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 has reduced debt.
Company is virtually debt free.
Company has a good return on equity (ROE) track record: 3 Years ROE 25.49%
Company has been maintaining a healthy dividend payout of 46.17%
Cons:
Stock is trading at 16.56 times its book value
The company has delivered a poor growth of 9.62% over past five years.

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

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
3,857 3,908 3,815 4,265 4,261 4,484 4,390 4,615 5,294 5,018 5,105 5,051
3,100 3,201 3,150 3,464 3,369 3,644 3,461 3,772 4,251 4,134 3,949 4,099
Operating Profit 757 708 665 801 891 840 930 844 1,043 884 1,156 952
OPM % 20% 18% 17% 19% 21% 19% 21% 18% 20% 18% 23% 19%
Other Income 69 84 90 136 66 44 73 73 61 63 86 121
Interest 9 9 8 9 9 9 21 26 15 30 27 26
Depreciation 84 83 91 89 90 91 136 144 115 179 192 197
Profit before tax 732 701 657 840 859 784 846 747 973 738 1,023 849
Tax % 33% 32% 33% 29% 34% 37% 33% 32% 34% 34% 34% 1%
Net Profit 466 462 427 576 555 481 557 492 636 472 655 823
EPS in Rs 4.86 4.82 4.46 6.00 5.78 5.01 5.81 5.12 6.63 4.92 6.83 8.58
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

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
4,244 5,260 6,434 7,403 9,231 10,504 12,220 13,615 14,271 15,062 16,825 19,342 20,468
3,583 4,587 5,198 6,072 7,720 8,767 10,227 11,400 11,546 12,068 13,621 15,812 16,433
Operating Profit 660 673 1,236 1,331 1,511 1,737 1,994 2,215 2,725 2,994 3,204 3,530 4,035
OPM % 16% 13% 19% 18% 16% 17% 16% 16% 19% 20% 19% 18% 20%
Other Income 57 51 142 68 107 114 134 170 213 338 336 268 330
Interest 26 32 37 26 43 42 48 42 49 37 41 56 97
Depreciation 59 74 84 113 121 155 246 266 276 335 360 431 684
Profit before tax 631 617 1,257 1,260 1,454 1,655 1,834 2,077 2,614 2,960 3,138 3,311 3,584
Tax % 32% 32% 30% 30% 30% 30% 31% 31% 32% 32% 33% 33%
Net Profit 409 398 836 843 989 1,114 1,219 1,395 1,745 1,939 2,039 2,159 2,586
EPS in Rs 3.98 3.85 8.26 8.27 9.66 10.84 11.85 13.37 17.75 20.22 21.26 22.51 26.96
Dividend Payout % 40% 42% 31% 36% 39% 40% 42% 42% 41% 51% 41% 47%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:13.91%
5 Years:9.62%
3 Years:10.66%
TTM:15.31%
Compounded Profit Growth
10 Years:18.44%
5 Years:12.14%
3 Years:7.48%
TTM:24.09%
Stock Price CAGR
10 Years:26.08%
5 Years:17.55%
3 Years:24.06%
1 Year:30.60%
Return on Equity
10 Years:30.28%
5 Years:27.16%
3 Years:25.49%
Last Year:23.98%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

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
96 96 96 96 96 96 96 96 96 96 96 96 96
Reserves 886 1,107 1,614 2,092 2,653 3,288 3,943 4,646 6,429 7,508 8,314 9,424 9,975
Borrowings 275 309 229 233 341 251 249 418 323 560 533 627 312
1,271 1,352 1,876 2,223 2,655 3,190 3,830 3,821 3,776 4,308 4,897 5,571 6,096
Total Liabilities 2,528 2,864 3,815 4,643 5,744 6,825 8,118 8,981 10,624 12,473 13,841 15,717 16,478
622 864 910 1,310 1,301 2,441 2,562 2,660 3,416 3,304 3,732 5,851 6,369
CWIP 114 92 407 43 617 59 72 196 107 258 1,405 210 172
Investments 277 78 624 429 355 296 1,424 1,588 2,712 2,652 2,141 2,570 2,107
1,515 1,830 1,874 2,861 3,472 4,029 4,061 4,537 4,389 6,259 6,563 7,087 7,831
Total Assets 2,528 2,864 3,815 4,643 5,744 6,825 8,118 8,981 10,624 12,473 13,841 15,717 16,478

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
474 402 1,063 762 710 1,187 1,402 1,188 2,243 1,527 2,113 2,214
-335 -270 -304 -439 -386 -463 -586 -465 -866 -681 -1,556 -897
-134 -230 -332 -334 -327 -601 -626 -576 -849 -756 -1,379 -883
Net Cash Flow 5 -99 427 -11 -2 123 190 147 528 90 -822 434

Ratios Consolidated Figures in Rs. Crores / View Standalone

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 % 56% 47% 71% 59% 53% 50% 47% 45% 44% 40% 37% 35%
Debtor Days 40 40 31 28 31 34 33 32 30 35 38 36
Inventory Turnover 6.47 7.09 7.46 6.55 6.36 6.13 6.27 6.29 6.71 6.51 6.37 6.66