1. Healthcare

29 January 2015
3QFY15 Results Update | Sector: Consumer
Asian Paints
BSE SENSEX
29,682
Bloomberg
S&P CNX
8,952
APNT IN
Equity Shares (m)
959.2
M.Cap. (INR b) / (USD b) 845.1/13.7
52-Week Range (INR)
923/461
1, 6, 12 Rel. Per (%)
8/28/39
Avg Val(INR M)/Vol ‘000 799/1,256
Free float (%)
47.2
Financials & Valuation (INR Billion)
Y/E MAR
2015E 2016E 2017E
Net Sales
141.2
164.7
191.6
EBITDA
20.8
28.9
35.4
Adj PAT
Adj.EPS
(INR)
Gr. (%)
14.3
19.9
24.4
14.9
20.8
25.5
16.6
38.9
22.7
BV/Sh.(INR) 49.5
RoE (%)
30.2
63.3
80.5
32.8
31.6
RoCE (%)
39.5
42.6
41.8
P/E (x)
59.0
42.4
34.6
P/BV (X)
17.8
13.9
10.9
Estimate change
TP change
Rating change
50%
CMP: INR881
TP: INR900 (+2%)
Neutral
Muted performance; sharp margin tailwind ahead
 Asian Paints’ (APNT) 3QFY15 results were below estimates, with consolidated
sales at INR36b (est. INR39.5b), up 5.6% YoY, led by an estimated ~4% domestic
decorative paints volume growth (est. 11%) much lower vs. recent trend of 1011%. EBITDA margin expanded 20bp YoY to 14.8% (est. 15.4%). Consolidated Adj.
PAT posted 11.8% YoY growth to INR3.7b (est. INR3.97b).
 Lower volume growth was primarily on account of weak macro environment and
early festive season, compared to the previous year, as per management.
Adjusting for the festive season mismatch, 2QFY15 + 3QFY15 sales, EBITDA and
PAT are up 11%, 5% and 9% respectively, modest versus expectations.
 Gross margin expanded 280bp YoY to 43.1% led by a sharp correction in RM
prices and carry-over benefit of earlier price hikes. However, higher other
expenses (up 190bp YoY) and staff cost (up 70bp YoY), restricted EBITDA margin
expansion to 20bp YoY to 14.8% (est. 15.4%). Thus, EBITDA posted muted 7.2%
YoY growth to INR5.3b (est. INR6b). Lower tax rate (down 20bp) coupled with 18%
growth in other income drove 11.8% YoY PAT growth to INR3.68b (est. INR3.97b).
 Ramp-up in Home Improvement business was slower-than-expected, impacted by
weak prevailing consumer sentiments. We expect demand to pick up gradually in
FY16. Benefits of sharp fall in crude and derivatives will reflect commencing 4Q15.
 Valuation and view: We cut the estimates 2-4% to account for 3QFY15 miss. We
estimate 30.5% EPS CAGR over FY15E-17E, with underlying gross and EBITDA
margin expansion of 420bp and 380bp, respectively. While improving macros and
consumer sentiment should drive volume growth going ahead, valuations at 42.4x
FY16E and 34.6x FY17E discounts the positives, in our view. Maintain Neutral with
a revised target price of INR900 (35x FY17E, three-year average P/E).
