Bharuch, Gujarat	GRP Limited(CIN : L25191GJ1974PLC002555) Registered Office : Plot No.8, GIDC Estate, Ankleshwar - 393 002 Dist. Bharuch, Gujarat	GRP Limited(CIN : L25191GJ1974PLC002555) Registered Office : Plot No.8, GIDC Estate, Ankleshwar - 393 002 Dist. Bharuch, Gujarat	GRP Limited(CIN : L25191GJ1974PLC002555) Registered Office : Plot No.8, GIDC Estate, Ankleshwar - 393 002 Dist. Bharuch, Gujarat	GRP Limited(CIN : L25191GJ1974PLC002555) Registered Office : Plot No.8, GIDC Estate, Ankleshwar - 393 002 Dist. Bharuch, Gujarat	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)
Sr No.	Particulars	Consolidated
		Quarter ended			Year ended
		**31-03-2021 **	**31-12-2020 **	**31-03-2020 **	**31-03-2021 **	31-03-2020
		Audited	Unaudited	Audited	Audited	Audited
I II III IV V VI VII VIII IX X XI XII XIII XIV XV XVI XVII	Revenue from Operations (Gross) Less: Goods & Service Tax Revenue from Operations Other Income Total Income (I + II) Expenses (a) Cost of Materials consumed (b) Purchases of Stock-in-Trade (c) Changes in inventories of finished goods, Stock-in- Trade and Work-in-progress (d) Employees benefits expense (e) Finance Costs (f) Depreciation & amortisation expense (g) Other Expenses Total Expenses (IV) Profit Before Share of Profit / (Loss) of Joint Ventures, Exceptional Items and Tax (III - IV) Share of Profit / (Loss) of Joint Ventures Profit/(Loss) before exceptional items and tax (V + VI) Exceptional Items Profit/(Loss) before tax (VII-VIII) Tax Expense (1) Current Tax (2) Deferred Tax Total Tax Expense Profit/(loss) for the period (IX-X) Other Comprehensive Income (i) Items that will not be reclassified to profit or loss (ii) Income tax relating to Items that will not be reclassified to profit or loss (iii) Items that will be reclassified to profit or loss (iv) Income tax relating to items that will be reclassified to profit or loss Total Other Comprehensive Income (XII) Total Comprehensive Income for the period (XI+XII) Profit for the year attributable to -Owners of the Company -Non-controlling interest Other comprehensive income for the year attributable to -Owners of the Company -Non-controlling interest Total comprehensive income for the year attributable to -Owners of the Company -Non-controlling interest Paid up Equity Share Capital (Face value of ₹ 10/- each) Other Equity excluding Revaluation Reserves as per Balance Sheet Earning Per share (Face value of ₹ 10/- each) (* Not Annualised) (1) Basic (2)Diluted	9,407.61 574.21	9,005.00 541.15	8,376.50 432.14	29,741.72 1,764.40	36,722.08 1,852.28
		8,833.40 120.00	8,463.85 31.85	7,944.36 30.48	27,977.32 187.32	34,869.80 63.65
		8,953.40	8,495.70	7,974.84	28,164.64	34,933.45
		4,277.75 - 128.98 1,367.00 93.00 309.32 2,310.57	3,993.27 - 105.56 1,437.06 137.90 320.66 2,267.34	3,863.51 - (206.55) 1,587.05 373.13 339.21 2,250.53	13,304.81 - 239.48 4,876.90 539.97 1,265.66 7,864.27	17,364.91 - (332.77) 6,077.53 818.18 1,364.47 9,866.54
		8,486.62	8,261.79	8,206.88	28,091.09	35,158.86
		466.78	233.91	(232.04)	73.55	(225.41)
		-	-	-	-	-
		466.78	233.91	(232.04)	73.55	(225.41)
		-	-	-	-	-
		466.78	233.91	(232.04)	73.55	(225.41)
		(0.37) (3.71)	- 69.74	(31.16) (63.96)	(0.37) (92.99)	(46.67) (475.48)
		(4.08)	69.74	(95.12)	(93.36)	(522.15)
		470.86	164.17	(136.92)	166.91	296.74
		18.06 (4.70) 312.08 (80.98)	11.81 (3.07) 33.42 (8.42)	(29.50) 4.94 (230.06) 59.00	26.14 (6.80) 340.37 (88.23)	(179.79) 46.75 (299.97) 91.89
		244.46	33.74	(195.62)	271.48	(341.12)
		715.32	197.91	(332.54)	438.39	(44.38)
		470.86 (0.00) 244.46 - 715.32 (0.00)	164.17 0.00 33.74 - 197.91 0.00	(136.92) (0.00) (195.62) - (332.54) (0.00)	166.91 (0.00) 271.48 - 438.39 (0.00)	296.74 0.00 (341.12) - (44.38) 0.00
		133.33 - 35.32 * 35.32 *	133.33 - 12.31 * 12.31 *	133.33 - (10.27) (10.27)	133.33 13,024.76 12.52 12.52	133.33 12,586.35 22.26 22.26

