FINANCIAL

MODELING
2023

Prepared By:
Aniruddha Shingre
 Market Cap Revenue Net Profit Revenue Growth Net Profit Growth ROE % ROCE % ROA % ROIC %
324535 34488.59 3763.87 18.51% 34.96% 27.70% 35.20% 14.60% 28.36%

Financial Year 2023 Company Registered Name: Asian Paints India Pvt Ltd Sector: Paints/Varnish Ticker: ASIANPAINT BSE Code:500820 CMP:3185 Status: Sell

Sales Growth Gross Profit Growth EBITDA Growth Net Profit Growth
3,764
34,489 10,722 6,260

29,101 2,875
8,511 4,856 4,804 2,789
7,678
7,053 4,157 2,419
21,713
20,211

2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023

Common size Margins Trade Cycle

Net Profit Margin 10.70%

EBT Margin 15.80%

EBIT Margin 16.17%

EBITDA Margin 18.80%

32.90%
Gross Margin
Debtor Days Payable Days Inventory Days Cash Conversion Cycle

Multiples Shareholding Pattern Football Field Analysis

4,000
₹ 3,583
3,500
P/E 68.70x ₹ 3,016
3,000

2,500
₹ 2,686
2,000 ₹ 2,305
EV/EBITDA 43.97x
1,500 ₹ 1,166

1,000 ₹ 713 ₹ 812

500
₹ 639
EV/Revenue 9.31x ₹ 500 ₹ 537
0
Promoters + FIIs + DIIs + Government + Public + Others + Comps DCF Bear DCF Base DCF Bull 52 Week H/L
 ASIAN PAINTS LTD
(ASIANPAINT | BSE Code: 500820)
INR 3383.4
52 Week (High - INR 3582.90 &Low - INR 2685.85)

About the company

Asian Paints Ltd is an Indian multinational paint company, headquartered in Mumbai, Maharashtra, India. The company is
engaged in the business of manufacturing, selling and distribution of paints, coatings, products related to home décor, bath
fittings and providing of related services.Asian Paints is India's largest paints company by market share.It is the holding
company of Berger International. The company's manufacturing operations encompass 15 countries of the world including
India, with considerable presence in the Indian subcontinent and the Middle East.

Financial Summary
Revenues in (CR) Net Profit in (CR) AverageTotal Assets in (CR)
34,489 4,106
24,369
29,101
21,657
3,139 3,031
21,713 2,705 18,247
20,211 16,193

2020 2021 2022 2023

2020 2021 2022 2023 2020 2021 2022 2023

Return on Equity (%) Return on Assets (%) Financial Leverage

27.60% 27.37% 27.56% 1.65x
16.71% 17.20% 16.85%
22.77% 1.64x
13.99%
1.63x

1.59x

2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023

Recent Updates
• consolidated net profit rose 45% year-on-year (YoY) to Rs 1,234 crore in the fourth quarter of FY23. It was Rs 850 crore in the
corresponding quarter of last year.
• The company's board has recommended payment of a final dividend of Rs 21.25 for the financial year ended March 2023.
• Revenue from operations jumped 11% to Rs 8,787 crore during the March quarter, compared with Rs 7,893 crore in the same
quarter of last year.
• The company's PBDIT (Profit before depreciation, interest, tax, other income, and exceptional items) rose 29% to Rs 1,865 crore
from Rs 1,443 crore a year ago.
• For the full year, sales jumped 19% YoY to Rs 34,368 crore, while profit increased 35% YoY to Rs 4,106 crore.
 Dupont Analysis - Return On Equity & Return on Asset
# Return On Equity (ROE)
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Net Profit 1,939.4 2,038.9 2,155.9 2,705.2 3,139.3 3,030.6 4,106.5
Average Shareholder Equity 7,064.4 8,007.1 8,940.4 9,800.4 11,468.2 13,308.9 14,901.9
Return On Equity (ROE) 27.45% 25.46% 24.11% 27.60% 27.37% 22.77% 27.56%

ROE - Dupont Equation

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Net Profit 1,939.4 2,038.9 2,155.9 2,705.2 3,139.3 3,030.6 4,106.5
Revenue 15,062.0 16,824.6 19,240.1 20,211.3 21,712.8 29,101.3 34,488.6
Net Profit Margin (A) 12.88% 12.12% 11.21% 13.38% 14.46% 10.41% 11.91%

