Asian Paints

Asian Paints Ltd (APNT IN) - Adj Highlights
In Millions of INR FY 2012 FY 2013 FY 2014 FY 2015 FY 2016

12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016
Market Capitalization 310,971.9 471,661.5 525,592.4 778,197.2 832,967.4
- Cash & Equivalents 9,518.0 9,247.3 13,239.1 14,345.4 20,095.0
+ Preferred & Other 1,366.9 1,607.7 2,460.2 2,636.7 3,836.9
+ Total Debt 3,411.1 2,509.6 2,491.5 4,181.7 3,232.9
Enterprise Value 306,231.9 466,531.5 517,305.0 770,670.2 819,942.2
Revenue, Adj 95,983.3 108,743.5 125,816.4 140,053.3 142,714.9

Growth %, YoY 24.8 13.3 15.7 11.3 1.9
Gross Profit, Adj — — — — —
Margin % — — — — —
EBITDA, Adj 15,390.7 17,380.8 20,178.8 22,382.9 27,691.5
Margin % 16.0 16.0 16.0 16.0 19.4
Net Income, Adj 9,665.4 10,932.5 12,131.3 13,909.2 17,030.0
Margin % 10.1 10.1 9.6 9.9 11.9
EPS, Adj 10.08 11.40 12.65 14.50 17.75
Growth %, YoY 14.9 13.1 11.0 14.7 22.4
Cash from Operations 7,070.4 11,934.9 14,390.7 12,347.8 22,864.5

Capital Expenditures -5,463.5 -6,437.8 -2,510.1 -4,537.8 -8,171.1
Free Cash Flow 1,606.9 5,497.1 11,880.6 7,810.0 14,693.4
Source: Bloomberg Right click to show data transparency (not supported for all values)
FY 2017 FY 2018
03/31/2017 03/31/2018
1,029,698.8 1,074,685.2
21,525.5 14,613.2
3,754.5 3,276.5
5,603.4 5,334.3
1,017,531.2 1,068,682.8
148,725.2 166,005.8
4.2 11.6
— —
— —
29,904.7 31,976.1
20.1 19.3
18,651.8 19,305.7
12.5 11.6
19.45 20.13
9.5 3.5
15,975.6 21,550.2
-6,841.3 -14,259.8
9,134.3 7,290.4
Asian Paints Ltd (APNT IN) - GAAP Highlights
In Millions of INR except Per Share FY 2012 FY 2013 FY 2014 FY 2015
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Total Revenues 95,983.3 108,743.5 125,816.4 140,053.3
Operating Income 14,172.4 15,832.6 17,614.2 19,694.9
Net Income to Common 9,887.3 11,138.8 12,188.1 13,951.5
Basic EPS, GAAP 10.31 11.61 12.71 14.55
Diluted EPS, GAAP 10.31 11.61 12.71 14.55
Basic Weighted Avg Shares 959.2 959.2 959.2 959.2
Diluted Weighted Avg Shares 959.2 959.2 959.2 959.2
Cash and Equivalents 9,518.0 9,247.3 13,239.1 14,345.4

Total Current Assets 35,066.7 40,061.8 49,152.0 53,389.7
Total Assets 57,139.2 67,868.5 80,775.9 89,147.0
Total Current Liabilities 25,870.3 29,299.9 34,587.5 35,194.5
Total Liabilities 28,287.3 32,417.9 37,923.5 39,086.7
Total Equity 28,851.9 35,450.6 42,852.4 50,060.3
Shares Out on Balance Sheet 959.2 959.2 959.2 959.2
Cash From Operations 7,070.4 11,934.9 14,390.7 12,347.8

Cash From Investing -4,334.4 -5,431.3 -6,845.5 -5,593.6
Cash From Financing -2,758.1 -5,639.1 -5,836.0 -5,391.1
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
142,714.9 148,725.2 166,005.8
24,935.7 26,516.3 28,371.4
17,451.6 19,394.3 20,389.3
18.19 20.22 21.26
18.19 20.22 21.26
959.2 959.2 959.2
959.2 959.2 959.2
20,095.0 21,525.5 14,613.2

57,350.2 69,656.8 69,140.8
105,608.6 124,213.5 137,830.8
31,490.8 38,848.7 44,510.7
36,523.5 44,420.1 50,452.0
69,085.1 79,793.4 87,378.8
959.2 959.2 959.2
22,864.5 15,975.6 21,550.2

-9,499.6 -7,620.1 -16,760.6
-8,087.3 -7,457.6 -13,008.0
ported for all values)
Asian Paints Ltd (APNT IN) - Earnings
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Revenue
Consensus Estimate 94,091.2 111,907.3 125,791.5 144,486.7
Comparable Actual 95,983.3 109,060.1 125,816.4 140,053.3
Revenue Surprise % 2.0 -2.5 0.0 -3.1
GAAP Actual 95,983.3 108,743.5 125,816.4 140,053.3
Adjusted Actual 95,983.3 108,743.5 125,816.4 140,053.3
Earnings Per Share

Consensus Estimate 9.99 12.17 12.86 15.55
Comparable Actual 10.31 11.61 12.71 14.55
EPS Surprise % 3.2 -4.6 -1.1 -6.5
GAAP Actual 10.31 11.61 12.71 14.55
Adjusted Actual 10.08 11.40 12.65 14.50
EBIT
EBIT Surprise % -5.4 -4.1 -0.8 -9.9
GAAP Actual 14,172.4 15,832.6 17,614.2 19,694.9
Adjusted Actual 14,179.4 15,834.8 17,622.6 19,699.6
EBITDA
EBITDA Surprise % 1.1 -4.1 1.1 -4.0
GAAP Actual 15,383.7 17,378.6 20,170.4 22,378.2
Adjusted Actual 15,390.7 17,380.8 20,178.8 22,382.9
Gross Margin %
Consensus Estimate 39.78 40.45 42.16 43.38
Pretax Income (Loss)

Pretax Income (Loss) Surprise % 1.7 -4.3 -0.9 -4.7
GAAP Actual 14,540.8 16,552.1 18,342.7 20,768.7
Adjusted Actual 14,212.3 16,239.6 18,256.7 20,704.0
Net Income
Net Income Surprise % 2.9 -4.7 -1.2 -6.2
GAAP Actual 9,887.3 11,138.8 12,188.1 13,951.5
Adjusted Actual 9,665.4 10,932.5 12,131.3 13,909.2
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
154,875.8 162,142.7 170,743.7

153,307.2 152,902.0 168,246.5
-1.0 -5.7 -1.5
142,714.9 148,725.2 166,005.8
142,714.9 148,725.2 166,005.8
18.90 20.53 21.84

18.00 21.02 20.53
-4.8 2.4 -6.0
18.19 20.22 21.26
17.75 19.45 20.13
26,098.9 28,535.6 29,052.1

25,206.5 — —
-3.4 — —
24,935.7 26,516.3 28,371.4
24,935.7 26,516.3 28,371.4
28,217.8 30,745.5 32,711.6

28,086.2 — —
-0.5 — —
27,691.5 29,904.7 31,976.1
27,691.5 29,904.7 31,976.1
46.65 45.20 42.14
26,973.6 29,431.1 31,253.8

26,284.1 — —
-2.6 — —
26,138.5 29,336.8 30,684.8
25,493.7 28,645.5 30,136.8
18,113.0 19,713.4 20,981.2

17,262.1 20,162.4 19,689.3
-4.7 2.3 -6.2
17,451.6 19,394.3 20,389.3
17,030.0 18,651.8 19,305.7
Asian Paints Ltd (APNT IN) - Enterprise Value
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Market Capitalization 310,971.9 471,661.5 525,592.4 778,197.2
- Cash & Equivalents 9,518.0 9,247.3 13,239.1 14,345.4
+ Preferred Equity 0.0 0.0 0.0 0.0
+ Minority Interest 1,366.9 1,607.7 2,460.2 2,636.7
+ Total Debt 3,411.1 2,509.6 2,491.5 4,181.7
Enterprise Value 306,231.9 466,531.5 517,305.0 770,670.2
Total Capital 32,263.0 37,960.2 45,343.9 54,242.0

Total Debt/Total Capital 10.57 6.61 5.49 7.71
Total Debt/EV 0.01 0.01 0.00 0.01
EV/Sales 3.19 4.29 4.11 5.50

EV/EBITDA 19.91 26.85 25.65 34.44
EV/EBIT 21.61 29.47 29.37 39.13
EV/Cash Flow to Firm 41.83 38.28 35.33 61.14
EV/Free Cash Flow to Firm 164.84 81.14 42.64 95.52
Diluted Market Cap 310,971.9 471,661.5 525,592.4 778,197.2

Diluted Enterprise Value 306,231.9 466,531.5 517,305.0 770,670.2
Periodic EV to Shares Outstanding 319.26 486.38 539.31 803.45
Reference Items
Trailing 12 Month Values for Ratios
Sales 95,983.3 108,743.5 125,816.4 140,053.3
EBITDA 15,383.7 17,378.6 20,170.4 22,378.2
EBIT 14,172.4 15,832.6 17,614.2 19,694.9
Cash Flow To Firm 7,321.2 12,187.4 14,642.1 12,605.7
Free Cash Flow To Firm 1,857.7 5,749.6 12,132.0 8,067.9
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
832,967.4 1,029,698.8 1,074,685.2
20,095.0 21,525.5 14,613.2
0.0 0.0 0.0
3,836.9 3,754.5 3,276.5
3,232.9 5,603.4 5,334.3
819,942.2 1,017,531.2 1,068,682.8
72,318.0 85,396.8 92,713.1

4.47 6.56 5.75
0.00 0.01 0.01
5.75 6.84 6.44

29.61 34.03 33.42
32.88 38.37 37.67
35.48 62.89 49.06
54.88 108.97 142.07
832,967.4 1,029,698.8 1,074,685.2

819,942.2 1,017,531.2 1,068,682.8
854.82 1,060.81 1,114.14
142,714.9 148,725.2 166,005.8

27,691.5 29,904.7 31,976.1
24,935.7 26,516.3 28,371.4
23,113.1 16,179.1 21,781.9
14,942.0 9,337.8 7,522.1
Asian Paints Ltd (APNT IN) - Multiples
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
P/E 31.45 42.34 43.11 55.80
Average 33.98 38.80 41.32 52.63
High 37.70 48.58 47.93 71.62
Low 28.67 31.40 33.76 39.15
P/Book 11.31 13.94 13.01 16.41

Average 13.10 13.95 13.59 15.88
High 14.53 17.48 15.78 21.62
Low 11.05 11.30 11.11 11.82
P/Tangible Book 11.60 14.25 13.80 17.80

Average 13.47 14.30 13.91 16.85
High 14.94 17.91 16.13 22.93
Low 11.36 11.58 11.36 12.53
P/Sales 3.24 4.34 4.18 5.56

Average 3.73 4.00 4.23 5.10
High 4.22 5.05 4.96 7.04
Low 3.07 3.20 3.29 3.77
P/Cash Flow 43.98 39.52 36.52 63.02

Average 36.54 54.18 38.55 44.65
High 43.98 67.93 44.73 63.02
Low 30.79 39.52 31.50 33.17
P/Free Cash Flow 193.52 85.80 44.24 99.64

Average 46.16 238.03 83.55 54.19
High 193.52 298.90 97.12 99.64
Low 38.43 85.80 44.24 40.17
EV/Sales 3.19 4.29 4.11 5.50

Average 3.63 3.95 4.18 5.03
High 4.04 4.95 4.86 6.87
Low 3.05 3.19 3.41 3.73
EV/EBITDA 19.91 26.85 25.65 34.44

Average 21.04 24.65 26.18 31.41
High 23.40 30.91 30.43 42.88
Low 17.67 19.87 21.34 23.25
EV/EBIT 21.61 29.47 29.37 39.13
Average 23.00 26.75 28.74 35.96
High 25.58 33.56 33.40 49.10
Low 19.32 21.57 23.42 26.63
Price/Share 324.20 491.73 547.95 811.30

High 338.70 505.00 561.75 922.80
Low 246.21 320.40 373.40 494.70
Enterprise Value 306,231.9 466,531.5 517,305.0 770,670.2

Average 279,650.0 379,359.7 455,267.3 633,799.4
High 310,799.8 475,559.2 528,759.5 864,822.4
Low 234,736.5 305,738.0 370,875.5 469,009.4
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
47.74 53.81 54.57
57.23 55.74 57.48
63.50 66.88 62.98
47.74 46.81 52.15
12.77 13.54 12.78

16.82 14.90 14.46
18.67 17.88 15.85
12.77 12.52 12.78
13.51 14.19 13.78

18.25 15.77 15.16
20.25 18.93 16.61
13.51 13.25 13.75
5.84 6.92 6.47

5.70 6.82 7.39
6.35 8.27 8.14
4.75 5.66 6.44
36.43 64.45 49.87

64.56 42.63 68.79
71.72 64.45 75.43
36.43 35.72 49.87
56.69 112.73 147.41

102.07 66.38 120.56
113.40 112.73 147.41
56.69 55.59 109.26
5.75 6.84 6.44

5.65 6.72 7.31
6.27 8.09 8.02
4.73 5.63 6.44
29.61 34.03 33.42

35.33 34.65 36.37
39.24 41.67 39.89
29.61 29.03 32.97
32.88 38.37 37.67
40.14 38.48 41.02
44.59 46.28 44.99
32.88 32.23 37.18
868.40 1,073.50 1,120.40

926.80 1,230.00 1,262.00
693.00 842.75 1,033.70
819,942.2 1,017,531.2 1,068,682.8

791,234.7 959,811.7 1,087,992.0
878,100.3 1,153,934.8 1,192,920.5
662,520.6 803,779.6 985,829.6
Asian Paints Ltd (APNT IN) - Per Share
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Basic Shares Outstanding 959.2 959.2 959.2 959.2
Per Share Data Items

Revenue 100.07 113.37 131.17 146.01
EBITDA 16.04 18.12 21.03 23.33
Operating Income 14.78 16.51 18.36 20.53
Net Income to Common - Basic 10.31 11.61 12.71 14.55
Net Income before XO - Basic 10.31 11.61 12.71 14.54
Normalized Net Income - Basic 10.08 11.40 12.65 14.50
Net Income to Common - Diluted 10.31 11.61 12.71 14.55
Net Income before XO - Diluted 10.31 11.61 12.71 14.54
Normalized Net Income - Diluted 10.08 11.40 12.65 14.50
Dividends 4.00 4.60 5.30 6.10
Cash Flow 7.37 12.44 15.00 12.87

Free Cash Flow 1.68 5.73 12.39 8.14
Cash & Equivalents 9.48 9.20 13.36 14.50

Book Value 28.65 35.28 42.11 49.44
Tangible Book Value 27.96 34.50 39.70 45.58
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
959.2 959.2 959.2
959.2 959.2 959.2
959.2 959.2 959.2
148.79 155.05 173.07

28.87 31.18 33.34
26.00 27.64 29.58
18.19 20.22 21.26
18.19 19.95 20.53
17.75 19.45 20.13
18.19 20.22 21.26
18.19 19.95 20.53
17.75 19.45 20.13
7.50 7.95 10.30
23.84 16.66 22.47

15.32 9.52 7.60
20.95 22.44 15.23

68.02 79.27 87.68
64.27 75.65 81.28
Asian Paints Ltd (APNT IN) - Stock Value
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Last Price 324.20 491.73 547.95 811.30
Period-over-Period % Change 28.36 51.67 11.43 48.06
Open Price 256.89 323.90 492.20 547.75
High Price 338.70 505.00 561.75 922.80
Low Price 246.21 320.40 373.40 494.70

Current Shares Outstanding 959.20 959.20 959.20 959.20
Equity Float 703.11 544.65 605.46 579.88
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
868.40 1,073.50 1,120.40
7.04 23.62 4.37
810.00 871.00 1,074.70
926.80 1,230.00 1,262.00
693.00 842.75 1,033.70
832,967.4 1,029,698.8 1,074,685.2

959.20 959.20 959.20
601.22 607.57 589.87
Asian Paints Ltd (APNT IN) - Adjusted
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Revenue 95,983.3 108,743.5 125,816.4 140,053.3
+ Sales & Services Revenue 95,983.3 108,743.5 125,816.4 140,053.3
+ Other Revenue — — — —
+ Other Operating Income 339.1 642.6 1,331.7 1,774.8
- Operating Expenses 82,143.0 93,551.3 109,525.5 122,128.5
+ Selling & Marketing — — — —
+ Research & Development 372.4 456.4 521.2 630.7
+ Depreciation & Amortization 1,204.3 1,543.8 2,448.2 2,654.5
+ Prov For Doubtful Accts — — — —
+ Other Operating Expense 80,566.3 91,551.1 106,556.1 118,843.3
Operating Income (Loss) 14,179.4 15,834.8 17,622.6 19,699.6
- Non-Operating (Income) Loss -32.9 -404.8 -634.1 -1,004.4
+ Interest Expense, Net 292.9 223.1 226.5 260.2
+ Interest Expense 357.4 360.4 365.2 375.3
- Interest Income 64.5 137.3 138.7 115.1
+ Other Investment (Inc) Loss -415.7 -328.9 -654.7 -706.1
+ Foreign Exch (Gain) Loss 348.3 64.9 148.9 -111.2
+ (Income) Loss from Affiliates — — — —
+ Other Non-Op (Income) Loss -258.4 -363.9 -354.8 -447.3
Pretax Income (Loss), Adjusted 14,212.3 16,239.6 18,256.7 20,704.0
- Abnormal Losses (Gains) -328.5 -312.5 -86.0 -64.7
+ Disposal of Assets -2.3 -42.1 -71.1 -26.9
+ Asset Write-Down 7.0 2.2 105.6 23.7
+ Impairment of Intangibles — — 2.4 5.1
+ Restructuring — — — 251.6
+ Sale of Investments -333.2 -272.6 -122.9 -318.2
Pretax Income (Loss), GAAP 14,540.8 16,552.1 18,342.7 20,768.7
- Income Tax Expense (Benefit) 4,335.0 4,956.9 5,715.1 6,495.4
+ Current Income Tax 4,273.8 4,363.7 5,377.6 6,575.9
+ Deferred Income Tax 61.2 593.2 337.5 -80.5
+ Tax Allowance/Credit — — — —
- (Income) Loss from Affiliates — — — —
Income (Loss) from Cont Ops 10,205.8 11,595.2 12,627.6 14,273.3
- Net Extraordinary Losses (Gains) 0.0 0.0 0.0 0.0
+ Discontinued Operations 0.0 0.0 0.0 0.0
+ XO & Accounting Changes 0.0 0.0 0.0 0.0
Income (Loss) Incl. MI 10,205.8 11,595.2 12,627.6 14,273.3
- Minority Interest 318.5 456.4 439.5 321.8
Net Income, GAAP 9,887.3 11,138.8 12,188.1 13,951.5
- Preferred Dividends 0.0 0.0 0.0 0.0
- Other Adjustments 0.0 0.0 0.0 0.0
Net Income Avail to Common, GAAP 9,887.3 11,138.8 12,188.1 13,951.5
Net Income Avail to Common, Adj 9,665.4 10,932.5 12,131.3 13,909.2

Net Abnormal Losses (Gains) -221.9 -206.3 -56.8 -42.3
Net Extraordinary Losses (Gains) 0.0 0.0 0.0 0.0

Basic EPS, GAAP 10.31 11.61 12.71 14.55
Basic EPS from Cont Ops 10.31 11.61 12.71 14.54
Basic EPS from Cont Ops, Adjusted 10.08 11.40 12.65 14.50

