COMPANY NAME ASIAN PAINTS LTD

LATEST VERSION 2.10 PLEASE DO

CURRENT VERSION 2.10

META
Number of shares 95.92
Face Value 1.00
Current Price 2,192.85
Market Capitalization 210,337.65

3.00

PROFIT & LOSS

Report Date Mar-15 Mar-16 Mar-17 Mar-18
Sales 13615.26 14271.49 15061.99 16824.55
Raw Material Cost 6874.83 6569.83 7452.6 8128.17
Change in Inventory 148.07 -199.33 528.6 -142.13
Power and Fuel 130.68 114.48 106.02 110.3
Other Mfr. Exp 1504.47 1535.22 1662.75 1691.68
Employee Cost 936.86 994.98 1039.89 1121.89
Selling and admin 3351.66 3912.3 4364.04 2254.92
Other Expenses -1278.06 -1779.69 -2028.47 171.45
Other Income 142.14 213.39 337.9 336.41
Depreciation 265.92 275.58 334.79 360.47
Interest 42.24 49 37.33 41.47
Profit before tax 2,076.87 2,613.85 2,959.54 3,138.48
Tax 649.54 844.49 943.29 1040.96
Net profit 1,395.15 1,745.16 1,939.43 2,038.93
Dividend Amount 585.11 719.4 987.98 834.5

Quarters
Report Date Sep-22 Dec-22 Mar-23 Jun-23
Sales 8,457.57 8,636.74 8,787.34 9,182.31
Expenses 7,229.87 7,025.31 6,922.58 7,061.02
Other Income 117.56 122.21 104.17 227.74
Depreciation 215.70 214.05 220.17 198.32
Interest 35.40 41.39 38.91 45.75
Profit before tax 1,094.16 1,478.20 1,709.85 2,104.96
Tax 290.33 381.14 451.44 530.12
Net profit 782.71 1,072.67 1,234.14 1,550.37
Operating Profit 1,227.70 1,611.43 1,864.76 2,121.29

BALANCE SHEET
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Equity Share Capital 95.92 95.92 95.92 95.92
Reserves 4646.44 6428.9 7507.97 8314.31
Borrowings 418.17 323.29 560.34 533.43
Other Liabilities 3753.97 3710.92 4240.96 4819.82
Total 8914.5 10559.03 12405.19 13763.48
Net Block 2660.04 3416.35 3303.74 3732.24
Capital Work in Progress 196 106.59 257.54 1405.11
Investments 1587.79 2712.13 2651.99 2140.7
Other Assets 4470.67 4323.96 6191.92 6485.43
Total 8914.5 10559.03 12405.19 13763.48
Receivables 1,182.07 1,186.84 1,446.60 1,730.63
Inventory 2,258.52 1,998.24 2,626.94 2,658.31
Cash & Bank 204.39 424.20 801.21 404.65
No. of Equity Shares ### ### ### ###
New Bonus Shares
Face value 1.00 1.00 1.00 1.00

CASH FLOW:
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Cash from Operating Activity 1,187.69 2,242.95 1,527.33 2,113.44
Cash from Investing Activity (464.99) (866.21) (681.11) (1,556.14)
Cash from Financing Activity (576.09) (848.98) (756.43) (1,379.14)
Net Cash Flow 146.61 527.76 89.79 (821.84)

PRICE: 811.30 868.40 1,073.50 1,120.40

DERIVED:
Adjusted Equity Shares in Cr 95.92 95.92 95.92 95.92
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

19240.13 20211.25 21712.79 29101.28 34488.59 35494.73
9974.4 9981.99 10425.55 17123.25 18985.53 17410.84
293.26 239.15 92.45 1324.97 309.73 -363.8
119.63 97.79 86.05 117.23 138.29 133.25
1862.35 1946.12 2068.31 2880.45 2916.2 2767.18
1242.69 1371.27 1547.61 1794.61 2036.41 2334.92
2366.87 2311.51 2245.69 2941.98 3500.84 3811.86
202.51 584.9 576.43 765.12 961.21 1087.9
273.77 355.05 331.65 295.88 431.46 820.96
622.14 780.5 791.27 816.36 858.02 853
110.47 102.33 91.63 95.41 144.45 205.17
3,306.10 3,629.04 4,304.35 4,187.72 5,688.83 7,347.77
1098.06 854.85 1097.6 1102.91 1493.5 1790.08
2,155.92 2,705.17 3,139.29 3,030.57 4,106.45 5,460.23
1007.16 1151.04 1712.17 1836.87 2460.35 3194.14

Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24

8,478.57 9,103.09 8,730.76 8,969.73 8,027.54 8,549.44
6,762.34 7,047.00 7,039.39 7,275.96 6,788.03 6,912.71
194.33 186.46 212.43 192.93 24.53 192.83
208.72 220.35 225.61 227.70 241.99 255.55
50.90 54.42 54.10 55.38 63.01 55.84
1,650.94 1,967.78 1,624.09 1,603.62 959.04 1,518.17
418.55 492.62 348.79 416.83 265.38 389.73
 1,205.42 1,447.72 1,256.72 1,169.98 694.64 1,110.49
1,716.23 2,056.09 1,691.37 1,693.77 1,239.51 1,636.73

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

95.92 95.92 95.92 95.92 95.92 95.92
9374.63 10034.24 12710.37 13715.64 15896.31 18632.38
1319.6 1118.5 1093.12 1586.88 1932.62 2474.38
5458.69 4889.31 6455.93 7559.99 7854.48 8698.09
16248.84 16137.97 20355.34 22958.43 25779.33 29900.77
6496.56 6272.31 5858.52 5519.06 5770.46 7146.62
209.67 140.24 182.98 426.43 1019.59 2698.37
2568.58 2018.85 4736.8 3247.53 4261.71 4587.92
6974.03 7706.57 9577.04 13765.41 14727.57 15467.86
16248.84 16137.97 20355.34 22958.43 25779.33 29900.77
1,907.33 1,795.22 2,602.17 3,871.44 4,636.94 4,889.05
3,149.86 3,389.81 3,798.60 6,152.98 6,210.64 5,923.41
444.88 782.83 610.75 864.33 843.82 1,084.01
### ### ### ### ### ###

1.00 1.00 1.00 1.00 1.00 1.00

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

2,469.54 3,038.15 3,683.35 986.49 4,193.43 6,103.60
(917.79) (517.91) (540.54) (316.75) (1,282.34) (2,548.48)
(1,117.46) (2,871.46) (650.40) (1,807.61) (2,140.05) (2,982.50)
434.29 (351.22) 2,492.41 (1,137.87) 771.04 572.62

1,492.70 1,666.50 2,537.40 3,079.95 2,761.65 2,846.75

95.92 95.92 95.92 95.92 95.92 95.92

ASIAN PAINTS LTD
Template
(All numbers in INR Million, Except per share data)
(Red for assumptions, Blue for Acutal data and Black for Calculations)
Date Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
Year 2015-A 2016-A 2017-A 2018-A 2019-A 2020-A 2021-A
Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27 Mar-28 Mar-29
2022-A 2023-A 2024-A 2025-A 2026-A 2027-A 2028-A 2029-A
ASIAN PAINTS LTD
Template
(All numbers in INR Million, Except per share data)
(Red for assumptions, Blue for Acutal data and Black for Calculations)
Date Mar-15 Mar-16
Year 2015-A 2016-A

opening debt ₹ 418

intrest ₹ 49
additions/ repayment ₹ -95
closing debt ₹ 418 ₹ 323

intrest percentage #DIV/0! 11.72%

 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
2017-A 2018-A 2019-A 2020-A 2021-A

₹ 323 ₹ 560 ₹ 533 ₹ 1,320 ₹ 1,119

₹ 37 ₹ 41 ₹ 110 ₹ 102 ₹ 92
₹ 237 ₹ -27 ₹ 786 ₹ -201 ₹ -25
₹ 560 ₹ 533 ₹ 1,320 ₹ 1,119 ₹ 1,093

11.55% 7.40% 20.71% 7.75% 8.19%

 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26
2022-A 2023-A 2024-A 2025-A 2026-A