Gautam Duggad ([email protected]); +91 22 3982 5404
Manish Poddar ([email protected]); +91 22 3027 8029
Investors are advised to refer through disclosures made at the end of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Asian Paints
Key Quarterly Charts
15.7
15.6
14.6
13.6
Source: Company, MOSL
Source: Company, MOSL
Exhibit 5: Decorative volumes posted ~4% volume growth
Gross Margin (%)
41.2
43.7
43.8
40.7
42.5
41.5
44.0
29.8
3QFY15
44.0
17.4
15.3
17.4
17.1
15.8
14.4
16.8
14.9
16.6
4QFY14
1QFY15
2QFY15
3QFY15
4
3
3QFY14
10
2QFY14
11
43.5
1QFY14
12
EBITDA Margin (%)
4QFY13
5
10
12
29.5
Exhibit 6: Operating margins (s/l) expanded 80bp YoY
3QFY13
13
12
2QFY15
Source: Company, MOSL
Volume Growth (%)
18
27.1
26.9
4QFY14
6.1
28.1
3QFY13
-0.3
May'10
Jul'10
Aug'10
Dec'10
Mar'11
May'11
Jun'11
Jul'11
Nov'11
Dec'11
Feb'12
Apr'12
May'12
Jan'13
May'13
Aug'13
Sep'13
Feb'14
May'14
Jun'14
11.4
17.9
7.1
3QFY14
0.4
1.0 1.2
25.0
1.2 1.0
12.6
2QFY14
1.0
1.2
1.8 2.1
23.0
1.3
2.0
17.6
21.3
1QFY14
2.2
Sales Growth (%)
17.6
4QFY13 22.1
2.5
25.2
1.2
Sales (INR b)
19.9
3.2
2.9
2.6
14.8
Exhibit 4: Standalone sales up 6.1% YoY
Price Increase/Decrease(%)
4.4
4.2
13.7
Source: Company, MOSL
1QFY15
Exhibit 3: 2.2% price hike YTD in FY15
15.6
3QFY15
15.3
2QFY15
16.3
1QFY15
3QFY15
2QFY15
3QFY14
2QFY14
EBITDA Source:
Margin (%)
MOSL, Company
41.1 41.9 42.9 43.1
4QFY14
16.3
5.6
1QFY14
4QFY13
3QFY13
6.0
18.0
12.5
11.1
Gross Margin (%)
42.7 42.7 40.3
3QFY14
21.4
18.1
40.3
42.8
2QFY14
18.6
36.0
1QFY14
30.8
28.2
1QFY15
26.9
4QFY14
30.3
Sales Growth (%)
35.9
32.7 33.3
34.1
4QFY13
Sales (INR b)
Exhibit 2: Gross margins expanded 280bp YoY
3QFY13
Exhibit 1: Sales came in 9% below our expectations
3QFY15
2QFY15
1QFY15
4QFY14
3QFY14
2QFY14
1QFY14
4QFY13
3QFY13
2QFY13
-2
1QFY13
4QFY12
3QFY12
7
Source: Company, MOSL
29 January 2015
Source: Company, MOSL
2
Asian Paints
Consolidated sales up 5.6%; 9% below expectations




Consol net sales grew 5.6% YoY to INR36b (est. INR 39.5b). We estimate
domestic decorative paints volume growth at ~4%, lowest in seven quarters.
The Automotive coatings JV (PPG-AP) saw good growth in the General Industrial
and Auto Refinish segment. However the Auto OEM segment was impacted due
to weak consumer demand. The growth in the Industrial Coatings JV (AP-PPG)
was driven by demand in the Industrial Liquid Paints segment.
Gross margin expanded 280bp YoY to 43.1% (est. 42.5%) led by raw material
softening and carry over benefits of earlier price hikes. Given the sharp fall in
RM prices, we expect APNT to take price cuts to revive volume growth.
Higher other expenses (up 190bp YoY) and staff cost (up 70bp YoY), restricted
EBITDA margin expansion to 20bp YoY to 14.8% (est. 15.4%). Thus, EBITDA
posted 7.2% YoY growth to INR5.3b (est. INR6b). Lower tax rate (down 20bp)
coupled with 18% growth in other income drove 11.8% YoY PAT growth. The
company posted Adj. PAT at INR 3.68b (est. INR 3.97b)
Stand-alone business: Low single digit volume growth


Standalone sales grew 6.1% YoY to INR29.8b. Domestic decorative Paints
volume growth came in at 4% (in our view) due to weak macro environment and
early festive season as compared to the previous year.
Gross margin expanded 330bp YoY to 44% while EBITDA margins expanded 80bp
YoY to 16.6%. Adj PAT grew 14.8% YoY to INR3.5b.