Diluted EPS, GAAP 10.31 11.61 12.71 14.55
Diluted EPS from Cont Ops 10.31 11.61 12.71 14.54
Diluted EPS from Cont Ops, Adjusted 10.08 11.40 12.65 14.50
Reference Items
Accounting Standard IN GAAP IN GAAP IN GAAP IN GAAP
EBITDA 15,390.7 17,380.8 20,178.8 22,382.9
EBITDA Margin (T12M) 16.03 15.98 16.04 15.98
EBITA 14,273.9 15,960.1 17,918.5 20,004.6
EBIT 14,179.4 15,834.8 17,622.6 19,699.6
Operating Margin 14.77 14.56 14.01 14.07
Profit Margin 10.07 10.05 9.64 9.93
Dividends per Share 4.00 4.60 5.30 6.10
Total Cash Common Dividends 3,836.9 4,412.3 5,083.7 5,851.2
Capitalized Interest Expense — — — —
Personnel Expenses 5,259.7 6,235.6 7,597.1 9,071.1
Export Sales — — — —
Depreciation Expense 1,116.8 1,420.7 2,260.3 2,378.3
Rental Expense 879.6 1,162.6 1,427.6 1,636.3
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
142,714.9 148,725.2 166,005.8
140,915.6 148,725.2 166,005.8
1,799.3 — —
0.0 1,894.7 2,239.7
117,779.2 124,103.6 139,874.1
5,611.3 6,193.3 6,627.0
680.4 750.6 762.2
2,755.8 3,347.9 3,604.7
— 134.4 106.3
108,731.7 113,677.4 128,773.9
24,935.7 26,516.3 28,371.4
-558.0 -2,129.2 -1,765.4
142.8 -31.5 -44.2
367.2 299.9 350.7
224.4 331.4 394.9
-691.3 -739.0 -377.6
21.4 -113.0 -297.7
— -496.1 -457.9
-30.9 -749.6 -588.0
25,493.7 28,645.5 30,136.8
-644.8 -691.3 -548.0
-112.3 -13.5 -4.7
— — —
— — —
— — —
-532.5 -677.8 -543.3
26,138.5 29,336.8 30,684.8
8,444.9 9,432.9 10,409.6
7,972.2 8,931.1 10,406.7
472.7 496.5 -4.7
— 5.3 7.6
-334.2 — —
18,027.8 19,903.9 20,275.2
0.0 -258.6 -700.0
0.0 -258.6 -700.0
0.0 0.0 0.0
18,027.8 20,162.5 20,975.2
576.2 768.2 585.9
17,451.6 19,394.3 20,389.3
0.0 0.0 0.0
0.0 0.0 0.0
17,451.6 19,394.3 20,389.3
17,030.0 18,651.8 19,305.7

-421.6 -483.9 -383.6
0.0 -258.6 -700.0
959.2 959.2 959.2

18.19 20.22 21.26
18.19 19.95 20.53
17.75 19.45 20.13
959.2 959.2 959.2

18.19 20.22 21.26
18.19 19.95 20.53
17.75 19.45 20.13
IN GAAP IN GAAP IN GAAP

27,691.5 29,904.7 31,976.1
19.40 20.11 19.26
25,192.3 26,840.4 28,719.2
24,935.7 26,516.3 28,371.4
17.47 17.83 17.09
11.93 12.54 11.63
7.50 7.95 10.30
7,194.0 7,625.6 9,879.8
— — —
9,895.1 10,336.2 11,154.8
1,806.5 — —
2,499.2 3,064.3 3,256.9
1,794.4 2,172.3 2,393.2
Asian Paints Ltd (APNT IN) - GAAP
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Revenue 95,983.3 108,743.5 125,816.4 140,053.3
+ Sales & Services Revenue 95,983.3 108,743.5 125,816.4 140,053.3
+ Other Operating Income 339.1 642.6 1,331.7 1,774.8
- Operating Expenses 82,150.0 93,553.5 109,533.9 122,133.2
+ Other Operating Expense 80,573.3 91,553.3 106,564.5 118,848.0
Operating Income (Loss) 14,172.4 15,832.6 17,614.2 19,694.9
- Non-Operating (Income) Loss -368.4 -719.5 -728.5 -1,073.8
- Interest Income 64.5 137.3 138.7 115.1
Pretax Income 14,540.8 16,552.1 18,342.7 20,768.7
- Income Tax Expense (Benefit) 4,335.0 4,956.9 5,715.1 6,495.4
+ Current Income Tax 4,273.8 4,363.7 5,377.6 6,575.9
Income (Loss) from Cont Ops 10,205.8 11,595.2 12,627.6 14,273.3
Income (Loss) Incl. MI 10,205.8 11,595.2 12,627.6 14,273.3
Net Income, GAAP 9,887.3 11,138.8 12,188.1 13,951.5
Net Income Avail to Common, GAAP 9,887.3 11,138.8 12,188.1 13,951.5

Net Abnormal Losses (Gains) -221.9 -206.3 -56.8 -42.3
Basic EPS, GAAP 10.31 11.61 12.71 14.55

Diluted EPS, GAAP 10.31 11.61 12.71 14.55
Reference Items
EBITDA 15,383.7 17,378.6 20,170.4 22,378.2
EBITDA Margin (T12M) 16.03 15.98 16.03 15.98
EBITA 14,266.9 15,957.9 17,910.1 19,999.9
EBIT 14,172.4 15,832.6 17,614.2 19,694.9
Profit Margin 10.30 10.24 9.69 9.96
Personnel Expenses 5,259.7 6,235.6 7,597.1 9,071.1
Rental Expense 879.6 1,162.6 1,427.6 1,636.3
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
142,714.9 148,725.2 166,005.8
140,915.6 148,725.2 166,005.8
1,799.3 — —
0.0 1,894.7 2,239.7
117,779.2 124,103.6 139,874.1
5,611.3 6,193.3 6,627.0
680.4 750.6 762.2
2,755.8 3,347.9 3,604.7
— 134.4 106.3
108,731.7 113,677.4 128,773.9
24,935.7 26,516.3 28,371.4
-1,202.8 -2,820.5 -2,313.4
142.8 -31.5 -44.2
367.2 299.9 350.7
224.4 331.4 394.9
-691.3 -739.0 -377.6
21.4 -113.0 -297.7
— -496.1 -457.9
-675.7 -1,440.9 -1,136.0
26,138.5 29,336.8 30,684.8
8,444.9 9,432.9 10,409.6
7,972.2 8,931.1 10,406.7
472.7 496.5 -4.7
— 5.3 7.6
-334.2 — —
18,027.8 19,903.9 20,275.2
0.0 -258.6 -700.0
0.0 -258.6 -700.0
0.0 0.0 0.0
18,027.8 20,162.5 20,975.2
576.2 768.2 585.9
17,451.6 19,394.3 20,389.3
0.0 0.0 0.0
0.0 0.0 0.0
17,451.6 19,394.3 20,389.3
17,030.0 18,651.8 19,305.7

-421.6 -483.9 -383.6
0.0 -258.6 -700.0
959.2 959.2 959.2
18.19 20.22 21.26
18.19 19.95 20.53
17.75 19.45 20.13
959.2 959.2 959.2

18.19 20.22 21.26
18.19 19.95 20.53
17.75 19.45 20.13

27,691.5 29,904.7 31,976.1
19.40 20.11 19.26
25,192.3 26,840.4 28,719.2
24,935.7 26,516.3 28,371.4
17.47 17.83 17.09
12.23 13.04 12.28
7.50 7.95 10.30
7,194.0 7,625.6 9,879.8
— — —
9,895.1 10,336.2 11,154.8
1,806.5 — —
2,499.2 3,064.3 3,256.9
1,794.4 2,172.3 2,393.2
Asian Paints Ltd (APNT IN) - As Reported
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Income Statement
Revenues
Revenues 95,983.3 108,743.5 125,816.4 140,053.3
Excise Taxes 8,397.7 11,279.3 13,074.6 14,678.6
License/Contract/Fee Revenue — — 70.4 —
Sundry/Other Operating Income — — 1,342.2 —
Gross Sales 104,381.0 120,022.8 138,891.0 154,731.9
Operating Expenses
Total Operating Expenses — — — —
Salaries Wages and Employee Benefits 5,259.7 6,235.6 7,597.1 9,071.1
Depreciation Expense — — 2,456.6 —
Depreciation and Amortization — — — 2,659.2
Other Operating Expenses 18,022.4 21,700.7 26,164.9 30,688.2
Other Operating Income 339.1 642.6 1,331.7 1,774.8
Change In Merchandise Inventories -1,729.5 -1,495.6 -902.8 -1,480.7
Cost Of Materials — — 70,252.8 —
Raw Materials And Consumables Used 57,205.3 62,651.3 70,252.8 75,311.7
Purchases Of Merchandise 2,476.8 2,974.3 4,057.2 5,883.7
Depreciation Amortization And Write-Downs 1,211.3 1,546.0 2,456.6 2,659.2
EBITDA - IS — — — —
Non-Operating Expenses
Interest Expense — — 365.2 —
Interest Expense - Net — — 422.2 —
Other Non-Operating Income -1,074.1 -1,144.8 -1,342.2 -1,697.1
Income Tax Expense (Benefit) — — — —
Income Before Income Taxes 14,540.8 16,552.1 18,342.7 20,768.7
Current Income Tax Expense (Benefit) 4,293.4 4,393.7 5,364.0 6,587.0
Deferred Income Tax Expense (Benefit) 61.2 593.2 337.5 -80.5
Total Exceptional (Income)/Charges — 0.0 99.6 275.7
Total Financial Costs 409.7 366.5 422.2 347.6
Non-Operating Exceptionals — — 99.6 —
Other Taxes — — — —
Share Profits From Associated Companies — — — —
Current Taxation - Adjustment -19.6 -30.0 13.6 -11.1
AT (Income) Loss Affiliates and Others — — — —
Earnings
Minority/Non Controlling Interest 318.5 456.4 439.5 321.8
Basic EPS — — — —
Diluted EPS — — — —
Basic & Diluted EPS — — 12.71 14.54
Profit After Taxation Before Minority — — — —
Basic & Diluted EPS From Continuing Oper 103.08 11.61 12.71 14.54
Net Income 9,887.3 11,138.8 12,188.1 13,951.5
Others
Comprehensive Income
Foreign Currency Translation Adjustmen — — — —
Unrealized Gain (Loss) On Securities — — — —
Pension Related Adjustments — — — —
Other Comprehensive Income — — — —
Total Comprehensive Income — — — —
Tax Related To Minimum Pension Liabilit — — — —
Tax Related To Other Comprehensive In — — — —
Comprehensive Income Attrib to Minority — — — —
Extraordinary Items
Discontinued Operations Loss/(Benefit) - — — — —
Reference Items
R & D Expenditures 437.3 505.5 566.0 716.4
Sales/Marketing/Advertising Expenses — — — 7,438.6
Salaries Wages and Employee Benefits — — 7,597.1 9,071.1
Provision For Doubtful Accounts — — 47.4 106.6
Depreciation and Amortization — — — —
Other Operating Expenses — — — —
Interest Expense — — 365.2 375.3
Foreign Exchange 52.3 6.1 57.0 -111.2
Write-Down/Impairment of Assets 7.0 2.2 6.0 -0.4
Interest Income -64.5 -137.3 -138.7 -115.1
Other Non-Operating Income — — — —
Other Revenue — — — —
Other Operating Income — — 1,331.7 —
Projected Benefit Obligation 151.2 167.3 199.6 251.3
Fair Value of Plan Assets — — — 0.0
Dividends Per Share 40.00 4.60 5.30 6.10
Service Cost 8.4 8.4 12.8 23.6
(Over/Underfunded) Post Retirement Benefi — — — 72.3
Discount Rate Used On Plan Liabs-Pensio — — — 8.24
Expected Ret Plan Assets-Other/Healthcare — — — 6.25
Export Sales — — 1,985.6 1,999.2
Disc Rate Used On Liabs-Other/Healthcare — — — 8.00
Basic & Diluted EPS — — 12.71 14.54
Weighted Avg. Shares - Basic & Diluted 95.9 959.2 959.2 959.2
Fair Value of Post Retirement Plan Assets 1,752.8 1,939.6 2,138.1 2,555.0
Projected Post Retirement Benefit Oblig 1,636.7 1,878.4 2,034.4 2,482.7
Foreign Exchange Losses (Gains) 296.0 58.8 91.9 0.0
Dividend Income -415.7 -328.9 -654.7 -706.1
Interest Expense - Borrowings 103.2 102.5 101.8 97.5
Interest Expense - Other 254.2 257.9 263.4 277.8
Impairment of Intangibles — — 2.4 5.1
Amortization of Intangible Assets 87.5 123.1 187.9 276.2
Purchased Power Costs 847.4 1,102.8 1,290.5 —
Excise Taxes 8,397.7 11,279.3 13,074.6 14,678.6
Product Revenue — — — —
Service Revenue — — 209.6 340.6
Pension/Postretirement Benefits Expense 339.6 378.6 504.1 641.1
(Gain)/Loss On Sale of Investments -333.2 -272.6 -122.9 -318.2
Current Income Tax Expense (Benefit) — — — —
Deferred Income Tax Expense (Benefit) — — — —
Actuarial Gains and Losses - Pension Exp — — — 17.5
REF Split/Dividend Adjustment Factor — 10.00 — —
Employer Contribution (Pension) 4.7 11.4 12.1 17.2
Benefits Paid (Pension) -4.7 -11.4 -12.1 -17.2
Employer Contribution (Postretirement) 140.5 78.0 144.0 263.2
Benefits Paid (Postretirement) -118.3 -91.6 -206.2 -162.6
Interest Cost (Pension) 13.8 12.5 13.5 19.6
Expected Return On Pension Plan Assets — — — 0.0
Amount Of Interim Dividend — — 1,055.1 —
Auditors Remuneration For Audit 37.0 41.2 47.7 46.7
Change In Merchandise Inventories -1,729.5 -1,495.6 -902.8 -1,480.7
Cost Of Materials — — 70,252.8 —
Raw Materials And Consumables Used 57,205.3 62,651.3 70,252.8 75,311.7
Non-Operating Profit/Loss Disp Fix Asset — — -71.1 —
Other Operating Inc - Int Inc (Non-Oper) — — -138.7 -115.1
Other Operating Inc - Div Inc (Non-Oper) — — -654.7 -706.1
Final Dividend Per Share — — — —
Gain On Foreign Exchange — — — -83.5
Total Financial Costs — — — —
Interim Dividend Per Share — — — —
Other Taxes — — — —
Wages And Salaries 4,500.7 5,365.2 6,466.5 7,725.6
Loss/Gain Disposal LT Invest/Subsid/Assoc — — -122.9 —
Directors Remuneration — — — —
Bad Debts Written Off — — — —
Total Fees Paid To Audit Firms — — — 46.7
Purchases Of Merchandise 2,476.8 2,974.3 4,057.2 5,883.7
Donations 11.4 13.5 43.9 131.4
Interim Dividend Paid 911.3 911.3 1,055.1 1,726.6
Local Sales — — 143,686.1 160,791.1
Rental Expense 879.6 1,162.6 1,427.6 1,636.3
Other Financial Losses — — — —
Proposed Final Dividend 2,925.6 3,501.0 4,028.6 4,124.6
Retirement Pension And Other Benefits 419.4 491.8 626.5 704.4
Travel Expenses — — — —
Current Taxation - Adjustment — — — —
Expenses From Insurance Activities — — -6.6 —
Insurance Claims And Expenses 83.4 116.3 125.8 121.7
Basic/Diluted EPS - Continuing Operations 103.08 11.61 12.71 14.54
Other Operating Income - SAGA — — — —
Gross Sales 108,382.3 125,245.3 145,881.3 163,130.9
Corporate Dividend Tax 622.4 742.9 820.2 1,129.5
Expenditure Incurred On R&D: Capital 64.9 49.1 44.8 85.7
Expenditure Incurred On R&D: Recurring 372.4 456.4 521.2 630.7
Cost Of Stores And Spares 270.6 393.1 336.3 428.5
EBITDA - IS 16,161.8 18,465.0 21,321.0 24,051.2
Advertising Expenses — — — —
Audit Service Fee Paid to Main Auditor — — — 46.7
Service Cost (OPRB) 97.5 109.0 125.2 139.8
Interest Cost (OPRB) 116.5 139.6 155.1 167.5
Expected Return On Plan Assets (OPRB) -121.7 -137.2 -162.2 -168.4
Actual Return (Loss) On Plan Assets (OPR 122.2 176.1 113.6 268.5
Actuarial Losses or Gains - OPEB — 58.6 -56.0 237.0
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
— — —
15,702.0 17,945.6 4,376.8
— — —
— — —
156,617.6 166,670.8 170,382.6
— 138,701.3 140,646.2
9,895.1 10,336.2 11,154.8
— — —
2,755.8 3,347.9 3,604.7
24,631.8 27,130.5 28,203.0
— 1,894.7 2,239.7
1,993.3 -5,286.0 1,421.3
— — —
71,948.0 80,161.4 85,854.1
6,555.2 8,413.6 9,636.2
— — —
29,825.4 32,488.5 34,182.3
— — —
— — —
-2,133.9 -2,624.3 -2,206.2
— 9,432.9 10,409.6
26,138.5 29,336.8 30,684.8
8,016.8 8,896.1 10,413.0
472.7 496.5 -4.7
524.5 — —
406.6 299.9 350.7
— — —
— 5.3 7.6
— -496.1 -457.9
-44.6 35.0 -6.3
-334.2 — —
576.2 768.2 585.9

18.19 — —
18.19 — —
— 20.22 21.26
— 20,162.5 20,975.2
— 20.02 20.53
17,451.6 19,394.3 20,389.3
-29.9 -1,348.6 -316.8

-193.2 1,334.9 -96.7
-7.0 153.9 131.7
-7.3 -5.7 2.6
17,269.7 19,999.9 20,094.8
-0.9 -43.6 -45.8
3.4 1.7 -23.0
523.2 255.2 532.4
— -258.6 -700.0
751.6 1,060.1 1,179.9

— — —
9,895.1 10,336.2 11,154.8
2,499.2 3,064.3 3,256.9
— 134.4 106.3
— 3,347.9 3,604.7
12,612.7 14,131.2 14,726.1
— — —
21.4 -113.0 -297.7
— — —
-224.4 -331.4 -394.9
-552.0 -749.6 -588.0
1,799.3 — —
— — —
272.5 273.9 250.2
0.0 0.0 0.0
7.50 — —
21.3 30.9 27.8
40.7 — —
7.69 8.00 7.50
6.40 8.65 8.55
1,806.5 — —
7.69 7.31 7.81
18.19 20.22 21.26
959.2 959.2 959.2
2,770.2 2,943.4 1,692.5
2,729.5 2,769.3 1,689.2
— — —
-691.3 -739.0 -377.6
126.6 89.9 127.2
240.6 210.0 223.5
— — —
256.6 283.6 347.8
1,093.7 1,006.5 943.6
15,702.0 17,945.6 4,376.8
156,271.3 188,469.5 196,411.0
346.3 471.7 749.1
515.0 568.0 629.4
-532.5 -677.8 -543.3
8,016.8 8,896.1 10,413.0
459.5 496.5 -4.7
-6.7 -14.7 -8.2
— — —
18.1 4.9 0.0
-18.1 -4.9 0.0
128.9 132.2 3.7
-160.8 -157.6 -113.4
18.7 18.3 17.8
0.0 0.0 0.0
— — —
54.9 50.9 44.3
1,993.3 -5,286.0 1,421.3
— — —
71,948.0 80,161.4 85,854.1
— — —
— — —
— — —
— 5.30 7.65
— — —
406.6 299.9 350.7
— 2.65 2.65
— 5.3 7.6
8,580.2 9,018.0 9,693.2
— — —
54.7 62.7 64.1
6.2 3.2 49.5
— — —
6,555.2 — —
25.1 25.3 6.9
2,110.2 2,541.9 2,541.9
174,593.3 — —
1,794.4 2,172.3 2,393.2
39.4 — —
4,124.6 5,083.7 7,337.9
799.9 750.2 832.2
1,158.1 1,227.3 1,045.9
-44.6 35.0 -6.3
— — —
131.7 121.7 120.6
— 20.02 20.53
— — —
176,746.1 188,941.2 197,160.1
1,262.4 1,543.3 1,994.4
71.2 309.5 417.7
680.4 750.6 762.2
514.9 475.7 482.4
29,825.0 32,489.0 34,182.0
5,611.3 6,193.3 6,627.0
— — —
142.0 137.3 175.6
190.7 201.6 119.0
-196.0 -207.9 -121.0
214.8 86.7 -15.0
— — —
Asian Paints Ltd (APNT IN) - Reconciliation
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
EBITDA Reconciliation
EBIT, GAAP 14,172.4 15,832.6 17,614.2 19,694.9
+ Revenue Adjustments 0.0 0.0 0.0 0.0
+ Cost of Revenue Adjustments 0.0 0.0 0.0 0.0
+ Other Op Inc Adjustments 0.0 0.0 0.0 0.0
+ SG&A Adjustments 0.0 0.0 0.0 0.0
+ R&D Expense Adjustments 0.0 0.0 0.0 0.0
+ D&A Adjustments 0.0 0.0 0.0 0.0
+ Prov for Doubtful Acct Adj 0.0 0.0 0.0 0.0
+ Other Op Exp Adjustments 7.0 2.2 8.4 4.7
EBIT, Adjusted 14,179.4 15,834.8 17,622.6 19,699.6
EBITDA, Adjusted 15,390.7 17,380.8 20,178.8 22,382.9
EBIT Reconciliation
EBIT, GAAP 14,172.4 15,832.6 17,614.2 19,694.9
+ Asset Write-Down 7.0 2.2 6.0 -0.4
EBIT, Adjusted 14,179.4 15,834.8 17,622.6 19,699.6
Pretax Income Reconciliation

