GRP Limited — Interim / Quarterly Report 2021

Aug 12, 2021

From Corporate Office: 510, A Wing, Kohinoor City C-l Kirol Road, Off L.B.S. Marg, Kurla CW) Mumbai - 400 070, India T: +91 22 6708 2600 / 2500 F: +91 22 6708 2599

12.08.2021

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 : Unaudited Financial Results for the quarter ended 30" June, 2021

Pursuant to Regulation 30 & 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, we are enclosing herewith Standalone and Consolidated Unaudited Financial Results along with Limited Review Report received from our auditors for the quarter ended 30" June, 2021 as taken on record by the Board of Directors at its meeting held on 12th August, 2021.

The meeting of the Board of Directors commenced at 4.30 p.m. and concluded at 7.30 p.m.

Kindly acknowledge receipt.

Thanking you,

Yours faithfully, For GRP Ltd. A

jeet Sawant Company Secretary

DK P & ASSOCIATES CHARTERED ACCOUNTANTS

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

INDEPENDENT AUDITOR'S LIMITED REVIEW REPORT ON THE REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF GRP Limited

• 1. We have reviewed the accompanying statement of unaudited standalone financial results of GRP Limited (the "Company") for the quarter ended June 30, 2021 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"), read with SEBI Circular No. CIR/CFD/FAC/62/2016 dated 5th July, 2016 ("the Circular").
• 1. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
• 1. Attention is drawn to the fact that the figures for the quarter ended March 31° , 2021 as reported in this Statement are the balancing figures between audited figures in respect of full previous financial year and the published year to date figures up to the end of third quarter of the previous financial year. The figures up to the end of third quarter of the previous financial year had only been reviewed and not subject to audit.
• 1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, read with SEBI Circular No. CIR/CFD/FAC/62/2016 dated 5thJuly, 2016, including the manner in which it is to be disclosed, or that it contains any material misstatement

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

prot.

D. K. Doshi Partner Membership Number: 037148 UDIN: 21037148AAAADS9773 Mumbai Date: 12" August, 2021

GRP Limited (cin : 125191G)1974PLC002555)

	GRP Limited (cin : 125191G)1974PLC002555)
	Registered Office : Plot No.8, GIDC Estate, Ankleshwar - 393 002 Dist. Bharuch, Gujarat
	STATEMENT OF UNAUDITED STANDLAONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30th JUNE 2021			(% in Lakhs, except per share data)
			Standalone		Year ended
Sr	Particulars		Quarter ended 30-06-2021 31-03-2021 30-06-2020}
No.		Unaudited		Audited Unaudited	31-03-2021 Audited
	Revenue from Operations (Gross) Less: Goods & Service Tax	8,755.37 480.37	9,375.63 553.62	3,341.82 177.16	29,652.44 1,700.26
	Revenue from Operations	8,275.00	8,822.01	3,164.66	27,952.18 181.99
Il Ill	Other Income Total Income (I + II)	28.53 8,303.53	119.70 8,941.71	9.58 3,174.24	28,134.17
IV	Expenses	4,530.10	4,301.44	1,413.17	13,386.59
	(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	(456.81)	421.80	oa.	eene
	(d) Employees benefits expense	1,307.89	1,359.14	892.05	4,846.42 535.09
	Finance Costs (e) Depreciation & amortisation expense (f)	92.43 292.88	91.72 306.13	211.81 295.07	1,252.63
	(g) Other Expenses	2,477.89 8,244.38	2,294.72 8,474.95	1,014.23 3,919.37	7,816.71 28,066.10
V_	Total Expenses (IV) Profit/(Loss) before exceptional items and tax (III - IV)	59.15	466.76	(745.13)	68.07
VI	Exceptional Items Profit/(Loss) before tax (V-VI)	= 59.15	- 466.76	- (745.13)	- 68.07
VII	VII Tax Expense
	(1) Current Tax (2) Deferred Tax	93.81 35.27	(0.50) (4.23)	- (182.91)	(0.50) (95.09)
	Total Tax Expense	129.08 (69.93)	(4.73) 471.49	(182.91) (562.22)	(95.59) 163.66
IX. X	Profit/(loss) for the period (VII-VIII) Other Comprehensive Income
	(i) Items that will not be reclassified to profit or loss tax relating to Items that will not be reclassified to (ii) ise	(24.82) 6.90	18.06 (4.70)	38.77 (10.08)	26.14 (6.80)
	profit or loss
	(iii) Items that will be reclassified to profit or loss tax relating to items that will be reclassified to (iv) ijieerrre	(54.32) 13.26	311.44 (80.98)	(129.75) _ aga	339.34 (88.23)
	profit or loss	(58.98)	243.82	(67.32)	270.45
XI	Total Other Comprehensive Income (X) Total Comprehensive Income for the period (IX + X)	(128.91)	715.31	(629.54)	434.11
XII	Paid up Equity Share Capital (Face value of 3 10/- each) XII Other Equity excluding Revaluation Reserves as per Balance	133.33	133.33	133.33	133.33
	Sheet	-	=	-	13,425.51
	XIV Earning Per share (Face value of % 10/- each) (* Not Annualised)
	(1) Basic	(5.24) (5.24)	35.36* 35.36 *	(42.17) (42.17)	12.27 12.27
	(2) Diluted

