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 NAVIGATION MENU

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INCOME STATEMENT
INCOME STATEMENT DUPO
DUPO

BALANCE SHEET
BALANCE SHEET INVEST
INVEST

CASH FLOW
CASH FLOW STATEMENT
STATEMENT
ON MENU

RATIO ANALYSIS
RATIO ANALYSIS

DUPONT ANALYSIS
DUPONT ANALYSIS

INVESTING RESOURCES
INVESTING RESOURCES
Key Items Details
Company Name ASIAN PAINTS LTD
Current Price (INR) 2,518
No. of Shares (crores) 95.9
Market Cap (crores) 241,521
TTM Net Profit (crores) 2,749
TTM P/E ratio 87.9x
TTM Operating Profit Margin 22.3%
Latest FY ROAE 28.3%
Latest FY ROACE 33.9%
 Inco
COMPANY NAME >>
INR (in crores) Mar-11 Mar-12 Mar-13 Mar-14
Sales 7,403 9,231 10,504 12,220
Operating Profit 1,331 1,511 1,737 1,994
Other Income 68 107 114 134
EBITDA 1,399 1,619 1,852 2,128
Interest (26) (43) (42) (48)
Depreciation (113) (121) (155) (246)
Profit before tax (PBT) 1,260 1,454 1,655 1,834
Tax (378) (434) (496) (572)
Profit after tax (PAT) / Net Profit 881 1,021 1,160 1,263

Adjusted Equity Shares (in crores) 95.9 95.9 95.9 95.9

Price 253 324 492 548

Operating Profit Margin (OPM) % 18.0% 16.4% 16.5% 16.3%

Net Profit Margin (NPM) % 11.9% 11.1% 11.0% 10.3%
Tax Payout % 30.0% 29.8% 29.9% 31.2%
Interest Coverage Ratio (x) 49.5x 34.5x 40.4x 39.2x
Earnings Per Share (EPS) 9.2 10.6 12.1 13.2
PE Ratio (x) 27.5x 30.5x 40.7x 41.6x

NAVIGATION MENU
NAVIGATION MENU
Income Statement Analysis
ASIAN PAINTS LTD
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
13,615 14,271 15,062 16,825 19,240 20,211
2,215 2,725 2,994 3,204 3,765 4,162
170 213 338 336 274 355
2,385 2,938 3,332 3,540 4,039 4,517
(42) (49) (37) (41) (110) (108)
(266) (276) (335) (360) (622) (781)
2,077 2,614 2,960 3,138 3,306 3,629
(650) (844) (943) (1,041) (1,098) (855)
1,427 1,769 2,016 2,098 2,208 2,774

95.9 95.9 95.9 95.9 95.9 95.9

811 868 1,074 1,120 1,493 1,667

16.3% 19.1% 19.9% 19.0% 19.6% 20.6%

10.5% 12.4% 13.4% 12.5% 11.5% 13.7%
31.3% 32.3% 31.9% 33.2% 33.2% 23.6%
50.2x 54.3x 80.3x 76.7x 30.9x 34.6x
14.9 18.4 21.0 21.9 23.0 28.9
54.5x 47.1x 51.1x 51.2x 64.8x 57.6x
 GROWTH TREND ANALYSIS
TTM 9 YEARS 5 YEARS 3 YEARS
19,697 12% 8% 10%
4,383 14% 13% 12%
20% 16% 2%
14% 14% 11%

3,847 12% 12% 7%

2,749 14% 14% 11%

23% 15% 16%

###
###

14% 14% 11%

 Ba
COMPANY NAME >>
INR (in crores) Mar-11 Mar-12 Mar-13 Mar-14
Equity Share Capital 96 96 96 96
Reserves 2,092 2,653 3,288 3,943
Borrowings 233 341 251 249
Other Liabilities 2,190 2,623 3,149 3,787
Total Liabilities 4,611 5,712 6,785 8,075

Fixed Assets (Net Block) 1,310 1,301 2,441 2,562

Capital Work in Progress (CWIP) 43 617 59 72
Investments 429 355 296 1,424
Other Assets 2,828 3,440 3,989 4,019
Total Assets 4,611 5,712 6,785 8,075

