ASIAN PAINTS LIMITED

Consolidated Balance Sheet Consolidated Balance Sheet (Contd.)

as at 31st March, 2022
as at 31 March, 2022
st

(` in Crores) (` in Crores)
As at As at As at As at
Particulars Notes Particulars Notes
31.03.2022 31.03.2021 31.03.2022 31.03.2021
ASSETS Current Liabilities
Non-Current Assets Financial Liabilities
Property, Plant and Equipment 2A 4,184.46 4,476.35 Borrowings 15 731.12 334.05
Right of Use Assets 2B 905.75 845.55 Lease Liabilities 16 212.85 183.18
Capital work-in-progress 3 426.43 182.98 Trade Payables
Goodwill 4A 242.86 302.63 Total Outstanding dues of Micro Enterprises and Small Enterprises 20 83.58 91.53
Other Intangible Assets 4B 185.99 233.99 
Total Outstanding dues of Creditors other than Micro Enterprises and Small 20 4,080.72 3,287.19
Investments in Associates 5 515.47 483.90 Enterprises
Other Financial Liabilities 17 1,886.81 1,594.67
Financial Assets
Investments 5 551.36 985.78 Other Current Liabilities 19 376.09 229.58

Trade Receivables 6 2.40 2.89 Provisions 18 69.70 84.43

Income Tax Liabilities (Net) 22 130.12 121.23
Other Financial Assets 7 486.05 594.06
7,570.99 5,925.86
Deferred Tax Assets (Net) 21C 26.02 14.28
172.46 Total Equity And Liabilities 22,984.45 20,369.62
Income Tax Assets (Net) 9 152.23
Other Non-Current Assets 10 132.87 68.38 Significant accounting policies and Key accounting estimates and judgements 1

7,832.12 8,343.02 See accompanying notes to the Consolidated Financial Statements 2-46

Current Assets As per our report of even date attached For and on behalf of the Board of Directors of Asian Paints Limited
Inventories 11 6,152.98 3,798.60 CIN: L24220MH1945PLC004598

Financial Assets For Deloitte Haskins & Sells LLP Deepak Satwalekar Amit Syngle
Chartered Accountants Chairman Managing Director & CEO
294 Investments 5 2,180.70 3,267.12 295
F.R.N: 117366W/W-100018 DIN: 00009627 DIN: 07232566
Trade Receivables 6 3,871.44 2,602.17
Rupen K. Bhatt Milind Sarwate R J Jeyamurugan
Cash and Cash Equivalents 8A 621.72 346.39 Partner Chairman of Audit Committee CFO & Company Secretary
Other Balances with Banks 8B 242.61 264.36 Membership No: 046930 DIN: 00109854
Other Financial Assets 7 1,533.50 1,197.24 Mumbai Mumbai
Other Current Assets 10 541.25 537.23 10th May, 2022 10th May, 2022

Assets classified as Held for Sale 12 8.13 13.49

15,152.33 12,026.60
Total Assets 22,984.45 20,369.62
EQUITY AND LIABILITIES
Equity
This space has been intentionally left blank
Equity Share Capital 13 95.92 95.92
Other Equity 14 13,715.64 12,710.37
Equity attributable to owners of the Company 13,811.56 12,806.29
Non-Controlling Interests 14 387.53 422.86
14,199.09 13,229.15
Liabilities
Non-Current Liabilities
Financial Liabilities
Borrowings 15 44.54 14.53
Lease Liabilities 16 598.37 561.36
Other Financial Liabilities 17 2.18 3.38
Provisions 18 218.32 215.21
Deferred Tax Liabilities (Net) 21C 348.85 415.59
Other Non-Current Liabilities 19 2.11 4.54
1,214.37 1,214.61
 ASIAN PAINTS LIMITED

Consolidated Statement of Profit and Loss Consolidated Statement of Profit and Loss (Contd.)
for the year ended 31st March, 2022
for the year ended 31 March, 2022
st