Pretax Income (Loss), GAAP 14,540.8 16,552.1 18,342.7 20,768.7
+ Asset Write-Down 7.0 2.2 105.6 23.7
+ Restructuring Expense — — — 251.6
Pretax Income (Loss), Adjusted 14,212.3 16,239.6 18,256.7 20,704.0
Net Income Reconciliation

Net Inc Avail to Common Sh, GAAP 9,887.3 11,138.8 12,188.1 13,951.5
Net Inc Avail to Common Cont 9,887.3 11,138.8 12,188.1 13,951.5
+ Asset Write-Down 4.7 1.5 69.7 15.5
Earnings Per Share Reconciliation
Diluted EPS, GAAP 10.31 11.61 12.71 14.55
+ Disposal of Assets 0.00 -0.03 -0.05 -0.02
+ Asset Write-Down 0.00 0.00 0.07 0.02
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
24,935.7 26,516.3 28,371.4

0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
24,935.7 26,516.3 28,371.4
2,755.8 3,388.4 3,604.7
27,691.5 29,904.7 31,976.1
24,935.7 26,516.3 28,371.4

— — —
— — —
24,935.7 26,516.3 28,371.4
26,138.5 29,336.8 30,684.8

-112.3 -13.5 -4.7
— — —
— — —
— — —
-532.5 -677.8 -543.3
25,493.7 28,645.5 30,136.8
17,451.6 19,394.3 20,389.3

0.0 -258.6 -700.0
0.0 0.0 0.0
17,451.6 19,135.7 19,689.3
-73.4 -9.5 -3.3
— — —
— — —
— — —
-348.2 -474.5 -380.3
17,030.0 18,651.8 19,305.7
18.19 20.22 21.26
0.00 -0.27 -0.73
0.00 0.00 0.00
18.19 19.95 20.53
-0.08 -0.01 0.00
— — —
— — —
— — —
-0.36 -0.49 -0.40
17.75 19.45 20.13
Asian Paints Ltd (APNT IN) - SBC & Amort
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Earnings Per Share Reconciliation
Basic EPS Ex-SBC, Adj 10.08 11.40 12.65 14.50
Diluted EPS Ex-SBC, Adj 10.08 11.40 12.65 14.50
Basic EPS Ex-Amortization, Adj 10.14 11.48 12.78 14.69
Diluted EPS Ex-Amortization, Adj 10.14 11.48 12.78 14.69
Basic EPS Ex-SBC & Amort, Adj 10.14 11.48 12.78 14.69
Diluted EPS Ex-SBC & Amort, Adj 10.14 11.48 12.78 14.69
Stock Based Compensation

Pre-Tax 0.0 0.0 0.0 0.0
After-Tax 0.0 0.0 0.0 0.0
Per Basic Share 0.00 0.00 0.00 0.00
Per Diluted Share 0.00 0.00 0.00 0.00
Amortization of Acquisition Related Intangibles
Amortization of Total Intangibles

Pre-Tax 87.5 123.1 187.9 276.2
After-Tax 59.1 81.3 124.0 180.6
Per Basic Share 0.06 0.08 0.13 0.19
Per Diluted Share 0.06 0.08 0.13 0.19
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
17.75 19.45 20.13

17.75 19.45 20.13
17.93 19.65 20.38
17.93 19.65 20.38
17.93 19.65 20.38
17.93 19.65 20.38
0.0 0.0 0.0

0.0 0.0 0.0
0.00 0.00 0.00
0.00 0.00 0.00
256.6 283.6 347.8

167.8 198.5 243.5
0.17 0.21 0.25
0.17 0.21 0.25
Asian Paints Ltd (APNT IN) - Adj %
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Revenue 95,983.3 108,743.5 125,816.4 140,053.3
+ Sales & Services Revenue 100.0 100.0 100.0 100.0
+ Other Operating Income 0.4 0.6 1.1 1.3
- Operating Expenses 85.6 86.0 87.1 87.2
+ Depreciation & Amortization 1.3 1.4 1.9 1.9
+ Other Operating Expense 83.9 84.2 84.7 84.9
Operating Income (Loss) 14.8 14.6 14.0 14.1
- Non-Operating (Income) Loss 0.0 -0.4 -0.5 -0.7
- Interest Income 0.1 0.1 0.1 0.1
Pretax Income (Loss), Adjusted 14.8 14.9 14.5 14.8
- Abnormal Losses (Gains) -0.3 -0.3 -0.1 0.0
+ Disposal of Assets 0.0 0.0 -0.1 0.0
+ Asset Write-Down 0.0 0.0 0.1 0.0
+ Restructuring — — — 0.2
Pretax Income (Loss), GAAP 15.1 15.2 14.6 14.8
- Income Tax Expense (Benefit) 4.5 4.6 4.5 4.6
+ Current Income Tax 4.5 4.0 4.3 4.7
Income (Loss) from Cont Ops 10.6 10.7 10.0 10.2
Income (Loss) Incl. MI 10.6 10.7 10.0 10.2
Net Income, GAAP 10.3 10.2 9.7 10.0
Net Income Avail to Common, GAAP 10.3 10.2 9.7 10.0
Net Abnormal Losses (Gains) -0.2 -0.2 0.0 0.0


Basic EPS, GAAP 0.0 0.0 0.0 0.0

Diluted EPS, GAAP 0.0 0.0 0.0 0.0
Reference Items
EBITDA 16.0 16.0 16.0 16.0
EBITDA Margin (T12M) 0.0 0.0 0.0 0.0
EBITA 14.9 14.7 14.2 14.3
EBIT 14.8 14.6 14.0 14.1
Profit Margin 0.0 0.0 0.0 0.0
Total Cash Common Dividends 4.0 4.1 4.0 4.2
Personnel Expenses 5.5 5.7 6.0 6.5
Depreciation Expense 1.2 1.3 1.8 1.7
Rental Expense 0.9 1.1 1.1 1.2
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
142,714.9 148,725.2 166,005.8
98.7 100.0 100.0
1.3 — —
0.0 1.3 1.3
82.5 83.4 84.3
3.9 4.2 4.0
0.5 0.5 0.5
1.9 2.3 2.2
— 0.1 0.1
76.2 76.4 77.6
17.5 17.8 17.1
-0.4 -1.4 -1.1
0.1 0.0 0.0
0.3 0.2 0.2
0.2 0.2 0.2
-0.5 -0.5 -0.2
0.0 -0.1 -0.2
— -0.3 -0.3
0.0 -0.5 -0.4
17.9 19.3 18.2
-0.5 -0.5 -0.3
-0.1 0.0 0.0
— — —
— — —
— — —
-0.4 -0.5 -0.3
18.3 19.7 18.5
5.9 6.3 6.3
5.6 6.0 6.3
0.3 0.3 0.0
— 0.0 0.0
-0.2 — —
12.6 13.4 12.2
0.0 -0.2 -0.4
0.0 -0.2 -0.4
0.0 0.0 0.0
12.6 13.6 12.6
0.4 0.5 0.4
12.2 13.0 12.3
0.0 0.0 0.0
0.0 0.0 0.0
12.2 13.0 12.3
-0.3 -0.3 -0.2

0.0 -0.2 -0.4
0.7 0.6 0.6

0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
0.7 0.6 0.6

0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0

19.4 20.1 19.3
0.0 0.0 0.0
17.7 18.0 17.3
17.5 17.8 17.1
0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
5.0 5.1 6.0
— — —
6.9 6.9 6.7
1.3 — —
1.8 2.1 2.0
1.3 1.5 1.4
Asian Paints Ltd (APNT IN) - GAAP %
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Revenue 95,983.3 108,743.5 125,816.4 140,053.3
+ Sales & Services Revenue 100.0 100.0 100.0 100.0
+ Other Operating Income 0.4 0.6 1.1 1.3
- Operating Expenses 85.6 86.0 87.1 87.2
+ Depreciation & Amortization 1.3 1.4 1.9 1.9
+ Other Operating Expense 83.9 84.2 84.7 84.9
Operating Income (Loss) 14.8 14.6 14.0 14.1
- Non-Operating (Income) Loss -0.4 -0.7 -0.6 -0.8
- Interest Income 0.1 0.1 0.1 0.1
Pretax Income 15.1 15.2 14.6 14.8
- Income Tax Expense (Benefit) 4.5 4.6 4.5 4.6
+ Current Income Tax 4.5 4.0 4.3 4.7
Income (Loss) from Cont Ops 10.6 10.7 10.0 10.2
Income (Loss) Incl. MI 10.6 10.7 10.0 10.2
Net Income, GAAP 10.3 10.2 9.7 10.0
Net Income Avail to Common, GAAP 10.3 10.2 9.7 10.0
Net Abnormal Losses (Gains) -0.2 -0.2 0.0 0.0


Basic EPS, GAAP 0.0 0.0 0.0 0.0

Diluted EPS, GAAP 0.0 0.0 0.0 0.0
Reference Items
EBITDA 16.0 16.0 16.0 16.0
EBITDA Margin (T12M) 0.0 0.0 0.0 0.0
EBITA 14.9 14.7 14.2 14.3
EBIT 14.8 14.6 14.0 14.1
Profit Margin 0.0 0.0 0.0 0.0
Total Cash Common Dividends 4.0 4.1 4.0 4.2
Personnel Expenses 5.5 5.7 6.0 6.5
Depreciation Expense 1.2 1.3 1.8 1.7
Rental Expense 0.9 1.1 1.1 1.2
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
142,714.9 148,725.2 166,005.8
98.7 100.0 100.0
1.3 — —
0.0 1.3 1.3
82.5 83.4 84.3
3.9 4.2 4.0
0.5 0.5 0.5
1.9 2.3 2.2
— 0.1 0.1
76.2 76.4 77.6
17.5 17.8 17.1
-0.8 -1.9 -1.4
0.1 0.0 0.0
0.3 0.2 0.2
0.2 0.2 0.2
-0.5 -0.5 -0.2
0.0 -0.1 -0.2
— -0.3 -0.3
-0.5 -1.0 -0.7
18.3 19.7 18.5
5.9 6.3 6.3
5.6 6.0 6.3
0.3 0.3 0.0
— 0.0 0.0
-0.2 — —
12.6 13.4 12.2
0.0 -0.2 -0.4
0.0 -0.2 -0.4
0.0 0.0 0.0
12.6 13.6 12.6
0.4 0.5 0.4
12.2 13.0 12.3
0.0 0.0 0.0
0.0 0.0 0.0
12.2 13.0 12.3
-0.3 -0.3 -0.2

0.0 -0.2 -0.4
0.7 0.6 0.6

0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
0.7 0.6 0.6

0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0

19.4 20.1 19.3
0.0 0.0 0.0
17.7 18.0 17.3
17.5 17.8 17.1
0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
5.0 5.1 6.0
— — —
6.9 6.9 6.7
1.3 — —
1.8 2.1 2.0
1.3 1.5 1.4
Asian Paints Ltd (APNT IN) - Standardized
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Total Assets
+ Cash, Cash Equivalents & STI 9,093.3 8,822.5 12,814.2 13,913.0
+ Cash & Cash Equivalents 2,283.4 2,535.3 2,290.0 2,043.9
+ ST Investments 6,809.9 6,287.2 10,524.2 11,869.1
+ Accounts & Notes Receiv 7,812.5 9,808.8 11,103.0 11,820.7
+ Accounts Receivable, Net 7,812.5 9,808.8 11,103.0 11,820.7
+ Notes Receivable, Net 0.0 0.0 0.0 0.0
+ Inventories 15,988.9 18,302.9 20,698.6 22,585.2
+ Raw Materials 5,385.1 6,274.7 6,714.3 6,906.2
+ Work In Process 621.2 685.1 870.9 1,021.4
+ Finished Goods 8,902.2 9,997.6 11,332.0 12,401.6
+ Other Inventory 1,080.4 1,345.5 1,781.4 2,256.0
+ Other ST Assets 2,172.0 3,127.6 4,536.2 5,070.8
+ Prepaid Expenses 41.0 92.2 92.2 85.1
+ Derivative & Hedging Assets 0.0 0.0 0.0 0.0
+ Assets Held-for-Sale — — — —
+ Misc ST Assets 2,131.0 3,035.4 4,444.0 4,985.7
Total Current Assets 35,066.7 40,061.8 49,152.0 53,389.7
+ Property, Plant & Equip, Net 18,510.6 24,248.9 24,023.4 24,861.6
+ Property, Plant & Equip 26,396.3 33,442.1 35,556.9 38,217.2
- Accumulated Depreciation 7,885.7 9,193.2 11,533.5 13,355.6
+ LT Investments & Receivables 1,677.5 1,575.6 3,795.1 5,351.7
+ LT Investments 1,252.8 1,150.8 3,370.2 4,919.3
+ LT Marketable Securities 424.7 424.8 424.9 432.4
+ LT Receivables — — — —
+ Other LT Assets 1,884.4 1,982.2 3,805.4 5,544.0
+ Total Intangible Assets 665.7 752.9 2,308.4 3,698.8
+ Goodwill 415.2 447.5 1,552.0 2,927.7
+ Other Intangible Assets 250.5 305.4 756.4 771.1
+ Deferred Tax Assets 17.3 23.5 21.9 2.0
+ Investments in Affiliates — — — —
+ Misc LT Assets 1,201.4 1,205.8 1,475.1 1,843.2
Total Noncurrent Assets 22,072.5 27,806.7 31,623.9 35,757.3
Total Assets 57,139.2 67,868.5 80,775.9 89,147.0
Liabilities & Shareholders' Equity

+ Payables & Accruals 16,311.5 18,860.1 23,090.5 21,720.6
+ Accounts Payable 12,624.5 14,415.7 17,457.2 15,487.5
+ Accrued Taxes 570.9 704.2 1,404.2 1,877.5
+ Interest & Dividends Payable 2,973.0 3,556.9 4,088.7 4,195.9
+ Other Payables & Accruals 143.1 183.3 140.4 159.7
+ ST Debt 2,857.9 2,036.6 2,077.5 3,398.9
+ ST Borrowings 2,798.1 1,896.2 1,982.8 3,309.9
+ ST Capital Leases 1.9 2.4 3.5 6.3
+ Current Portion of LT Debt 57.9 138.0 91.2 82.7
+ Other ST Liabilities 6,700.9 8,403.2 9,419.5 10,075.0
+ Deferred Revenue 0.0 0.0 0.0 0.0
+ Derivatives & Hedging 0.0 0.0 0.0 0.0
+ Misc ST Liabilities 6,700.9 8,403.2 9,419.5 10,075.0
Total Current Liabilities 25,870.3 29,299.9 34,587.5 35,194.5
+ LT Debt 553.2 473.0 414.0 782.8
+ LT Borrowings 549.2 467.3 405.5 759.4
+ LT Capital Leases 4.0 5.7 8.5 23.4
+ Other LT Liabilities 1,863.8 2,645.0 2,922.0 3,109.4
+ Accrued Liabilities 0.0 0.0 0.0 0.0
+ Pension Liabilities — — — —
+ Deferred Tax Liabilities 945.6 1,567.3 1,900.1 1,801.4
+ Misc LT Liabilities 918.2 1,077.7 1,021.9 1,308.0
Total Noncurrent Liabilities 2,417.0 3,118.0 3,336.0 3,892.2
+ Preferred Equity and Hybrid Capital 0.0 0.0 0.0 0.0
+ Share Capital & APIC 959.2 959.2 959.2 959.2
+ Common Stock 959.2 959.2 959.2 959.2
+ Additional Paid in Capital — — — —
- Treasury Stock 0.0 0.0 0.0 0.0
+ Retained Earnings 7,000.0 10,000.0 10,000.0 10,000.0
+ Other Equity 19,525.8 22,883.7 29,433.0 36,464.4
Equity Before Minority Interest 27,485.0 33,842.9 40,392.2 47,423.6
+ Minority/Non Controlling Interest 1,366.9 1,607.7 2,460.2 2,636.7
Total Equity 28,851.9 35,450.6 42,852.4 50,060.3
Total Liabilities & Equity 57,139.2 67,868.5 80,775.9 89,147.0
Reference Items
Shares Outstanding 959.2 959.2 959.2 959.2
Number of Treasury Shares 0.0 0.0 0.0 0.0
Pension Obligations 0.0 0.0 0.0 0.0
Future Minimum Operating Lease Obligatio 219.1 258.9 342.8 794.1
Capital Leases - Total 5.9 8.1 12.0 29.7
Percent Of Foreign Ownership 17.87 19.44 19.40 19.50
Number Of Shareholders 60,537.00 54,813.00 87,997.00 147,143.00
Options Granted During Period — 0.0 0.0 0.0
Options Outstanding at Period End — 0.0 0.0 0.0
Net Debt -6,106.9 -6,737.7 -10,747.6 -10,163.7
Net Debt to Equity -21.17 -19.01 -25.08 -20.30
Tangible Common Equity Ratio 47.49 49.30 48.53 51.17
Current Ratio 1.36 1.37 1.42 1.52
Cash Conversion Cycle 46.20 52.30 50.29 54.79
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
20,095.0 21,525.5 14,613.2

4,242.0 8,012.1 4,046.5
15,853.0 13,513.4 10,566.7
11,868.4 14,466.0 17,306.3
11,868.4 14,466.0 17,306.3
0.0 0.0 0.0
19,982.4 26,269.4 26,583.1
6,248.2 7,059.6 7,966.3
740.6 859.2 1,051.8
10,254.7 14,990.8 13,891.9
2,738.9 3,359.8 3,673.1
5,404.4 7,395.9 10,638.2
1,120.3 1,386.1 2,167.6
0.0 0.0 0.0
44.5 149.9 150.0
4,239.6 5,859.9 8,320.6
57,350.2 69,656.8 69,140.8
31,627.4 32,141.9 45,235.8
34,119.1 37,710.1 54,091.5
2,491.7 5,568.2 8,855.7
8,568.4 9,808.2 7,245.8
8,520.0 9,808.2 7,181.5
— — —
48.4 0.0 64.3
8,062.6 12,606.6 16,208.4
3,602.0 3,470.9 6,137.7
1,989.9 1,934.8 3,272.6
1,612.1 1,536.1 2,865.1
18.3 161.6 196.0
0.0 0.0 0.0
2,748.3 3,198.3 3,658.8
1,694.0 5,775.8 6,215.9
48,258.4 54,556.7 68,690.0
105,608.6 124,213.5 137,830.8
16,976.9 23,042.1 25,543.6

15,650.7 19,228.3 21,599.6
965.1 1,415.5 954.7
81.9 118.6 143.3
279.2 2,279.7 2,846.0
2,506.6 5,192.7 5,051.0
2,304.1 5,037.8 4,923.9
6.7 6.5 0.3
195.8 148.4 126.8
12,007.3 10,613.9 13,916.1
0.0 0.0 0.0
0.0 0.0 0.0
12,007.3 10,613.9 13,916.1
31,490.8 38,848.7 44,510.7
726.3 410.7 283.3
705.9 395.1 279.0
20.4 15.6 4.3
4,306.4 5,160.7 5,658.0
0.0 0.0 0.0
1,191.8 1,440.3 1,383.5
0.0 0.0 0.0
2,968.3 3,591.9 4,171.2
0.0 0.0 0.0
146.3 128.5 103.3
5,032.7 5,571.4 5,941.3
36,523.5 44,420.1 50,452.0
0.0 0.0 0.0
959.2 959.2 959.2
959.2 959.2 959.2
— 0.0 0.0
0.0 0.0 0.0
21,527.9 27,006.1 35,607.2
42,761.1 48,073.6 47,535.9
65,248.2 76,038.9 84,102.3
3,836.9 3,754.5 3,276.5
69,085.1 79,793.4 87,378.8
105,608.6 124,213.5 137,830.8

