Historical Financial Statement - ASIAN PAI

Years Mar-15 Mar-16 Mar-17 Mar-18

# Income Statement
Sales ₹ 13,615.3 ₹ 14,271.5 ₹ 15,062.0 ₹ 16,824.6
Sales Growth - 4.82% 5.54% 11.70%

COGS ₹ 9,298.8 ₹ 9,413.8 ₹ 9,732.7 ₹ 11,194.2

COGS % Sales 68.30% 65.96% 64.62% 66.53%

Gross Profit ₹ 4,316.49 ₹ 4,857.65 ₹ 5,329.33 ₹ 5,630.38

Gross Margins 31.70% 34.04% 35.38% 33.47%

Selling & General Expenses ₹ 2,073.60 ₹ 2,132.61 ₹ 2,335.57 ₹ 2,426.37

S&G Exp % Sales 15.23% 14.94% 15.51% 14.42%

EBITDA ₹ 2,242.89 ₹ 2,725.04 ₹ 2,993.76 ₹ 3,204.01

EBITDA Margins 16.47% 19.09% 19.88% 19.04%

Interest ₹ 42.24 ₹ 49.00 ₹ 37.33 ₹ 41.47

Interest % Sales 0.31% 0.34% 0.25% 0.25%

Depreciation ₹ 265.92 ₹ 275.58 ₹ 334.79 ₹ 360.47

Depreciation%Sales 1.95% 1.93% 2.22% 2.14%

Earnings Before Tax ₹ 1,934.73 ₹ 2,400.46 ₹ 2,621.64 ₹ 2,802.07

EBT % Sales 14.21% 16.82% 17.41% 16.65%

Tax ₹ 649.5 ₹ 844.5 ₹ 943.3 ₹ 1,041.0

Effective Tax Rate 33.57% 35.18% 35.98% 37.15%

Net Profit ₹ 1,285.2 ₹ 1,556.0 ₹ 1,678.4 ₹ 1,761.1

Net Margins 9.44% 10.90% 11.14% 10.47%

No of Equity Shares 95.92 95.92 95.92 95.92

Earnings per Share ₹ 13.40 ₹ 16.22 ₹ 17.50 ₹ 18.36

EPS Growth % 21.07% 7.87% 4.93%

Dividend per Share ₹ 6.1 ₹ 7.5 ₹ 10.3 ₹ 8.7

Dividend payout ratio 45.53% 46.23% 58.87% 47.38%

Retained Earnings 54.47% 53.77% 41.13% 52.62%

# Balance Sheet
Equity Share Capital ₹ 95.9 ₹ 95.9 ₹ 95.9 ₹ 95.9
Reserves ₹ 4,646.4 ₹ 6,428.9 ₹ 7,508.0 ₹ 8,314.3
 Borrowings ₹ 418.2 ₹ 323.3 ₹ 560.3 ₹ 533.4
Other Liabilities ₹ 3,754.0 ₹ 3,710.9 ₹ 4,241.0 ₹ 4,819.8
Total Liabilities ₹ 8,914.5 ₹ 10,559.0 ₹ 12,405.2 ₹ 13,763.5

Fixed Assets Net Block ₹ 2,660.0 ₹ 3,416.4 ₹ 3,303.7 ₹ 3,732.2

Capital Work in Progress ₹ 196.0 ₹ 106.6 ₹ 257.5 ₹ 1,405.1
Investments ₹ 1,587.8 ₹ 2,712.1 ₹ 2,652.0 ₹ 2,140.7
Other Assets ₹ 825.7 ₹ 714.7 ₹ 1,317.2 ₹ 1,691.8
Total Non Current Assets ₹ 5,269.5 ₹ 6,949.8 ₹ 7,530.4 ₹ 8,969.9

Receivables ₹ 1,182.1 ₹ 1,186.8 ₹ 1,446.6 ₹ 1,730.6

Inventory ₹ 2,258.5 ₹ 1,998.2 ₹ 2,626.9 ₹ 2,658.3
Cash & Bank ₹ 204.4 ₹ 424.2 ₹ 801.2 ₹ 404.7
Total Current Assets ₹ 3,645.0 ₹ 3,609.3 ₹ 4,874.8 ₹ 4,793.6