Receivables 573 781 981 1,110

Inventory 1,305 1,599 1,830 2,070
Cash & Bank 626 624 737 229
Working Capital 639 817 839 232
Capital Employed 2,421 3,090 3,635 4,288
Total Equity 2,187 2,749 3,384 4,039

Net Fixed Asset Turnover 7.1x 5.6x 4.9x

Receivables Days 27 31 31
Inventory Turnover 6.4x 6.1x 6.3x
Debt To Equity 0.1x 0.1x 0.1x 0.1x
Return on average Equity (RoAE) 41.4% 37.8% 34.0%
Return on average Capital Employed 54.3% 50.5% 47.5%

NAVIGATION MENU
NAVIGATION MENU
 Balance Sheet Analysis
ASIAN PAINTS LTD
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
96 96 96 96 96 96
4,646 6,429 7,508 8,314 9,375 10,034
418 323 560 533 1,320 1,119
3,754 3,711 4,241 4,820 5,459 4,889
8,915 10,559 12,405 13,763 16,249 16,138

2,660 3,416 3,304 3,732 6,497 6,272

196 107 258 1,405 210 140
1,588 2,712 2,652 2,141 2,569 2,019
4,471 4,324 6,192 6,485 6,974 7,707
8,915 10,559 12,405 13,763 16,249 16,138

1,182 1,187 1,447 1,731 1,907 1,795

2,259 1,998 2,627 2,658 3,150 3,390
204 424 801 405 445 783
717 613 1,951 1,666 1,515 2,817
5,161 6,848 8,164 8,944 10,790 11,249
4,742 6,525 7,604 8,410 9,471 10,130

5.2x 4.7x 4.5x 4.8x 3.8x 3.2x

31 30 32 34 35 33
6.3x 6.7x 6.5x 6.4x 6.6x 6.2x
0.1x 0.0x 0.1x 0.1x 0.1x 0.1x
32.5% 31.4% 28.5% 26.2% 24.7% 28.3%
44.9% 44.3% 39.9% 37.2% 34.6% 33.9%
 AVERAGE TREND
9 YEARS 5 YEARS 3 YEARS

4.9x 4.2x 3.9x

32 33 34
6.4x 6.5x 6.4x
0.1x 0.1x 0.1x
### ### ###
### ### ###
 C
COMPANY NAME >> A
INR (in crores) Mar-11 Mar-12 Mar-13 Mar-14
Cash from Operating Activity (CFO) 762 710 1,187 1,402
Cash from Investing Activity (CFI) (439) (386) (463) (586)
Cash from Financing Activity (CFF) (334) (327) (601) (626)
Net Cash Flow (CFO + CFI + CFF) (11) (2) 123 190

Cash & Equivalent at the end of year 626 624 737 229

Profit After Tax (PAT) 881 1,021 1,160 1,263

Cash from Operating Activity (CFO) 762 710 1,187 1,402

CFO/PAT (atleast 80%) ### ### ### ###

CAPEX 686 737 379

Free Cash Flows (FCF) 24 450 1,023

Re-investment (Capex/CFO) ### ### ###

FCF/CFO

NAVIGATION MENU
NAVIGATION MENU
 Cashflow Analysis
ASIAN PAINTS LTD
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
1,188 2,243 1,527 2,113 2,470 2,632
(465) (866) (681) (1,556) (918) (518)
(576) (849) (756) (1,379) (1,117) (2,465)
147 528 90 (822) 434 (351)

204 424 801 405 445 783

1,427 1,769 2,016 2,098 2,208 2,774

1,188 2,243 1,527 2,113 2,470 2,632

### ### ### ### ### ###

489 942 373 1,937 2,191 487

699 1,300 1,154 177 279 2,145

### ### ### ### ### ###

 GROWTH TREND ANALYSIS
TOTAL 9 YEARS 5 YEARS 3 YEARS

16,617 14% 14% 11%

16,234 15% 17% 20%

98%

47%
 Ratio Analysi
COMPANY NAME >> A
INR (in crores) Mar-11 Mar-12 Mar-13 Mar-14
Operating Profit Margin (OPM) % 18.0% 16.4% 16.5% 16.3%
Net Profit Margin (NPM) % 11.9% 11.1% 11.0% 10.3%
Tax Payout % 30.0% 29.8% 29.9% 31.2%
Interest Coverage Ratio (x) 49.5x 34.5x 40.4x 39.2x
Earnings Per Share (EPS) 9.19 10.64 12.09 13.16
PE Ratio (x) 27.5x 30.5x 40.7x 41.6x