959.2 959.2 959.2
0.0 0.0 0.0
1,191.8 1,440.3 1,383.5
623.7 696.4 1,164.9
27.1 22.1 4.6
19.40 19.39 16.36
165,986.00 202,988.00 191,561.00
0.0 0.0 —
0.0 0.0 —
-16,862.1 -15,922.1 -9,278.9
-24.41 -19.95 -10.62
60.43 60.10 59.20
1.82 1.79 1.55
54.53 60.51 58.17
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Balance Sheet
Stockholder Equity
Minority/Non Controlling Int (Stckhldrs Eqty) 1,366.9 1,607.7 2,460.2 2,636.7
Other Equity — — — —
Total Reserve 26,525.8 32,883.7 39,433.0 46,464.4
Total Share Capital 959.2 959.2 959.2 959.2
Total Shareholders Equity Excluding Minorit — — — —
Common Stock & Subscribed Stock — — — —
Total Shareholders Equity — — — —
Non Current Liabilities
Total Noncurrent Liabilities — — — —
Long Term Debt 553.2 473.0 414.0 782.8
Other Noncurrent Liabilities 134.7 93.9 91.3 109.1
Deferred Tax Liabilities (Long-Term) 945.6 1,567.3 1,900.1 1,801.4
Total Current Liabilities — — — —
Provisions For Liabilities And Charges & Ot 783.5 983.8 930.6 1,198.9
Other Financial Liabilities (Long-Term) — — — —
Total Liabilities and Shareholders Equity — — — —
Noncurrent Assets
Long Term Investments 697.2 1,501.2 3,711.3 4,008.8
Property Plant & Equipment - Net — — — —
Other Intangible Assets 250.5 310.6 894.5 1,240.7
Goodwill 415.2 442.3 1,413.9 2,458.1
Deferred Tax Assets (Long-Term) 17.3 23.5 21.9 2.0
Accounts Receivable - Long-Term — — — —
Long-Term Loans And Other Debtors — — — —
Construction In Progress-Net 6,170.8 592.1 716.0 1,960.0
Equity Investments In Associates/Affiliates — — — —
Other Financial Assets (Long-Term) — — — —
Total Fixed Assets & Materials 12,339.8 23,656.8 23,307.4 22,901.6
Current Assets
Cash and Equivalents 6,243.1 7,366.9 2,290.0 2,043.9
Accounts Receivable - Trade 7,812.5 9,808.8 11,103.0 11,820.7
Inventories 15,988.9 18,302.9 20,698.6 22,585.2
Assets Held For Sale — — — —
Other Current Assets 842.2 981.6 1,691.4 2,451.3
Short-Term Investments 2,850.2 1,455.6 10,524.2 11,869.1
Short-Term Loans 1,329.8 2,146.0 2,844.8 2,619.5
Other Financial Assets - Short Term — — — —
Total Current Assets — — — —
Current Liabilities
Other Noncurrent Assets 2,181.7 1,280.2 1,558.9 3,186.1
Accounts Payable - Trade 12,624.5 14,415.7 17,457.2 15,487.5
Short-Term Borrowings 2,800.0 1,898.6 1,986.3 3,316.2
Other Current Liabilities 6,780.3 8,575.5 9,389.0 9,996.7
Income Taxes Accrued/Payable — — — —
Total Assets — — — —
Total Non-Current Assets — — — —
Short-Term Provisions 3,665.5 4,410.1 5,755.0 6,394.1
Other Financial Liabilities (Short-Term) — — — —
Reference Items
Accounts Receivable - Trade 7,812.5 9,808.8 11,103.0 11,820.7
Restricted Cash (ST) — — — —
Assets Held For Sale — — — —
Other Current Assets 1,283.8 2,121.6 3,407.7 2,586.0
Non-Current Marketable Securities 424.7 424.8 424.9 432.4
Long Term Investments 1,102.8 350.8 360.2 1,619.3
Buildings 5,646.3 9,022.6 9,584.6 9,889.7
Leasehold Improvements 86.5 100.5 113.2 119.5
Construction In Progress — 592.1 — —
Furniture/Machinery/Equipment 11,493.4 20,544.7 21,703.2 22,646.4
Property Plant & Equipment - Gross — — — —
Accumulated Depreciation 7,773.8 9,106.2 11,353.3 13,219.8
Property Plant & Equipment - Net — — — —
Other Intangible Assets 33.1 24.7 339.5 329.9
Goodwill — 447.5 1,552.0 2,927.7
Patents/Trademarks/Copyrights — 0.0 0.0 8.5
Other Noncurrent Assets 915.5 836.0 1,049.9 1,339.8
Accounts Payable - Trade 12,624.5 14,415.7 17,457.2 15,487.5
Current Portion of Long-Term Debt 57.9 138.0 91.2 82.7
Short-Term Capital Lease Obligations 1.9 2.4 3.5 6.3
Bank Overdrafts — 0.0 145.5 199.7
Short-Term Borrowings — — — —
Accrued Compensation/Postretirement Obli 143.1 183.3 140.4 159.7
Interest Accrued/Payable — — — —
Dividends Accrued/Payable 2,973.0 3,556.9 4,088.7 4,195.9
Other Current Liabilities 6,675.0 8,381.6 9,237.7 9,842.7
Long Term Capital Lease Obligations 4.0 5.7 8.5 23.4
Long Term Debt — — — —
Other Noncurrent Liabilities — — — —
Min/Non Cntrlling Int(Stckhldrs Eqty) — — — —
Retained Earnings (Accumulated Deficit) 7,000.0 10,000.0 10,000.0 10,000.0
Other Equity — — — —
Par Value 10.00 10.00 1.00 1.00
Raw Materials 5,385.1 6,274.7 6,714.3 6,906.2
Work In Progress 621.2 685.1 870.9 1,021.4
Finished Goods 8,073.9 9,727.9 10,336.8 11,699.2
Income Taxes Accrued/Payable 96.3 109.2 719.5 1,037.8
Other Gross Fixed Assets 138.0 128.0 134.9 89.5
Other Inventory 398.0 569.5 849.0 1,189.8
Service Cost 8.4 8.4 12.8 23.6
(Over/Underfunded) Post Retirement Benefi — — — 72.3
Discount Rate Used On Plan Liabs-Pensio — — — 8.24
Expected Ret Plan Assets-Other/Healthcare — — — 6.25
Current Rental Expense — — — 198.4
Rental Expense - Year 1 91.2 111.9 163.0 165.5
Rental Expense - Beyond Year 5 7.9 8.5 10.3 342.9
Deferred Tax Liabilities (LT) — — — —
Deferred Tax Assets (LT) — — — —
Disc Rate Used On Liabs-Other/Healthcare — — — 8.00
Allowance For Doubtful Accounts 339.4 432.5 505.0 594.8
Capitalized Software - Net 217.4 280.7 416.9 432.7
Total Capital Leases 5.9 8.1 12.0 29.7
Fair Value of Post Retirement Plan Assets 1,752.8 1,939.6 2,138.1 2,555.0
Projected Post Retirement Benefit Oblig 1,636.7 1,878.4 2,034.4 2,482.7
Accrued Interest Receivable 4.5 32.8 27.2 25.1
Other Short-Term Borrowings 1,103.2 79.9 -3.5 -6.3
Unsecured Debt 2,987.7 1,924.3 2,111.8 3,079.6
Cash and Due From Banks 1,616.7 1,295.1 93.5 1,472.2
Short-Term Investments 0.0 405.6 0.0 2,483.2
Customer Deposits/Advances (ST) — — — —
Other Receivables (ST) 672.4 700.7 797.7 818.1
Statutory Capital — — — —
Actuarial Gains and Losses - Pension Exp — — — 17.5
Impairments/Adjustments 111.9 87.0 180.2 135.8
Accounts Receivable - Long-Term — — — —
Other Payables — — — —
Number of Employees at Period End Date — 5,236.00 5,555.00 —
Employer Contribution (Pension) 4.7 11.4 12.1 17.2
Benefits Paid (Pension) -4.7 -11.4 -12.1 -17.2
Employer Contribution (Postretirement) 140.5 78.0 144.0 263.2
Benefits Paid (Postretirement) -118.3 -91.6 -206.2 -162.6
Interest Cost (Pension) 13.8 12.5 13.5 19.6
Expected Return On Pension Plan Assets — — — 0.0
Cumulative Translation Adjustment -58.5 -43.1 222.0 299.7
% Of Foreign Shareholders 17.87 19.44 19.40 19.50
Long-Term Loans And Other Debtors — — — —
Authorized Capital 1,000.0 1,000.0 1,000.0 1,000.0
Bank Loans - Noncurrent 28.1 4.7 0.4 430.3
Capital Redemption Reserve 53.7 53.7 53.7 53.7
Capital Reserve 32.5 391.6 391.6 391.6
Total Contingent Payable 1,161.6 1,233.0 1,264.1 1,541.4
Short-Term Loans 0.0 0.0 0.0 1,369.8
Other Long-Term Loans/Borrowings 521.1 462.6 405.1 329.1
Other Provisions For Liabilities & Charges — — — —
Other Reserve — — — —
Other Short-Term Loans/Borrowings — — — —
Trade Receivables-Gross 8,151.9 10,241.3 11,608.0 12,415.5
Total Number Of Shareholders 60,537.00 54,813.00 87,997.00 147,143.00
Fixed Deposits 106.6 897.1 512.2 248.5
Other Financial Assets - Short Term — — — —
Prepayment/Advance 41.0 83.9 92.2 85.1
Authorized Common Stocks (Number) 99.5 995.0 995.0 995.0
Authorized Common Capital (Amount) 995.0 — — 995.0
Plant And Equipment - Gross — — — —
Capital Commit Contracted Not Provided Fo 5,298.2 1,724.0 1,706.3 5,215.1
Cash on Hand 19.8 5.2 28.6 11.8
Spares And Consumables 283.2 348.0 421.2 539.3
General Reserves 19,498.1 22,481.5 28,765.7 35,719.4
Goods In Transit 828.3 269.7 995.2 702.4
Equity Investments Associates/Affiliates — — — —
Operating Leases Expiring Within 2 & 5 Yrs 120.0 138.5 169.5 285.7
Other Financial Assets (Long-Term) — — — —
Packaging Material 399.2 428.0 511.2 526.9
Preferred Stock Authorized Shares 0.1 0.1 0.1 0.1
Other Tax Payable 474.6 595.0 684.7 839.7
Authorized Preferred Stocks (Amount) 5.0 — — 5.0
Total Share Capital — — — —
Plant Machinery And Equipment - Gross — — — —
Due To Banks (ST) 1,694.9 1,816.3 1,840.8 3,116.5
Other Provisions - Current 25.9 21.6 181.8 232.3
Fixed Deposit -1 Year And Over — — — —
Secured Interest Bearing Liabilities 423.4 585.3 379.7 1,102.1
Pension/Postretirement Provisions LT — — — —
Common Stock & Subscribed Stock 959.2 959.2 959.2 959.2
Other Financial Liabilities (ST) — — — —
Freehold Land - Gross 1,236.1 1,280.4 1,296.6 1,268.6
Leasehold Land - Gross 1,014.2 1,104.0 1,177.1 1,239.0
Foreign Loans (Other Loans) — 0.0 — —
Other Financial Liabilities (Long-Term) — — — —
Cash Equivalents 540.3 337.9 1,655.7 311.4
Tools Furniture And Fixtures 502.7 570.9 709.7 828.8
Book Value Per Share — 31.50 42.10 49.40
Motor Vehicles - Gross 108.3 98.9 121.6 175.7
Short Term Loan (Secured) — 482.1 304.3 614.2
Short Term Loan (Unsecured) — 1,416.5 1,682.0 2,702.0
Long Term Loan (Secured) — 103.2 75.4 487.3
Long Term Loan (Unsecured) — 369.8 338.6 294.9
Current Capital Lease 1.9 2.4 3.5 6.3
Capital Lease Year 1 2.3 3.3 5.1 9.7
Capital Lease Beyond Year 5 0.0 0.0 0.0 8.5
Total Capital Lease 6.9 10.0 15.3 41.6
Investment in Mutual Funds - Short Term 6,809.9 5,881.6 10,524.2 9,385.9
Investment in Mutual Funds - Long Term 150.0 800.0 3,010.0 3,300.0
Capital Leases - Years 2 - 5 4.6 6.7 10.2 23.4
Service Cost (OPRB) 97.5 109.0 125.2 139.8
Interest Cost (OPRB) 116.5 139.6 155.1 167.5
Expected Return On Plan Assets (OPRB) -121.7 -137.2 -162.2 -168.4
Actual Return (Loss) On Plan Assets (OPR 122.2 176.1 113.6 268.5
Capital Lease Interest 1.0 1.9 3.3 11.8
Actuarial Losses or Gains - OPEB — 58.6 -56.0 237.0
ARDR Present Value of Capital Lease Years 4.0 5.7 8.5 18.3
ARDR Present Value of Capital Lease Beyo 0.0 0.0 0.0 5.1
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
3,836.9 3,754.5 3,276.5

65,248.2 75,079.7 83,143.1
— — —
— — —
65,248.2 76,038.9 84,102.3
— 959.2 959.2
69,085.1 79,793.4 87,378.8
5,032.7 5,571.4 5,941.3

726.3 410.7 283.3
18.2 36.5 35.7
2,968.3 3,591.9 4,171.2
31,490.8 38,848.7 44,510.7
1,213.7 1,460.3 1,401.2
106.2 72.0 49.9
105,608.6 124,213.5 137,830.8
8,520.0 9,808.2 7,181.5

30,561.5 29,566.5 31,184.7
1,612.1 1,536.1 2,865.1
1,989.9 1,934.8 3,272.6
18.3 161.6 196.0
48.4 0.0 64.3
648.1 726.2 814.7
1,065.9 2,575.4 14,051.1
2,748.3 3,198.3 3,658.8
318.5 1,994.2 1,512.8
— — —
4,242.0 8,012.1 4,046.5

11,868.4 14,466.0 17,306.3
19,982.4 26,269.4 26,583.1
44.5 149.9 150.0
2,635.7 2,850.6 4,552.3
15,853.0 13,513.4 10,566.7
201.3 178.8 128.1
2,522.9 4,216.6 5,807.8
57,350.2 69,656.8 69,140.8
727.4 3,055.4 3,888.4
15,650.7 19,228.3 21,599.6
2,310.8 5,044.3 4,924.2
2,188.1 2,271.4 2,828.9
965.1 1,415.5 954.7
105,608.6 124,213.5 137,830.8
48,258.4 54,556.7 68,690.0
569.0 491.3 566.0
9,807.1 10,397.9 13,637.3
11,868.4 14,466.0 17,306.3

0.0 0.0 0.0
44.5 149.9 150.0
1,515.4 1,464.5 2,384.7
— — —
4,033.9 5,375.1 5,280.8
9,510.2 9,502.3 13,166.9
26.4 112.8 104.8
— — —
249.0 398.8 685.2
33,053.2 35,134.7 40,040.4
2,491.7 5,568.2 8,855.7
30,561.5 29,566.5 31,184.7
986.6 922.1 897.1
1,989.9 1,934.8 3,272.6
7.5 5.6 1,375.8
728.2 3,055.4 3,888.4
15,650.7 19,228.3 21,599.6
195.8 148.4 126.8
6.7 6.5 0.3
164.4 723.2 694.6
— 5,044.3 4,924.2
279.2 194.4 240.3
— 3.5 2.2
81.9 115.1 141.1
2,188.1 12.1 60.5
20.4 15.6 4.3
— 410.7 283.3
18.2 36.5 35.7
3,836.9 — —
21,415.0 26,887.1 35,477.8
-197.1 27.0 -353.5
959.2 959.2 959.2
1.00 1.00 1.00
6,248.2 7,059.6 7,966.3
740.6 859.2 1,051.8
9,201.1 13,791.0 11,615.5
965.1 1,415.5 954.7
35.9 — —
272.5 273.9 250.2
0.0 0.0 0.0
1,602.6 2,136.8 2,360.4
623.7 696.4 1,164.9
21.3 30.9 27.8
40.7 — —
7.69 8.00 7.50
6.40 8.65 8.55
1,794.4 2,172.3 2,393.2
164.9 234.1 314.7
227.4 179.9 408.5
2,968.3 3,591.9 4,171.2
18.3 161.6 196.0
7.69 7.31 7.81
665.8 793.4 891.3
618.0 608.4 592.2
69,085.1 79,793.4 87,378.8
27.1 22.1 4.6
2,770.2 2,943.4 1,692.5
2,729.5 2,769.3 1,689.2
— — —
— — —
2,525.7 4,923.2 4,541.0
2,220.1 4,999.4 1,796.9
750.3 13.8 0.0
— 174.0 162.7
— — —
105,608.6 124,213.5 137,830.8
112.9 119.0 129.4
-6.7 -14.7 -8.2
— — —
48.4 0.0 64.3
— 2,085.3 2,605.7
— — —
18.1 4.9 0.0
-18.1 -4.9 0.0
128.9 132.2 3.7
-160.8 -157.6 -113.4
18.7 18.3 17.8
0.0 0.0 0.0
315.1 — —
19.40 19.39 16.36
648.1 — —
1,000.0 1,000.0 1,000.0
405.0 284.9 175.9
53.7 53.7 53.7
391.6 443.8 443.8
1,881.4 2,824.8 2,475.3
5.3 1.5 1.1
300.9 110.2 103.1
21.9 20.0 17.7
— 391.6 234.4
-128.5 30.9 16.2
12,534.2 15,259.4 18,197.6
165,986.00 202,988.00 191,561.00
869.1 427.2 572.6
2,522.9 4,216.6 5,807.8
1,120.3 1,386.1 2,167.6
995.0 995.0 995.0
995.0 995.0 995.0
17,926.9 19,795.0 21,572.1
2,363.1 12,561.7 10,141.2
5.9 7.4 6.4
582.7 670.7 742.0
42,197.8 47,157.5 47,157.5
1,053.6 1,199.8 2,276.4
2,748.3 3,198.3 3,658.8
231.4 282.4 441.7
318.5 1,994.2 1,512.8
553.6 552.3 570.7
0.1 0.1 0.1
— — —
5.0 5.0 5.0
— 959.2 959.2
412.5 547.9 664.9
2,268.2 4,432.1 4,339.9
289.8 296.9 325.7
— — —
707.2 680.2 793.3
1,191.8 1,440.3 1,383.5
959.2 — —
9,529.4 10,130.9 13,367.2
1,937.0 1,755.1 520.7
2,355.8 2,320.7 2,346.5
— — —
106.2 72.0 49.9
1,146.9 2,578.1 1,670.6
489.0 592.0 724.9
58.40 79.30 87.70
110.5 110.1 254.4
— — —
— — —
— — —
— — —
6.7 6.5 0.3
9.8 8.6 0.7
7.8 6.6 5.0
37.4 30.4 8.3
15,102.7 13,499.6 10,566.7
4,486.1 4,433.1 1,900.7
19.8 15.2 2.6
142.0 137.3 175.6
190.7 201.6 119.0
-196.0 -207.9 -121.0
214.8 86.7 -15.0
10.1 8.3 3.7
— — —
15.5 11.5 1.1
4.9 4.1 3.2
Asian Paints Ltd (APNT IN) - Common Size
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Total Assets 57,139.2 67,868.5 80,775.9 89,147.0
Total Assets
+ Cash, Cash Equivalents & STI 15.9 13.0 15.9 15.6
+ Cash & Cash Equivalents 4.0 3.7 2.8 2.3
+ ST Investments 11.9 9.3 13.0 13.3
+ Accounts & Notes Receiv 13.7 14.5 13.7 13.3
+ Accounts Receivable, Net 13.7 14.5 13.7 13.3
+ Notes Receivable, Net 0.0 0.0 0.0 0.0
+ Inventories 28.0 27.0 25.6 25.3
+ Raw Materials 9.4 9.2 8.3 7.7
+ Work In Process 1.1 1.0 1.1 1.1
+ Finished Goods 15.6 14.7 14.0 13.9
+ Other Inventory 1.9 2.0 2.2 2.5
+ Other ST Assets 3.8 4.6 5.6 5.7
+ Prepaid Expenses 0.1 0.1 0.1 0.1
+ Assets Held-for-Sale — — — —
+ Misc ST Assets 3.7 4.5 5.5 5.6
Total Current Assets 61.4 59.0 60.8 59.9
+ Property, Plant & Equip, Net 32.4 35.7 29.7 27.9
+ Property, Plant & Equip 46.2 49.3 44.0 42.9
- Accumulated Depreciation 13.8 13.5 14.3 15.0
+ LT Investments & Receivables 2.9 2.3 4.7 6.0
+ LT Investments 2.2 1.7 4.2 5.5
+ LT Marketable Securities 0.7 0.6 0.5 0.5
+ LT Receivables — — — —
+ Other LT Assets 3.3 2.9 4.7 6.2
+ Total Intangible Assets 1.2 1.1 2.9 4.1
+ Goodwill 0.7 0.7 1.9 3.3
+ Other Intangible Assets 0.4 0.4 0.9 0.9
+ Deferred Tax Assets 0.0 0.0 0.0 0.0
+ Investments in Affiliates — — — —
+ Misc LT Assets 2.1 1.8 1.8 2.1
Total Noncurrent Assets 38.6 41.0 39.2 40.1
Total Assets 100.0 100.0 100.0 100.0
Liabilities & Shareholders' Equity