₹ 1,093 ₹ 1,587 ₹ 1,933 ₹ 2,474 ₹ 3,191

₹ 95 ₹ 144 ₹ 205 ₹ 235 ₹ 303
₹ 494 ₹ 346 ₹ 542 ₹ 717 ₹ 924
₹ 1,587 ₹ 1,933 ₹ 2,474 ₹ 3,191 ₹ 4,116

8.73% 9.10% 10.62% 9.48% 9.48%

CAGR 28.97% 28.97% 28.97%

 Mar-27 Mar-28 Mar-29
2027-A 2028-A 2029-A

₹ 4,116 ₹ 5,308 ₹ 6,845

₹ 390 ₹ 503 ₹ 649
₹ 1,192 ₹ 1,538 ₹ 1,983
₹ 5,308 ₹ 6,845 ₹ 8,829

9.48% 9.48% 9.48%

28.97% 28.97% 28.97%

 1 100
2 120 CAGR 15.65%
3 130 12.95%
4 110
5 150
6 140
7 200
8 250
9 360
10 370
11 400
12 450
13 550
14 540
15 550

risk free r 7%
returen of 14%
beta 1.2
cost of equity

23.800%

KE 15.400% TAX 30%

DEBT 12%
EQUITY 500 WE= 0.625
DEBT 300 WD 0.375
WACC 12.78%
ASIAN PAINTS LTD
Revenue Drivers
(All numbers in INR Million, Except per share data)
(Red for assumptions, Blue for Acutal data and Black for Calculations)
Date Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Year 2012 - A 2013 - A 2015-A 2016-A 2017-A 2018-A 2019-A
business cycle 8-10 years
Method -1 (y/y % Growth)
Revenue from Operations 13,615 14,271 15,062 16,825 19,240
y/y % growth 5% 6% 12% 14%

Method-2 (CAGR %)
Revenue from 10,003 12,945 13,615 14,271 15,062 16,825 19,240
CAGR % - 10 Years

Other Income

Other Income 142.14 213.39 337.9 336.41 273.77

Cash BOP + Current Investments 1,588 2,917 3,076 2,942 2,973
Other Income Rate % 8.95% 7.32% 10.98% 11.44% 9.21%
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27
2020-A 2021-A 2022-A 2023-A 2024-A 2025-A 2026-A 2027-A

20,211 21,713 29,101 34,489 35,495 40,317 45,795 52,017

5% 7% 34% 19% 3% 14% 14% 14%

20,211 21,713 29,101 34,489 35,495 39,482 43,918 48,851

11.23% 11.2% 11.2% 11.2%

355.05 331.65 295.88 431.46 820.96 113 683 991

2,464 5,520 3,858 5,126 5,432 1,084 6,566 9,532
14.41% 6.01% 7.67% 8.42% 15.11% 10.40% 10.40% 10.40%
Mar-28 Mar-29
2028-A 2029-A

59,085 67,113
14% 14%

54,339 60,444
11.2% 11.2%

1,785 2,363
17,167 22,724
10.40% 10.40%
ASIAN PAINTS LTD
Cost Drivers
(All numbers in INR Million, Except per share data)
(Red for assumptions, Blue for Acutal data and Black for Calculations)
Date Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Year 2020 2015-A 2016-A 2017-A 2018-A 2019-A 2020-A

Revenue from Operations 13,615 14,271 15,062 16,825 19,240 20,211

Employee Benefit expense 2,441 2,530 2,703 2,814 3,105 3,317

Material and operating cost 10,505 10,397 12,451 10,351 12,754 12,630
Other Expenses (1,278) (1,780) (2,028) 171 203 585
Depreciation 266 276 335 360 622 781
Interest Expense 42 49 37 41 110 102
Tax Expense 682 869 1,020 1,100 1,150 924

Commonsize Analysis (As % of Revenue from Operations)

Employee Benefit expense 17.9% 17.7% 17.9% 16.7% 16.1% 16.4%
Material and operating cost 77.2% 72.9% 82.7% 61.5% 66.3% 62.5%
Other Expenses -9.4% -12.5% -13.5% 1.0% 1.1% 2.9%
Depreciation 2.0% 1.9% 2.2% 2.1% 3.2% 3.9%
Interest Expense 0.3% 0.3% 0.2% 0.2% 0.6% 0.5%
Tax Expense 5.0% 6.1% 6.8% 6.5% 6.0% 4.6%