Exhibit 7: Quarterly Performance (Standalone)
Y/E March
Net Sales
Change (%)
Raw Material/PM
Gross Profit
Gross Margin (%)
Operating Expenses
% of Sales
EBITDA
Margin (%)
Change (%)
Interest
Depreciation
Other Income
PBT
Tax
Effective Tax Rate (%)
Adjusted PAT
Change (%)
1Q
20,440
6.3
11,621
8,819
43.1
4,871
23.8
3,947
19.3
10.6
78
274
352
3,948
1,202
30.4
2,746
9.7
FY13
2Q
3Q
21,309
25,206
16.0
19.9
12,688
14,824
8,621
10,382
40.5
41.2
5,366
5,999
25.2
23.8
3,255
4,383
15.3
17.4
18.1
23.1
100
60
294
301
349
470
3,210
4,493
972
1,373
30.3
30.6
2,238
3,120
5.1
24.6
4Q
22,144
7.1
12,501
9,644
43.5
6,258
28.3
3,386
15.3
3.0
69
401
591
3,508
1,112
31.7
2,396
-2.1
1Q
23,011
12.6
12,948
10,062
43.7
6,056
26.3
4,006
17.4
1.5
48
530
708
4,136
1,297
31.3
2,839
3.4
FY14
2Q
25,049
17.6
14,077
10,972
43.8
6,680
26.7
4,293
17.1
31.9
62
515
750
4,466
1,360
30.4
3,106
38.8
3Q
28,077
11.4
16,661
11,415
40.7
6,992
24.9
4,424
15.8
0.9
64
540
701
4,521
1,446
32.0
3,075
-1.5
4Q
26,866
21.3
15,713
11,153
41.5
7,288
27.1
3,865
14.4
14.1
88
538
765
4,004
1,233
30.8
2,770
15.6
FY15
1Q
2Q
3Q
27,069
29,535
29,791
17.6
17.9
6.1
15,562
16,539
16,697
11,506
12,996
13,094
42.5
44.0
44.0
6,949
8,607
8,153
25.7
29.1
27.4
4,557
4,389
4,941
16.8
14.9
16.6
13.8
2.2
11.7
43
64
78
547
564
565
828
927
831
4,795
4,688
5,128
1,455
1,431
1,598
30.3
30.5
31.2
3,340
3,257
3,531
17.6
4.9
14.8
Source: Company, MOSL
Imputed subsidiary performance: Weak revenue growth


29 January 2015
Imputed subsidiary sales grew 3.1% to INR6.2b and the company witnessed
double digit growth in some markets such as Bangladesh, Nepal and Emirates.
Gross and EBITDA margins contracted 20bp and 280bp to 38.7% and 6.3%
respectively.
3
Asian Paints
Valuation and View
We cut our estimates 2%-4% to account for 3QFY15 miss. Asian Paints will be
one of the key beneficiaries of RM correction, in our view. Any sharp price cuts
by Paints industry is a key monitorable. Given the oligopolistic nature of Indian
Decorative Paints we don’t see any sharp price cuts. We estimate 30.5% EPS
CAGR over FY15-17 with underlying gross and EBITDA margin expansion of
420bps and 380bps, respectively.
While improving macros and consumer sentiment should drive volume growth
going ahead, valuations at 42.4x FY16E and 34.6 FY17E discount the positives, in
our view. Maintain Neutral with a revised target price of INR900 (35x FY17E, 3 yr
average P/E).