+ Payables & Accruals 28.5 27.8 28.6 24.4
+ Accounts Payable 22.1 21.2 21.6 17.4
+ Accrued Taxes 1.0 1.0 1.7 2.1
+ Interest & Dividends Payable 5.2 5.2 5.1 4.7
+ Other Payables & Accruals 0.3 0.3 0.2 0.2
+ ST Debt 5.0 3.0 2.6 3.8
+ ST Borrowings 4.9 2.8 2.5 3.7
+ ST Capital Leases 0.0 0.0 0.0 0.0
+ Current Portion of LT Debt 0.1 0.2 0.1 0.1
+ Other ST Liabilities 11.7 12.4 11.7 11.3
+ Misc ST Liabilities 11.7 12.4 11.7 11.3
Total Current Liabilities 45.3 43.2 42.8 39.5
+ LT Debt 1.0 0.7 0.5 0.9
+ LT Borrowings 1.0 0.7 0.5 0.9
+ LT Capital Leases 0.0 0.0 0.0 0.0
+ Other LT Liabilities 3.3 3.9 3.6 3.5
+ Accrued Liabilities 0.0 0.0 0.0 0.0
+ Pension Liabilities — — — —
+ Deferred Tax Liabilities 1.7 2.3 2.4 2.0
+ Misc LT Liabilities 1.6 1.6 1.3 1.5
Total Noncurrent Liabilities 4.2 4.6 4.1 4.4
Total Liabilities 49.5 47.8 46.9 43.8
+ Preferred Equity and Hybrid Capital 0.0 0.0 0.0 0.0
+ Share Capital & APIC 1.7 1.4 1.2 1.1
+ Common Stock 1.7 1.4 1.2 1.1
+ Additional Paid in Capital — — — —
- Treasury Stock 0.0 0.0 0.0 0.0
+ Retained Earnings 12.3 14.7 12.4 11.2
+ Other Equity 34.2 33.7 36.4 40.9
Equity Before Minority Interest 48.1 49.9 50.0 53.2
+ Minority/Non Controlling Interest 2.4 2.4 3.0 3.0
Total Equity 50.5 52.2 53.1 56.2
Total Liabilities & Equity 100.0 100.0 100.0 100.0
Reference Items
Number of Treasury Shares 0.0 0.0 0.0 0.0
Pension Obligations 0.0 0.0 0.0 0.0
Capital Leases - Total 0.0 0.0 0.0 0.0
Percent Of Foreign Ownership 0.0 0.0 0.0 0.0
Number Of Shareholders 60,537.0 54,813.0 87,997.0 147,143.0
Options Outstanding at Period End — 0.0 0.0 0.0
Net Debt -10.7 -9.9 -13.3 -11.4
Net Debt to Equity 0.0 0.0 0.0 0.0
Tangible Common Equity Ratio 0.1 0.1 0.1 0.1
Current Ratio 0.0 0.0 0.0 0.0
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
105,608.6 124,213.5 137,830.8
19.0 17.3 10.6

4.0 6.5 2.9
15.0 10.9 7.7
11.2 11.6 12.6
11.2 11.6 12.6
0.0 0.0 0.0
18.9 21.1 19.3
5.9 5.7 5.8
0.7 0.7 0.8
9.7 12.1 10.1
2.6 2.7 2.7
5.1 6.0 7.7
1.1 1.1 1.6
0.0 0.0 0.0
0.0 0.1 0.1
4.0 4.7 6.0
54.3 56.1 50.2
29.9 25.9 32.8
32.3 30.4 39.2
2.4 4.5 6.4
8.1 7.9 5.3
8.1 7.9 5.2
— — —
0.0 0.0 0.0
7.6 10.1 11.8
3.4 2.8 4.5
1.9 1.6 2.4
1.5 1.2 2.1
0.0 0.1 0.1
0.0 0.0 0.0
2.6 2.6 2.7
1.6 4.6 4.5
45.7 43.9 49.8
100.0 100.0 100.0
16.1 18.6 18.5

14.8 15.5 15.7
0.9 1.1 0.7
0.1 0.1 0.1
0.3 1.8 2.1
2.4 4.2 3.7
2.2 4.1 3.6
0.0 0.0 0.0
0.2 0.1 0.1
11.4 8.5 10.1
0.0 0.0 0.0
0.0 0.0 0.0
11.4 8.5 10.1
29.8 31.3 32.3
0.7 0.3 0.2
0.7 0.3 0.2
0.0 0.0 0.0
4.1 4.2 4.1
0.0 0.0 0.0
1.1 1.2 1.0
0.0 0.0 0.0
2.8 2.9 3.0
0.0 0.0 0.0
0.1 0.1 0.1
4.8 4.5 4.3
34.6 35.8 36.6
0.0 0.0 0.0
0.9 0.8 0.7
0.9 0.8 0.7
— 0.0 0.0
0.0 0.0 0.0
20.4 21.7 25.8
40.5 38.7 34.5
61.8 61.2 61.0
3.6 3.0 2.4
65.4 64.2 63.4
100.0 100.0 100.0

0.9 0.8 0.7
0.0 0.0 0.0
1.1 1.2 1.0
0.6 0.6 0.8
0.0 0.0 0.0
0.0 0.0 0.0
165,986.0 202,988.0 191,561.0
0.0 0.0 —
0.0 0.0 —
-16.0 -12.8 -6.7
0.0 0.0 0.0
0.1 0.0 0.0
0.0 0.0 0.0
0.1 0.0 0.0
Asian Paints Ltd (APNT IN) - Standardized
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Cash from Operating Activities
+ Net Income 9,887.3 11,138.8 12,188.1 13,951.5
+ Non-Cash Items 72.6 836.8 1,330.9 215.4
+ Other Non-Cash Adj 72.6 836.8 1,330.9 215.4
+ Chg in Non-Cash Work Cap -4,100.8 -1,586.7 -1,684.5 -4,502.4
+ (Inc) Dec in Accts Receiv -3,048.3 -2,993.2 -2,543.6 -1,548.7
+ (Inc) Dec in Inventories -2,934.6 -2,468.8 -2,307.7 -1,442.2
+ Inc (Dec) in Other 1,882.1 3,875.3 3,166.8 -1,511.5
+ Net Cash From Disc Ops 0.0 0.0 0.0 0.0
Cash from Operating Activities 7,070.4 11,934.9 14,390.7 12,347.8
Cash from Investing Activities

+ Change in Fixed & Intang -5,400.6 -6,367.2 -2,353.8 -4,376.5
+ Disp in Fixed & Intang 62.9 70.6 156.3 161.3
+ Disp of Fixed Prod Assets 62.9 70.6 156.3 161.3
+ Disp of Intangible Assets 0.0 0.0 0.0 0.0
+ Acq of Fixed & Intang -5,463.5 -6,437.8 -2,510.1 -4,537.8
+ Acq of Fixed Prod Assets -5,463.5 -6,437.8 -2,510.1 -4,537.8
+ Acq of Intangible Assets 0.0 0.0 0.0 0.0
+ Net Change in LT Investment — 823.3 -4,113.4 927.5
+ Dec in LT Investment — 3,292.3 4,602.5 3,355.4
+ Inc in LT Investment — -2,469.0 -8,715.9 -2,427.9
+ Net Cash From Acq & Div -6.3 0.0 -589.0 -1,233.3
+ Cash from Divestitures 0.0 0.0 0.0 0.0
+ Cash for Acq of Subs -6.3 0.0 -589.0 -1,233.3
+ Cash for JVs 0.0 0.0 0.0 0.0
+ Other Investing Activities 1,072.5 112.6 210.7 -911.3
Cash from Investing Activities -4,334.4 -5,431.3 -6,845.5 -5,593.6
Cash from Financing Activities

+ Dividends Paid -3,830.7 -4,623.5 -5,466.9 -6,946.6
+ Cash From (Repayment) Debt 969.1 -1,015.6 -369.1 1,530.8
+ Cash From (Repay) ST Debt 1,088.6 -1,011.5 -193.7 1,187.1
+ Cash From LT Debt 0.0 56.9 18.2 431.6
+ Repayments of LT Debt -119.5 -61.0 -193.6 -87.9
+ Cash (Repurchase) of Equity 0.0 0.0 0.0 0.0
+ Increase in Capital Stock 0.0 0.0 0.0 0.0
+ Decrease in Capital Stock 0.0 0.0 0.0 0.0
+ Other Financing Activities 0.0 0.0 0.0 0.0
Cash from Financing Activities -2,861.6 -5,639.1 -5,836.0 -5,415.8
Effect of Foreign Exchange Rates 103.5 0.0 0.0 24.7
Net Changes in Cash -22.1 864.5 1,709.2 1,363.1
Cash Paid for Taxes 4,295.8 4,384.6 4,801.6 6,329.4

Cash Paid for Interest 404.2 370.9 423.1 345.1
Reference Items
EBITDA 15,383.7 17,378.6 20,170.4 22,378.2
Trailing 12M EBITDA Margin 16.03 15.98 16.03 15.98
Interest Received 62.5 109.0 138.8 109.9
Net Cash Paid for Acquisitions 6.3 0.0 589.0 1,233.3
Free Cash Flow 1,606.9 5,497.1 11,880.6 7,810.0
Free Cash Flow to Firm 1,857.7 5,749.6 12,132.0 8,067.9
Free Cash Flow to Equity 2,638.9 4,552.1 11,667.8 9,502.1
Free Cash Flow per Basic Share 1.68 5.73 12.39 8.14
Price to Free Cash Flow 193.52 85.80 44.24 99.64
Cash Flow to Net Income 0.72 1.07 1.18 0.89
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
17,451.6 19,394.3 20,389.3

2,755.8 3,388.4 3,604.7
679.2 -1,084.5 -2,353.2
679.2 -1,084.5 -2,353.2
1,977.9 -6,028.1 -796.5
— -4,747.0 -4,826.6
2,016.6 -6,287.0 -394.9
-38.7 5,005.9 4,425.0
0.0 305.5 705.9
22,864.5 15,975.6 21,550.2
-8,022.0 -6,672.1 -14,087.8

149.1 169.2 172.0
149.1 169.2 172.0
0.0 0.0 0.0
-8,171.1 -6,841.3 -14,259.8
-8,171.1 -6,841.3 -14,259.8
0.0 0.0 0.0
2,048.5 2,095.4 2,627.5
2,048.5 2,095.4 2,627.5
0.0 0.0 0.0
0.0 0.0 -3,843.2
0.0 0.0 1,406.7
0.0 0.0 -5,249.9
0.0 0.0 0.0
-3,526.1 -3,043.4 -1,457.1
0.0 — —
-9,499.6 -7,620.1 -16,760.6
-7,642.3 -9,473.3 -12,177.5

-1,103.3 2,134.2 -439.8
-1,154.7 2,399.7 -272.4
67.7 311.0 101.8
-16.3 -576.5 -269.2
0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
657.5 131.6 -822.1
0.0 — —
-8,088.1 -7,207.5 -13,439.4
0.8 -250.1 431.4
5,277.6 897.9 -8,218.4
8,023.6 9,254.0 10,807.4

401.7 356.8 352.0
27,691.5 29,904.7 31,976.1

19.40 20.11 19.26
147.7 320.1 390.2
— 0.0 5,249.9
14,693.4 9,134.3 7,290.4
14,942.0 9,337.8 7,522.1
13,739.2 11,437.7 7,022.6
15.32 9.52 7.60
56.69 112.73 147.41
1.31 0.82 1.06
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Cash Flow
Cash From Operating Activities
Depreciation — — — —
Depreciation And Amortization - CF — — — —
Provision For Doubtful Accounts - CF -8.9 36.6 47.4 106.6
Bad Debt Expense 47.4 71.8 13.5 28.0
Discontinued Operations (Operating) — — — —
Other Non-Cash Items — 0.0 — —
Change in Inventories -2,934.6 -2,468.8 -2,307.7 -1,442.2
Change in Accounts Receivable -3,048.3 -2,993.2 -2,543.6 -1,548.7
Cash Paid For Taxes -4,295.8 -4,384.6 -4,801.6 -6,329.4
Total Cash Flows From Operations 6,996.3 11,867.9 14,020.3 11,876.9
Gain (Loss) On Sale of Investments and Mk -333.2 -272.6 -122.9 -318.2
Foreign Exchange Gains/Losses 8.3 47.1 106.3 -66.5
Total Cashflow From Ops Before Working Ca 15,392.9 17,839.2 20,506.4 22,708.7
Gain (Loss) From The Sale Of Fixed Assets -2.3 -42.1 -71.1 -26.9
Change In Trade Payables & Other Current 1,882.1 3,875.3 3,166.8 -1,511.5
Depreciation Amortization & Impairment 1,211.3 1,546.0 2,556.2 2,683.3
Interest Expense 409.7 366.5 422.2 347.6
Interest Income - CF -64.5 -137.3 -133.2 -107.8
Dividends Income -415.7 -328.9 -654.7 -706.1
Gain/Loss On Disposal Of Subsidiaries — — — —
Increase/Decrease In Trade & Other Receiv — — — —
Profit Before Taxation And Minority Interest 14,540.8 16,552.1 18,342.7 20,768.7
Tax Paid — — — —
Net Cash From Operating Activities 11,292.1 16,252.5 18,821.9 18,206.3
Loss/(Profit) On Sale Property Plant & Equi — — — —
Share Profits From Associated Companies — — — —
Cash From Investing Activities
Disposal of Fixed Assets 62.9 70.6 156.3 161.3
Capital Expenditures -5,463.5 -6,437.8 -2,510.1 -4,537.8
Proceeds From Long-Term Investments — 3,292.3 4,602.5 3,355.4
Purchases of Long-Term Investments — -2,469.0 -8,715.9 -2,427.9
Proceeds From Short-Term Investments — 10.5 26.8 42.6
Purchases of Short-Term Investments — — 0.0 -622.0
Proceeds From Investments 3,979.3 — — —
Purchases of Investments -2,903.9 — — —
Other Investing Activities -2.9 102.1 183.9 -331.9
Proceeds From Sale Of Subs (Net Of Cash — — — —
Payment Of Acquisition Of Subsidiary -6.3 0.0 -589.0 -1,233.3
Interest Received From Investing Activities 62.5 109.0 138.8 109.9
Dividend Received From Investing Activities 415.8 328.9 654.7 706.1
Total Cash Flows From Investing -3,856.1 -4,993.4 -6,052.0 -4,777.6
Increase In Short-Term Borrowings 1,088.6 273.5 426.1 1,956.0
Decrease In St Borrowings 0.0 -1,285.0 -619.8 -768.9
Increase In Long-Term Borrowings 0.0 56.9 18.2 431.6
Decrease In Long-Term Borrowings -119.5 -61.0 -193.6 -87.9
Effect of Exchange Rates On Cash 103.5 — — 24.7
Other Financing Activities — — — —
Net Change In Cash -125.6 864.5 1,709.2 1,338.4
Cash and Cash Equivalents (End of Period) 6,136.5 7,362.4 9,263.7 10,669.3
Cash and Cash Equivalents (Beg of Period) 6,158.6 6,136.5 7,362.4 9,203.2
Minority Interest - CF (Financing) — — — —
Dividend Paid Including Dividend Tax -3,830.7 -4,623.5 -5,466.9 -6,946.6
Interest Paid From Financing Activities -404.2 -370.9 -423.1 -345.1
Total Cash Flows From Financing -3,265.8 -6,010.0 -6,259.1 -5,760.9
Reference Items
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
— — —
2,755.8 3,388.4 3,604.7
110.9 148.1 106.3
25.3 3.2 49.5
— 305.5 705.9
524.5 -6.2 -10.5
2,016.6 -6,287.0 -394.9
— -4,747.0 -4,826.6
— — —
22,429.5 15,273.3 21,134.4
-524.1 -650.0 -496.0
65.6 -660.1 -347.3
28,475.2 30,555.4 32,738.3
— — —
1,419.7 5,005.9 4,425.0
— — —
406.6 305.8 350.7
-224.3 -366.8 -394.9
-691.3 -739.0 -377.6
— 0.0 -674.7
-1,458.4 — —
26,138.5 29,336.8 30,684.8
-8,023.6 -9,254.0 -10,807.4
30,453.1 24,527.3 31,941.8
-112.3 -14.2 -4.7
— -496.1 -457.9
149.1 169.2 172.0

-8,171.1 -6,841.3 -14,259.8
2,048.5 2,095.4 2,627.5
— — —
0.0 1,471.4 993.9
— — —
— — —
-2,823.3 -1,527.5 -3,195.2
-702.8 -2,987.3 744.2
— 0.0 1,406.7
— 0.0 -5,249.9
147.7 320.1 390.2
689.0 739.0 377.6
-8,662.9 -6,561.0 -15,992.8
16.9 2,399.7 —
-1,171.6 — -272.4
67.7 311.0 101.8
-16.3 -576.5 -269.2
0.8 -250.1 431.4
657.5 131.6 -320.8
5,276.8 1,148.0 -8,649.8
15,777.3 16,675.2 8,456.8
10,499.7 15,777.3 16,675.2
— 0.0 -501.3
-7,642.3 -9,473.3 -12,177.5
-401.7 -356.8 -352.0
-8,489.8 -7,564.3 -13,791.4

Asian Paints Ltd (APNT IN) - Profitability
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Returns
Return on Common Equity 40.06 36.33 32.84 31.77
Return on Assets 19.15 17.82 16.40 16.42
Return on Capital 36.33 33.74 30.92 29.18
Return on Invested Capital 33.01 30.09 27.38 25.46
Margins
EBITDA Margin 16.03 15.98 16.03 15.98
Incremental Operating Margin 10.60 13.01 10.44 14.61
Pretax Margin 15.15 15.22 14.58 14.83
Income before XO Margin 10.63 10.66 10.04 10.19
Net Income Margin 10.30 10.24 9.69 9.96
Net Income to Common Margin 10.30 10.24 9.69 9.96
Additional
Effective Tax Rate 29.81 29.95 31.16 31.27
Dvd Payout Ratio 38.81 39.61 41.71 41.94
Sustainable Growth Rate 24.52 21.94 19.14 18.45
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
30.98 27.45 25.46

17.92 16.88 15.56
28.88 25.83 23.81
25.55 21.55 19.86
19.40 20.11 19.26

17.47 17.83 17.09
196.90 26.30 10.74
18.32 19.73 18.48
12.63 13.38 12.21
12.23 13.04 12.28
12.23 13.04 12.28
32.31 32.15 33.92

41.22 39.85 50.18
18.21 16.51 12.69
Asian Paints Ltd (APNT IN) - Growth
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
1 Year Growth
Revenue 24.80 13.29 15.70 11.32
EBITDA 15.83 12.97 16.06 10.95
Net Income to Common 17.25 12.66 9.42 14.47
EPS Diluted 17.26 12.66 9.42 14.47
EPS Diluted before XO 17.26 12.66 9.45 14.40
EPS Diluted before Abnormal 14.90 13.11 10.97 14.66
Dividend per Share 25.00 15.00 15.22 15.09
Accounts Receivable 36.32 25.55 13.19 6.46

Inventory 22.48 14.47 13.09 9.11
Fixed Assets 43.14 31.00 -0.93 3.49
Total Assets 23.93 18.78 19.02 10.36
Modified Working Capital 41.28 22.54 4.73 31.89
Working Capital -8.95 17.02 35.33 24.93
Accounts Payable 16.09 14.19 21.10 -11.28
Short-Term Debt 63.00 -28.74 2.01 63.61
Total Debt 46.13 -26.43 -0.72 67.84
Total Equity 25.59 22.87 20.88 16.82
Capital 27.48 17.66 19.45 19.62
Book Value per Share 25.65 23.13 19.35 17.41
Cash From Operations -9.96 68.80 20.58 -14.20

Capital Expenditures 250.00 17.83 -61.01 80.78
Net Change In Cash 80.34 — 97.71 -20.25
Free Cash Flow -74.46 242.09 116.12 -34.26
Cash Flow to Firm -8.57 66.47 20.14 -13.91
Free Cash Flow to Firm -71.18 209.49 111.01 -33.50
5 Year Growth
Revenue 21.20 19.80 18.46 16.22
EBITDA 25.68 21.34 23.80 12.76
EPS Diluted 28.61 22.18 25.10 10.80
Inventory 21.74 20.72 21.90 18.76
Fixed Assets 31.45 28.90 21.86 14.51
Total Assets 23.07 22.05 23.31 18.69
Working Capital 26.59 14.81 30.71 28.43
Accounts Payable 22.99 20.31 25.80 16.61
Short-Term Debt — — -1.57 16.28
Total Debt -5.84 -1.83 -4.19 12.78
Total Equity 28.06 27.80 27.36 22.64
Total Capital 5 Year Growth 19.96 23.62 23.36 21.68
Cash From Operations 21.81 19.60 30.35 2.93

Free Cash Flow -1.12 25.07 75.02 3.01
Cash Flow to Firm 21.54 19.41 29.61 2.97
Free Cash Flow to Firm 0.37 24.27 68.15 3.08
Sequential Growth
Revenue 24.80 13.29 15.70 11.32
EBITDA 15.83 12.97 16.06 10.95
EPS Diluted 17.26 12.66 9.42 14.47