	UNAUDITED STANDALONE SEGMENT INFORMATION FOR THE QUARTER ENDED 30th JUNE 2021			Standalone	(& in Lakhs)
Sr	Particulars	Quarter ended		Year ended
No.		30-06-2021 31-03-2021 30-06-2020}
1		Unaudited		Audited Unaudited	31-03-2021 Audited
	Segment Revenue
	a) Reclaim Rubber b) Others	8,008.27 747.10	8,532.45 843.18	3,173.30 168.52	27,408.12 2,244.32
	Revenue from Operations (Gross)	8,755.37 480.37	9,375.63 553.62	3,341.82 177.16	29,652.44 1,700.26
2	Less: Goods and Service Tax Revenue from Operations	8,275.00	8,822.01	3,164.66	27,952.18
	Segment Results
	Profit/(Loss) Before Tax & Interest from each segment
	a) Reclaim Rubber	560.15 (18.63)	919.22 69.22	(252.28) (44.05)	1,875.30 156.18
	b) Others Total	541.52	988.44	(296.33)	2,031.48
	Less: Finance Costs Less: : Other unallocable expenses net t of of unallocable llocable income	92.43 389.94	91.72 429.96	211.81 536.99	535.09 1,428.32
	Profit/(Loss) before tax	59.15	466.76	(745.13)	68.07
3	Segment Assets
	a) Reclaim Rubber		17,938.48 18,676.00	17,157.81	18,676.00
	b) Others c) Unallocated Assets	2,999.08 2,826.27	3,131.14 3,442.31	3,060.58 4,130.91	3,131.14 3,442.31
	Total Segment Assets		23,763.83 25,249.45 24,349.30		25,249.45
4	Segment Liabilities
	a) Reclaim Rubber b) Others c) Unallocated Liabilities	2,841.77 180.39 7,311.73	2,518.87 231.92 8,939.82	2,377.61 116.54 9,183.97	2,518.87 231.92 8,939.82

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 12th August, 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 figures for the preceding quarter ended 31st March, 2021 as reported in these financial results, are the balancing figure between audited figures in respect of the full financial year ended 31st March, 2021 and published year-to date unaudited figures upto the end of third quarter of that financial year.
• 5 Other expenses for Quarter ended 30-June-2021 includes loss on sale of assets of = 101.03 lakhs (For Quarter ended 31-March-2021 and Year ended 31-March-2021 there was a profit on sale assets included in Other Income amounting to % 104.49 lakhs and % 109.76 lakhs respectively).
• 6 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, in which the Company is operating, had been adversely impacted in the first half of FY 2020-21 due to the pandemic. 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 months of April-May 2021 has had an impact on the industry and the Company.
• 7 Figures for the previous period are regrouped/reclassified where cessary, to make them comparable.