Effective Tax Rate (Tax Expense/P 32.8% 33.2% 34.5% 35.0% 34.8% 25.5%

Dividends Paid 585 719 988 835 1,007 1,151

Dividend Payout Ratio 41.9% 41.2% 50.9% 40.9% 46.7% 42.5%

DIVI PAYOUT RATIO = DIVIDEND PAID/PAT

Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27 Mar-28
2021-A 2022-A 2023-A 2024-A 2025-A 2026-A 2027-A 2028-A

21,713 29,101 34,489 35,495 40,317 45,795 52,017 59,085

3,616 4,675 4,953 5,102 6,021 6,839 7,768 8,823

12,850 21,507 22,934 20,992 26,817 30,461 34,599 39,300
576 765 961 1,088 1,140 1,295 1,471 1,670
791 816 858 853
92 95 144 205
1,165 1,157 1,582 1,888

16.7% 16.1% 14.4% 14.4% 14.9% 14.9% 14.9% 14.9%

59.2% 73.9% 66.5% 59.1% 66.5% 66.5% 66.5% 66.5%
2.7% 2.6% 2.8% 3.1% 2.8% 2.8% 2.8% 2.8%
3.6% 2.8% 2.5%
0.4% 0.3% 0.4%
5.4% 4.0% 4.6%

27.1% 27.6% 27.8% 25.0% 22.0% 22.0% 22.0% 22.0%

1,712 1,837 2,460 3,194 1,000 1,000 1,000 1,000

54.5% 60.6% 59.9% 58.5%

Mar-29
2029-A

67,113

10,022
44,640
1,897

14.9%
66.5%
2.8%

22.0%

1,000
ASIAN PAINTS LTD
Income Statement
(All numbers in INR Million, Except per share data)
(Red for assumptions, Blue for Acutal data and Black for Calculations)
Date Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Year 2020 2015-A 2016-A 2017-A 2018-A 2019-A 2020-A

Revenue from Operations 13,615 14,271 15,062 16,825 19,240 20,211

Other Income 142 213 338 336 274 355
Total Revenue 13,757 14,485 15,400 17,161 19,514 20,566

Employee Benefit expense 2,441 2,530 2,703 2,814 3,105 3,317

Material and operating cost 10,505 10,397 12,451 10,351 12,754 12,630
COGS 12,947 12,927 15,154 13,165 15,859 15,948
Gross Profit 811 1,557 246 3,996 3,655 4,618

Other Expenses (1,278) (1,780) (2,028) 171 203 585

EBITDA 2,089 3,337 2,274 3,825 3,452 4,034

Depreciation 266 276 335 360 622 781

EBIT 1,823 3,062 1,940 3,464 2,830 3,253

Interest Expense 42 49 37 41 110 102

EBT 1,781 3,013 1,902 3,423 2,720 3,151

Exceptional Items [Loss] (296) 399 (1,057) 284 (587) (478)

PBT 2,077 2,614 2,960 3,138 3,306 3,629

Tax Expense 682 869 1,020 1,100 1,150 924

PAT 1,395 1,745 1,939 2,039 2,156 2,705

EPS
Basic 32.04 36.84 34.74 37.68 40.39 43.99
Diluted 31.16 36.33 34.66 37.68 40.39 43.99
EPS = PAT/NOS
Number of Shares NOS = PAT/EPS
Basic 95.92 95.92 95.92 95.92 95.92 95.92
Diluted 95.92 95.92 95.92 95.92 95.92 95.92
Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27 Mar-28 Mar-29
2021-A 2022-A 2023-A 2024-A 2025-A 2026-A 2027-A 2028-A 2029-A

21,713 29,101 34,489 35,495 40,317 45,795 52,017 59,085 67,113

332 296 431 821 113 683 991 1,785 2,363
22,044 29,397 34,920 36,316 40,430 46,478 53,009 60,870 69,476

3,616 4,675 4,953 5,102 6,021 6,839 7,768 8,823 10,022

12,850 21,507 22,934 20,992 26,817 30,461 34,599 39,300 44,640
16,466 26,182 27,887 26,094 32,838 37,299 42,367 48,124 54,662
5,579 3,215 7,033 10,221 7,592 9,179 10,641 12,747 14,814