Inventory 22.48 14.47 13.09 9.11
Fixed Assets 43.14 31.00 -0.93 3.49
Total Assets 23.93 18.78 19.02 10.36
Working Capital -8.95 17.02 35.33 24.93
Accounts Payable 16.09 14.19 21.10 -11.28
Short-Term Debt 63.00 -28.74 2.01 63.61
Total Debt 46.13 -26.43 -0.72 67.84
Total Equity 25.59 22.87 20.88 16.82
Capital 27.48 17.66 19.45 19.62
Cash From Operations -9.96 68.80 20.58 -14.20

Capital Expenditures 250.00 17.83 -61.01 80.78
Net Change In Cash — — 97.71 -20.25
Free Cash Flow -74.46 242.09 116.12 -34.26
Cash Flow to Firm -8.57 66.47 20.14 -13.91
Free Cash Flow to Firm -71.18 209.49 111.01 -33.50
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
1.90 4.21 11.62

23.74 7.99 6.93
26.61 6.34 7.00
25.09 11.13 5.13
25.06 11.16 5.15
25.10 9.67 2.91
22.44 9.52 3.51
22.95 6.00 29.56
0.40 21.89 19.63

-11.52 31.46 1.19
27.21 1.63 40.74
18.47 17.62 10.96
-14.37 32.76 3.64
42.12 19.14 -20.05
1.05 22.86 12.33
-26.25 107.16 -2.73
-22.69 73.32 -4.80
38.00 15.50 9.51
33.32 18.09 8.57
37.59 16.54 10.60
85.17 -30.13 34.89

80.07 -16.27 108.44
287.18 -82.99 —
88.14 -37.83 -20.19
83.35 -30.00 34.63
85.20 -37.51 -19.44
13.16 9.15 8.83

15.83 14.22 12.97
15.47 13.35 12.37
15.66 14.42 12.85
15.65 14.42 12.86
15.65 14.12 12.07
15.15 14.05 12.05
18.57 14.73 17.49
15.67 13.11 12.03
8.89 10.44 7.75
19.59 11.67 13.28
18.03 16.80 15.22
15.41 13.99 10.23
20.69 27.35 18.01
7.55 8.78 8.42
7.41 12.69 19.92
6.73 10.44 16.28
24.63 22.56 19.77
23.37 21.49 19.55
24.43 22.57 19.97
23.83 17.71 12.55

18.49 41.56 5.81
23.61 17.19 12.31
18.31 38.12 5.52
1.90 4.21 11.62

23.74 7.99 6.93
26.61 6.34 7.00
25.09 11.13 5.13
25.06 11.16 5.15
25.10 9.67 2.91
22.44 9.52 3.51
22.95 6.00 29.56
0.40 21.89 19.63

-11.52 31.46 1.19
27.21 1.63 40.74
18.47 17.62 10.96
-14.37 32.76 3.64
42.12 19.14 -20.05
1.05 22.86 12.33
-26.25 107.16 -2.73
-22.69 73.32 -4.80
38.00 15.50 9.51
33.32 18.09 8.57
37.59 16.54 10.60
85.17 -30.13 34.89

80.07 -16.27 108.44
287.18 -82.99 -1,015.29
88.14 -37.83 -20.19
83.35 -30.00 34.63
85.20 -37.51 -19.44
Asian Paints Ltd (APNT IN) - Credit
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Short and Long Term Debt 3,411.1 2,509.6 2,491.5 4,181.7
Short-Term Debt 2,857.9 2,036.6 2,077.5 3,398.9
Long Term Debt 553.2 473.0 414.0 782.8
Total Debt/T12M EBITDA 0.22 0.14 0.12 0.19

Net Debt/EBITDA -0.40 -0.39 -0.53 -0.45
Total Debt/EBIT 0.24 0.16 0.14 0.21

Net Debt/EBIT -0.43 -0.43 -0.61 -0.52
EBITDA to Interest Expense 43.04 48.22 55.23 59.63

EBITDA-CapEx/Interest Expense 27.76 30.36 48.36 47.54
EBIT to Interest Expense 39.65 43.93 48.23 52.48
EBITDA/Cash Interest Paid 38.06 46.86 47.67 64.85

EBITDA-CapEx/Cash Interest Paid 24.54 29.50 41.74 51.70
EBIT/Cash Interest Paid 35.06 42.69 41.63 57.07
Cash Interest Paid 404.2 370.9 423.1 345.1

Interest Expense 357.4 360.4 365.2 375.3
Common Equity/Total Assets 48.10 49.87 50.01 53.20

Long-Term Debt/Equity 1.92 1.33 0.97 1.56
Long-Term Debt/Capital 1.71 1.25 0.91 1.44
Long-Term Debt/Total Assets 0.97 0.70 0.51 0.88
Total Debt/Equity 11.82 7.08 5.81 8.35

Total Debt/Capital 10.57 6.61 5.49 7.71
Total Debt/Total Assets 5.97 3.70 3.08 4.69
Net Debt/Equity -21.17 -19.01 -25.08 -20.30

Net Debt/Capital -26.85 -23.47 -33.48 -25.48
EBITDA 15,383.7 17,378.6 20,170.4 22,378.2

EBITDA-CapEx 9,920.2 10,940.8 17,660.3 17,840.4
EBIT 14,172.4 15,832.6 17,614.2 19,694.9
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
3,232.9 5,603.4 5,334.3
2,506.6 5,192.7 5,051.0
726.3 410.7 283.3
0.12 0.19 0.17

-0.61 -0.53 -0.29
0.13 0.21 0.19

-0.68 -0.60 -0.33
75.41 99.72 91.18

53.16 76.90 50.52
67.91 88.42 80.90
68.94 83.81 90.84

48.59 64.64 50.33
62.08 74.32 80.60
401.7 356.8 352.0

367.2 299.9 350.7
61.78 61.22 61.02

1.05 0.51 0.32
1.00 0.48 0.31
0.69 0.33 0.21
4.68 7.02 6.10

4.47 6.56 5.75
3.06 4.51 3.87
-24.41 -19.95 -10.62

-32.29 -24.93 -11.88
27,691.5 29,904.7 31,976.1

19,520.4 23,063.4 17,716.3
24,935.7 26,516.3 28,371.4
Asian Paints Ltd (APNT IN) - Liquidity
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Cash Ratio 0.35 0.30 0.37 0.40
Current Ratio 1.36 1.37 1.42 1.52
Quick Ratio 0.65 0.64 0.69 0.73
CFO/Avg Current Liab 0.30 0.43 0.45 0.35
Common Equity/Total Assets 48.10 49.87 50.01 53.20
Long-Term Debt/Equity 1.92 1.33 0.97 1.56

Long-Term Debt/Capital 1.71 1.25 0.91 1.44
Long-Term Debt/Total Assets 0.97 0.70 0.51 0.88
Total Debt/Equity 11.82 7.08 5.81 8.35

Total Debt/Capital 10.57 6.61 5.49 7.71
Total Debt/Total Assets 5.97 3.70 3.08 4.69
CFO/Total Liabilities 25.00 36.82 37.95 31.59

CFO/CapEx 1.29 1.85 5.73 2.72
Altman's Z-Score 9.49 11.53 11.06 14.76
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
0.64 0.55 0.33
1.82 1.79 1.55
1.02 0.93 0.72
0.69 0.45 0.52
61.78 61.22 61.02
1.05 0.51 0.32

1.00 0.48 0.31
0.69 0.33 0.21
4.68 7.02 6.10

4.47 6.56 5.75
3.06 4.51 3.87
62.60 35.96 42.71

2.80 2.34 1.51
16.49 16.48 15.36

Asian Paints Ltd (APNT IN) - Working Capital
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Accounts Receivable Turnover 14.17 12.34 12.03 12.22
Days Sales Outstanding 25.82 29.57 30.33 29.87
Inventory Turnover 4.11 3.83 3.81 3.75
Days Inventory Outstanding 89.05 95.36 95.78 97.29
Accounts Payable Turnover 5.33 5.03 4.81 5.04
Accounts Payable Turnover Days 68.68 72.64 75.83 72.37

Inventory to Cash Days 114.88 124.94 126.12 127.16
Total Inventory 15,988.9 18,302.9 20,698.6 22,585.2

Inventory Raw Materials 5,385.1 6,274.7 6,714.3 6,906.2
Inventory In Progress 621.2 685.1 870.9 1,021.4
Inventory Finished Goods 8,902.2 9,997.6 11,332.0 12,401.6
Other Inventory 1,080.4 1,345.5 1,781.4 2,256.0
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
12.05 11.30 10.45
30.38 32.31 34.93
3.69 3.83 3.61
99.23 95.30 101.01
4.88 5.44 4.69
75.08 67.10 77.77
54.53 60.51 58.17

129.61 127.61 135.94
19,982.4 26,269.4 26,583.1

6,248.2 7,059.6 7,966.3
740.6 859.2 1,051.8
10,254.7 14,990.8 13,891.9
2,738.9 3,359.8 3,673.1
Asian Paints Ltd (APNT IN) - Yield Analysis
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
T12 Cash Flows to Equity
+ Cash From Operations 7,070.4 11,934.9 14,390.7 12,347.8
+ Capital Expenditures -5,463.5 -6,437.8 -2,510.1 -4,537.8
Free Cash Flow 1,606.9 5,497.1 11,880.6 7,810.0
Free Cash Flow Yield 0.52 1.17 2.26 1.00
Dividends Paid -3,830.7 -4,623.5 -5,466.9 -6,946.6

Net Share Repurchases 0.0 0.0 0.0 0.0
Net ST Debt Repayments 1,088.6 -1,011.5 -193.7 1,187.1
Net LT Debt Repayments -119.5 -4.1 -175.4 343.7
Other Financing Activities 103.5 — 0.0 24.7
T12 Cash to Suppliers of Capital -2,758.1 -5,639.1 -5,836.0 -5,391.1
T12 Shareholder Yield 0.89 1.20 1.11 0.69
- Dividends Paid -3,830.7 -4,623.5 -5,466.9 -6,946.6

- Net Share Repurchases 0.0 0.0 0.0 0.0
T12 Cash to Shareholders 3,830.7 4,623.5 5,466.9 6,946.6
T12 Shareholder Yield, Ex Debt 1.23 0.98 1.04 0.89
T12 Cash Flows to the Firm

+ Cash From Operations 7,070.4 11,934.9 14,390.7 12,347.8
+ Capital Expenditures -5,463.5 -6,437.8 -2,510.1 -4,537.8
+ After-Tax Interest Expense 250.8 252.5 251.4 257.9
Trailing 12M Free Cash Flow To Firm 1,857.7 5,749.6 12,132.0 8,067.9
Periodic Enterprise Value 306,231.9 466,531.5 517,305.0 770,670.2
T12 FCFF Yield 0.61 1.23 2.35 1.05
- Dividends Paid -3,830.7 -4,623.5 -5,466.9 -6,946.6

- Net Share Repurchases 0.0 0.0 0.0 0.0
- Net ST Debt Repayments 1,088.6 -1,011.5 -193.7 1,187.1
- Net LT Debt Repayments -119.5 -4.1 -175.4 343.7
- Other Financing Activities 103.5 — 0.0 24.7
T12 Cash to Suppliers of Capital -2,758.1 -5,639.1 -5,836.0 -5,391.1
Periodic Enterprise Value 306,231.9 466,531.5 517,305.0 770,670.2
T12 Capital Yield 0.90 1.21 1.13 0.70
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
22,864.5 15,975.6 21,550.2

-8,171.1 -6,841.3 -14,259.8
14,693.4 9,134.3 7,290.4
832,967.4 1,029,698.8 1,074,685.2
1.76 0.89 0.68
-7,642.3 -9,473.3 -12,177.5

0.0 0.0 0.0
-1,154.7 2,399.7 -272.4
51.4 -265.5 -167.4
658.3 -118.5 -390.7
-8,087.3 -7,457.6 -13,008.0
832,967.4 1,029,698.8 1,074,685.2
0.97 0.72 1.21
-7,642.3 -9,473.3 -12,177.5

0.0 0.0 0.0
7,642.3 9,473.3 12,177.5
832,967.4 1,029,698.8 1,074,685.2
0.92 0.92 1.13
22,864.5 15,975.6 21,550.2

-8,171.1 -6,841.3 -14,259.8
248.6 203.5 231.7
14,942.0 9,337.8 7,522.1
819,942.2 1,017,531.2 1,068,682.8
1.82 0.92 0.70
-7,642.3 -9,473.3 -12,177.5

0.0 0.0 0.0
-1,154.7 2,399.7 -272.4
51.4 -265.5 -167.4
658.3 -118.5 -390.7
-8,087.3 -7,457.6 -13,008.0
819,942.2 1,017,531.2 1,068,682.8
0.99 0.73 1.22
Asian Paints Ltd (APNT IN) - DuPont Analysis
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Tax Burden
Net Inc to Comn/Pre-Tax Profit % 68.00 67.30 66.45 67.18
Adjustment Factor
Normlzd Net Inc/Net Inc to Cmn 0.98 0.98 1.00 1.00
Interest Burden
Pre-Tax Profit/EBIT % 97.60 97.87 98.05 98.23
Operating Margin
EBIT/Revenue % 15.52 15.55 14.87 15.10
Asset Turnover
Revenue/Avg Assets 1.86 1.74 1.69 1.65
Leverage Ratio
Avg Assets/Avg Equity 2.09 2.04 2.00 1.94
Adjusted Return on Equity 39.16 35.65 32.68 31.68
5 Year Average Adj ROE 43.74 41.65 40.96 36.47

Payout Ratio 38.81 39.61 41.71 41.94
Sustainable Growth Rate 24.52 21.94 19.14 18.45
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
66.77 66.11 66.45
0.98 0.96 0.95
97.39 98.99 98.87
18.81 19.93 18.70
1.47 1.29 1.27
1.73 1.63 1.64
30.23 26.40 24.11
33.88 31.33 29.02

41.22 39.85 50.18
18.21 16.51 12.69
Asian Paints Ltd (APNT IN) - By Measure
In Millions of INR except Per Share FY 2012 FY 2013 FY 2014
12 Months Ending 03/31/2012 03/31/2013 03/31/2014
Revenue 95,983.3 100.0% 108,743.5 100.0% 125,816.4 100.0%
Paints 95,141.4 98.8% 108,594.4 99.0% 126,355.5 99.4%
Home improvement — — 792.6 0.6%
Reconciliation -339.1 -963.9 -1,331.7
Chemicals (Phthalic Anhydride, Pentaerythr 1,181.0 1.2% 1,113.0 1.0% —
Operating Income 15,246.0 100.0% — —
Chemicals (Phthalic Anhydride, Pentaerythr 238.4 1.6% — —
Paints 15,007.6 98.4% — —
Segment Profit 15,246.0 100.0% 17,060.9 100.0% 19,210.0 100.0%
Paints 15,007.6 98.4% 16,873.8 98.9% 19,213.6 100.0%
Home improvement — — -3.6 0.0%
Chemicals (Phthalic Anhydride, Pentaerythr 238.4 1.6% 187.1 1.1% —
Assets 57,139.2 100.0% 67,868.5 100.0% 80,775.9 100.0%
Paints 45,244.1 98.2% 55,149.0 98.1% 60,278.2 97.3%
Unallocated 11,050.8 11,645.0 18,824.9
Home improvement — — 1,672.8 2.7%
Reconciliation — -21.1 —
Chemicals (Phthalic Anhydride, Pentaerythr 844.3 1.8% 1,095.6 1.9% —
Liabilities 28,287.3 100.0% 32,417.9 100.0% 37,923.5 100.0%
Paints 19,496.0 98.3% 23,181.7 98.3% 31,991.3 99.0%
Unallocated 9,829.2 10,459.3 8,075.3
Home improvement — -12.1 -0.1% 317.1 1.0%
Reconciliation -1,366.9 -1,616.7 -2,460.2
Capital Employed — — —
Paints — — —
Unallocated — — —
Home improvement — — —
Depreciation 1,211.3 100.0% 1,546.0 100.0% 2,556.2 100.0%
Paints 1,170.8 97.7% 1,349.1 98.2% 2,435.4 98.3%
Home improvement — — 41.3 1.7%
Unallocated 12.6 172.1 79.5
Capital Expenditures -6,734.0 -7,323.1 -2,073.8
Home improvement — — -227.1 11.8%
Unallocated -180.1 -311.5 -143.7
Paints -6,537.0 99.7% -6,940.0 99.0% -1,703.0 88.2%
Chemicals (Phthalic Anhydride, Pentaerythr -16.9 0.3% -71.6 1.0% —
Source: Bloomberg
FY 2015 FY 2016 FY 2017 FY 2018
03/31/2015 03/31/2016 03/31/2017 03/31/2018
140,053.3 100.0% 140,915.6 100.0% 148,725.2 100.0% 166,005.8 100.0%
139,811.8 98.6% 155,875.4 98.4% 165,486.5 98.2% 169,271.8 98.1%
2,016.3 1.4% 2,541.5 1.6% 3,079.0 1.8% 3,350.5 1.9%
-1,774.8 -17,501.3 -19,840.3 -6,616.5
— — — —
— — — —
— — — —
— — — —
22,075.0 100.0% 28,497.8 100.0% 30,627.7 100.0% 32,285.6 100.0%
22,375.7 101.4% 28,920.5 101.5% 31,015.4 101.3% 32,605.1 101.0%
-300.7 -1.4% -422.7 -1.5% -387.7 -1.3% -319.5 -1.0%
— — — —
89,147.0 100.0% 105,608.6 100.0% 124,213.5 100.0% 137,830.8 100.0%
66,021.9 96.5% 77,075.9 97.2% 92,025.0 97.3% 108,712.1 97.3%
20,725.7 26,301.5 29,665.8 26,091.0
2,399.4 3.5% 2,231.2 2.8% 2,522.7 2.7% 3,027.7 2.7%
— — — —
— — — —
39,086.7 100.0% 36,523.5 100.0% 44,420.1 100.0% 50,452.0 100.0%
32,299.6 98.4% 31,631.1 98.1% 38,725.5 97.1% 44,858.0 97.1%
8,887.1 4,274.5 4,557.0 4,254.3
536.7 1.6% 617.9 1.9% 1,137.6 2.9% 1,339.7 2.9%
-2,636.7 — — —
— — — —
47,423.6 100.0% 56,052.5 100.0% 79,777.5 100.0% 87,378.8 100.0%
33,765.7 94.8% 37,402.4 96.1% 53,284.9 97.5% 63,854.1 97.4%
11,795.2 17,124.2 25,107.5 21,836.7
1,862.7 5.2% 1,525.9 3.9% 1,385.1 2.5% 1,688.0 2.6%
2,683.3 100.0% 2,350.0 100.0% 2,922.8 100.0% 3,128.0 100.0%
2,191.5 93.6% 2,273.5 96.7% 2,856.4 97.7% 3,062.4 97.9%
148.7 6.4% 76.5 3.3% 66.4 2.3% 65.6 2.1%
343.1 — — —
— — — —
-3,509.6 -9,926.1 -4,631.7 -18,356.4
-531.6 16.5% -60.9 0.6% -53.2 1.3% -47.8 0.3%
-291.4 -434.7 -550.7 -680.9
-2,686.6 83.5% -9,430.5 99.4% -4,027.8 98.7% -17,627.7 99.7%
— — — —
Asian Paints Ltd (APNT IN) - By Geography
12 Months Ending 03/31/2012 03/31/2013 03/31/2014
Revenue 95,983.3 100.0% 108,743.5 100.0% 125,816.4 100.0%
India 85,936.7 87.8% 94,934.3 86.7% 110,468.5 86.8%
International Operations 11,956.1 12.2% 14,568.0 13.3% 16,756.6 13.2%
Asia 3,252.1 3.3% 4,061.0 3.7% —
Middle East 5,990.0 6.1% 7,365.0 6.7% —
South Pacific 932.6 1.0% 1,146.0 1.0% —
Caribbean 1,781.5 1.8% 1,996.0 1.8% —
Reconciliation -1,909.5 -758.8 -1,408.7
Assets 57,139.2 100.0% 67,868.5 100.0% 80,775.9 100.0%
Reconciliation — — —
India 49,733.0 87.0% 58,344.4 86.0% 69,767.4 86.4%
International Operations 7,406.2 13.0% 9,524.1 14.0% 11,008.5 13.6%
Capital Expenditures -6,734.0 -7,323.1 -2,073.8
Reconcilation -5,740.5 5,624.4 751.7
International Operations -295.1 29.7% -529.9 4.1% -344.1 12.2%
India -698.4 70.3% -12,417.6 95.9% -2,481.4 87.8%
Source: Bloomberg
FY 2015 FY 2016 FY 2017 FY 2018
03/31/2015 03/31/2016 03/31/2017 03/31/2018
140,053.3 100.0% 140,915.6 100.0% 148,725.2 100.0% 166,005.8 100.0%
124,361.7 87.4% 137,001.7 86.5% 148,807.3 88.3% 150,804.2 87.4%
17,855.3 12.6% 21,415.2 13.5% 19,758.2 11.7% 21,818.1 12.6%
— — — —
— — — —
— — — —
— — — —
-2,163.7 -17,501.3 -19,840.3 -6,616.5
89,147.0 100.0% 105,608.6 100.0% 124,213.5 100.0% 137,830.8 100.0%
— 69,739.0 85,668.7 82,568.9
75,696.3 84.9% 31,423.9 87.6% 31,607.8 82.0% 45,721.1 82.7%
13,450.7 15.1% 4,445.7 12.4% 6,937.0 18.0% 9,540.8 17.3%
— — — —
— — — —
— — — —
— — — —
Asian Paints Ltd (APNT IN) - By Segment
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Paints
Revenue 95,141.4 108,594.4 126,355.5 139,811.8
Assets 45,244.1 55,149.0 60,278.2 66,021.9
Liabilities 19,496.0 23,181.7 31,991.3 32,299.6
Depreciation 1,170.8 1,349.1 2,435.4 2,191.5
Capital Employed — — — 33,765.7
Segment Profit 15,007.6 16,873.8 19,213.6 22,375.7
Operating Income 15,007.6 — — —
Reconciliation
Revenue -339.1 -963.9 -1,331.7 -1,774.8
Liabilities -1,366.9 -1,616.7 -2,460.2 -2,636.7
Assets — -21.1 — —
Home improvement
Revenue — — 792.6 2,016.3
Assets — — 1,672.8 2,399.4
Capital Expenditures — — -227.1 -531.6
Liabilities — -12.1 317.1 536.7
Depreciation — — 41.3 148.7
Segment Profit — — -3.6 -300.7
Unallocated
Assets 11,050.8 11,645.0 18,824.9 20,725.7
Capital Expenditures -180.1 -311.5 -143.7 -291.4
Liabilities 9,829.2 10,459.3 8,075.3 8,887.1
Depreciation 12.6 172.1 79.5 343.1
Chemicals (Phthalic Anhydride, Pentaerythritol etc)
Revenue 1,181.0 1,113.0 — —
Assets 844.3 1,095.6 — —
Capital Expenditures -16.9 -71.6 — —
Liabilities 329.0 405.7 — —
Depreciation 27.9 24.8 — —
Segment Profit 238.4 187.1 — —
Operating Income 238.4 — — —
Source: Bloomberg
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
155,875.4 165,486.5 169,271.8