Total Assets ₹ 8,914.5 ₹ 10,559.0 ₹ 12,405.2 ₹ 13,763.5

Check 1 1 1 1

# Cash Flow Statements

Cash from Operating Activities ₹ 1,187.7 ₹ 2,243.0 ₹ 1,527.3 ₹ 2,113.4

Cash from Investing Activities (₹ 465.0) (₹ 866.2) (₹ 681.1) (₹ 1,556.1)

Cash from Financing Activities (₹ 576.1) (₹ 849.0) (₹ 756.4) (₹ 1,379.1)

Net Cash Flow ₹ 146.6 ₹ 527.8 ₹ 89.8 (₹ 821.8)

cal Financial Statement - ASIAN PAINTS LTD
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 LTM

₹ 19,240.1 ₹ 20,211.3 ₹ 21,712.8 ₹ 29,101.3 ₹ 34,488.6 ₹ 35,494.7 ₹ 34,277.5

14.36% 5.05% 7.43% 34.03% 18.51% 2.92% -3.43%

₹ 12,905.8 ₹ 13,158.0 ₹ 14,035.1 ₹ 20,590.6 ₹ 23,766.7 ₹ 23,010.0 ₹ 28,016.1

67.08% 65.10% 64.64% 70.75% 68.91% 64.83% 81.73%

₹ 6,334.32 ₹ 7,053.23 ₹ 7,677.72 ₹ 8,510.71 ₹ 10,721.89 ₹ 12,484.74 ₹ 6,261.38

32.92% 34.90% 35.36% 29.25% 31.09% 35.17% 18.27%

₹ 2,569.38 ₹ 2,896.41 ₹ 2,822.12 ₹ 3,707.10 ₹ 4,462.05 ₹ 4,899.76

13.35% 14.33% 13.00% 12.74% 12.94% 13.80% 0.00%

₹ 3,764.94 ₹ 4,156.82 ₹ 4,855.60 ₹ 4,803.61 ₹ 6,259.84 ₹ 7,584.98 ₹ 6,831.74

19.57% 20.57% 22.36% 16.51% 18.15% 21.37% 19.93%

₹ 110.47 ₹ 102.33 ₹ 91.63 ₹ 95.41 ₹ 144.45 ₹ 205.17 ₹ 228.33

0.57% 0.51% 0.42% 0.33% 0.42% 0.58% 0.67%

₹ 622.14 ₹ 780.50 ₹ 791.27 ₹ 816.36 ₹ 858.02 ₹ 853.00 ₹ 950.85

3.23% 3.86% 3.64% 2.81% 2.49% 2.40% 2.77%

₹ 3,032.33 ₹ 3,273.99 ₹ 3,972.7 ₹ 3,891.8 ₹ 5,257.4 ₹ 6,526.8 ₹ 5,652.6

15.76% 16.20% 18.30% 13.37% 15.24% 18.39% 16.49%

₹ 1,098.1 ₹ 854.9 ₹ 1,097.6 ₹ 1,102.9 ₹ 1,493.5 ₹ 1,790.1 ₹ 1,420.7

36.21% 26.11% 27.63% 28.34% 28.41% 27.43% 25.13%

₹ 1,934.3 ₹ 2,419.1 ₹ 2,875.1 ₹ 2,788.9 ₹ 3,763.9 ₹ 4,736.7 ₹ 4,231.8

10.05% 11.97% 13.24% 9.58% 10.91% 13.34% 12.35%

95.92 95.92 95.92 95.92 95.92 95.92 95.92

₹ 20.17 ₹ 25.22 ₹ 29.97 ₹ 29.08 ₹ 39.24 ₹ 49.38 ₹ 44.12

9.83% 25.07% 18.85% -3.00% 34.96% 25.85% -10.66%

₹ 10.5 ₹ 12.0 ₹ 17.8 ₹ 19.2 ₹ 25.7 ₹ 33.3 -

52.07% 47.58% 59.55% 65.86% 65.37% 67.43% 0.00%

47.93% 52.42% 40.45% 34.14% 34.63% 32.57% 100.00%

₹ 95.9 ₹ 95.9 ₹ 95.9 ₹ 95.9 ₹ 95.9 ₹ 95.9

₹ 9,374.6 ₹ 10,034.2 ₹ 12,710.4 ₹ 13,715.6 ₹ 15,896.3 ₹ 18,632.4
 ₹ 1,319.6 ₹ 1,118.5 ₹ 1,093.1 ₹ 1,586.9 ₹ 1,932.6 ₹ 2,474.4
₹ 5,458.7 ₹ 4,889.3 ₹ 6,455.9 ₹ 7,560.0 ₹ 7,854.5 ₹ 8,698.1
₹ 16,248.8 ₹ 16,138.0 ₹ 20,355.3 ₹ 22,958.4 ₹ 25,779.3 ₹ 29,900.8