576 765 961 1,088 1,140 1,295 1,471 1,670 1,897

5,002 2,450 6,072 9,134 6,453 7,884 9,171 11,076 12,917

791 816 858 853 1,002 1,005 1,026 1,065 1,122

4,211 1,633 5,214 8,281 5,450 6,879 8,145 10,012 11,795

92 95 144 205 235 303 390 503 649

4,119 1,538 5,069 8,075 5,216 6,576 7,755 9,508 11,146

(185) (2,650) (619) 728 - - - - -

4,304 4,188 5,689 7,348 5,216 6,576 7,755 9,508 11,146

1,165 1,157 1,582 1,888 1,147 1,447 1,706 2,092 2,452

3,139 3,031 4,106 5,460 4,068 5,130 6,049 7,417 8,694

44.38 58.97 90.34 56.92 42.41 53.48 63.06 77.32 90.63

44.38 58.97 90.34 56.92 42.41 53.48 63.06 77.32 90.63

95.92 95.92 95.92 95.92 95.92 95.92 95.92 95.92 95.92

95.92 95.92 95.92 95.92 95.92 95.92 95.92 95.92 95.92
ASIAN PAINTS LTD
Balance Sheet
(All numbers in INR Million, Except per share data)
(Red for assumptions, Blue for Acutal data and Black for Calculations)
` Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Year 2020 2015-A 2016-A 2017-A 2018-A 2019-A 2020-A

Property, Plant and Equ 2,660 3,416 3,304 3,732 6,497 6,272
Capital work-in-progress 196 107 258 1,405 210 140
Right of use assets
Goodwill
Other Intangible assets
Intangible assets under development
Investments 1,588 2,712 2,652 2,141 2,569 2,019
Loans
Other non-current financial assets
Deferred tax assets (net)
Other non-current asset 826 715 1,317 1,692 1,472 1,739
Total Non Current Assets 5,270 6,950 7,530 8,970 10,747 10,170

Inventory 2,259 1,998 2,627 2,658 3,150 3,390

Trade receivables 1,182 1,187 1,447 1,731 1,907 1,795
Cash and Cash equivalen 204 424 801 405 445 783
Other bank balances
Loans
Other current financial Assets
Current tax assets (net)
Other current assets
Total Current Assets 3,645 3,609 4,875 4,794 5,502 5,968

Total Assets 8,915 10,559 12,405 13,763 16,249 16,138

Equity share capital 96 96 96 96 96 96

Other equity 4,646 6,429 7,508 8,314 9,375 10,034
Total Equity 4,742 6,525 7,604 8,410 9,471 10,130

Borrowings 418 323 560 533 1,320 1,119

Deferred payment liabilities
Provisions
Other Long Term Liabilities / DTL
Total Non Current Liabili 418 323 560 533 1,320 1,119

Trade Payables 3,754 3,711 4,241 4,820 5,459 4,889

Deferred Payment Liabilities/Lease Liabilities
Other Financial liabilities
Other Current Liabilities
Provisions
Total Current Liabilities 3,754 3,711 4,241 4,820 5,459 4,889

Total Liabilities and Sha 8,915 10,559 12,405 13,763 16,249 16,138

Checksum (ASSETS = LIAB - - - - - -

Balance Sheet Ratios

DIH 60 56 73 67 75
DSO 30.29 31.91 34.46 34.51 33.43
Payable Days 105.38 95.77 125.61 118.28 118.42

DSO AVERAGE TRADE RECEIVABLES/( REVE FROM OPS / 365)

Payable Days AVERAGE TRADE PAYABLES/( COGS / 365)
Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27 Mar-28
2021-A 2022-A 2023-A 2024-A 2025-A 2026-A 2027-A 2028-A