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

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

AUDITED CONSOLIDATED CASH FLOW STATEMENT	AUDITED CONSOLIDATED CASH FLOW STATEMENT	(₹ in Lakhs)	(₹ in Lakhs)
Sr No.	Particulars	Consolidated
		Year ended
		**31-03-2021 **	31-03-2020
		Audited	Audited
A B C D	Cash Flow from Operating Activities Profit before exceptional items and tax Adjustments for: Depreciation (Profit) / Loss on sale of Property, plant and equipment (Net) Property, plant and equipment discarded Amortization of Deferred Income Interest Income Interest Expense Rent Income Net unrealised foreign exchange (gain)/loss Bad Debts written off Employee benefits expenses	73.55 1,265.66 (109.76) - (1.00) (47.21) 539.97 (3.00) 111.54 - 30.07	(225.41) 1,364.47 (9.64) 8.89 (1.00) (18.30) 818.18 (21.00) (10.28) 14.24 184.41
	Operating Profit before working capital changes	1,859.82	2,104.56
	Adjustments for (Increase)/Decrease in Trade and other receivables (Increase)/Decrease in Inventories Increase/(Decrease)in Trade and otherpayable	1,086.51 341.09 (774.97)	(457.95) (1,195.43) 366.99
	Cashgenerated from operations	2,512.44	818.17
	Direct taxespaid(net of refund)	(6.44)	(82.55)
	Net Cashgenerated from Operating Activities	2,506.01	735.62
	Cash Flow from Investing Activities Interest received Sale proceeds of Property, plant and equipment Rent Income Investments Purchase of Property, plant and equipment	49.46 342.25 3.00 49.62 (357.99)	12.89 57.28 21.00 (8.40) (1,200.40)
	Net Cash used in Investing Activities	86.34	(1,117.63)
	Cash Flow from Financing Activities Loans repaid (Net of borrowings) Interest paid Payment of Lease Liabilities Dividend & Dividend taxpaid	(1,436.86) (548.17) (58.25) -	1,842.07 (808.91) (48.30) (218.48)
	Net Cash used in Financing Activities	(2,043.29)	766.38
	Net Increase / (Decrease) in Cash and cash equivalents (A + B + C) Cash and cash equivalents as at 1st April Cash and cash equivalents as at 31st March	549.06 824.62 1,373.68	384.37 440.25 824.62

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 21[st ] 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 01[st] 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 31[st] March, 2021 and 31[st] 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 HARSH Digitally signed by HARSH RAJENDRA RAJENDR GANDHI Date: 2021.05.21 A GANDHI 20:44:16 +05'30' Place : Mumbai HARSH R. GANDHI Date : 21[st] May, 2021 JOINT MANAGING DIRECTOR

==> picture [505 x 77] intentionally omitted <==

21.05.2021

To To BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Bandra Kurla Complex Dalal Street, Bandra (E), Mumbai - 400 001. 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 31[st] March, 2021.

Kindly take this declaration on record.

Thanking you,

Yours faithfully, For GRP Ltd.

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

==> picture [573 x 69] intentionally omitted <==