Exhibit 8: Earnings revised marginally downwards to incorporate 3Q15 miss
INR m
Sales
EBITDA
PAT
FY15E
141,223
20,770
14,334
New
Old
FY16E
FY17E
FY15E FY16E
164,692 191,603 146,525 172,624
28,868 35,390 21,834 29,830
19,911 24,429 14,692 19,965
Exhibit 9: APNT P/E (x)
PE (x)
Change
FY15E FY16E FY17E
-3.6% -4.6% -5.9%
-4.9% -3.2% -6.8%
-2.4% -0.3% -4.5%
Source: Company, MOSL
FY17E
203,612
37,992
25,591
Exhibit 10: APNT P/E premium vs. Sensex
Peak(x)
Avg(x)
45.0
Min(x)
42.8
42.8
35.0
Asian Paints PE Relative to Sensex PE (%)
240
171.5
160
24.8
25.0
15.0
59.2
80
0
9.0
5.0
Source: Company, MOSL
Jan-15
Oct-13
Jul-12
Apr-11
Jan-10
Oct-08
Jul-07
Apr-06
Jan-05
Jan-15
Oct-13
Jul-12
Apr-11
Jan-10
Oct-08
Jul-07
Apr-06
Jan-05
-80
Source: Company, MOSL
Exhibit 11: Valuation Matrix of coverage universe
Company
Consumer
Asian Paints
Britannia
Colgate
Dabur*
Emami*
Godrej Consumer
GSK Consumer
Hind. Unilever
ITC
Marico*
Nestle
Pidilite Inds.
Radico Khaitan
United Spirits
Retail
Jubilant Foodworks
Shopper's Stop
Titan Company
Reco
Price Mkt Cap EPS Growth YoY (%)
P/E (x)
EV/EBITDA (x)
ROE (%) Div. (%)
(INR) (USD M) FY15E FY16E FY17E FY15E FY16E FY17E FY15E FY16E FY17E FY15E FY15E
Neutral
Buy
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Neutral
Buy
Buy
910
1,915
1,921
252
928
1,110
5,609
932
362
353
7,303
574
91
3,455
14,234
3,728
4,258
7,212
3,435
6,158
3,845
32,877
46,188
3,704
11,479
4,794
196
8,185
16.6 38.9
21.8 20.3
14.4 24.4
16.1 16.1
18.1 28.5
19.8 31.3
-12.5 18.4
6.0
18.3
11.5 14.4
10.0 19.1
7.1
18.0
16.0 48.2
-12.0 20.6
LP
151.7
22.7
23.7
24.6
18.0
22.6
19.3
16.5
18.7
16.0
17.2
18.4
18.4
19.2
43.5
59.0
48.4
46.5
41.4
44.3
42.8
39.9
52.3
29.4
39.8
56.5
53.4
15.1
199.4
42.4
40.2
37.4
35.6
34.5
32.6
33.7
44.2
25.7
33.4
47.9
36.0
12.6
79.2
34.6
32.5
30.0
30.2
28.1
27.3
29.0
37.2
22.2
28.5
40.5
30.4
10.5
55.2
39.5
34.4
31.4
32.7
37.3
30.4
38.1
38.8
19.9
26.0
33.7
36.2
9.5
68.4
28.2
28.0
23.9
28.1
28.4
23.9
31.1
32.0
17.4
21.3
29.0
24.4
8.3
46.9
22.6
21.3
19.3
23.6
22.6
20.6
26.0
26.1
14.9
17.8
24.7
20.2
7.1
36.5
30.2
45.7
88.4
33.3
44.1
19.5
27.9
102.4
34.5
26.1
50.4
22.3
9.1
7.7
0.8
1.0
1.6
1.0
0.8
0.9
1.1
1.9
2.3
0.2
1.2
0.6
1.0
0.0
Buy
Neutral
Buy
1,424
477
433
1,518
639
6,269
12.6
47.6
16.7
41.3
25.1
25.8
70.0
70.5
44.4
43.5
52.0
35.4
30.8
41.5
28.1
33.6
20.8
33.0
21.6
17.4
26.0
15.4
14.7
20.4
19.4
7.3
28.0
0.0
0.2
0.7
60.6
35.8
25.7
Source: Company, MOSL
29 January 2015
4
Asian Paints
Story in Charts
Exhibit 12: Revenues to post 16.5% CAGR over FY15-17E
Sales (INR b)
Sales growth (%)
Price growth (%)