Net Fixed Asset Turnover 7.1x 5.6x 4.9x

Receivables Days 27 31 31
Inventory Turnover 6.4x 6.1x 6.3x
Debt To Equity 0.1x 0.1x 0.1x 0.1x
Return on average Equity (RoAE) 41.4% 37.8% 34.0%
Return on average Capital Employed 54.3% 50.5% 47.5%

CFO/PAT (atleast 80%) 87% 70% 102% 111%

FIVE STAGE MODEL - DUPONT ANALYSIS

Tax Burden (Net Income ÷ PBT) 0.70 0.70 0.70 0.69
Interest Burden (PBT ÷ EBIT) 0.90 0.90 0.89 0.86
EBIT Margin (EBIT ÷ Sales) 18.9% 17.5% 17.6% 17.4%
Asset Turnover (Sales ÷ Total Assets) 1.6x 1.6x 1.5x 1.5x
Equity Multiplier (Total Assets ÷ Sharehol 2.1x 2.1x 2.0x 2.0x
Return on Equity 40.3% 37.1% 34.3% 31.3%

NAVIGATION MENU
NAVIGATION MENU
Ratio Analysis
ASIAN PAINTS LTD
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
16.3% 19.1% 19.9% 19.0% 19.6% 20.6%
10.5% 12.4% 13.4% 12.5% 11.5% 13.7%
31.3% 32.3% 31.9% 33.2% 33.2% 23.6%
50.2x 54.3x 80.3x 76.7x 30.9x 34.6x
14.88 18.45 21.02 21.87 23.02 28.92
54.5x 47.1x 51.1x 51.2x 64.8x 57.6x

5.2x 4.7x 4.5x 4.8x 3.8x 3.2x

31 30 32 34 35 33
6.3x 6.7x 6.5x 6.4x 6.6x 6.2x
0.1x 0.0x 0.1x 0.1x 0.1x 0.1x
32.5% 31.4% 28.5% 26.2% 24.7% 28.3%
44.9% 44.3% 39.9% 37.2% 34.6% 33.9%

83% 127% 76% 101% 112% 95%

0.69 0.68 0.68 0.67 0.67 0.76

0.87 0.89 0.89 0.89 0.82 0.80
17.5% 20.6% 22.1% 21.0% 21.0% 22.4%
1.5x 1.4x 1.2x 1.2x 1.2x 1.3x
1.9x 1.6x 1.6x 1.6x 1.7x 1.6x
30.1% 27.1% 26.5% 24.9% 23.3% 27.4%
 TTM
22.3%
14.0%
 DuPont Ana
COMPANY NAME >>
INR (in crores) Mar-11 Mar-12
Sales 7,403 9,231
Profit before tax (PBT) 1,260 1,454
EBIT (Operating Profit + Other Income) 1,399 1,619
Interest Expense (26) (43)
Income Tax (378) (434)
Net Income 881 1,021
Total Assets 4,611 5,712
Shareholders Equity 2,187 2,749

THREE STAGE MODEL

Net Profit Margin (Net Income ÷ Sales) 11.9% 11.1%
Asset Turnover (Sales ÷ Total Assets) 1.6x 1.6x
Equity Multiplier (Total Assets ÷ Shareholders Equity) 2.1x 2.1x
Return on Equity 40.3% 37.1%

FIVE STAGE MODEL

Tax Burden (Net Income ÷ PBT) 0.70 0.70
Interest Burden (PBT ÷ EBIT) 0.90 0.90
EBIT Margin (EBIT ÷ Sales) 18.9% 17.5%
Asset Turnover (Sales ÷ Total Assets) 1.6x 1.6x
Equity Multiplier (Total Assets ÷ Shareholders Equity) 2.1x 2.1x
Return on Equity 40.3% 37.1%