₹ 6,496.6 ₹ 6,272.3 ₹ 5,858.5 ₹ 5,519.1 ₹ 5,770.5 ₹ 7,146.6

₹ 209.7 ₹ 140.2 ₹ 183.0 ₹ 426.4 ₹ 1,019.6 ₹ 2,698.4
₹ 2,568.6 ₹ 2,018.9 ₹ 4,736.8 ₹ 3,247.5 ₹ 4,261.7 ₹ 4,587.9
₹ 1,472.0 ₹ 1,738.7 ₹ 2,565.5 ₹ 2,876.7 ₹ 3,036.2 ₹ 3,571.4
₹ 10,746.8 ₹ 10,170.1 ₹ 13,343.8 ₹ 12,069.7 ₹ 14,087.9 ₹ 18,004.3

₹ 1,907.3 ₹ 1,795.2 ₹ 2,602.2 ₹ 3,871.4 ₹ 4,636.9 ₹ 4,889.1

₹ 3,149.9 ₹ 3,389.8 ₹ 3,798.6 ₹ 6,153.0 ₹ 6,210.6 ₹ 5,923.4
₹ 444.9 ₹ 782.8 ₹ 610.8 ₹ 864.3 ₹ 843.8 ₹ 1,084.0
₹ 5,502.1 ₹ 5,967.9 ₹ 7,011.5 ₹ 10,888.8 ₹ 11,691.4 ₹ 11,896.5

₹ 16,248.8 ₹ 16,138.0 ₹ 20,355.3 ₹ 22,958.4 ₹ 25,779.3 ₹ 29,900.8

1 1 1 1 1 TRUE

₹ 2,469.5 ₹ 3,038.2 ₹ 3,683.4 ₹ 986.5 ₹ 4,193.4 ₹ 6,103.6

(₹ 917.8) (₹ 517.9) (₹ 540.5) (₹ 316.8) (₹ 1,282.3) (₹ 2,548.5)

(₹ 1,117.5) (₹ 2,871.5) (₹ 650.4) (₹ 1,807.6) (₹ 2,140.1) (₹ 2,982.5)

₹ 434.3 (₹ 351.2) ₹ 2,492.4 (₹ 1,137.9) ₹ 771.0 ₹ 572.6

 Ratio Analysis of - ASIAN PAINTS LTD
Years Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

SalesGrowth
GrossMargin
EBITDA Growth
EBIT Growth
Net Profit Growth
Dividend Growth

Gross Margin
Operating Margin
EBITDA Margin
EBIT Margin
EBT Margin
Net Profit Margin

SalesExpenses%Sales
Depreciation%Sales
OperatingIncome%Sales

Return on Capital Employed

Retained Earnings%
Return on Equity%
Self Sustained Growth Rate
Interest Coverage Ratio

Debtor Turnover Ratio

Creditor Turnover Ratio
Inventory Turnover
Fixed Asset Turnover
Capital Turnover Ratio

