Asian Paints Ltd

₹ 3,050 1.67%
May 17 - 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 292,555 Cr.
  • Current Price 3,050
  • High / Low 3,590 / 2,599
  • Stock P/E 94.0
  • Book Value 144
  • Dividend Yield 0.63 %
  • ROCE 30.0 %
  • ROE 23.4 %
  • 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 25.84%
  • Company has been maintaining a healthy dividend payout of 52.57%

Cons

  • Stock is trading at 21.18 times its book value

* 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

Consolidated Figures in Rs. Crores / View Standalone

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
5,105 5,051 5,420 4,636 2,923 5,350 6,788 6,651 5,585 7,096 8,527 7,893
3,949 4,099 4,231 3,776 2,453 4,085 5,001 5,333 4,674 6,192 6,985 6,449
Operating Profit 1,156 952 1,189 860 470 1,265 1,788 1,318 911 904 1,542 1,443
OPM % 23% 19% 22% 19% 16% 24% 26% 20% 16% 13% 18% 18%
86 121 89 60 47 94 123 81 90 148 87 -26
Interest 27 26 24 26 20 21 21 30 21 24 27 23
Depreciation 192 197 197 194 191 194 193 213 201 203 208 205
Profit before tax 1,023 849 1,057 699 306 1,146 1,697 1,156 779 826 1,394 1,189
Tax % 34% 1% 26% 31% 28% 26% 25% 25% 26% 27% 26% 26%
Net Profit 655 823 764 462 218 830 1,238 852 568 596 1,016 850
EPS in Rs 6.83 8.58 7.97 4.82 2.28 8.66 12.91 8.88 5.93 6.21 10.59 8.87

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
7,403 9,231 10,504 12,220 13,615 14,271 15,062 16,825 19,240 20,211 21,713 29,101
6,072 7,720 8,767 10,217 11,372 11,546 12,068 13,621 15,475 16,054 16,857 24,298
Operating Profit 1,331 1,511 1,737 2,004 2,243 2,725 2,994 3,204 3,765 4,157 4,856 4,804
OPM % 18% 16% 17% 16% 16% 19% 20% 19% 20% 21% 22% 17%
68 107 114 124 142 213 338 336 274 355 332 296
Interest 26 43 42 48 42 49 37 41 110 102 92 95
Depreciation 113 121 155 246 266 276 335 360 622 780 791 816
Profit before tax 1,260 1,454 1,655 1,834 2,077 2,614 2,960 3,138 3,306 3,629 4,304 4,188
Tax % 30% 30% 30% 31% 31% 32% 32% 33% 33% 24% 26% 26%
Net Profit 843 989 1,114 1,219 1,395 1,745 1,939 2,039 2,156 2,705 3,139 3,031
EPS in Rs 8.79 10.31 11.61 12.71 14.54 18.19 20.22 21.26 22.48 28.20 32.73 31.59
Dividend Payout % 36% 39% 40% 42% 42% 41% 51% 41% 47% 43% 55% 61%
Compounded Sales Growth
10 Years: 12%
5 Years: 14%
3 Years: 15%
TTM: 34%
Compounded Profit Growth
10 Years: 12%
5 Years: 10%
3 Years: 13%
TTM: 0%
Stock Price CAGR
10 Years: 23%
5 Years: 22%
3 Years: 32%
1 Year: 10%
Return on Equity
10 Years: 27%
5 Years: 25%
3 Years: 26%
Last Year: 23%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 2,092 2,653 3,288 3,943 4,646 6,429 7,508 8,314 9,375 10,034 12,710 13,716
Borrowings 233 341 251 249 418 323 560 533 1,320 1,118 1,093 1,587
2,190 2,623 3,149 3,787 3,754 3,711 4,241 4,820 5,459 4,889 6,456 7,586
Total Liabilities 4,611 5,712 6,784 8,075 8,914 10,559 12,405 13,763 16,249 16,138 20,355 22,984
1,310 1,301 2,441 2,562 2,660 3,416 3,304 3,732 6,497 6,272 5,859 5,519
CWIP 43 617 59 72 196 107 258 1,405 210 140 183 426
Investments 429 355 296 1,424 1,588 2,712 2,652 2,141 2,569 2,019 4,737 3,248
2,828 3,440 3,989 4,019 4,471 4,324 6,192 6,485 6,974 7,707 9,577 13,791
Total Assets 4,611 5,712 6,784 8,075 8,914 10,559 12,405 13,763 16,249 16,138 20,355 22,984

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
762 710 1,187 1,402 1,188 2,243 1,527 2,113 2,470 3,038 3,683 986
-439 -386 -463 -586 -465 -866 -681 -1,556 -918 -518 -541 -322
-334 -327 -601 -626 -576 -849 -756 -1,379 -1,117 -2,871 -650 -1,808
Net Cash Flow -11 -2 123 190 147 528 90 -822 434 -351 2,492 -1,143

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 28 31 34 33 32 30 35 38 36 32 44 49
Inventory Days 127 118 122 121 123 108 138 117 119 127 134 123
Days Payable 106 98 96 102 84 84 101 95 90 80 119 83
Cash Conversion Cycle 49 51 60 52 70 54 72 60 65 79 59 88
Working Capital Days 8 12 14 11 21 21 35 33 30 44 46 84
ROCE % 59% 53% 50% 47% 45% 44% 40% 37% 34% 34% 35% 30%

Shareholding Pattern

Numbers in percentages

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
52.79 52.79 52.79 52.79 52.79 52.79 52.79 52.79 52.79 52.79 52.63 52.63
16.65 16.95 17.24 17.21 18.21 19.84 21.13 20.38 20.72 20.96 20.48 19.45
8.95 10.52 10.16 9.81 8.95 8.12 7.02 7.27 7.26 6.84 7.15 7.57
0.10 0.13 0.13 0.14 0.08 0.08 0.08 0.08 0.04 0.04 0.04 0.04
21.51 19.61 19.69 20.04 19.96 19.16 18.98 19.48 19.18 19.35 19.68 20.29
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.02 0.02

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