Revenue 15,062.0 16,824.6 19,240.1 20,211.3 21,712.8 29,101.3 34,488.6

Average Total Asset 11,482.1 13,084.3 15,006.2 16,193.4 18,246.7 21,656.9 24,368.9
Asset Turnover Ratio (B) 1.31x 1.29x 1.28x 1.25x 1.19x 1.34x 1.42x

Average Total Asset 11,482.1 13,084.3 15,006.2 16,193.4 18,246.7 21,656.9 24,368.9
Average Shareholder Equity 7,064.4 8,007.1 8,940.4 9,800.4 11,468.2 13,308.9 14,901.9
Equity Multiplier (C) 1.63x 1.63x 1.68x 1.65x 1.59x 1.63x 1.64x

Return on Equity (A*B*C) 27.45% 25.46% 24.11% 27.60% 27.37% 22.77% 27.56%

Return On Asset (ROA)

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Net Profit 1,939.4 2,038.9 2,155.9 2,705.2 3,139.3 3,030.6 4,106.5
Average Total Assets 11,482.1 13,084.3 15,006.2 16,193.4 18,246.7 21,656.9 24,368.9
Return On Asset (ROA) 16.89% 15.58% 14.37% 16.71% 17.20% 13.99% 16.85%

ROA - Dupont Equation

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Net Profit 1,939.4 2,038.9 2,155.9 2,705.2 3,139.3 3,030.6 4,106.5
Revenue 15,062.0 16,824.6 19,240.1 20,211.3 21,712.8 29,101.3 34,488.6
Net Profit Margin (A) 12.88% 12.12% 11.21% 13.38% 14.46% 10.41% 11.91%

Revenue 15,062.0 16,824.6 19,240.1 20,211.3 21,712.8 29,101.3 34,488.6

Average Total Asset 11,482.1 13,084.3 15,006.2 16,193.4 18,246.7 21,656.9 24,368.9
Asset Turnover Ratio (B) 1.31x 1.29x 1.28x 1.25x 1.19x 1.34x 1.42x

Return on Asset (A*B) 16.89% 15.58% 14.37% 16.71% 17.20% 13.99% 16.85%

Dupont Summary
• ROE of Asian Paints was 27.45% in FY2017, COVID doesn't affected the ROE hence in FY2020 ROE was 27.60% in March FY2022 ROE made a low of
22.77% which rose to 27.56% in current year. Asian paints is Successful in Maintain ROE since FY2017 till Current year.
• Asian Paints have seen Drastic change in Net Profit margin in FY2022, it made a low of 10.41% and currently at 11.91% before falling it was at
14.46% in FY2021.
• The Asset Efficiency of company is constantly maintained throught the period except for year 2021 it has seen a fall to 1.19x.
• ROA of Asian Paints was 17.20% in FY2021, COVID doesn't affected the ROA hence in FY2020 ROA was 16.71% in FY2021, 2022 is exceptional year
here ROA was just 13.99% but it jumped back to 16.85% in FY2023 now.

Disclaimer - this report is made as part of educational assignment is meant for educational purpose only, author is not liable for any lossses. it is advisable to consult SEBI regrestered Research
Analyst before making Investments
 ASIAN PAINTS LTD
(ASIANPAINT | BSE Code: 500820)
INR 3383.4
52 Week (High - INR 3582.90 &Low - INR 2685.85)

Altman's Z Score Analysis

Working Capital / Total Assets Retained Earnings / Total assets EBIT / Total Assets
27.03% 26.66% 7.86%
20.92% 20.95%
19.97%
17.37%
5.71%
17.46% 5.06%
15.33%
4.15%

2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023

Market cap/ Long term Liabilities Sales / Total Assets Altman Z Score
222653.37%
133.78% 1337.91
125.24% 126.76%
186169.16%
106.67% 1119.24

142914.90% 137066.19% 859.75 824.82

2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023

Altman's Z Score Analysis- Calculation

# Working Capital / Total Assets
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Working Capital 1,951.0 1,665.6 1,515.3 2,817.3 3,121.1 6,205.4 6,873.1
Total Assets 12,405.2 13,763.5 16,248.8 16,138.0 20,355.3 22,958.4 25,779.3
Working Capital / Total Assets (A) 15.73% 12.10% 9.33% 17.46% 15.33% 27.03% 26.66%

Retained Earnings / Total Assets

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Retained Earnings 690.4 926.6 927.1 1,268.1 1,162.9 952.1 1,303.5
Total Assets 12,405.2 13,763.5 16,248.8 16,138.0 20,355.3 22,958.4 25,779.3
Retained Earnings / Total Assets (B) 5.57% 6.73% 5.71% 7.86% 5.71% 4.15% 5.06%