Debtor Days
Payable Days
Inventory Days
Cash Conversion Cycle

CFO/Sales
CFO/Total Assets
CFO/Total Debt
Mar-24 LTM
 ASIAN PAINTS LTD - Sales Forecasting ASIAN PAINTS LTD - EBITDA Forecasting
Year Weight Year Sales Sales Growth Year Weight Year Sales Sales Growth
1 2015A 13,615.3 1 2015A 2,352.9
2 2016A 14,271.5 4.82% 2 2016A 2,914.2 23.86%
3 2017A 15,062.0 5.54% 3 2017A 3,254.8 11.69%
4 2018A 16,824.6 11.70% 4 2018A 3,481.8 6.97%
5 2019A 19,240.1 14.36% 5 2019A 3,986.6 14.50%
6 2020A 20,211.3 5.05% 6 2020A 4,442.9 11.44%
7 2021A 21,712.8 7.43% 7 2021A 5,119.8 15.24%
8 2022A 29,101.3 34.03% 8 2022A 5,045.3 -1.46%
9 2023A 34,488.6 18.51% 9 2023A 6,602.4 30.86%
10 2024A 35,494.7 2.92% 10 2024A 8,308.5 25.84%
11 2025E 36,144.4 1.83% 11 2025E 7,675.6 -7.62%
12 2026E 38,715.8 7.11% 12 2026E 8,243.7 7.40%
13 2027E 41,287.1 6.64% 13 2027E 8,811.8 6.89%
14 2028E 43,858.4 6.23% 14 2028E 9,380.0 6.45%
15 2029E 46,429.7 5.86% 15 2029E 9,948.1 6.06%
 ASIAN PAINTS LTD - Earnings per Share Forecasting
Year Weight Year Sales Sales Growth
1 2015A 13.4
2 2016A 16.2 21.07%
3 2017A 17.5 7.87%
4 2018A 18.4 4.93%
5 2019A 20.2 9.83%
6 2020A 25.2 25.07%
7 2021A 30.0 18.85%
8 2022A 29.1 -3.00%
9 2023A 39.2 34.96%
10 2024A 49.4 25.85%
11 2025E 45.3 -8.31%
12 2026E 48.8 7.80%
13 2027E 52.3 7.24%
14 2028E 55.9 6.75%
15 2029E 59.4 6.32%
 Peer Analysis - ASIAN PAINTS LTD
Ratios
COMPANY NAME ASIAN PAINTS LTD
LATEST VERSION 2.10 PLEASE DO NOT MAKE A
CURRENT VERSION 2.10

META
Number of shares 95.91
Face Value 1
Current Price 2430.2
Market Capitalization 233085.32

PROFIT & LOSS 2,618.77

Report Date Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Sales 13615.26 14271.49 15061.99 16824.55 19240.13
Raw Material Cost 6874.83 6569.83 7452.6 8128.17 9974.4
Change in Inventory 148.07 -199.33 528.6 -142.13 293.26
Power and Fuel 130.68 114.48 106.02 110.3 119.63
Other Mfr. Exp 1504.47 1535.22 1662.75 1691.68 1862.35
Employee Cost 936.86 994.98 1039.89 1121.89 1242.69
Selling and admin 3351.66 3912.3 4364.04 2254.92 2366.87
Other Expenses -1278.06 -1779.69 -2028.47 171.45 202.51
Other Income 142.14 213.39 337.9 336.41 273.77
Depreciation 265.92 275.58 334.79 360.47 622.14
Interest 42.24 49 37.33 41.47 110.47
Profit before tax 2076.87 2613.85 2959.54 3138.48 3306.1
Tax 649.54 844.49 943.29 1040.96 1098.06
Net profit 1395.15 1745.16 1939.43 2038.93 2155.92
Dividend Amount 585.11 719.4 987.98 834.5 1007.16
Effective Tax Rate 31% 32% 32% 33% 33%

EBITDA 2,352.85 2,914.23 3,254.84 3,481.83 3,986.59

Quarters
Report Date Sep-22 Dec-22 Mar-23 Jun-23 Sep-23
Sales 8457.57 8636.74 8787.34 9182.31 8478.57
Expenses 7229.87 7025.31 6922.58 7061.02 6762.34
Other Income 117.56 122.21 104.17 227.74 194.33
Depreciation 215.7 214.05 220.17 198.32 208.72
Interest 35.4 41.39 38.91 45.75 50.9
Profit before tax 1094.16 1478.2 1709.85 2104.96 1650.94
Tax 290.33 381.14 451.44 530.12 418.55
Net profit 782.71 1072.67 1234.14 1550.37 1205.42
Operating Profit 1227.7 1611.43 1864.76 2121.29 1716.23
EBITDA 1,324.14 1,709.25 1,944.66 2,324.56 1,883.59

