Asian Paints Ltd

₹ 3,395 -1.19%
23 Sep - close price
About

Set up in 1942, the Asian Paints group is the largest paint manufacturer in India also engaged in the business of manufacturing of varnishes, enamels or lacquers, surfacing preparation, organic composite solvents and thinners. It operates in 15 countries and has 26 paint manufacturing facilities in the world serving consumers in over 60 countries.
Besides Asian Paints, the group operates around the world through its various brands viz. Asian Paints Berger, Apco Coatings, SCIB Paints, Taubmans, Causeway Paints and Kadisco Asian Paints.
It also manufactures metal sanitary ware such as bath, sinks, washbasins and similar articles. Recently introduced Lightings, Furnishings and Furniture thus adding more products in the Home décor and Interior Design category.

Key Points

Revenue Breakup [1]
Decorative Coatings - 83.70%
Industrial Coatings - 2.40%
International Operations - 11.60%
Home Improvement Business - 2.30%

  • Market Cap 325,672 Cr.
  • Current Price 3,395
  • High / Low 3,590 / 2,560
  • Stock P/E 90.6
  • Book Value 139
  • Dividend Yield 0.56 %
  • ROCE 31.9 %
  • ROE 24.7 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has a good return on equity (ROE) track record: 3 Years ROE 27.1%
  • Company has been maintaining a healthy dividend payout of 52.7%

Cons

  • Stock is trading at 24.4 times its book value
  • Debtor days have increased from 33.8 to 42.2 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
4,380 4,278 4,657 3,879 2,447 4,527 5,873 5,671 4,786 6,152 7,491 6,760 7,586
3,290 3,405 3,539 3,103 1,980 3,377 4,219 4,448 3,904 5,277 6,023 5,397 6,124
Operating Profit 1,090 873 1,118 776 467 1,149 1,654 1,222 882 875 1,468 1,363 1,463
OPM % 25% 20% 24% 20% 19% 25% 28% 22% 18% 14% 20% 20% 19%
86 114 93 32 52 94 121 99 106 153 105 35 114
Interest 19 20 20 19 15 15 17 25 16 18 21 14 20
Depreciation 170 174 174 172 167 169 169 193 176 180 184 181 184
Profit before tax 986 793 1,017 616 337 1,060 1,590 1,103 795 830 1,367 1,203 1,372
Tax % 34% 0% 25% 27% 25% 25% 25% 26% 25% 25% 25% 25% 26%
Net Profit 652 791 759 452 252 793 1,188 819 596 619 1,020 900 1,017
EPS in Rs 6.80 8.24 7.91 4.71 2.63 8.27 12.38 8.54 6.21 6.45 10.64 9.38 10.61
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
6,044 7,595 8,539 9,936 11,110 11,830 12,647 14,168 16,392 17,194 18,517 25,189 27,989
4,886 6,243 6,988 8,216 9,095 9,415 9,973 11,242 12,885 13,337 14,024 20,601 22,820
Operating Profit 1,158 1,352 1,551 1,719 2,015 2,415 2,674 2,926 3,507 3,857 4,493 4,588 5,168
OPM % 19% 18% 18% 17% 18% 20% 21% 21% 21% 22% 24% 18% 18%
75 141 126 225 173 249 300 275 285 324 366 398 406
Interest 16 31 34 29 31 27 22 24 81 78 72 70 74
Depreciation 94 99 127 212 223 235 295 311 541 690 697 722 729
Profit before tax 1,122 1,363 1,516 1,703 1,934 2,403 2,657 2,866 3,170 3,413 4,090 4,194 4,772
Tax % 31% 30% 31% 31% 31% 32% 32% 34% 33% 22% 25% 25%
Net Profit 775 958 1,050 1,169 1,327 1,623 1,802 1,895 2,132 2,654 3,052 3,135 3,556
EPS in Rs 8.08 9.99 10.95 12.19 13.84 16.92 18.78 19.75 22.23 27.67 31.82 32.68 37.08
Dividend Payout % 40% 40% 42% 43% 44% 44% 55% 44% 47% 43% 56% 59%
Compounded Sales Growth
10 Years: 13%
5 Years: 15%
3 Years: 15%
TTM: 34%
Compounded Profit Growth
10 Years: 13%
5 Years: 12%
3 Years: 14%
TTM: 6%
Stock Price CAGR
10 Years: 24%
5 Years: 24%
3 Years: 24%
1 Year: -2%
Return on Equity
10 Years: 28%
5 Years: 27%
3 Years: 27%
Last Year: 25%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
96 96 96 96 96 96 96 96 96 96 96 96
Reserves 1,879 2,392 2,926 3,505 4,134 5,830 6,999 7,702 8,747 9,357 11,993 13,253
74 168 54 48 40 36 39 11 614 663 648 714
1,806 2,140 2,570 3,071 3,004 2,764 3,224 3,778 4,226 3,471 4,843 5,845
Total Liabilities 3,855 4,796 5,646 6,720 7,274 8,725 10,358 11,588 13,683 13,588 17,581 19,908
1,057 1,009 2,102 2,012 1,965 2,629 2,605 2,569 5,221 4,961 4,763 4,554
CWIP 40 603 53 38 140 93 220 1,392 179 108 119 225
Investments 548 542 465 1,671 1,894 2,797 2,914 2,577 2,964 2,658 5,179 3,811
2,210 2,642 3,027 2,999 3,275 3,207 4,620 5,050 5,318 5,861 7,519 11,318
Total Assets 3,855 4,796 5,646 6,720 7,274 8,725 10,358 11,588 13,683 13,588 17,581 19,908

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
743 881 1,081 1,371 1,144 1,980 1,420 2,136 2,395 2,813 3,459 1,260
-410 -592 -440 -618 -292 -863 -584 -1,371 -833 -775 -436 -340
-320 -297 -591 -560 -728 -704 -956 -1,239 -1,089 -2,501 -583 -1,989
Net Cash Flow 13 -8 51 194 124 413 -120 -474 473 -462 2,440 -1,069

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 21 24 27 26 24 23 29 29 28 24 36 42
Inventory Days 128 114 123 121 122 106 141 117 117 127 133 143
Days Payable 112 100 101 109 89 88 107 99 94 79 120 95
Cash Conversion Cycle 38 39 49 38 57 42 62 47 51 72 49 91
Working Capital Days -4 -2 1 -2 7 14 31 25 23 42 44 70
ROCE % 62% 58% 53% 50% 49% 47% 41% 39% 37% 36% 36% 32%

Shareholding Pattern

Numbers in percentages

12 recently
Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
52.79 52.79 52.79 52.79 52.79 52.79 52.79 52.79 52.79 52.63 52.63 52.63
16.95 17.24 17.21 18.21 19.84 21.13 20.38 20.72 20.96 20.48 19.45 18.51
10.52 10.16 9.81 8.95 8.12 7.02 7.27 7.26 6.84 7.15 7.57 8.42
0.13 0.13 0.14 0.08 0.08 0.08 0.08 0.04 0.04 0.04 0.04 0.04
19.61 19.69 20.04 19.96 19.16 18.98 19.48 19.18 19.35 19.68 20.29 20.37
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.02 0.02 0.04

Documents

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