(` in Crores) (` in Crores)
Year Year Year Year
Particulars Notes Particulars Notes
2021-22 2020-21 2021-22 2020-21
REVENUE FROM OPERATIONS PROFIT FOR THE YEAR ATTRIBUTABLE TO:
Revenue from Sale of Products 23A 28,830.02 21,440.24 - Owners of the Company 3,030.57 3,139.29
Revenue from Sale of Services 23A 93.46 44.96 - Non-controlling interest 54.24 67.46
Other Operating Revenue 23A 177.80 227.59 3,084.81 3,206.75
Other Income 24 380.01 303.05 OTHER COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO:
Total Income (I) 29,481.29 22,015.84 - Owners of the Company (212.31) 4.13
EXPENSES - Non-controlling interest (13.35) (9.81)
Cost of Materials Consumed 25A 16,254.59 10,317.09 (225.66) (5.68)
Purchases of Stock-in-Trade 25B 3,371.13 1,872.59 TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO:
Changes in inventories of finished goods, Stock-in-Trade and work-in-progress 25C (1,324.97) (92.45) - Owners of the Company 2,818.26 3,143.42
Employee Benefits Expense 26 1,786.67 1,540.75 - Non-controlling interest 40.89 57.65
Other Expenses 27 4,210.25 3,219.21 2,859.15 3,201.07
Total Expenses (II) 24,297.67 16,857.19 Earnings per equity share (Face value of ` 1 each) 41
EARNING BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION 5,183.62 5,158.65 (1) Basic Earnings per Share (EPS) (`) 31.59 32.73
(EBITDA) (I-II)
(2) Diluted Earnings per Share (EPS) (`) 31.59 32.73
Finance Costs 28 95.41 91.63
Significant accounting policies and Key accounting estimates and judgements 1
Depreciation and Amortisation Expense 29 816.36 791.27 See accompanying notes to the Consolidated Financial Statements 2-46
PROFIT BEFORE SHARE OF PROFIT IN ASSOCIATE AND EXCEPTIONAL ITEMS 4,271.85 4,275.75
Share of profit in Associate 34 31.57 28.60 As per our report of even date attached For and on behalf of the Board of Directors of Asian Paints Limited
296 CIN: L24220MH1945PLC004598 297
PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX 4,303.42 4,304.35
For Deloitte Haskins & Sells LLP Deepak Satwalekar Amit Syngle
Exceptional items 39 115.70 - Chartered Accountants Chairman Managing Director & CEO
PROFIT BEFORE TAX 4,187.72 4,304.35 F.R.N: 117366W/W-100018 DIN: 00009627 DIN: 07232566
Tax Expense 21 Rupen K. Bhatt Milind Sarwate R J Jeyamurugan
Partner Chairman of Audit Committee CFO & Company Secretary
(1) Current Tax 1,161.53 1,114.02
Membership No: 046930 DIN: 00109854
(2) Short tax provision for earlier years 2.82 7.74
Mumbai Mumbai
(3) Deferred Tax (61.44) (24.16) 10th May, 2022 10th May, 2022
Total tax expense 1,102.91 1,097.60
PROFIT AFTER TAX 3,084.81 3,206.75
OTHER COMPREHENSIVE INCOME (OCI)
(A) Items that will not be reclassified to Profit or Loss
(a) (i) Remeasurement of the defined benefit plans 32 4.59 (6.24)
(ii) Income tax (expense)/benefit on remeasurement of defined benefit (0.96) 1.79
plans
This space has been intentionally left blank
(b) (i) Net fair value (loss)/gain on investments in equity instruments through (82.31) 57.26
OCI
(ii) Income tax benefit/(expense) on net fair value gain on investments in 9.59 (4.88)
equity instruments through OCI
(c) Share of OCI in associate (0.05) 0.73
(B) Items that will be reclassified to Profit or Loss
(a) (i) Net fair value (loss)/gain on investment in debt instruments through OCI (3.26) 2.41
(ii) Income tax benefit/(expense) on net fair value gain on investment in 0.39 (0.28)
debt instruments through OCI
(b) Exchange difference arising on translation of foreign operations (153.65) (56.47)
Total Other Comprehensive Income (A+B) (225.66) (5.68)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 2,859.15 3,201.07
 ASIAN PAINTS LIMITED

Consolidated Cash Flow Statement Consolidated Cash Flow Statement (Contd.)

for the year ended 31st March, 2022 for the year ended 31st March, 2022
(` in Crores) (` in Crores)
Year Year Year Year
Particulars Particulars
2021-22 2020-21 2021-22 2020-21
(A) CASH FLOW FROM OPERATING ACTIVITIES (C) CASH FLOW FROM FINANCING ACTIVITIES
Profit before tax 4,187.72 4,304.35 Proceeds from non-current borrowings 39.87 2.14
Adjustments for : Repayment of non-current borrowings (7.89) (14.21)
Depreciation and amortisation expense 816.36 791.27 Proceeds from current borrowings (net) 292.68 37.78
Gain on sale of property, plant and equipment (net) (44.36) (18.33) Acceptances (net) 85.35 115.50