CHECK 1 1

NAVIGATION MENU
NAVIGATION MENU
DuPont Analysis
ASIAN PAINTS LTD
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
10,504 12,220 13,615 14,271 15,062 16,825
1,655 1,834 2,077 2,614 2,960 3,138
1,852 2,128 2,385 2,938 3,332 3,540
(42) (48) (42) (49) (37) (41)
(496) (572) (650) (844) (943) (1,041)
1,160 1,263 1,427 1,769 2,016 2,098
6,785 8,075 8,915 10,559 12,405 13,763
3,384 4,039 4,742 6,525 7,604 8,410

11.0% 10.3% 10.5% 12.4% 13.4% 12.5%

1.5x 1.5x 1.5x 1.4x 1.2x 1.2x
2.0x 2.0x 1.9x 1.6x 1.6x 1.6x
34.3% 31.3% 30.1% 27.1% 26.5% 24.9%

0.70 0.69 0.69 0.68 0.68 0.67

0.89 0.86 0.87 0.89 0.89 0.89
17.6% 17.4% 17.5% 20.6% 22.1% 21.0%
1.5x 1.5x 1.5x 1.4x 1.2x 1.2x
2.0x 2.0x 1.9x 1.6x 1.6x 1.6x
34.3% 31.3% 30.1% 27.1% 26.5% 24.9%

1 1 1 1 1 1
Mar-19 Mar-20
19,240 20,211
3,306 3,629
4,039 4,517
(110) (108)
(1,098) (855)
2,208 2,774
16,249 16,138
9,471 10,130

11.5% 13.7%
1.2x 1.3x
1.7x 1.6x
23.3% 27.4%

0.67 0.76
0.82 0.80
21.0% 22.4%
1.2x 1.3x
1.7x 1.6x
23.3% 27.4%

1 1
COMPANY NAME ASIAN PAINTS LTD
LATEST VERSION 2.10 PLEASE DO
CURRENT VERSION 2.10

META
Number of shares 95.92
Face Value 1
Current Price 2517.95
Market Capitalization 241521.21

PROFIT & LOSS

Report Date Mar-11 Mar-12 Mar-13 Mar-14
Sales 7402.91 9231.25 10503.91 12220.37
Raw Material Cost 3906.17 5117.61 5636.23 6339.75
Change in Inventory 151.43 172.95 149.56 90.28
Power and Fuel 77.19 87.41 114.71 133.74
Other Mfr. Exp 845.13 985.76 1107.31 1292.18
Employee Cost 456.05 529.67 627.59 763.59
Selling and admin 1480.36 1855.87 2273.91 2826.43
Other Expenses -541.43 -683.3 -843.67 -1038.74
Other Income 67.98 107.41 114.48 134.22
Depreciation 113.13 121.13 154.6 245.66
Interest 25.98 43.38 42.06 47.99
Profit before tax 1259.74 1454.08 1655.21 1834.27
Tax 378.39 433.5 495.69 571.51
Net profit 843.24 988.73 1113.88 1218.81
Dividend Amount 306.94 383.68 441.23 508.38

Quarters
Report Date Sep-18 Dec-18 Mar-19 Jun-19
Sales 4615.49 5263.04 4991.5 5104.72
Expenses 3771.79 4159.45 4108.14 3948.85
Other Income 72.84 64.64 63.1 85.71
Depreciation 143.61 164.98 178.56 191.75
Interest 25.74 29.07 29.6 26.66
Profit before tax 747.19 974.18 738.3 1023.17
Tax 242.45 326.9 252.31 351.08
Net profit 491.58 635.83 471.65 655.44
Operating Profit 843.7 1103.59 883.36 1155.87
BALANCE SHEET
Report Date Mar-11 Mar-12 Mar-13 Mar-14
Equity Share Capital 95.92 95.92 95.92 95.92
Reserves 2091.5 2652.58 3288.37 3943.3
Borrowings 233.43 341.11 250.96 249.15
Other Liabilities 2189.73 2622.58 3149.25 3787.03
Total 4610.58 5712.19 6784.5 8075.4
Net Block 1309.87 1300.55 2440.97 2561.58
Capital Work in Progress 43.32 617.08 59.21 71.6
Investments 428.97 354.74 295.68 1423.55
Other Assets 2828.42 3439.82 3988.64 4018.67
Total 4610.58 5712.19 6784.5 8075.4
Receivables 573.1 781.25 980.88 1110.3
Inventory 1305.43 1598.89 1830.29 2069.86
Cash & Bank 626.23 624.31 736.69 229
No. of Equity Shares 95919779 95919779 95919779 959197800
New Bonus Shares
Face value 10 10 10 1

