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.

Pros:
Company is virtually debt free.
Company has a good return on equity (ROE) track record: 3 Years ROE 27.57%
Company has been maintaining a healthy dividend payout of 44.36%
Cons:
Stock is trading at 13.95 times its book value
The company has delivered a poor growth of 9.88% 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

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
3,587 3,709 3,857 3,908 3,815 4,265 4,261 4,484 4,390 4,639 5,294 5,018
2,771 3,004 3,100 3,201 3,150 3,464 3,369 3,644 3,516 3,855 4,251 4,195
Operating Profit 816 705 757 708 665 801 891 840 874 784 1,043 823
OPM % 23% 19% 20% 18% 17% 19% 21% 19% 20% 17% 20% 16%
Other Income 74 85 69 84 90 136 66 44 73 71 61 63
Interest 6 6 9 9 8 9 9 9 9 12 15 15
Depreciation 84 83 84 83 91 89 90 91 90 95 115 130
Profit before tax 799 701 732 701 657 840 859 784 848 749 973 740
Tax % 32% 31% 33% 32% 33% 29% 34% 37% 33% 32% 34% 34%
Net Profit 553 495 466 462 427 576 555 481 558 493 636 473
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
3,521 4,244 5,260 6,434 7,403 9,231 10,504 12,220 13,615 14,271 15,062 16,825 19,342
3,040 3,583 4,587 5,198 6,072 7,720 8,767 10,227 11,400 11,546 12,068 13,621 15,817
Operating Profit 481 660 673 1,236 1,331 1,511 1,737 1,994 2,215 2,725 2,994 3,204 3,525
OPM % 14% 16% 13% 19% 18% 16% 17% 16% 16% 19% 20% 19% 18%
Other Income 34 57 51 142 68 107 114 134 170 213 338 336 268
Interest 24 26 32 37 26 43 42 48 42 49 37 41 51
Depreciation 61 59 74 84 113 121 155 246 266 276 335 360 431
Profit before tax 430 631 617 1,257 1,260 1,454 1,655 1,834 2,077 2,614 2,960 3,138 3,311
Tax % 34% 32% 32% 30% 30% 30% 30% 31% 31% 32% 32% 33%
Net Profit 281 409 398 836 843 989 1,114 1,219 1,395 1,745 1,939 2,039 2,159
EPS in Rs 2.74 3.98 3.85 8.26 8.27 9.66 10.84 11.85 13.37 17.75 20.22 21.26
Dividend Payout % 44% 40% 42% 31% 36% 39% 40% 42% 42% 41% 51% 41%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:14.77%
5 Years:9.88%
3 Years:7.31%
TTM:14.96%
Compounded Profit Growth
10 Years:17.36%
5 Years:13.30%
3 Years:13.61%
TTM:5.91%
Return on Equity
10 Years:31.90%
5 Years:28.85%
3 Years:27.57%
Last Year:25.46%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 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 96
Reserves 682 886 1,107 1,614 2,092 2,653 3,288 3,943 4,646 6,429 7,508 8,314 9,424
Borrowings 306 275 309 229 233 341 251 249 418 323 560 533 616
963 1,271 1,352 1,876 2,223 2,655 3,190 3,830 3,821 3,776 4,308 4,897 5,526
Total Liabilities 2,047 2,528 2,864 3,815 4,643 5,744 6,825 8,118 8,981 10,624 12,473 13,841 15,661
526 622 864 910 1,310 1,301 2,441 2,562 2,660 3,416 3,304 3,732 5,530
CWIP 14 114 92 407 43 617 59 72 196 107 258 1,405 210
Investments 193 277 78 624 429 355 296 1,424 1,588 2,712 2,652 2,141 2,570
1,314 1,515 1,830 1,874 2,861 3,472 4,029 4,061 4,537 4,389 6,259 6,563 7,352
Total Assets 2,047 2,528 2,864 3,815 4,643 5,744 6,825 8,118 8,981 10,624 12,473 13,841 15,661

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
252 474 402 1,063 762 710 1,187 1,402 1,188 2,243 1,527 2,113
-109 -335 -270 -304 -439 -386 -463 -586 -465 -866 -681 -1,556
-111 -134 -230 -332 -334 -327 -601 -626 -576 -849 -756 -1,379
Net Cash Flow 32 5 -99 427 -11 -2 123 190 147 528 90 -822

Ratios Consolidated / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 46% 56% 47% 71% 59% 53% 50% 47% 45% 44% 40% 37%
Debtor Days 44 40 40 31 28 31 34 33 32 30 35 38
Inventory Turnover 6.48 6.47 7.09 7.46 6.55 6.36 6.13 6.27 6.29 6.71 6.51 6.37