Asian Paints Ltd

asianpaints.com BSE: 500820 NSE : ASIANPAINT
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%

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Website BSE NSE
  • Market Cap ₹ 279,899 Cr.
  • Current Price ₹ 2,918
  • High / Low ₹ 3,505 / 2,070
  • Stock P/E 86.0
  • Book Value ₹ 130
  • Dividend Yield 0.61 %
  • ROCE 34.8 %
  • ROE 27.3 %
  • Face Value ₹ 1.00
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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 26.37%
  • Company has been maintaining a healthy dividend payout of 47.94%

Cons

  • Stock is trading at 22.39 times its book value
  • The company has delivered a poor sales growth of 8.76% 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 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
5,263 4,992 5,105 5,051 5,420 4,636 2,923 5,350 6,788 6,651 5,585 7,096
4,159 4,108 3,949 4,099 4,231 3,776 2,453 4,085 5,001 5,333 4,674 6,192
Operating Profit 1,104 883 1,156 952 1,189 860 470 1,265 1,788 1,318 911 904
OPM % 21% 18% 23% 19% 22% 19% 16% 24% 26% 20% 16% 13%
Other Income 65 63 86 121 89 60 47 94 123 81 90 148
Interest 29 30 27 26 24 26 20 21 21 30 21 24
Depreciation 165 179 192 197 197 194 191 194 193 213 201 203
Profit before tax 974 738 1,023 849 1,057 699 306 1,146 1,697 1,156 779 826
Tax % 34% 34% 34% 1% 26% 31% 28% 26% 25% 25% 26% 27%
Net Profit 636 472 655 823 764 462 218 830 1,238 852 568 596
EPS in Rs 6.63 4.92 6.83 8.58 7.97 4.82 2.28 8.66 12.91 8.88 5.93 6.21
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
6,434 7,403 9,231 10,504 12,220 13,615 14,271 15,062 16,825 19,240 20,211 21,713 26,121
5,270 6,072 7,720 8,767 10,217 11,372 11,546 12,068 13,621 15,475 16,054 16,857 21,200
Operating Profit 1,164 1,331 1,511 1,737 2,004 2,243 2,725 2,994 3,204 3,765 4,157 4,856 4,922
OPM % 18% 18% 16% 17% 16% 16% 19% 20% 19% 20% 21% 22% 19%
Other Income 213 68 107 114 124 142 213 338 336 274 355 332 442
Interest 37 26 43 42 48 42 49 37 41 110 102 92 96
Depreciation 84 113 121 155 246 266 276 335 360 622 780 791 810
Profit before tax 1,257 1,260 1,454 1,655 1,834 2,077 2,614 2,960 3,138 3,306 3,629 4,304 4,458
Tax % 30% 30% 30% 30% 31% 31% 32% 32% 33% 33% 24% 26%
Net Profit 836 843 989 1,114 1,219 1,395 1,745 1,939 2,039 2,156 2,705 3,139 3,255
EPS in Rs 8.71 8.79 10.31 11.61 12.71 14.54 18.19 20.22 21.26 22.48 28.20 32.73 33.93
Dividend Payout % 31% 36% 39% 40% 42% 42% 41% 51% 41% 47% 43% 55%
Compounded Sales Growth
10 Years: 11%
5 Years: 9%
3 Years: 9%
TTM: 43%
Compounded Profit Growth
10 Years: 14%
5 Years: 13%
3 Years: 15%
TTM: 43%
Stock Price CAGR
10 Years: 25%
5 Years: 22%
3 Years: 35%
1 Year: 40%
Return on Equity
10 Years: 28%
5 Years: 26%
3 Years: 26%
Last Year: 27%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions Corp actions Equity History
Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
96 96 96 96 96 96 96 96 96 96 96 96 96
Reserves 1,614 2,092 2,653 3,288 3,943 4,646 6,429 7,508 8,314 9,375 10,034 12,710 12,407
Borrowings 229 233 341 251 249 418 323 560 533 1,320 1,118 1,093 1,399
1,845 2,190 2,623 3,149 3,787 3,754 3,711 4,241 4,820 5,459 4,889 6,456 7,158
Total Liabilities 3,785 4,611 5,712 6,784 8,075 8,914 10,559 12,405 13,763 16,249 16,138 20,355 21,059
910 1,310 1,301 2,441 2,562 2,660 3,416 3,304 3,732 6,497 6,272 5,859 5,687
CWIP 407 43 617 59 72 196 107 258 1,405 210 140 183 309
Investments 624 429 355 296 1,424 1,588 2,712 2,652 2,141 2,569 2,019 4,737 2,428
1,844 2,828 3,440 3,989 4,019 4,471 4,324 6,192 6,485 6,974 7,707 9,577 12,636
Total Assets 3,785 4,611 5,712 6,784 8,075 8,914 10,559 12,405 13,763 16,249 16,138 20,355 21,059

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
1,063 762 710 1,187 1,402 1,188 2,243 1,527 2,113 2,470 3,038 3,683
-304 -439 -386 -463 -586 -465 -866 -681 -1,556 -918 -518 -541
-332 -334 -327 -601 -626 -576 -849 -756 -1,379 -1,117 -2,871 -650
Net Cash Flow 427 -11 -2 123 190 147 528 90 -822 434 -351 2,492

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 31 28 31 34 33 32 30 35 38 36 32 44
Inventory Days 112 127 118 122 121 103 91 138 117 119 127 134
Days Payable 84 106 98 96 102 71 71 101 95 90 80 119
Cash Conversion Cycle 59 49 51 60 52 64 50 72 60 65 79 59
Working Capital Days 2 8 12 14 11 21 21 35 33 30 44 46
ROCE % 71% 59% 53% 50% 47% 45% 44% 40% 37% 34% 34% 35%

Shareholding Pattern

Numbers in percentages

Insider trades
Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
52.79 52.79 52.79 52.79 52.79 52.79 52.79 52.79 52.79 52.79 52.79 52.79
15.67 16.33 16.65 16.95 17.24 17.21 18.21 19.84 21.13 20.38 20.72 20.96
10.38 9.51 8.95 10.52 10.16 9.81 8.95 8.12 7.02 7.27 7.26 6.84
0.10 0.05 0.10 0.13 0.13 0.14 0.08 0.08 0.08 0.08 0.04 0.04
21.06 21.32 21.51 19.61 19.69 20.04 19.96 19.16 18.98 19.48 19.18 19.35
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02

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