CASH FLOW:
Report Date Mar-11 Mar-12 Mar-13 Mar-14
Cash from Operating Activity 762.46 709.98 1186.79 1402.03
Cash from Investing Activity -439.21 -385.61 -463.2 -585.99
Cash from Financing Activity -334.49 -326.58 -601 -625.91
Net Cash Flow -11.24 -2.21 122.59 190.13

PRICE: 252.58 324.2 491.73 547.95

DERIVED:
Adjusted Equity Shares in Cr 95.92 95.92 95.92 95.92
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

13615.26 14271.49 15061.99 16824.55 19240.13 20211.25
8119.54 7850.32 7452.6 8128.17 9974.4 9986.19
148.07 -199.33 528.6 -142.13 293.26 239.15
130.68 114.48 106.02 110.3 119.63 114.93
259.76 254.73 1662.75 1691.68 1862.35 1941.92
936.86 994.98 1039.89 1121.89 1242.69 1371.27
3370.79 3946.74 4364.04 2254.92 2366.87 2623.15
-1269.62 -1814.13 -2028.47 171.45 202.51 250.5
169.71 213.39 337.9 336.41 273.77 355.05
265.92 275.58 334.79 360.47 622.14 780.5
42.24 49 37.33 41.47 110.47 107.95
2076.87 2613.85 2959.54 3138.48 3306.1 3629.04
649.54 844.49 943.29 1040.96 1098.06 854.85
1395.15 1745.16 1939.43 2038.93 2155.92 2705.17
585.11 719.4 987.98 834.5 1007.16 1151.04

Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20

5050.66 5420.28 4635.59 2922.66 5350.23 6788.47
4098.72 4230.89 3775.97 2452.69 4085.03 5000.58
120.54 89.04 59.76 47.09 94.41 123.17
197.17 197.08 194.5 191.17 193.58 193.17
25.94 24.07 25.66 20.13 20.51 21.13
849.37 1057.28 699.22 305.76 1145.52 1696.76
7.23 277.57 218.97 86.15 293.62 431.41
823.41 764.43 461.89 218.45 830.37 1238.34
951.94 1189.39 859.62 469.97 1265.2 1787.89
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
95.92 95.92 95.92 95.92 95.92 95.92
4646.44 6428.9 7507.97 8314.31 9374.63 10034.24
418.17 323.29 560.34 533.43 1319.6 1118.5
3753.97 3710.92 4240.96 4819.82 5458.69 4889.31
8914.5 10559.03 12405.19 13763.48 16248.84 16137.97
2660.04 3416.35 3303.74 3732.24 6496.56 6272.31
196 106.59 257.54 1405.11 209.67 140.24
1587.79 2712.13 2651.99 2140.7 2568.58 2018.85
4470.67 4323.96 6191.92 6485.43 6974.03 7706.57
8914.5 10559.03 12405.19 13763.48 16248.84 16137.97
1182.07 1186.84 1446.6 1730.63 1907.33 1795.22
2258.52 1998.24 2626.94 2658.31 3149.86 3389.81
204.39 424.2 801.21 404.65 444.88 782.83
959197790 959197790 959197790 959197790 959197790 959197790

1 1 1 1 1 1

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

1187.69 2242.95 1527.33 2113.44 2469.54 2631.89
-464.99 -866.21 -681.11 -1556.14 -917.79 -517.91
-576.09 -848.98 -756.43 -1379.14 -1117.46 -2465.2
146.61 527.76 89.79 -821.84 434.29 -351.22

811.3 868.4 1073.5 1120.4 1492.7 1666.5

95.92 95.92 95.92 95.92 95.92 95.92

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