Net gain on modification/ termination of leases (4.27) (3.20) Repayment of lease liabilities (221.40) (202.95)
Transactions with Non Controlling Interest (64.91) -
Finance costs 95.41 91.63
Finance costs paid (93.56) (89.31)
Allowances for doubtful debts and advances 57.56 33.43
Purchase of Treasury Shares by ESOP Trust (net) (74.95) -
Bad debts written off 2.15 3.42
Dividend paid (including dividend paid to non-controlling shareholders) (1,762.80) (499.35)
Interest income (92.72) (67.32)
Net Cash used in Financing activities (1,807.61) (650.40)
Dividend income (15.16) (7.81)
Share of profit in Associate [Refer note 34] (31.57) (28.60)
(D) NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS [A+B+C] (1,142.81) 2,485.16
Impairment loss on Goodwill in Causeway Lanka [Refer note 39] 13.47 -
Add: Cash and cash equivalents as at 1st April 3,421.16 928.75
Net gain arising on financial assets measured at fair value through Profit & Loss (FVTPL) (76.09) (92.28)
Net effect of exchange gain on cash and cash equivalents 4.94 7.25
Share based payment expense (net) 10.94 - Cash and cash equivalents as at 31st March 2,283.29 3,421.16
Provision for expected credit loss [Refer note 39] 53.73 -
Notes:
Deferred income arising from government grant (1.76) (2.28)
(a) The above Cash Flow Statement has been prepared under the "Indirect Method" as set out in the Indian Accounting Standard
Net unrealised foreign exchange loss/(gain) 57.60 (12.31)
(Ind AS 7) - Statement of Cash Flows.
Effect of exchange rates on translation of operating cashflows (71.61) (22.44)
(` in Crores)
Operating Profit before working capital changes 4,957.40 4,969.53
As at As at
Adjustments for : Particulars
31.03.2022 31.03.2021
300 301
(Increase) in Inventories (2,354.38) (408.79) (b) Cash and Cash Equivalents comprises of :
(Increase) in trade receivables (1,326.48) (848.57) Cash on hand 0.49 0.74
Increase in trade payables 644.02 1,142.75 Balances with Banks:
(Increase) in financial assets (130.62) (236.86) - Current Accounts 486.63 269.35
- Cash Credit Accounts 23.52 29.43
(Increase) in other assets (21.21) (256.08)
- Deposits with Bank with maturity less than 3 months 62.71 26.06
Increase in other financial liabilities 237.19 250.07
Cheques, drafts on hand 48.37 20.81
Increase in other liabilities and provisions 156.26 151.02
Cash and cash equivalents [Refer note 8(A)] 621.72 346.39
Cash generated from Operating activities 2,162.18 4,763.07
Investment in Government Securities [Refer note 5 (B)] - 41.17
Income Tax paid (net of refund) (1,175.69) (1,079.72)
Investment in Liquid mutual funds [Refer note-5 (D)(b)] 1,804.55 3,067.00
Net Cash generated from Operating activities 986.49 3,683.35 Less: Loan repayable on demand - Cash Credit /Overdraft Accounts [Refer note 15] (142.98) (33.40)
Cash and cash equivalents in Cash Flow Statement 2,283.29 3,421.16
(B) CASH FLOW FROM INVESTING ACTIVITIES Significant accounting policies and Key accounting estimates and judgements (Refer note 1)
Purchase of Property, plant and equipment and other intangible assets (538.24) (281.87) See accompanying notes to the Consolidated Financial Statements (Refer note 2-46)
Sale of Property, plant and equipment (including advances) 39.58 27.61
Payment for acquiring right of use assets (12.46) (6.84) As per our report of even date attached For and on behalf of the Board of Directors of Asian Paints Limited
Purchase of non-current investments - (0.50) CIN: L24220MH1945PLC004598
Sale of non-current investments 146.46 272.32 For Deloitte Haskins & Sells LLP Deepak Satwalekar Amit Syngle
Sale / (Purchase) of current investments (net) 61.03 (139.34) Chartered Accountants Chairman Managing Director & CEO
Net investment in term deposits (having original maturity more than three months) (110.21) (500.33) F.R.N: 117366W/W-100018 DIN: 00009627 DIN: 07232566
Interest received 76.99 73.35 Rupen K. Bhatt Milind Sarwate R J Jeyamurugan
Dividend received 15.16 7.81 Partner Chairman of Audit Committee CFO & Company Secretary
Membership No: 046930 DIN: 00109854
Net Cash used in Investing activities (321.69) (547.79)
Mumbai Mumbai
10th May, 2022 10th May, 2022