77,075.9 92,025.0 108,712.1
-9,430.5 -4,027.8 -17,627.7
31,631.1 38,725.5 44,858.0
2,273.5 2,856.4 3,062.4
37,402.4 53,284.9 63,854.1
28,920.5 31,015.4 32,605.1
— — —
-17,501.3 -19,840.3 -6,616.5

— — —
— — —
2,541.5 3,079.0 3,350.5

2,231.2 2,522.7 3,027.7
-60.9 -53.2 -47.8
617.9 1,137.6 1,339.7
76.5 66.4 65.6
1,525.9 1,385.1 1,688.0
-422.7 -387.7 -319.5
26,301.5 29,665.8 26,091.0

-434.7 -550.7 -680.9
4,274.5 4,557.0 4,254.3
17,124.2 25,107.5 21,836.7
— — —
— — —
— — —
— — —
— — —
— — —
— — —
— — —
Asian Paints Ltd (APNT IN) - Benchmark
In Millions of INR except Per Share CY 2011 CY 2012 CY 2013 CY 2014
12 Months Ending 12/31/2011 12/31/2012 12/31/2013 12/31/2014
Return on Common Equity 40.06 36.33 32.84 31.77
S&P BSE SENSEX Index 18.60 17.32 17.00 16.21
Return on Capital 36.33 33.74 30.92 29.18
Price/EPS 25.15 38.17 38.55 51.74
Price/Book 9.05 12.56 11.64 15.22
Periodic EV to Trailing 12M EBITDA 19.91 26.85 25.65 34.44
Net Debt/EBITDA -0.40 -0.39 -0.53 -0.45
CY 2015 CY 2016 CY 2017
12/31/2015 12/31/2016 12/31/2017
30.98 27.45 25.46
15.37 13.58 13.44
28.88 25.83 23.81
7.70 7.74 6.56
17.47 17.83 17.09
13.84 13.86 17.39
48.57 44.66 56.43
19.28 19.89 23.19
12.99 11.24 13.21
2.81 2.61 3.14
29.61 34.03 33.42
12.83 11.69 12.80
-0.61 -0.53 -0.29
2.67 2.60 2.52
Asian Paints Ltd (APNT IN) - Contractual Obligations
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Debt Schedule
Net Debt -6,106.9 -6,737.7 -10,747.6 -10,163.7
Capital Leases Schedule

Capital Leases - Year 1 2.3 3.3 5.1 9.7
Capital Leases - Years 2 - 5 4.6 6.7 10.2 23.4
Capital Leases Beyond Year 5 0.0 0.0 0.0 8.5
Total Future Value of Capital Leases 6.9 10.0 15.3 41.6
Capital Lease Interest 1.0 1.9 3.3 11.8
Present Value of ST Capital Leases 1.9 2.4 3.5 6.3
Present Value of LT Capital Leases 4.0 5.7 8.5 23.4
Total Present Value of Capital Leases 5.9 8.1 12.0 29.7
Operating Leases (Rental Expense) Schedule

Rental Expense - Year 1 91.2 111.9 163.0 165.5
Rental Expense - Years 2 - 5 120.0 138.5 169.5 285.7
Rental Expense Beyond Year 5 7.9 8.5 10.3 342.9
Future Min Oper Lease Obligations 219.1 258.9 342.8 794.1
Contractual Obligations Schedule
Purchase Obligations 0.0 0.0 0.0 0.0
Lines of Credit
Commercial Paper
Contingent Liabilities 6,678.9 3,215.9 3,313.2 7,550.6

FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
-16,862.1 -15,922.1 -9,278.9
9.8 8.6 0.7

19.8 15.2 2.6
7.8 6.6 5.0
37.4 30.4 8.3
10.1 8.3 3.7
6.7 6.5 0.3
20.4 15.6 4.3
27.1 22.1 4.6
164.9 234.1 314.7

231.4 282.4 441.7
227.4 179.9 408.5
623.7 696.4 1,164.9
0.0 0.0 0.0
4,868.2 16,082.9 13,781.4

Asian Paints Ltd (APNT IN) - Pension Analysis
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Pension Net Periodic Cost
Service Cost 8.4 8.4 12.8 23.6
Interest Cost 13.8 12.5 13.5 19.6
Expected Return on Plan Assets — — — 0.0
Other Postretirement Cost

Service Cost 97.5 109.0 125.2 139.8
Interest Cost 116.5 139.6 155.1 167.5
Expected Return on Plan Assets -121.7 -137.2 -162.2 -168.4
Pension Funded Status

Over(Under) Funded Pension — -167.3 — -251.3
Employer Contribution 4.7 11.4 12.1 17.2

Benefits Paid -4.7 -11.4 -12.1 -17.2
Pension Funding Ratio — — — 0.00
PBO to Market Capitalization 0.00 0.00 0.04 0.03
Other Postretirement Funded Status

Fair Value of Plan Assets 1,752.8 1,939.6 2,138.1 2,555.0
Projected Benefit Obligation 1,636.7 1,878.4 2,034.4 2,482.7
Over(Under) Funded Post Ret Benefits 116.1 61.2 103.7 72.3
Actual Return (Loss) on Plan Assets 122.2 176.1 113.6 268.5

Employer Contribution 140.5 78.0 144.0 263.2
Benefits Paid -118.3 -91.6 -206.2 -162.6
Other Post-Retirement Funding Ratio 107.09 103.26 105.10 102.91
Other Post-Retirement PBO to Market Cap 0.53 0.40 0.39 0.32
Actuarial Assumptions
Pension
Discount Rate used on Plan Liabilities — — — 8.24
Other Postretirement Benefits
Expected Return on Plan Assets — — — 6.25
Discount Rate used on Plan Liabilities — — — 8.00
Pension Plan Asset Allocation (Amt)

Pension Plan Asset Allocation
Pension Plan Asset Allocation Target %
Expected Pension Payments
Expected Postretirement Benefits

FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
21.3 30.9 27.8

18.7 18.3 17.8
0.0 0.0 0.0
142.0 137.3 175.6

190.7 201.6 119.0
-196.0 -207.9 -121.0
0.0 0.0 0.0

272.5 273.9 250.2
-272.5 -273.9 -250.2
18.1 4.9 0.0

-18.1 -4.9 0.0
0.00 0.00 0.00
0.03 0.03 0.02
2,770.2 2,943.4 1,692.5

2,729.5 2,769.3 1,689.2
40.7 174.1 3.3
214.8 86.7 -15.0

128.9 132.2 3.7
-160.8 -157.6 -113.4
101.49 106.29 100.20
0.33 0.27 0.16
7.69 8.00 7.50
6.40 8.65 8.55

7.69 7.31 7.81
0.0 0.0 0.0

0.0 0.0 0.0

Asian Paints Ltd (APNT IN) - Options
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Options Activity
Options Outstanding End Of Period — 0.0 0.0 0.0
Options Exercisable End of Period — 0.0 0.0 0.0
Price
Assumptions
Stock Expense
Expense For Stock-Based Compensation 0.0 0.0 0.0 0.0
Stock Option Expense (After Tax) 0.0 0.0 0.0 0.0
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
0.0 0.0 —
0.0 0.0 —
0.0 0.0 —
0.0 0.0 0.0

0.0 0.0 0.0
Asian Paints Ltd (APNT IN) - Employee Data
In Millions of INR except Per Share FY 2010
12 Months Ending 03/31/2010
Number of Employees 4,382.00
Employees - 1 Yr Growth 2.86
Sales per Employee ###
Actual Net Income per Employee 1,906,983.11
Actual Assets per Employee 8,636,649.93
Actual Cash Flow per Employee 2,438,863.53
Asian Paints Ltd (APNT IN) - Fixed Charge
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
EBIT/Interest Expense 39.65 43.93 48.23 52.48
EBIT/Total Interest Expense 39.65 43.93 48.23 52.48
Degree of Financial Leverage 1.03 1.02 1.02 1.02
EBITDA less CAPEX /Interest Exp 27.76 30.36 48.36 47.54
EBITDA/Total Interest Expense 43.04 48.22 55.23 59.63
T12M CFO/Total Debt 2.07 4.76 5.78 2.95

T12M FCF/Total Debt 0.47 2.19 4.77 1.87
Operating Income/Total Debt 4.15 6.31 7.07 4.71
Total Debt/T12M EBITDA 0.22 0.14 0.12 0.19
Net Debt to T12M EBITDA -0.40 -0.39 -0.53 -0.45
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
67.91 88.42 80.90
67.91 88.42 80.90
1.01 1.01 1.01
53.16 76.90 50.52
75.41 99.72 91.18
7.07 2.85 4.04

4.55 1.63 1.37
7.71 4.73 5.32
0.12 0.19 0.17
-0.61 -0.53 -0.29
Asian Paints Ltd (APNT IN) - CAPEX & Depreciation
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Depreciation Expenses 1,116.8 1,420.7 2,260.3 2,378.3
Depr Exp / Net Sales 1.16 1.31 1.80 1.70
Depr Exp / Net Fixed Assets 0.07 0.07 0.09 0.10
Accum Depr / Total Assets 13.80 13.55 14.28 14.98
Accum Depr / Gross Fixed Assets 29.87 27.49 32.44 34.95
Capitalized Int Exp — — — —
Cap Interest/Pretax Income — — — —
CAPEX/Sales 5.69 5.92 2.00 3.24
CAPEX/Total Assets 10.58 10.30 3.38 5.34
Capital Expend / Depr Exp 4.89 4.53 1.11 1.91
CAPEX to Depreciation Expense 5 Year Av 4.19 4.05 3.40 2.78
Total Capital Expenditures - 1 Yr Growth 250.00 17.83 -61.01 80.78
Average Age of Assets in Years 7.06 6.47 5.10 5.62
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
2,499.2 3,064.3 3,256.9
1.75 2.06 1.96
0.09 0.10 0.08
2.36 4.48 6.43
7.30 14.77 16.37
— — —
— — —
-8,171.1 -6,841.3 -14,259.8
5.73 4.60 8.59
8.39 5.95 10.88
3.27 2.23 4.38
3.14 2.61 2.58
80.07 -16.27 108.44
1.00 1.82 2.72
Asian Paints Ltd (APNT IN) - Overview
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Last Price 324.20 491.73 547.95 811.30

Revenue 95,983.3 108,743.5 125,816.4 140,053.3

EBITDA 15,383.7 17,378.6 20,170.4 22,378.2
Trailing 12M EBITDA Margin 16.03 15.98 16.03 15.98
Net Income (Losses) 9,887.3 11,138.8 12,188.1 13,951.5
Trailing 12M Earnings per Share 10.31 11.61 12.71 14.54
Price/T12M Earnings per Share 31.45 42.34 43.11 55.80

Dividend Payout Ratio 38.81 39.61 41.71 41.94
Dividend Yield 1.02 0.81 0.87 0.74
Net Fixed Assets 18,510.6 24,248.9 24,023.4 24,861.6

Total Assets 57,139.2 67,868.5 80,775.9 89,147.0
Total Equity 28,851.9 35,450.6 42,852.4 50,060.3
Price/Book Value per Share 11.31 13.94 13.01 16.41
Net Tangible Assets per Share 27.96 34.50 39.70 45.58
Altman's Z-Score 9.49 11.53 11.06 14.76
Cash From Operations 7,070.4 11,934.9 14,390.7 12,347.8

Cash Flow per Share 7.37 12.44 15.00 12.87
Free Cash Flow 1,606.9 5,497.1 11,880.6 7,810.0
Free Cash Flow per Basic Share 1.68 5.73 12.39 8.14
Net Changes in Cash -22.1 864.5 1,709.2 1,363.1
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
868.40 1,073.50 1,120.40

959.2 959.2 959.2
832,967.4 1,029,698.8 1,074,685.2
142,714.9 148,725.2 166,005.8

27,691.5 29,904.7 31,976.1
19.40 20.11 19.26
17,451.6 19,394.3 20,389.3
18.19 19.95 20.53
47.74 53.81 54.57
7.50 7.95 10.30

41.22 39.85 50.18
0.75 0.74 0.92
31,627.4 32,141.9 45,235.8

105,608.6 124,213.5 137,830.8
36,523.5 44,420.1 50,452.0
69,085.1 79,793.4 87,378.8
68.02 79.27 87.68
12.77 13.54 12.78
64.27 75.65 81.28
16.49 16.48 15.36
22,864.5 15,975.6 21,550.2

23.84 16.66 22.47
14,693.4 9,134.3 7,290.4
15.32 9.52 7.60
5,277.6 897.9 -8,218.4
Asian Paints Ltd (APNT IN) - As Reported Summary
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Income Statement
Revenues
Revenues 95,983.3 108,743.5 125,816.4 140,053.3
Expenses
Total Operating Expenses — — — —
Earnings
Net Income 9,887.3 11,138.8 12,188.1 13,951.5
Balance Sheet
Assets
Total Current Assets — — — —
Total Assets — — — —
Liabilities
Total Current Liabilities — — — —
Stockholder Equity
Cash Flows
Cash From Operating Activities
Total Cash Flows From Operations 6,996.3 11,867.9 14,020.3 11,876.9
Cash From Investing Activities
Total Cash Flows From Investing -3,856.1 -4,993.4 -6,052.0 -4,777.6
Total Cash Flows From Financing -3,265.8 -6,010.0 -6,259.1 -5,760.9
Net Change In Cash -125.6 864.5 1,709.2 1,338.4
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
— — —
— 138,701.3 140,646.2
17,451.6 19,394.3 20,389.3
57,350.2 69,656.8 69,140.8

105,608.6 124,213.5 137,830.8
31,490.8 38,848.7 44,510.7
69,085.1 79,793.4 87,378.8

105,608.6 124,213.5 137,830.8
22,429.5 15,273.3 21,134.4
-8,662.9 -6,561.0 -15,992.8
-8,489.8 -7,564.3 -13,791.4

5,276.8 1,148.0 -8,649.8
Asian Paints Ltd (APNT IN) - Dividend Summary
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Dividends per Share - 5 Yr Geo Growth 25.21 22.03 24.81 17.70
Dividend Yield 1.02 0.81 0.87 0.74
Dividend Payout Ratio 38.81 39.61 41.71 41.94
Cash Dividend Coverage 2.58 2.52 2.40 2.38
Dividends Paid -3,830.7 -4,623.5 -5,466.9 -6,946.6
Total Cash Preferred Dividends 0.0 0.0 0.0 0.0
Trailing 12M Preferred Dividends 0.0 0.0 0.0 0.0
Trailing 12M Common Dividends 3,836.9 4,412.3 5,083.7 5,851.2
Trailing 12M Dividends Per Share 4.00 4.60 5.30 6.10
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
7.50 7.95 10.30
18.57 14.73 17.49
0.75 0.74 0.92
41.22 39.85 50.18
2.43 2.51 1.99
-7,642.3 -9,473.3 -12,177.5
0.0 0.0 0.0
7,194.0 7,625.6 9,879.8
0.0 0.0 0.0
7,194.0 7,625.6 9,879.8
7.50 7.95 10.30
Asian Paints Ltd (APNT IN) - Sources of Capital
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Net Change Short Term Debt 1,104.6 -821.3 40.9 1,321.4
Net Change Long Term Debt -27.8 -80.2 -59.0 368.8
Net Change in Other Liabilities 4,345.8 5,272.9 6,376.2 -350.5
Net Change in Liabilities 5,154.6 4,130.6 5,505.6 1,163.2
Net Change in Liabilities % of Total 46.72 38.50 42.65 13.90
Reinvested Earnings 6,050.4 6,726.5 7,104.4 8,100.3

External Equity Financing -439.6 -368.6 -555.1 -1,068.9
Net Change in Total Equity 5,878.8 6,598.7 7,401.8 7,207.9
Increase In Equity % of Total 53.28 61.50 57.35 86.10
Capital Employed 27,707.0 35,010.8 38,587.9 43,056.8

FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
-892.3 2,686.1 -141.7
-56.5 -315.6 -127.4
-414.2 5,443.7 5,823.0
-2,563.2 7,896.6 6,031.9
-15.57 42.44 44.30
10,257.6 11,768.7 10,509.5

7,567.0 -978.0 -2,446.1
19,024.8 10,708.3 7,585.4
115.57 57.56 55.70
57,486.8 62,950.0 69,865.9

Asian Paints Ltd (APNT IN) - Comprehensive Income
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Net Income 9,887.3 11,138.8 12,188.1 13,951.5
+ Foreign Curr Transl Adj - Other Compre — — — —
+ Unrealized Gain (Loss) — — — —
+ Pension Related Adjust Other Comprehe — — — —
+ Oth Adj-Oth Comp Inc — — — —
+ Inc Tax Exp-Oth Comp Inc — — — —
Comprehensive Income — — — —
Basic Comprehensive EPS — — — —

Basic EPS 10.31 11.61 12.71 14.55
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
17,451.6 19,394.3 20,389.3
-29.9 -1,348.6 -316.8
-193.2 1,334.9 -96.7
-7.0 153.9 131.7
45.7 507.3 56.1
2.5 -41.9 -68.8
17,269.7 19,999.9 20,094.8
18.00 20.85 20.95