11.9
24.3
22.3
10.0
77.2
96.0
108.7
FY10
FY11
FY12
FY13
9.6
16.3
12.2
FY14 FY15E FY16E FY17E
2.2
FY10
FY11
FY12
FY13
Source: Company, MOSL
Exhibit 14: Gross margin to expand 420bp over FY15-17E
39.8
41.0
41.7
Exhibit 15: Sharp EBITDA margins expansion ahead
47.1
18.4
42.9
17.5
17.2
15.4
38.3
FY09
15.3
14.8
18.5
14.7
12.3
FY10
FY11
FY12
FY13
FY14 FY15E FY16E FY17E
FY09 FY10 FY11 FY12 FY13 FY14 FY15E FY16E FY17E
Source: Company, MOSL
Exhibit 16: PAT to post 30.5% CAGR over FY15-FY17E
PAT (INR b)
Source: Company, MOSL
Exhibit 17: Return Ratios (x): Stable RoE’s
PAT growth (%)
FY11
FY12
FY13
16.6
24.4
19.9
10.3
14.3
12.3
17.3
11.1
9.9
8.4
8.3
4.0
FY10
1.0
12.7
38.9
38.5
33.4
36.0
32.9
30.4
30.2
32.8
31.6
22.7
FY14 FY15E FY16E FY17E
Source: Company, MOSL
29 January 2015
RoE (%)
48.8
107.9
-3.9
FY09
1QFY15
EBITDA Margin (%)
46.7
42.1
FY14
Source: Company, MOSL
Gross Margin (%)
43.8
6.1
5.0
191.6
66.8
FY09
16.6
164.7
54.6
13.3
15.7
141.2
15.6
125.8
24.0
Exhibit 13: Weighted average price increase of 2.2% YTD
FY09 FY10 FY11 FY12 FY13 FY14 FY15E FY16E FY17E
Source: Company, MOSL
5
Asian Paints
Corporate profile: Asian Paints
Company description
Exhibit 18: Sensex rebased
Asian Paints is India's largest paint manufacturer and
marketer, with a dominant share in the decorative
segment. For the industrials and automotive
segment, it has a JV with PPG of the US. Asian Paints
acquired Berger International of Singapore to
expand its operations in other markets in Asia, the
Middle East and the Caribbean.
Exhibit 19: Shareholding pattern (%)
Exhibit 20: Top holders
Dec-14
Sep-14
Dec-13
Promoter
52.8
52.8
52.8
DII
9.9
9.2
7.9
FII
17.3
18.1
19.5
Others
20.1
19.9
19.9
Holder Name
% Holding
Life Insurance Corpn.Of India
Ojasvi Trading Private Limited
Aberdeen Global Indian Equity (Mauritius) Ltd
5.5
4.9
1.5
Note: FII Includes depository receipts
Exhibit 21: Top management
Exhibit 22: Directors
Name
Designation
Name
Name
Ashwin Choksi
Chairman
Ashwin Choksi
Dipankar Basu*
Ashwin Dani
Vice Chairman
Ashwin Dani
Mahendra Shah*
K B S Anand
Managing Director & CEO
K B S Anand
Deepak Satwaleka*r
Jayesh Merchant
Company Secretary
Jayesh Merchant
Malav Dani
Amar Vakil
M K Sharma*
Mahendra Choksi
Vibha Paul Rishi*
S Sivaram*
Amrita Vakil
S Ramadorai*
*Independent
Exhibit 23: Auditors
Exhibit 24: MOSL forecast v/s consensus
Name
Type
BSR & Co LLP
Shah & Co
RA & Co
Statutory
Statutory
Cost Auditor
29 January 2015
EPS (INR)
MOSL
forecast
Consensus
forecast
Variation (%)
FY15
FY16
FY17
14.9
20.8
25.5
16.1
20.9
24.1
-7.3
-0.5
5.7
6
