Asian Paints Financial Statements

Asian Paints Nine Monthly Results

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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.) Dec-2020 Dec-2019 Dec-2018 Dec-2017 Dec-2016
Gross Sales 15,061 15,576 14,257 12,770 12,484
Excise Duty -- -- 8.32 429 1,331
Net Sales 15,061 15,576 14,249 12,341 11,154
Other Operating Income -- -- -- -- --
Other Income 250 295 211 292 254
Total Income 15,312 15,871 14,459 12,633 11,407
Total Expenditure ** 11,524 12,278 11,372 9,983 8,875
PBIDT 3,788 3,592 3,087 2,650 2,532
Interest 61.80 76.70 75.70 25.90 21.20
PBDT 3,726 3,516 3,011 2,624 2,511
Depreciation 578 586 444 269 252
Minority Interest Before NP -- -- -- -- --
Tax 821 762 719 747 686
Deferred Tax (10) (126) 127 6.34 36.70
Reported Profit After Tax 2,337 2,294 1,722 1,602 1,537
Minority Interest After NP 49.70 50.70 37.80 43.70 59.40
Net Profit after Minority Interest 2,287 2,243 1,684 1,558 1,477
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 2,287 2,243 1,684 1,558 1,477
EPS (Unit Curr.) 23.80 23.40 17.60 16.20 15.40
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- 335 285 265 265
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(%) 25.10 23.10 21.70 21.50 22.70
PBDTM(%) 24.70 22.60 21.10 21.30 22.50
PATM(%) 15.50 14.70 12.10 13 13.80
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