BALANCE SHEET
Report Date Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Equity Share Capital 95.92 95.92 95.92 95.92 95.92
Reserves 4646.44 6428.9 7507.97 8314.31 9374.63
Borrowings 418.17 323.29 560.34 533.43 1319.6
Other Liabilities 3753.97 3710.92 4240.96 4819.82 5458.69
Total 8914.5 10559.03 12405.19 13763.48 16248.84
Net Block 2660.04 3416.35 3303.74 3732.24 6496.56
Capital Work in Progress 196 106.59 257.54 1405.11 209.67
Investments 1587.79 2712.13 2651.99 2140.7 2568.58
Other Assets 4470.67 4323.96 6191.92 6485.43 6974.03
Total 8914.5 10559.03 12405.19 13763.48 16248.84
Receivables 1182.07 1186.84 1446.6 1730.63 1907.33
Inventory 2258.52 1998.24 2626.94 2658.31 3149.86
Cash & Bank 204.39 424.2 801.21 404.65 444.88
No. of Equity Shares 959197790 959197790 959197790 959197790 959197790
New Bonus Shares
Face value 1 1 1 1 1

CASH FLOW:
Report Date Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Cash from Operating Activity 1187.69 2242.95 1527.33 2113.44 2469.54
Cash from Investing Activity -464.99 -866.21 -681.11 -1556.14 -917.79
Cash from Financing Activity -576.09 -848.98 -756.43 -1379.14 -1117.46
Net Cash Flow 146.61 527.76 89.79 -821.84 434.29

PRICE: 811.3 868.4 1073.5 1120.4 1492.7

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

9,400.48
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
20211.25 21712.79 29101.28 34488.59 35494.73
9981.99 10425.55 17123.25 18985.53 17410.84
239.15 92.45 1324.97 309.73 -363.8
97.79 86.05 117.23 138.29 133.25
1946.12 2068.31 2880.45 2916.2 2767.18
1371.27 1547.61 1794.61 2036.41 2334.92
2311.51 2245.69 2941.98 3500.84 3811.86
584.9 576.43 765.12 961.21 1087.9
355.05 331.65 295.88 431.46 820.96
780.5 791.27 816.36 858.02 853
102.33 91.63 95.41 144.45 205.17
3629.04 4304.35 4187.72 5688.83 7347.77
854.85 1097.6 1102.91 1493.5 1790.08
2705.17 3139.29 3030.57 4106.45 5460.23
1151.04 1712.17 1836.87 2460.35 3194.14
24% 25% 26% 26% 24%

4,442.85 5,119.79 5,045.25 6,602.42 8,308.48

Dec-23 Mar-24 Jun-24 Sep-24 Dec-24

9103.09 8730.76 8969.73 8027.54 8549.44
7047 7039.39 7275.96 6788.03 6912.71
186.46 212.43 192.93 24.53 192.83
220.35 225.61 227.7 241.99 255.55
54.42 54.1 55.38 63.01 55.84
1967.78 1624.09 1603.62 959.04 1518.17
492.62 348.79 416.83 265.38 389.73
1447.72 1256.72 1169.98 694.64 1110.49
2056.09 1691.37 1693.77 1239.51 1636.73
2,215.11 1,885.22 1,869.89 1,265.02 1,811.61

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

95.92 95.92 95.92 95.92 95.92
10034.24 12710.37 13715.64 15896.31 18632.38
1118.5 1093.12 1586.88 1932.62 2474.38
 4889.31 6455.93 7559.99 7854.48 8698.09
16137.97 20355.34 22958.43 25779.33 29900.77
6272.31 5858.52 5519.06 5770.46 7146.62
140.24 182.98 426.43 1019.59 2698.37
2018.85 4736.8 3247.53 4261.71 4587.92
7706.57 9577.04 13765.41 14727.57 15467.86
16137.97 20355.34 22958.43 25779.33 29900.77
1795.22 2602.17 3871.44 4636.94 4889.05
3389.81 3798.6 6152.98 6210.64 5923.41
782.83 610.75 864.33 843.82 1084.01
959197790 959197790 959197790 959197790 959197790

1 1 1 1 1
-188.18 -111.76 493.39 1,631.71

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

3038.15 3683.35 986.49 4193.43 6103.6
-517.91 -540.54 -316.75 -1282.34 -2548.48
-2871.46 -650.4 -1807.61 -2140.05 -2982.5
-351.22 2492.41 -1137.87 771.04 572.62

1666.5 2537.4 3079.95 2761.65 2846.75

95.92 95.92 95.92 95.92 95.92