Asian Paints
Financials and valuations
(INR Million)
Income Statement
Y/E March
Net Sales
Change (%)
Raw Materials
Gross Profit
Margin (%)
Operating Expenses
EBITDA
Change (%)
Margin (%)
Depreciation
Int. and Fin. Charges
Other Income
Profit before Taxes
Change (%)
Margin (%)
Tax
Deferred Tax
Tax Rate (%)
PBT Before Minority
Minority Interest
Adjusted PAT
Change (%)
Margin (%)
Exceptional/Prior Period inc
Reported PAT
2010
66,809
22.3
37580
29230
43.8
16956
12,274
83.2
18.4
836
285
1,405
12,559
102.4
18.8
3,676
55
29.7
8828
483
8,345
107.9
12.5
12
8,356
2011
77,223
15.6
44746
32477
42.1
19196
13,281
8.2
17.2
1,131
232
680
12,597
0.3
16.3
3,502
282
30.0
8813
381
8,432
1.0
10.9
0
8,432
2012
95,983
24.3
57770
38213
39.8
23465
14,749
11.1
15.4
1,211
410
1,413
14,541
15.4
15.1
4,274
61
29.8
10206
319
9,887
17.3
10.3
0
9,887
2013
108,744
13.3
64130
44614
41.0
27936
16,677
13.1
15.3
1,546
367
1,788
16,552
13.8
15.2
4,364
593
29.9
11595
456
11,139
12.7
10.2
0
11,139
2014
125,816
15.7
73406
52411
41.7
33762
18,649
11.8
14.8
2,457
422
2,674
18,444
11.4
14.7
5,378
338
31.0
12729
440
12,289
10.3
9.8
-100
12,190
2015E
141,223
12.2
80707
60516
42.9
39746
20,770
11.4
14.7
2,705
330
3,427
21,162
14.7
15.0
6,242
317
31.0
14602
268
14,334
16.6
10.1
0
14,334
2016E
164,692
16.6
87753
76939
46.7
48071
28,868
39.0
17.5
3,090
300
3,946
29,424
39.0
17.9
8,827
588
32.0
20009
98
19,911
38.9
12.1
0
19,911
2017E
191,603
16.3
101307
90296
47.1
54906
35,390
22.6
18.5
3,429
225
4,424
36,160
22.9
18.9
10,847
723
32.0
24590
161
24,429
22.7
12.7
0
24,429
(INR Million)
Balance Sheet
Y/E March
Share Capital
Reserves
Net Worth
Loans
Other Liability
Minority Interest
Capital Employed
2010
959
16,141
17,100
2,292
562
945
20,899
2011
959
20,915
21,874
581
1,745
1,099
25,299
2012
959
26,526
27,485
559
1,847
1,367
31,257
2013
959
32,884
33,843
473
2,622
1,608
38,545
2014
959
39,433
40,393
414
3,055
2,460
46,322
2015E
959
46,553
47,512
600
3,549
2,728
54,389
2016E
959
59,728
60,687
2,000
4,340
2,826
69,853
2017E
959
76,298
77,257
1,500
5,297
2,987
87,041
Gross Block
Less: Accum. Depn.
Net Fixed Assets
Capital WIP
Investments
15,004
6,276
8,728
4,072
6,241
20,249
7,151
13,099
433
4,290
21,458
8,453
13,006
6,171
3,547
33,851
9,794
24,057
592
2,957
36,621
12,234
24,388
716
7,212
40,121
14,939
25,183
716
14,492
45,121
18,029
27,093
716
22,252
50,121
21,457
28,664
716
32,120
Curr. Assets, L&A
Inventory
Account Receivables
Cash and Bank Balance
Others
Curr. Liab. and Prov.
Account Payables
Other Liabilities
Provisions
Net Current Assets
Godwill on Cons.
