Asian Paints Ltd

asianpaints.com BSE: 500820 NSE : ASIANPAINT
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Asian Paints is engaged in the Business of Manufacture of paints, varnishes, enamels or lacquers, Manufacture of surfacing preparations; organic composite solvents and thinners, and other related product, Manufacture of organic and inorganic chemical compounds and Manufacture of metal sanitary ware such as bath, sinks, washbasins and similar articles.

Website BSE NSE
  • Market Cap ₹ 260,552 Cr.
  • Current Price ₹ 2,716
  • High / Low ₹ 2,873 / 1,431
  • Stock P/E 92.5
  • Book Value ₹ 115
  • Dividend Yield 0.44 %
  • ROCE 33.8 %
  • ROE 28.2 %
  • Face Value ₹ 1.00
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Pros

  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 26.39%
  • Company has been maintaining a healthy dividend payout of 43.40%

Cons

  • Stock is trading at 23.62 times its book value
  • The company has delivered a poor growth of 8.22% 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

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
4,484 4,390 4,615 5,263 4,992 5,105 5,051 5,420 4,636 2,923 5,350 6,788
3,644 3,461 3,772 4,159 4,108 3,949 4,099 4,231 3,776 2,453 4,085 5,001
Operating Profit 840 930 844 1,104 883 1,156 952 1,189 860 470 1,265 1,788
OPM % 19% 21% 18% 21% 18% 23% 19% 22% 19% 16% 24% 26%
Other Income 44 73 73 65 63 86 121 89 60 47 94 123
Interest 9 21 26 29 30 27 26 24 26 20 21 21
Depreciation 91 136 144 165 179 192 197 197 194 191 194 193
Profit before tax 784 846 747 974 738 1,023 849 1,057 699 306 1,146 1,697
Tax % 37% 33% 32% 34% 34% 34% 1% 26% 31% 28% 26% 25%
Net Profit 481 557 492 636 472 655 823 764 462 218 830 1,238
EPS in Rs 5.01 5.81 5.12 6.63 4.92 6.83 8.58 7.97 4.82 2.28 8.66 12.91
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
5,260 6,434 7,403 9,231 10,504 12,220 13,615 14,271 15,062 16,825 19,240 20,211 19,697
4,587 5,198 6,072 7,720 8,767 10,227 11,400 11,546 12,068 13,621 15,475 16,049 15,314
Operating Profit 673 1,236 1,331 1,511 1,737 1,994 2,215 2,725 2,994 3,204 3,765 4,162 4,383
OPM % 13% 19% 18% 16% 17% 16% 16% 19% 20% 19% 20% 21% 22%
Other Income 51 142 68 107 114 134 170 213 338 336 274 355 324
Interest 32 37 26 43 42 48 42 49 37 41 110 108 87
Depreciation 74 84 113 121 155 246 266 276 335 360 622 780 772
Profit before tax 617 1,257 1,260 1,454 1,655 1,834 2,077 2,614 2,960 3,138 3,306 3,629 3,847
Tax % 32% 30% 30% 30% 30% 31% 31% 32% 32% 33% 33% 24%
Net Profit 398 836 843 989 1,114 1,219 1,395 1,745 1,939 2,039 2,156 2,705 2,749
EPS in Rs 4.15 8.71 8.79 10.31 11.61 12.71 14.54 18.19 20.22 21.26 22.48 28.20 28.67
Dividend Payout % 42% 31% 36% 39% 40% 42% 42% 41% 51% 41% 47% 43%
Compounded Sales Growth
10 Years:12%
5 Years:8%
3 Years:10%
TTM:-4%
Compounded Profit Growth
10 Years:13%
5 Years:14%
3 Years:11%
TTM:1%
Stock Price CAGR
10 Years:26%
5 Years:26%
3 Years:32%
1 Year:53%
Return on Equity
10 Years:30%
5 Years:28%
3 Years:26%
Last Year:28%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions
Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
96 96 96 96 96 96 96 96 96 96 96 96 96
Reserves 1,107 1,614 2,092 2,653 3,288 3,943 4,646 6,429 7,508 8,314 9,375 10,034 10,934
Borrowings 309 229 233 341 251 249 418 323 560 533 1,320 1,118 1,079
1,321 1,845 2,190 2,623 3,149 3,787 3,754 3,711 4,241 4,820 5,459 4,889 5,263
Total Liabilities 2,833 3,785 4,611 5,712 6,784 8,075 8,914 10,559 12,405 13,763 16,249 16,138 17,371
864 910 1,310 1,301 2,441 2,562 2,660 3,416 3,304 3,732 6,497 6,272 6,037
CWIP 92 407 43 617 59 72 196 107 258 1,405 210 140 148
Investments 78 624 429 355 296 1,424 1,588 2,712 2,652 2,141 2,569 2,019 3,345
1,799 1,844 2,828 3,440 3,989 4,019 4,471 4,324 6,192 6,485 6,974 7,707 7,841
Total Assets 2,833 3,785 4,611 5,712 6,784 8,075 8,914 10,559 12,405 13,763 16,249 16,138 17,371

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
402 1,063 762 710 1,187 1,402 1,188 2,243 1,527 2,113 2,470 2,632
-270 -304 -439 -386 -463 -586 -465 -866 -681 -1,556 -918 -518
-230 -332 -334 -327 -601 -626 -576 -849 -756 -1,379 -1,117 -2,465
Net Cash Flow -99 427 -11 -2 123 190 147 528 90 -822 434 -351

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 47% 71% 59% 53% 50% 47% 45% 44% 40% 37% 34% 34%
Debtor Days 40 31 28 31 34 33 32 30 35 38 36 32
Inventory Turnover 3.90 3.69 3.39 3.47 3.27 3.27 3.74 3.84 3.04 3.17 3.37 3.02

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
52.79 52.79 52.79 52.79 52.79 52.79 52.79 52.79 52.79 52.79 52.79 52.79
15.08 14.65 14.87 15.67 16.33 16.65 16.95 17.24 17.21 18.21 19.84 21.13
11.76 11.92 11.24 10.38 9.51 8.95 10.52 10.16 9.81 8.95 8.12 7.02
0.09 0.10 0.10 0.10 0.05 0.10 0.13 0.13 0.14 0.08 0.08 0.08
20.27 20.54 21.00 21.06 21.32 21.51 19.61 19.69 20.04 19.96 19.16 18.98

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