18.19 20.22 21.26
959.2 959.2 959.2
Asian Paints Ltd (APNT IN) - Overview
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
ESG Disclosure Score 25.62 30.58 30.17 25.21
Environmental
Environmental Disclosure Score 20.93 20.93 16.28 6.98
Total GHG Emissions — — — —
Total Energy Consumption 255.9 257.9 255.9 —
Social
Social Disclosure Score 14.04 35.09 43.86 43.86
Number of Employees 4,937.00 5,236.00 5,870.00 5,897.00
% Employees Unionized — — 33.00 28.00
% Women in Workforce — 4.79 4.29 4.61
Community Spending 8.7 9.8 37.0 190.1
Governance
Governance Disclosure Score 48.21 48.21 48.21 48.21
Size of the Board 14.00 15.00 13.00 14.00
Indep Directors 7.00 8.00 7.00 7.00
% Indep Directors 50.00 53.33 53.85 50.00
Board Duration (Years) 3.00 3.00 3.00 3.00
# Board Meetings 10.00 6.00 7.00 7.00
Board Mtg Attendance 87.14 95.34 91.29 88.88
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
25.21 28.93 —
6.98 16.28 —
— 62.9 —
— — —
43.86 33.33 —
6,067.00 18,183.00 18,552.00
29.00 28.00 —
5.30 — —
344.4 478.4 465.1
48.21 53.57 —
14.00 14.00 14.00
7.00 7.00 7.00
50.00 50.00 50.00
3.00 5.00 5.00
8.00 7.00 8.00
94.64 85.71 —
Asian Paints Ltd (APNT IN) - Environmental
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Environmental Disclosure Score 20.93 20.93 16.28 6.98
Disclosure
GRI Criteria Compliance No No No No
Global Reporting Initiatives Checked No No No No
Verification Type No No No No
Emissions
GHG Scope 1 — — — —
GHG Scope 2 — — — —
Total GHG Emissions — — — —
Energy
Total Energy Consumption 255.9 257.9 255.9 —
Electricity Used 55.5 60.9 73.5 —
Fuel Used - Coal/Lignite 19.6 20.0 18.5 —
Fuel Used - Natural Gas 3,952.0 3,167.0 3,707.0 —
Fuel Used - Oil/Diesel 2.2 2.4 1.5 —
Water
Waste Management
Material
Spills and Fines
Investments/Costs
Certified Sites
ISO 14001 Certified Sites 9.00 9.00 — —
Operational Policy
Renewable Electricity Target Policy n/a n/a n/a n/a
Energy Efficiency Policy Yes Yes Yes Yes
Emissions Reduction Initiatives Yes Yes No No
Environmental Supply Chain Management No No No No
Environmental Quality Management Policy Yes Yes Yes Yes
Green Building Policy No No No No
Sustainable Packaging No No No No
Waste Reduction Policy Yes Yes Yes Yes
Water Policy No No No Yes
Biodiversity Policy No No No No
Climate Change Policy No No No No
New Products - Climate Change No No No No
Climate Change Opportunities Discussed No No No No
Risks of Climate Change Discussed No No No No
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
6.98 16.28 —
No No n/a
No No n/a
No Yes n/a
— 12.1 —
— 50.8 —
— 62.9 —
— — —
— — —
— — —
— — —
— — —
— — —
n/a Yes Yes

Yes Yes Yes
No Yes Yes
No No n/a
Yes Yes Yes
No No n/a
No No n/a
Yes Yes Yes
Yes Yes Yes
No No n/a
No No n/a
No No n/a
No No No
No No No
Asian Paints Ltd (APNT IN) - Social
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Social Disclosure Score 14.04 35.09 43.86 43.86
Employees
Number of Employees 4,937.00 5,236.00 5,870.00 5,897.00
Number of Temporary Employees — — 248.00 254.00
Number of Contractors — — 8,563.00 9,345.00
% Employees Unionized — — 33.00 28.00
Employee Diversity
% Women in Workforce — 4.79 4.29 4.61
% Disabled in Workforce — 0.06 0.05 0.03
Gender Pay Gap

Gender Pay Gap Breakout n/a n/a n/a n/a
Employee Training
Safety
Supply Chain
Social Supply Chain Management No No No No
Sustain Sup Guidelines Encomp ESG Area No No No No
Community & Customers

Community Spending 8.7 9.8 37.0 190.1
Policy
Anti-Bribery Ethics Policy No Yes Yes Yes
Business Ethics Policy Yes Yes Yes Yes
Employee CSR Training No No No No
Employee Protection / Whistle Blower Polic Yes Yes Yes Yes
Equal Opportunity Policy No Yes Yes Yes
Fair Remuneration Policy No No No No
Health and Safety Policy Yes Yes Yes Yes
Human Rights Policy No Yes Yes Yes
Training Policy No No Yes Yes
Policy Against Child Labor No Yes Yes Yes
UN Global Compact Signatory No No No No

Bloomberg Gender-Equality Index
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
43.86 33.33 —
6,067.00 18,183.00 18,552.00

243.00 12,475.00 12,314.00
10,341.00 — —
29.00 28.00 —
5.30 — —
0.03 — —
n/a No n/a
No No n/a
No No n/a
344.4 478.4 465.1
Yes Yes Yes

Yes Yes Yes
No No n/a
Yes Yes Yes
Yes Yes Yes
No No n/a
Yes Yes Yes
Yes Yes Yes
Yes Yes Yes
Yes Yes Yes
No No No
Asian Paints Ltd (APNT IN) - Governance
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Governance Disclosure Score 48.21 48.21 48.21 48.21
Board Structure
Size of the Board 14.00 15.00 13.00 14.00
Unitary or Two Tier Board System 1.00 1.00 1.00 1.00
# Employee Representatives on Board 0.00 0.00 0.00 0.00
Classified Board System Yes Yes Yes Yes
Board Independence
# Non Exec Dir on Board 13.00 14.00 12.00 13.00
% Non Exec Dir on Board 92.86 93.33 92.31 92.86
# Independent Directors 7.00 8.00 7.00 7.00
% Independent Directors 50.00 53.33 53.85 50.00
CEO Duality No No No No
Independent Chairperson No No No No
Independent Lead Director No No No No
Presiding Director No No No No
Former CEO or its Equivalent on Board Yes Yes No No
Board & Exec Diversity

# Women on Board 2.00 2.00 0.00 2.00
% Women on Board 14.29 13.33 0.00 14.29
Female Chief Executive Officer or Equivalen No No No No
Female Chairperson or Equivalent No No No No
# Executives / Company Mgrs 2.00 1.00 1.00 5.00
CEO or Equivalent Appointed from Within Yes Yes Yes Yes
# Female Executives 0.00 0.00 0.00 0.00
% Female Executives 0.00 0.00 0.00 0.00
Board Duration (Years) 3.00 3.00 3.00 3.00

Executive Director Board Duration 3.00 3.00 3.00 3.00
Board Committees
# Board Meetings 10.00 6.00 7.00 7.00
Board Meeting Attendance % 87.14 95.34 91.29 88.88
Independent Directors Board Meeting Atte 78.57 95.45 89.28 82.00
# Dir Attending Less than 75% of Mtgs 2.00 0.00 2.00 3.00
Audit Committee
Size of Audit Committee 3.00 4.00 3.00 4.00
# Independent Dir on Audit Cmte 3.00 4.00 3.00 4.00
% Independent Dir on Audit Cmte 100.00 100.00 100.00 100.00
Independent Audit Committee Chairperson Yes Yes Yes Yes
# Non Exec Dir on Audit Cmte 3.00 4.00 3.00 4.00
Audit Committee Meetings 6.00 6.00 7.00 9.00
Audit Committee Meeting Attendance Perce 88.89 94.44 96.42 96.87
Compensation Committee
Size of Compensation Committee 3.00 4.00 4.00 4.00
# Independent Dir on Comp Cmte 3.00 4.00 3.00 3.00
% Independent Dir on Comp Cmte 100.00 100.00 75.00 75.00
Independent Compensation Committee Cha Yes Yes Yes Yes
# Non Exec Dir on Comp Cmte 3.00 4.00 4.00 4.00
# Comp Committee Meetings 3.00 5.00 3.00 4.00
Compensation Committee Meeting Attenda 100.00 93.33 80.00 93.75
Outside Compensation Advisors Appointed No No No No
Nomination Committee
Size of Nomination Committee — 0.00 4.00 4.00
# Independent Dir on Nom Cmte — — 3.00 3.00
% of Ind Directors on Nomination Committe — — 75.00 75.00
Independent Nomination Committee Chairp n/a n/a Yes Yes
# Non Exec Dir on Nom Cmte — — 4.00 4.00
# Nom Cmte Meetings — — 3.00 4.00
Nomination Committee Meeting Attendance — — 80.00 93.75
CSR/Sustainability Committee No No Yes Yes
Board & Exec Activities

Non-Executive Director with Responsibility No No No No
Executive Director with Responsibility for No No No No
Executive Compensation Linked to ESG No No No No
ESG Linked Compensation for Board No No No No
Clawback Provision for Executive Compens No No No No
Chg of Ctrl Benefits/Golden Parachute Agr No No No No
Shareholder Rights
Dual Class Unequal Voting Rights - Commo No No No No
AGM Voting Results

Auditor Ratification n/a n/a n/a Yes
Auditor Ratification Number of Votes - FOR — — — ###
Auditor Ratification Number of Votes - AG — — — 6,364,210.00
Director Compensation
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
48.21 53.57 —
14.00 14.00 14.00

1.00 1.00 1.00
0.00 0.00 0.00
Yes Yes Yes
13.00 13.00 13.00

92.86 92.86 92.86
7.00 7.00 7.00
50.00 50.00 50.00
No No No
No No No
No No No
No No No
No No No
2.00 2.00 2.00

14.29 14.29 14.29
No No No
No No No
5.00 4.00 4.00
Yes Yes Yes
0.00 0.00 0.00
0.00 0.00 0.00
3.00 5.00 5.00

3.00 3.00 3.00
8.00 7.00 8.00

94.64 85.71 —
89.28 58.71 —
0.00 3.00 —
4.00 4.00 4.00

4.00 3.00 4.00
100.00 75.00 100.00
Yes Yes Yes
4.00 4.00 4.00
8.00 5.00 5.00
90.63 100.00 95.00
4.00 3.00 3.00

3.00 2.00 2.00
75.00 66.67 66.67
Yes Yes Yes
4.00 3.00 3.00
5.00 4.00 2.00
90.00 75.00 100.00
No No No
4.00 3.00 3.00

3.00 2.00 2.00
75.00 66.67 66.67
Yes Yes Yes
4.00 3.00 3.00
5.00 4.00 2.00
90.00 75.00 100.00
Yes Yes Yes
No No No
No No No
No No No
No No No
No No No
No No No
No No No
Yes Yes n/a

### ### —
561,230.00 4,427,230.00 —
Asian Paints Ltd (APNT IN) - Exec & Dir Comp
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Executive Compensation
Total Compensation Paid 45,896,630.0 47,030,130.0 52,141,294.0 86,423,857.0
Total Salaries Paid 10,800,000.0 12,000,000.0 13,800,000.0 47,817,041.0
All Other Compensation Paid 45,896,631.0 47,030,131.0 52,141,295.0 86,423,858.0
Option Awards Granted — — — 0.0
Pension & Nonqual Defined Pension — — — —
Total Other Compensation Paid — — — 0.0
# of Exec Changes in Fiscal Year 1.00 1.00 0.00 0.00
Date of Last Executive Change 03/31/2012 04/01/2012 n/a n/a
# Execs Included in Compensation 1.00 1.00 1.00 2.00
CEO
CEO Duality No No No No
Total Salaries Paid 10,800,000.0 12,000,000.0 13,800,000.0 25,458,500.0
All Other Compensation Paid 45,896,631.0 47,030,131.0 52,141,295.0 61,017,096.0
Option Awards Granted — — — 0.0
Pension & Nonqual Defined Pension — — — —
Total Other Compensation Paid — — — 0.0
# of CEO and Equiv Changes in FY 1.00 1.00 0.00 0.00
Date of Last CEO and Equiv Change 03/31/2012 04/01/2012 n/a n/a
# CEO and Equiv Included in Comp 1.00 1.00 1.00 1.00
CEO Tenure at Fiscal Year End 3.00 1.00 2.00 3.00
Other C-Suite
Total Comp Paid to CFO and Equiv — — — 25,406,762.0
Board Compensation
Fees Paid in Cash 2,475,000.0 2,145,000.0 2,460,000.0 6,390,000.0
# of Board Changes in Fiscal Year 0.00 1.00 4.00 4.00
Date of Last Board Change n/a 10/25/2012 10/21/2013 07/22/2014
# Directors Included in Comp 13.00 14.00 15.00 15.00
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
### ### ###

54,342,358.0 63,332,756.0 73,839,486.0
### ### ###
0.0 0.0 0.0
— — 5,848,440.0
0.0 61,149,816.0 64,582,372.0
0.00 0.00 0.00
n/a n/a n/a
2.00 2.00 2.00
No No No
77,741,571.0 97,205,442.0 ###
29,533,200.0 35,436,840.0 40,750,550.0
77,741,572.0 97,205,443.0 ###
0.0 0.0 0.0
— — 3,303,720.0
0.0 58,876,266.0 61,687,572.0
0.00 0.00 0.00
n/a n/a n/a
1.00 1.00 1.00
4.00 5.00 6.00
28,292,173.0 32,235,266.0 38,528,456.0
46,795,266.0 45,080,919.0 48,290,000.0

7,970,000.0 6,390,000.0 7,100,000.0
0.00 2.00 0.00
n/a 01/23/2017 n/a
13.00 14.00 13.00
Asian Paints Ltd (APNT IN) - ESG Ratios
12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Greenhouse Gases
GHG Intensity per Sales — — — —
GHG Scope 1 Intensity per Sales — — — —
GHG Scope 2 Intensity per Sales — — — —
GHG Intensity per EBITDA — — — —
GHG/CO2 Intensity / Gross Fixed Assets — — — —
GHG/CO2 Intensity / Net Fixed Assets — — — —
GHG Intensity per Employee — — — —
GHG Intensity per Assets — — — —
Carbon Dioxide
Energy
Energy Intensity per Sales 2.67 2.37 2.03 —
Energy Intensity per EBITDA 16.64 14.84 12.69 —
Energy Intensity per Employee 51.83 49.26 43.60 —
Energy Intensity per Assets 4.48 3.80 3.17 —
Water
Waste
Other Environmental
Social
Community Spend % PTP 0.06 0.06 0.20 0.92
Community Spend%EBITDA 0.06 0.06 0.18 0.85
Community Spend%Equity 0.03 0.03 0.09 0.38
R&D Expenditures per Cash Flow 0.06 0.04 0.04 0.06
Governance
Percentage of Non-Executive Directors on 92.86 93.33 92.31 92.86
% Independent Directors 50.00 53.33 53.85 50.00
% Women on Board 14.29 13.33 0.00 14.29
Percentage of Female Executives 0.00 0.00 0.00 0.00
Board Meeting Attendance % 87.14 95.34 91.29 88.88
Independent Directors Board Meeting Atte 78.57 95.45 89.28 82.00
Pct of Independent Directors on Audit Comm 100.00 100.00 100.00 100.00
Audit Committee Meeting Attendance Perce 88.89 94.44 96.42 96.87
% of Ind Directors on Compensation Commi 100.00 100.00 75.00 75.00
Compensation Committee Meeting Attenda 100.00 93.33 80.00 93.75
% of Ind Directors on Nomination Committe — — 75.00 75.00
FY 2016 FY 2017 FY 2018
03/31/2016 03/31/2017 03/31/2018
— 0.42 —
— 0.08 —
— 0.34 —
— 2.10 —
— 1.67 —
— 1.96 —
— 3.46 —
— 0.51 —
— — —
— — —
— — —
— — —
1.32 1.63 1.52

1.24 1.60 1.45
0.50 0.60 0.53
0.03 0.07 0.05
92.86 92.86 92.86

50.00 50.00 50.00
14.29 14.29 14.29
0.00 0.00 0.00
94.64 85.71 —
89.28 58.71 —
100.00 75.00 100.00
90.63 100.00 95.00
75.00 66.67 66.67
90.00 75.00 100.00
75.00 66.67 66.67
Asian Paints Ltd (APNT IN) - CDP
12 Months Ending 03/31/2010 03/31/2013 03/31/2015
CDP Integrated Performance Score — — 2.00
Reporting Period
Start Date of CDP Reporting Year 04/01/2010 04/01/2013 04/01/2015
End Date of CDP Reporting Year 03/31/2011 03/31/2014 03/31/2016
CDP Survey Year 2,011 2,014 2,016
CDP Reported Fiscal Year 2,011 2,014 2,016
Risks and Opportunities

Regulatory Risk Exposure Yes Yes Yes
Physical Risk Exposure Yes Yes Yes
Other Risk Exposure No No No
Regulatory Opport Present No n/a Yes
Physical Opport Present Yes n/a Yes
Other Opportunities Present No n/a No
GHG Emissions
Scope 1 Activity Emissions Globally 0.1 0.1 0.0
Location-based Scope 2 — — 0.1
Scope 2 Emissions 0.0 0.1 —
Rev Emission Intensity — — 0.00
Co Selected Emission Intensity — — 0.11
CDP Level of Uncertainty Scope 1 Emissio 2.00 2.00 —
CDP Level of Uncertainty Scope 2 Emissio 2.00 2.00 —
CDP Percentage Data Verified Scope 1 — — 100.00
CDP Percentage Data Verified Scope 2 — — 100.00
Energy Use
Total Fuel Consumption — — 0.1
CDP Fuel Used - Biogas — — 0.0
Total Electricity Consumption — — 0.1
Total Purchased Elec Consumption — — 0.1
Total Renewable Elec Prod — — 0.0
Total Prod & Cons Renew Elec — — 0.0
Trading
Targets and Initiatives

Emission Red Targets n/a n/a Yes
Renewable Energy Target n/a n/a Yes
Governance and Strategy
Incentives Mgt Climate Change No No Yes
Engages Policy Climate Change No No Yes
Climate Change Strategy n/a n/a Yes
Internal Price of Carbon n/a n/a No
3rd Party Avoided Emissions n/a n/a Yes
Emission Reduction Activities n/a n/a Yes
Value Chain Engagement n/a n/a Yes
for all values)

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Asian Paints Ltd (APNT IN) - Adj Highlights

In Millions of INR FY 2012 FY 2013 FY 2014 FY 2015 FY 2016

Revenue, Adj 95,983.3 108,743.5 125,816.4 140,053.3 142,714.9

Cash from Operations 7,070.4 11,934.9 14,390.7 12,347.8 22,864.5

Cash and Equivalents 9,518.0 9,247.3 13,239.1 14,345.4

Cash From Operations 7,070.4 11,934.9 14,390.7 12,347.8

20,095.0 21,525.5 14,613.2

22,864.5 15,975.6 21,550.2

Earnings Per Share

Pretax Income (Loss)

154,875.8 162,142.7 170,743.7

18.90 20.53 21.84

26,098.9 28,535.6 29,052.1

28,217.8 30,745.5 32,711.6

46.65 45.20 42.14

26,973.6 29,431.1 31,253.8

18,113.0 19,713.4 20,981.2

Total Capital 32,263.0 37,960.2 45,343.9 54,242.0

EV/Sales 3.19 4.29 4.11 5.50

Diluted Market Cap 310,971.9 471,661.5 525,592.4 778,197.2

72,318.0 85,396.8 92,713.1

5.75 6.84 6.44

832,967.4 1,029,698.8 1,074,685.2

142,714.9 148,725.2 166,005.8

P/Book 11.31 13.94 13.01 16.41

P/Tangible Book 11.60 14.25 13.80 17.80

P/Sales 3.24 4.34 4.18 5.56

P/Cash Flow 43.98 39.52 36.52 63.02

P/Free Cash Flow 193.52 85.80 44.24 99.64

EV/Sales 3.19 4.29 4.11 5.50

EV/EBITDA 19.91 26.85 25.65 34.44

Price/Share 324.20 491.73 547.95 811.30

Enterprise Value 306,231.9 466,531.5 517,305.0 770,670.2

12.77 13.54 12.78

13.51 14.19 13.78

5.84 6.92 6.47

36.43 64.45 49.87

56.69 112.73 147.41

5.75 6.84 6.44

29.61 34.03 33.42

868.40 1,073.50 1,120.40

819,942.2 1,017,531.2 1,068,682.8

Per Share Data Items

Cash Flow 7.37 12.44 15.00 12.87

Cash & Equivalents 9.48 9.20 13.36 14.50

148.79 155.05 173.07

23.84 16.66 22.47

20.95 22.44 15.23

Market Capitalization 310,971.9 471,661.5 525,592.4 778,197.2

832,967.4 1,029,698.8 1,074,685.2

Net Income Avail to Common, Adj 9,665.4 10,932.5 12,131.3 13,909.2

Basic Weighted Avg Shares 959.2 959.2 959.2 959.2

Diluted Weighted Avg Shares 959.2 959.2 959.2 959.2

17,030.0 18,651.8 19,305.7

959.2 959.2 959.2

959.2 959.2 959.2

IN GAAP IN GAAP IN GAAP

Net Income Avail to Common, Adj 9,665.4 10,932.5 12,131.3 13,909.2

Diluted Weighted Avg Shares 959.2 959.2 959.2 959.2

17,030.0 18,651.8 19,305.7

959.2 959.2 959.2

IN GAAP IN GAAP IN GAAP

576.2 768.2 585.9

-29.9 -1,348.6 -316.8