Application of Funds
E: MOSL Estimates
18,437
9,559
5,425
1,058
2,395
16,947
7,183
6,613
3,150
1,490
367
20,899
28,284
13,054
5,731
6,262
3,237
20,807
10,874
4,606
5,327
7,478
0
25,299
36,238
15,989
7,813
6,243
6,194
27,705
12,968
8,462
6,275
8,533
0
31,257
39,797
18,303
9,809
7,367
4,318
29,300
14,416
10,474
4,410
10,497
442
38,545
46,643
20,699
11,103
9,317
5,525
34,051
17,457
11,001
5,593
12,592
1,414
46,322
50,385
22,054
11,607
10,522
6,201
36,386
18,132
12,011
6,244
13,998
0
54,389
58,523
25,719
13,988
11,854
6,963
38,731
19,233
13,119
6,379
19,792
0
69,853
69,690
30,446
16,798
14,623
7,822
44,149
22,204
14,335
7,610
25,541
0
87,041
29 January 2015
7
Asian Paints
Financials and valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout %
2010
2011
2012
2013
2014
2015E
2016E
2017E
8.7
9.6
17.8
3.2
31.0
8.8
10.0
22.8
3.7
36.4
10.3
11.6
28.7
4.6
38.8
11.6
13.2
35.3
5.4
39.6
12.8
15.4
42.1
6.2
41.4
14.9
17.8
49.5
7.0
40.2
20.8
24.0
63.3
7.0
28.9
25.5
29.0
80.5
8.2
27.5
Valuation (x)
P/E
Cash P/E
EV/Sales
EV/EBITDA
P/BV
Dividend Yield (%)
101.3
92.1
12.6
68.4
49.4
0.4
100.2
88.4
10.8
62.9
38.6
0.4
85.5
76.1
8.7
56.7
30.7
0.5
75.9
66.6
7.7
50.1
25.0
0.6
68.8
57.3
6.6
44.5
20.9
0.7
59.0
49.6
5.8
39.5
17.8
0.8
42.4
36.7
4.9
28.2
13.9
0.8
34.6
30.3
4.2
22.6
10.9
0.9
Return Ratios (%)
RoE
RoCE
48.8
61.5
38.5
50.7
36.0
47.8
32.9
43.9
30.4
40.7
30.2
39.5
32.8
42.6
31.6
41.8
Working Capital Ratios
Debtor (Days)
Asset Turnover (x)
30
6.5
27
3.8
30
4.5
33
3.1
32
3.4
30
3.6
31
3.5
32
3.5
Leverage Ratio
Debt/Equity (x)
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
(INR Million)
Cash Flow Statement
Y/E March
OP/(loss) before Tax
Depreciation
Net interest
Direct Taxes Paid
(Incr)/Decr in WC
CF from Operations
2010
12,559
836
-1,120
-3,676
3,530
12,129
2011
12,597
1,131
-448
-3,502
-784
8,995
2012
14,541
1,211
-1,004
-4,274
-1,075
9,400
2013
16,552
1,546
-1,421
-4,364
-840
11,474
2014
18,444
2,457
-2,252
-5,378
-146
13,126
2015E
21,162
2,705
-3,097
-6,242
-201
14,327
2016E
29,424
3,090
-3,646
-8,827
-4,463
15,579
2017E
36,160
3,429
-4,199
-10,847
-2,979
21,564
Incr in FA
Pur of Investments
CF from Invest.
-3,541
-5,457
-8,998
-1,606
1,951
345
-6,946
742
-6,204
-6,815
591
-6,224
-2,894
-4,255
-7,149
-3,500
-7,280
-10,780
-5,000
-7,761
-12,761
-5,000
-9,868
-14,868
Incr in Debt
Dividend Paid
Int./Div. Received
Interest Paid
Others
CF from Fin. Activity
-794
-3,023
1,405
-285
-1,479
-4,176
-1,711
-3,571
680
-232
698
-4,136
-23
-4,459
1,413
-410
263
-3,215
-86
-5,155
1,788
-367
-307
-4,127
-59
-5,904
2,674
-422
-316
-4,027
186
-6,734
3,427
-330
1,109
-2,342
1,400
-6,734
3,946
-300
201
-1,487
-500
-7,856
4,424
-225
230
-3,927
Incr/Decr of Cash
Add: Opening Balance
Closing Balance
-1,045
2,104
1,059
5,204
1,058
6,262
-19
6,262
6,243
1,123
6,243
7,366
1,950
7,367
9,316
1,205
9,317
10,522
1,332
10,522
11,854
2,769
11,854
14,623
29 January 2015
8
Asian Paints
NOTES
29 January 2015
9
Asian Paints
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10