5,859 5,519 5,770 7,147 7,104 7,188 7,399 7,740

183 426 1,020 2,698 2,698 2,698 2,698 2,698

4,737 3,248 4,262 4,588 4,588 4,588 4,588 4,588

2,566 2,877 3,036 3,571 3,571 3,571 3,571 3,571

13,344 12,070 14,088 18,004 17,961 18,046 18,257 18,598

3,799 6,153 6,211 5,923 8,099 7,829 10,263 10,287

2,602 3,871 4,637 4,889 3,590 6,041 4,899 7,528
611 864 844 1,084 6,566 9,532 17,167 22,724

7,012 10,889 11,691 11,896 18,255 23,402 32,329 40,538

20,355 22,958 25,779 29,901 36,216 41,447 50,586 59,136

96 96 96 96 96 96 96 96
12,710 13,716 15,896 18,632 21,701 25,830 30,879 37,296
12,806 13,812 15,992 18,728 21,797 25,926 30,975 37,392

1,093 1,587 1,933 2,474 3,191 4,116 5,308 6,845

1,093 1,587 1,933 2,474 3,191 4,116 5,308 6,845

6,456 7,560 7,854 8,698 11,228 11,405 14,303 14,898

 6,456 7,560 7,854 8,698 11,228 11,405 14,303 14,898

20,355 22,958 25,779 29,901 36,216 41,447 50,586 59,136

- - - -

80 69 81 85 78 78 78 78
36.96 40.60 45.02 35.90 38.38 38.38 38.38 38.38
125.75 97.70 100.88 110.97 110.74 110.74 110.74 110.74

DSO = AVERAGE TRADE RECEIVABLES/( REVE FROM OPS / 365)

DSO = (TR1 + Tro)/2/(REVE FROM OPS/365)

TR1 = DSO * Revenue from ops/365 *2 - Tro

DIH= DAYS OF INVENTORY AT HAND
PAYBALE DAYS

4202.3
Mar-29
2029-A

8,214
2,698

4,588

3,571
19,072

13,055
6,587
33,470

53,112

72,185

96
44,989
45,085

8,829

8,829

18,271
 18,271

72,185

78
38.38
110.74

OM OPS / 365)
ASIAN PAINTS LTD
Cash Flow Statement
(All numbers in INR Million, Except per share data)
(Red for assumptions, Blue for Acutal data and Black for Calculations)
Date Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Year 2020 2015-A 2016-A 2017-A 2018-A 2019-A

Profit before tax 2,077 2,614 2,960 3,138 3,306

Adjustments for:
Interest income
Finance costs
Dividend income
Depreciation and amortization expense 266 276 335 360 622
Amortization of lease premium
Unrealised exchange loss/ (gain) (net)
Change in foreign currency translation reserve
Exchange loss/ (gain) on derivative contracts
Exchange (gain) / loss on translation of foreign currency and cash equivalents
Donations in kind
Bad debts
Provision for doubtful receivables (net)
Employee stock compensation expenses
Provision for doubtful deposits and advances
Provision for diminution in value of non current investments
Remeasurements of the defined benefit liabilities / (asset)
Advances written off
Excess provision in respect of earlier years written back
(Gain)/ loss on fair valuation of mutual funds
(Profit) on sale of investments (net)
(Profit) on sale of fixed assets (net)
Operating profit before working capital cha 2,343 2,889 3,294 3,499 3,928

Movements in working capital :

(Increase) / Decrease in non-current and current loans
Decrease / (Increase) in other non current assets
(Increase) in other current financial assets
(Increase) in inventory
(Increase) in trade receivables (1,182) (5) (260) (284) (177)
(Decrease) / Increase in trade payables and 3,754 (43) 530 579 639
Increase / (Decrease) in provisions (3,045) 270 (1,017) (581) (771)
Working Capital Change (473) 222 (747) (286) (309)
Operating profit after working capital chang 1,869 3,112 2,547 3,213 3,620
Direct taxes paid = Tax Expense (682) (869) (1,020) (1,100) (1,150)
Net cash generated from operating activitie 1,188 2,243 1,527 2,113 2,470
1,188
Payment towards capital expenditure (including intangib (667) (38) (1,576) (1,569)
Proceeds from sale of fixed assets
Payment towards acquisition of subsidiaries
Purchase of tax free bonds
Proceeds from sale of tax free bonds
Purchase of non-current investments (199) (643) 20 651
Investments in mutual funds
Proceeds from sale / maturity of mutual funds
Proceeds from sale of other current investments
Investments in bank deposits having original maturity over three months
Investments in Deposit with financial institutions
Maturity of bank deposits having original maturity over three months
Inter corporate deposits refunded
Interest received
Dividends received
Net Cash (used in) investing activities - (866) (681) (1,556) (918)