DK P & ASSOCIATES

CHARTERED ACCOUNTANTS

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

INDEPENDENT AUDITOR'S LIMITED REVIEW REPORT ON UNAUDITED QUARTERELY CONSOLIDATED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF GRP Limited

• 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of GRP Limited (the "Parent") which includes its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), and joint venture for the quarter ended June 30, 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 ('the Regulations"), as amended, read with SEBI Circular No. CIR/CFD/FAC/62/2016 dated 5th July, 2016 ("the Circular").
• 1. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34. (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and performed the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
• 1. The statement includes the result of following entities:

Grip Polymer Limited Subsidiary Company GRIP Surya Recycling LLP LLP with majority Stake Marangoni GRP PVT Limited Joint venture

1. Attention is drawn to the fact that the figures for the quarter ended March 31, 2021 as reported in this Statement are the balancing figures between audited figures in respect of full previous financial year and the published year to date figures up to the end of third quarter of the previous financial year. The figures up to the end of third quarter of the previous financial year had only been reviewed and not subject to audit.

DK P & ASSOCIATES CHARTERED ACCOUNTANTS

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

1. Based on our review conducted as stated above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, read with SEBI Circular No. CIR/CFD/FAC/62/2016 dated 5thJuly, 2016, including the manner in which it is to be disclosed, or that it contains any material misstatement.

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

ere

D. K. Doshi Partner Membership Number: 037148 UDIN: 21037148AAAADT5016 Mumbai Date: 12" August, 2021

GRP Limited (cin : 125191G)1974PLC002555)

	GRP Limited (cin : 125191G)1974PLC002555)
	Registered Office : Plot No.8, GIDC Estate, Ankleshwar - 393 002 Dist. Bharuch, Gujarat
	STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED 30th JUNE 2021			(% in Lakhs, except per share data)
				Consolidated
	; Particulars		Quarter ended		Year ended
No.		Unaudited	30-06-2021 31-03-2021 30-06-2020 31-03-2021	Audited Unaudited	Audited
	Revenue from Operations (Gross)	8,810.13	9,407.61	3,344.86	29,741.72
	Less: Goods & Service Tax	502.51	574.21	180.04	1,764.40
	Revenue from Operations	8,307.62 28.88	8,833.40 120.00	3,164.82 13.98	27,977.32 187.32
	Other Income Total Income (I + II)	8,336.50	8,953.40	3,178.80	28,164.64
	Expenses				13,304.81
	(a) Cost of Materials consumed (b) Purchases of Stock-in-Trade	4,546.23 -	4,277.75 -	1,398.06 -	-
	(c) Changes in inventories of finished goods, Stock-in-Trade and Wworein-prderess	(462.22)	128.98	104.63	239.48
	(d) Employees benefits expense	1,315.58	1,367.00	898.96	4,876.90
	(e) Finance Costs	92.93	93.00	212.81	539.97
	(f) Depreciation & amortisation expense	296.01 2,490.17	309.32 2,310.57	298.45 1,005.85	1,265.66 7,864.27
	(g) Other Expenses Total Expenses (IV)	8,278.70	8,486.62	3,918.76	28,091.09
	{Profit Before Share of Profit / (Loss) of Joint Ventures, Exceptional Items and Tax (III - IV)	57.80	i66.78	(739.96)	wage
	Share of Profit / (Loss) of Joint Ventures	-	-	-	=
VIIL	Profit/(Loss) before exceptional items and tax (V + VI) Exceptional Items	57.80 :	466.78 -	(739.96) =	73.55 -
	Profit/(Loss) before tax (VII-VIII)	57.80	466.78	(739.96)	73.55
	Tax Expense (1) Current Tax	93.81	(0.37)	-	(0.37)
	(2) Deferred Tax	35.66	(3.71)	(182.33)	(92.99)
			(4.08)	(182.33)	(93.36)
	Total Tax Expense	129.47		(557.63)	166.91
XI XII	Profit/(loss) for the period (IX-X) Other Comprehensive Income	(71.67)	470.86
	(i) Items that will not be reclassified to profit or loss	(24.82) 6.90	18.06 (4.70)	38.77 (10.08)	26.14 (6.80)
	(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	(53.73)	312.08	(130.00)	340.37
	(iv) Income tax relating to items that will be reclassified to : profit or loss	13.26	(80.98)	33.74	(88.23)
	Total Other Comprehensive Income (XII)	(58.39) (130.06)	244.46 715.32	(67.57) (625.20)	271.48 438.39
	Total Comprehensive Income for the period (XI+XiIl) Profit for the year attributable to
	-Owners of the Company	(71.67) (0.00)	470.86 (0.00)	(557.63) 0.00	166.91 0.00
	-Non-controlling interest
XIII XIV	Other comprehensive income for the year attributable to -Owners of the Company	(58.39)	244.46	(67.57)	271.48
	-Non-controlling interest	2	"	-	-
	Total comprehensive income for the year attributable to
	-Owners of the Company	(130.06)	715.32	(625.20)	438.39
	-Non-controlling interest	(0.00)	(0.00)	0.00 133.33	0.00 133.33
XVI	XV_ Paid up Equity Share Capital (Face value of % 10/- each) Other Equity excluding Revaluation Reserves as per Balance	133.33	133.33 _	;	13,024.76
	Sheet				= R, AS SOCTA
XVII	}Earning Per share (Face value of 10/- each Annualised)		35.32 *		12,52

