Asian Paints Ltd

Asian Paints is engaged in the business of manufacturing, selling and distribution of paints, coatings, products related to home decor, bath fittings and providing related services.(Source : 201903 Annual Report Page No: 159)

Pros:
Company is virtually debt free.
Company has a good return on equity (ROE) track record: 3 Years ROE 26.11%
Company has been maintaining a healthy dividend payout of 48.69%
Cons:
Stock is trading at 16.71 times its book value
The company has delivered a poor growth of 10.53% 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

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
3,102 3,241 3,320 3,203 3,602 3,587 3,775 3,706 3,914 4,536 4,235 4,380
2,471 2,570 2,681 2,606 2,882 2,769 2,990 2,836 3,187 3,550 3,415 3,290
Operating Profit 631 671 639 597 720 818 785 871 727 986 820 1,090
OPM % 20% 21% 19% 19% 20% 23% 21% 23% 19% 22% 19% 25%
Other Income 85 52 85 86 64 68 59 69 72 66 72 86
Interest 4 5 6 4 5 5 7 16 7 9 23 19
Depreciation 73 75 74 76 77 78 80 116 83 103 157 170
Profit before tax 639 644 645 603 702 803 758 808 710 940 712 986
Tax % 32% 34% 32% 34% 33% 34% 35% 33% 32% 33% 33% 34%
Net Profit 435 426 441 401 473 529 492 542 481 631 478 652
EPS in Rs 4.54 4.44 4.60 4.18 4.94 5.51 5.12 5.65 5.02 6.58 4.98 6.80
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
3,259 4,070 4,891 6,044 7,595 8,539 9,936 11,110 11,830 12,647 14,168 16,392 17,066
2,699 3,510 3,876 4,886 6,243 6,988 8,166 9,123 9,415 9,973 11,242 13,082 13,443
Operating Profit 560 561 1,015 1,158 1,352 1,551 1,770 1,987 2,415 2,674 2,926 3,310 3,623
OPM % 17% 14% 21% 19% 18% 18% 18% 18% 20% 21% 21% 20% 21%
Other Income 60 58 169 75 141 126 174 201 249 300 275 279 296
Interest 13 16 19 16 31 34 29 31 27 22 24 32 57
Depreciation 44 57 61 94 99 127 212 223 235 295 311 382 513
Profit before tax 563 546 1,105 1,122 1,363 1,516 1,703 1,934 2,403 2,657 2,866 3,175 3,349
Tax % 33% 34% 30% 31% 30% 31% 31% 31% 32% 32% 34% 33%
Net Profit 375 362 774 775 958 1,050 1,169 1,327 1,623 1,802 1,895 2,135 2,243
EPS in Rs 3.62 3.48 7.62 7.56 9.34 10.17 11.33 12.66 16.48 18.78 19.75 22.26 23.38
Dividend Payout % 43% 46% 33% 40% 40% 42% 43% 44% 44% 55% 44% 47%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:14.95%
5 Years:10.53%
3 Years:11.48%
TTM:16.32%
Compounded Profit Growth
10 Years:19.32%
5 Years:13.39%
3 Years:9.68%
TTM:10.19%
Return on Equity
10 Years:31.23%
5 Years:27.96%
3 Years:26.11%
Last Year:25.48%

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
96 96 96 96 96 96 96 96 96 96 96 96
Reserves 833 999 1,461 1,879 2,392 2,926 3,505 4,134 5,830 6,999 7,702 8,792
Borrowings 95 75 69 74 168 54 48 40 36 39 11 15
999 1,026 1,531 1,834 2,165 2,599 3,102 3,054 2,818 3,274 3,832 4,302
Total Liabilities 2,023 2,195 3,157 3,882 4,821 5,676 6,751 7,324 8,779 10,408 11,642 13,205
429 623 707 1,057 1,009 2,102 2,012 1,965 2,629 2,605 2,569 4,671
CWIP 110 89 381 40 603 53 38 140 93 220 1,392 179
Investments 423 235 704 548 542 465 1,671 1,894 2,797 2,914 2,577 2,964
1,060 1,248 1,365 2,238 2,667 3,057 3,029 3,325 3,261 4,670 5,104 5,391
Total Assets 2,023 2,195 3,157 3,882 4,821 5,676 6,751 7,324 8,779 10,408 11,642 13,205

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
457 325 848 743 881 1,081 1,371 1,144 1,980 1,420 2,136 2,184
-332 -214 -242 -410 -592 -440 -618 -292 -863 -584 -1,371 -815
-127 -222 -239 -320 -297 -591 -560 -728 -704 -956 -1,239 -896
Net Cash Flow -1 -111 367 13 -8 51 194 124 413 -120 -474 473

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 % 61% 51% 74% 62% 58% 53% 50% 49% 47% 41% 39% 38%
Debtor Days 28 28 25 21 24 27 26 24 23 29 29 28
Inventory Turnover 6.70 7.50 7.47 6.59 6.50 6.22 6.32 6.41 6.93 6.65 6.48 6.88