(Repayment of) long term borrowings (95) 237 (27) 786

Shares bought back
Other Investments (120) (237) (323) (959)
Specific project related grant received
Interest paid (49) (37) (41) (110)
Dividends paid (585) (719) (988) (835)
Tax on dividend paid
Net cash (used in) 􀁯nancing activities - (849) (756) (1,379) (1,117)

Net Change in Cash 528 90 (822) 434

Cash BOP 204 424 801 405

Cash EOP 204 424 801 405 445

Cash acquired on Acquisition (308) 287 425 (394)

Effect of exchange differences
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27 Mar-28
2020-A 2021-A 2022-A 2023-A 2024-A 2025-A 2026-A 2027-A 2028-A

3,629 4,304 4,188 5,689 7,348 5,216 6,576 7,755 9,508

781 791 816 858 743 1,002 1,005 1,026 1,065

4,410 5,096 5,004 6,547 8,091 6,218 7,581 8,781 10,573

(2,175) 270 (2,434) (24)

112 (807) (1,269) (765) (252) 1,299 (2,451) 1,142 (2,629)
(569) 1,567 1,104 294 844 2,530 177 2,898 595
10 (1,007) (2,695) (300) (692)
(448) (247) (2,860) (771) (100) 1,653 (2,003) 1,606 (2,057)
3,962 4,848 2,144 5,776 7,991 7,871 5,578 10,386 8,516
(924) (1,165) (1,157) (1,582) (1,888) (1,147) (1,447) (1,706) (2,092)
3,038 3,683 986 4,193 6,104 6,724 4,131 8,680 6,424

294 371 96 (845) (3,055) (959) (1,089) (1,237) (1,405)

 (812) (912) (413) (438) 506

(518) (541) (317) (1,282) (2,548) (959) (1,089) (1,237) (1,405)

(201) (25) 494 346 542 717 924 1,192 1,538

(1,561) 618 (494) (504) (859)

(102) (92) (95) (144) (205)

(1,007) (1,151) (1,712) (1,837) (2,460) (1,000) (1,000) (1,000) (1,000)

(2,871) (650) (1,808) (2,140) (2,983) (283) (76) 192 538

(351) 2,492 (1,138) 771 573 5,482 2,967 7,635 5,556

445 783 611 864 844 1,084 6,566 9,532 17,167

783 611 864 844 1,084 6,566 9,532 17,167 22,724

689 (2,664) 1,391 (792) (332)

Mar-29
2029-A

11,146

1,122

12,267

(2,768)
940
3,372

1,544
13,812
(2,452)
11,360

(1,596)
 43
431

(1,596)

1,983

(1,000)

983

10,747

22,724
33,470
ASIAN PAINTS LTD
Asset Schedule
(All numbers in INR Million, Except per share data)
(Red for assumptions, Blue for Acutal data and Black for Calculations)
Date Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Year 202013 - A 2015-A 2016-A 2017-A 2018-A 2019-A 2020-A

Property, Plant and Equipment 2,660 3,416 3,304 3,732 6,497 6,272
Other Intangible Assets - - - - - -
Total Fixed Assets 2,660 3,416 3,304 3,732 6,497 6,272

Depreciation & Amortisation 266 276 335 360 622 781

Depreciation & Amortisation Rate % 9% 10% 9% 14% 12%

Purchase of Fixed Assets - 667 38 1,576 1,569 (294)

Purchase of Fixed Assets as % Revenue 0.0% 4.7% 0.3% 9.4% 8.2% -1.5%

DEP = D%* BOP ASSETS + D%/2*PURCHASE OF ASSETS

Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27 Mar-28 Mar-29
2021-A 2022-A 2023-A 2024-A 2025-A 2026-A 2027-A 2028-A 2029-A

