Akzo Nobel India Ltd

Akzo Nobel India is engaged in the business of manufacturing, trading and selling of paints and related products.

Pros:
Company is virtually debt free.
Company has been maintaining a healthy dividend payout of 39.70%
Cons:
Stock is trading at 7.93 times its book value
The company has delivered a poor growth of 4.58% over past five years.

Peer Comparison Sector: Paints/Varnish // Industry: Paints / Varnishes

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
673 635 648 659 712 700 716 714 783 706 720 634
573 561 582 596 613 631 643 649 682 602 616 561
Operating Profit 101 75 66 63 99 70 72 65 101 103 103 73
OPM % 15% 12% 10% 10% 14% 10% 10% 9% 13% 15% 14% 11%
Other Income 11 22 9 8 21 204 9 9 10 15 8 7
Interest 1 1 0 1 1 2 1 0 2 1 3 3
Depreciation 13 16 14 15 14 15 15 15 16 18 20 20
Profit before tax 98 79 60 55 105 258 66 58 92 99 89 56
Tax % 30% 8% 32% 29% 21% 8% 34% 37% 35% 29% 36% 13%
Net Profit 69 73 41 39 83 238 44 37 60 70 57 49
EPS in Rs 14.70 15.57 8.85 8.31 17.71 50.97 9.32 8.01 13.26 15.45 12.55 10.81
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
885 850 890 1,040 1,917 2,152 2,332 2,442 2,640 2,572 2,719 2,918 2,842
801 749 772 907 1,742 1,964 2,141 2,181 2,337 2,244 2,420 2,576 2,462
Operating Profit 85 101 118 133 175 188 192 261 304 328 299 342 381
OPM % 10% 12% 13% 13% 9% 9% 8% 11% 12% 13% 11% 12% 13%
Other Income 31 302 105 110 112 138 57 68 67 66 241 43 40
Interest 3 3 1 2 4 9 2 2 2 3 4 4 8
Depreciation 23 21 21 22 37 39 44 53 54 54 58 65 76
Profit before tax 90 379 200 220 246 279 203 275 314 337 478 316 337
Tax % 33% 22% 20% 20% 18% 22% 26% 32% 32% 27% 16% 33%
Net Profit 60 295 159 177 202 219 150 186 214 247 401 211 237
EPS in Rs 14.33 74.59 46.85 32.16 35.89 45.87 52.89 85.78 46.27 52.07
Dividend Payout % 51% 21% 37% 38% 36% 171% 233% 50% 153% 42% 26% 52%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:13.12%
5 Years:4.58%
3 Years:3.40%
TTM:0.02%
Compounded Profit Growth
10 Years:8.51%
5 Years:14.18%
3 Years:1.68%
TTM:13.47%
Stock Price CAGR
10 Years:12.62%
5 Years:6.95%
3 Years:9.85%
1 Year:24.18%
Return on Equity
10 Years:15.47%
5 Years:20.91%
3 Years:23.00%
Last Year:15.97%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Sep 2019
38 38 37 37 37 47 47 47 47 47 47 46 46
Reserves 725 933 955 1,055 1,393 1,059 801 873 1,116 962 1,244 1,090 1,060
Borrowings 0 0 0 0 0 0 0 0 3 3 3 3 77
407 375 397 464 806 1,229 1,222 914 916 918 938 959 921
Total Liabilities 1,170 1,346 1,389 1,556 2,236 2,335 2,070 1,834 2,082 1,930 2,231 2,097 2,104
133 133 138 142 356 355 502 516 523 519 539 530 584
CWIP 10 2 2 14 15 106 31 12 9 23 27 17 26
Investments 693 915 960 985 1,004 947 629 394 600 336 573 377 81
334 297 289 415 861 927 908 912 950 1,052 1,092 1,173 1,414
Total Assets 1,170 1,346 1,389 1,556 2,236 2,335 2,070 1,834 2,082 1,930 2,231 2,097 2,104

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
81 2 111 36 137 208 171 155 263 143 181 141
104 283 76 27 -27 33 250 239 -156 225 -6 185
-265 -54 -142 -48 -72 -231 -438 -410 -113 -392 -126 -360
Net Cash Flow -80 231 45 16 38 10 -17 -16 -6 -24 50 -34

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 12% 13% 12% 14% 13% 15% 16% 25% 26% 27% 40% 24%
Debtor Days 43 32 33 25 43 43 48 42 49 58 53 56
Inventory Turnover 6.91 7.57 8.98 8.30 7.88 6.64 7.30 7.09 7.28 6.71 7.19 7.86