Asian Paints Financial Statements

Asian Paints Cash Flow

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Y/e 31 Mar Mar-2021 Mar-2020 Mar-2018 Mar-2017
Growth matrix (%)        
Revenue growth 7.43 20.10 11.70 5.54
Op profit growth 16.70 30.20 7.07 7.85
EBIT growth 18.50 18.80 4.72 9.48
Net profit growth 16 32.70 5.13 11.10
Profitability ratios (%)        
OPM 22.40 20.60 19 19.80
EBIT margin 20.10 18.20 18.40 19.70
Net profit margin 14.50 13.40 12.10 12.90
RoCE 32.40 33.70 33.20 35.80
RoNW 6.84 7.30 6.37 6.86
RoA 5.82 6.18 5.45 5.86
Per share ratios ()        
EPS 33.40 28.90 21.90 21
Dividend per share 17.90 12 8.70 10.30
Cash EPS 24.50 20.10 17.50 16.70
Book value per share 134 106 87.70 79.30
Valuation ratios        
P/E 75.90 57.60 51.20 51
P/CEPS 104 83.10 64 64
P/B 19 15.80 12.80 13.50
EV/EBIDTA 47.30 35.90 31.10 31.10
Payout (%)        
Dividend payout 10.20 -- 40.90 50.90
Tax payout (26) (24) (34) (32)
Liquidity ratios        
Debtor days 37 31.80 34.50 31.90
Inventory days 60.40 54.60 57.30 56
Creditor days (61) (52) (58) (55)
Leverage ratios        
Interest coverage (48) (36) (88) (99)
Net debt / equity 0.04 0.03 0.02 --
Net debt / op. profit 0.10 0.08 0.04 (0.10)
Cost breakup ()        
Material costs (56) (56) (58) (55)
Employee costs (7.10) (6.80) (6.60) (6.90)
Other costs (15) (16) (17) (18)
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Y/e 31 Mar( In .Cr) Mar-2021 Mar-2020 Mar-2018 Mar-2017
Revenue 21,713 20,211 16,825 15,062
yoy growth (%) 7.43 20.10 11.70 5.54
Raw materials (12,097) (11,383) (9,691) (8,329)
As % of sales 55.70 56.30 57.60 55.30
Employee costs (1,541) (1,366) (1,115) (1,034)
As % of sales 7.10 6.76 6.63 6.86
Other costs (3,219) (3,300) (2,820) (2,713)
As % of sales 14.80 16.30 16.80 18
Operating profit 4,856 4,162 3,198 2,986
OPM 22.40 20.60 19 19.80
Depreciation (791) (781) (360) (335)
Interest expense (92) (102) (35) (30)
Other income 303 304 266 312
Profit before tax 4,276 3,583 3,068 2,934
Taxes (1,098) (855) (1,041) (943)
Tax rate (26) (24) (34) (32)
Minorities and other (67) (74) 11.40 (51)
Adj. profit 3,111 2,654 2,039 1,939
Exceptional items -- -- -- --
Net profit 3,139 2,705 2,039 1,939
yoy growth (%) 16 32.70 5.13 11.10
NPM 14.50 13.40 12.10 12.90
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Y/e 31 Mar ( In .Cr) Mar-2021 Mar-2020 Mar-2018 Mar-2017
Profit before tax 4,276 3,583 3,068 2,934
Depreciation (791) (781) (360) (335)
Tax paid (1,098) (855) (1,041) (943)
Working capital 154 1,286 (337) 997
Other operating items -- -- -- --
Operating cashflow 2,541 3,234 1,330 2,653
Capital expenditure 110 3,577 792 170
Free cash flow 2,650 6,810 2,121 2,823
Equity raised 19,927 15,643 14,618 12,985
Investments 2,718 (122) (511) (60)
Debt financing/disposal 1,989 1,493 958 741
Dividends paid 321 -- 835 988
Other items -- -- -- --
Net in cash 27,605 23,825 18,020 17,477
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Y/e 31 Mar ( In .Cr) Mar-2021 Mar-2020 Mar-2019 Mar-2018
Equity capital 95.90 95.90 95.90 95.90
Preference capital -- -- -- --
Reserves 12,710 10,034 9,375 8,314
Net worth 12,806 10,130 9,471 8,410
Minority interest
Debt 1,093 1,119 1,320 533
Deferred tax liabilities (net) 476 505 621 475
Total liabilities 14,799 12,157 11,773 9,746
Fixed assets 6,042 6,413 6,706 5,137
Intangible assets
Investments 4,737 2,019 2,569 2,141
Deferred tax asset (net) 75.20 77.70 107 77.20
Net working capital 3,335 2,865 1,946 1,986
Inventories 3,799 3,390 3,150 2,658
Inventory Days 63.90 61.20 -- 57.70
Sundry debtors 2,602 1,795 1,907 1,731
Debtor days 43.70 32.40 -- 37.50
Other current assets 2,566 1,739 1,472 1,692
Sundry creditors (3,424) (2,184) (2,551) (2,365)
Creditor days 57.60 39.40 -- 51.30
Other current liabilities (2,208) (1,875) (2,032) (1,729)
Cash 611 783 445 405
Total assets 14,799 12,157 11,773 9,746
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Particulars ( Rupees In Crores.) Jun-2021 Mar-2021 Dec-2020 Sep-2020 Jun-2020
Gross Sales 5,585 6,651 6,788 5,350 2,923
Excise Duty -- -- -- -- --
Net Sales 5,585 6,651 6,788 5,350 2,923
Other Operating Income -- -- -- -- --
Other Income 89.60 81.30 123 94.40 47.10
Total Income 5,675 6,733 6,912 5,445 2,970
Total Expenditure ** 4,674 5,333 5,001 4,085 2,453
PBIDT 1,001 1,400 1,911 1,360 517
Interest 21.50 29.90 21.10 20.50 20.10
PBDT 979 1,370 1,890 1,339 497
Depreciation 201 213 193 194 191
Minority Interest Before NP -- -- -- -- --
Tax 218 300 424 298 100
Deferred Tax (13) (14) 7.82 (4) (14)
Reported Profit After Tax 574 870 1,265 852 220
Minority Interest After NP 5.80 17.80 27 21.50 1.16
Net Profit after Minority Interest 569 852 1,238 830 218
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 569 852 1,238 830 218
EPS (Unit Curr.) 5.93 8.88 12.90 8.66 2.28
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- 335 --
Equity 95.90 95.90 95.90 95.90 95.90
Public Shareholding (Number) -- -- -- -- --
Public Shareholding (%) -- -- -- -- --
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- --
Non Encumbered - % in Total Promoters Holding -- -- -- -- --
Non Encumbered - % in Total Equity -- -- -- -- --
PBIDTM(%) 17.90 21 28.20 25.40 17.70
PBDTM(%) 17.50 20.60 27.80 25 17
PATM(%) 10.30 13.10 18.60 15.90 7.51
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