	UNAUDITED CONSOLIDATED SEGMENT INFORMATION FOR THE QUARTER ENDED 30th JUNE 2021			Consolidated	(& in Lakhs)
Sr	Particulars		Quarter ended
No.					Year ended
		Unaudited	30-06-2021 31-03-2021 30-06-2020]	Audited Unaudited	31-03-2021 Audited
1	Segment Revenue a) Reclaim Rubber	8,063.04	8,564.44	3,176.34	27,497.40
	b) Others	747.09	843.17	168.52	2,244.32
	Revenue from Operations (Gross) Less: Goods and Service Tax	8,810.13 502.51	9,407.61 574.21	3,344.86 180.04	29,741.72 1,764.40
	Revenue from Operations	8,307.62	8,833.40	3,164.82	27,977.32
2	Segment Results
	Profit/(Loss) Before Tax & Interest from each segment
	a) Reclaim Rubber b) Others	559.04 (18.63)	920.90 69.22	(248.83) (44.05)	1,882.75 156.18
	Total Less: Finance Costs	540.41 92.93	990.12 93.00	(292.88) 212.81	2,038.93 539.97
	Less: Other unallocable expenses net of unallocable income	389.68	430,34	334.97	1,425.41
	Less: Share of (Profit) / Loss of Joint Ventures	-	-	2	-
	Profit/(Loss) before tax	57.80	466.78	(739.96)	73.55
3	Segment Assets
	a) Reclaim Rubber b) Others	2,777.71	17,764.14 18,389.35 2,934.70	16,851.74 2,896.34	18,389.35 2,934.70
	c) Unallocated Assets Total Segment Assets	2,833.38	3,448.90 23,375.23 24,772.95 23,885.44	4,137.36	3,448.90 24,772.95
4	Segment Liabilities a) Reclaim Rubber	2,839.97	2,428.16	2,299.99	2,428.16
	b) Others c) Unallocated Liabilities	180.39 7,326.81	231.92 8,954.78 10,347.17 11,614.86 11,614.94	116.54 9,198.41	231.92 8,954.78 11,614.86

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 12th August, 2021.
• 1. 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'.
• The figures for the preceding quarter ended 31st March, 2021 as reported in these financial results, are the balancing figure between audited figures in respect of the full financial year ended 31st March, 2021 and published year-to date unaudited figures upto the end of third quarter of that financial year.
• Other expenses for Quarter ended 30-June-2021 includes loss on sale of assets of = 101.03 lakhs (For Quarter ended 31-March-2021 and Year ended 31-March-2021 there was a profit on sale assets included in Other Income amounting to % 104.49 lakhs and % 109.76 lakhs respectively).
• 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, in which the Group is operating, had been adversely impacted in the first half of FY 2020-21 due to the pandemic. 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 months of April-May 2021 has had an impact on the industry and the Group
• Figures for the previous period are regrouped/reclassified wherever necessary, to make them comparable.

	FOR GRP LIMITED
Place : Mumbai Date : 12th August, 2021	HARSH R. GANDHI JOINT MANAGING DIRECTOR