5,859 5,519 5,770 7,147 7,104 7,188 7,399 7,740 8,214

- - - - - - - - -
5,859 5,519 5,770 7,147 7,104 7,188 7,399 7,740 8,214

791 816 858 743 1,002 1,005 1,026 1,065 1,122

13% 14% 14% 12% 13.1% 13.1% 13.1% 13.1% 13.1%

(371) (96) 845 939 959 1,089 1,237 1,405 1,596

-1.7% -0.3% 2.4% 2.4% 2.4% 2.4% 2.4% 2.4% 2.4%

(43)
DEP = D%* BOP ASSETS + D%/2*PURCHASE OF ASSETS

(43)
Valuation Assumptions Data Sources
g (World Economic Growth) 2.5% IMF.ORG
Rf 6.700% 10 Year GOI Bond Yield
Rm 14.000% 10 Year CAGR% - NIFTY
Beta 1.7000 in.reuters.com
CMP 631 in.reuters.com

Valuation Data
Total Debt (Long Term Borrowings) (2024) 2,474 <== CURRENT
Cash & Cash Equivalents (2024) 1,084 <== CURRENT
Number of Diluted Shares (2024) 96 <== 1 YR FORWARD EST.
Tax Rate (2024) 22% <== 1 YR FORWARD EST.
Interest Expense Rate (2024) 10%

MV of Equity 60,525 NO. OF SHARES * CMP(i.e. Current Market Price)

Total Debt 2,474
Total Capital 63,000 MV OF EQUITY + TOTAL DEBT

WACC
We 96.1% MV OF EQUITY / TOTAL CAP
Wd 3.9% 1 - We
Ke 19.1% Rf + BETA*(Rm - Rf)
Kd 7.8% INT EXP ATE * ( 1 - TAX RATE)
WACC 18.6658% We*Ke + Wd*Kd

FCFF & Target Price

Explicit Forecast Period
2025 2026 2027 2028
EBIT * (1-Tax Rate) 4251 5366 6353 7809
Dep 1,002 1,005 1,026 1,065
Purchase of Assets (959) (1,089) (1,237) (1,405)
Changes in Working Capital 1,653 (2,003) 1,606 (2,057)
FCFF 5,948 3,278 7,747 5,411

% Growth in Post Tax EBIT 26.2% 18.4% 22.9%

As % Of Post Tax EBIT

Dep 23.6% 18.7% 16.1% 13.6%
Purchase of Assets -22.6% -20.3% -19.5% -18.0%
Changes in Working Capital 38.9% -37.3% 25.3% -26.3%

FCFF 5,948 3,278 7,747 5,411

Terminal Value
Total Cash Flow 5,948 3,278 7,747 5,411

Enterprise Value (EV) 60,172

Less: Debt 2,474
Add: Cash 1,084
Equity Value 58,782

Target Price 612.8 EQ VALUE / NUMBER OF DILUTED SH

% Returns
% Returns -2.9% TP/CMP - 1 < 5%
>5%, < 15%
Rating SELL >15%
 rbi.org.in

rrent Market Price)

od Linear Decline Phase Terminal Yr

2029 2030 2031 2032 2033 2034 2035 2036
9200 10,637 12,066 13,423 14,639 15,645 16,379 16,788
1,122 1,297 1,471 1,637 1,785 1,908 1,997 2,047
(1,596) (1,846) (2,094) (2,329) (2,540) (2,715) (2,842) (2,913)
1,544 (508) (577) (641) (699) (748) (783) (802)
10,270 9,580 10,867 12,089 13,185 14,091 14,752 15,120

17.8% 15.6% 13.4% 11.2% 9.1% 6.9% 4.7% 2.50%

2.19%

12.2% 12.2% 12.2% 12.2% 12.2% 12.2% 12.2% 12.2%

-17.4% -17.4% -17.4% -17.4% -17.4% -17.4% -17.4% -17.4%
16.8% -4.8% -4.8% -4.8% -4.8% -4.8% -4.8% -4.8%

10,270 9,580 10,867 12,089 13,185 14,091 14,752 15,120

93,533
10,270 9,580 10,867 12,089 13,185 14,091 108,285
Rating
SELL
HOLD
BUY
<== GORDON GROWTH MODEL TERMINAL VALUATION