EBIT / Total Assets

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
EBIT 2,659.0 2,843.5 3,142.8 3,376.3 4,064.3 3,987.3 5,401.8
Total Assets 12,405.2 13,763.5 16,248.8 16,138.0 20,355.3 22,958.4 25,779.3
EBIT / Total Assets (C) 21.43% 20.66% 19.34% 20.92% 19.97% 17.37% 20.95%

Market Cap / Long Term Liabilities

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Market Cap 10,29,698.8 10,74,685.2 14,31,794.5 15,98,503.1 24,33,868.5 29,54,281.2 26,48,968.6
Long Term Liabilities 560.3 533.4 1,319.6 1,118.5 1,093.1 1,586.9 1,932.6
Market Cap / Long Term Liabilities (D) 183763.22% 201466.96% 108502.16% 142914.90% 222653.37% 186169.16% 137066.19%

Sales / Total Assets

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Total Sales 15,062.0 16,824.6 19,240.1 20,211.3 21,712.8 29,101.3 34,488.6
Total Assets 12,405.2 13,763.5 16,248.8 16,138.0 20,355.3 22,958.4 25,779.3
Sales / Total Assets (E) 121.42% 122.24% 118.41% 125.24% 106.67% 126.76% 133.78%

Altman's Z Score
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Final Score 1104.77 1210.95 653.03 859.75 1337.91 1119.24 824.82
Financial Stability Strong Strong Strong Strong Strong Strong Strong

Disclaimer - this report is made as part of educational assignment is meant for educational purpose only, author is not liable for any lossses. it is advisable to consult SEBI regrestered Research Analyst before
making Investments
 Historical Financial Statement - ASIAN PAINTS LTD
Years Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
# Income Statement
Sales ₹ 12,220.4 ₹ 13,615.3 ₹ 14,271.5 ₹ 15,062.0 ₹ 16,824.6 ₹ 19,240.1 ₹ 20,211.3 ₹ 21,712.8 ₹ 29,101.3 ₹ 34,488.6
Sales Growth NA 11.41% 4.82% 5.54% 11.70% 14.36% 5.05% 7.43% 34.03% 18.51%

COGS ₹ 8,439.0 ₹ 9,298.8 ₹ 9,413.8 ₹ 9,732.7 ₹ 11,194.2 ₹ 12,905.8 ₹ 13,158.0 ₹ 14,035.1 ₹ 20,590.6 ₹ 23,766.7
COGS as % of Sales 69.06% 68.30% 65.96% 64.62% 66.53% 67.08% 65.10% 64.64% 70.75% 68.91%

Gross Profit ₹ 3,781.4 ₹ 4,316.5 ₹ 4,857.7 ₹ 5,329.3 ₹ 5,630.4 ₹ 6,334.3 ₹ 7,053.2 ₹ 7,677.7 ₹ 8,510.7 ₹ 10,721.9
Gross Profit Margin 30.94% 31.70% 34.04% 35.38% 33.47% 32.92% 34.90% 35.36% 29.25% 31.09%

Selling & General Exp ₹ 1,777.7 ₹ 2,073.6 ₹ 2,132.6 ₹ 2,335.6 ₹ 2,426.4 ₹ 2,569.4 ₹ 2,896.4 ₹ 2,822.1 ₹ 3,707.1 ₹ 4,462.1
S&G as % of Sales 14.55% 15.23% 14.94% 15.51% 14.42% 13.35% 14.33% 13.00% 12.74% 12.94%

EBITDA ₹ 2,003.7 ₹ 2,242.9 ₹ 2,725.0 ₹ 2,993.8 ₹ 3,204.0 ₹ 3,764.9 ₹ 4,156.8 ₹ 4,855.6 ₹ 4,803.6 ₹ 6,259.8
EBITDA Margin 16.40% 16.47% 19.09% 19.88% 19.04% 19.57% 20.57% 22.36% 16.51% 18.15%

Depreciation ₹ 245.7 ₹ 265.9 ₹ 275.6 ₹ 334.8 ₹ 360.5 ₹ 622.1 ₹ 780.5 ₹ 791.3 ₹ 816.4 ₹ 858.0
Depreciation as % of Sales 2.01% 1.95% 1.93% 2.22% 2.14% 3.23% 3.86% 3.64% 2.81% 2.49%

EBIT ₹ 1,758.0 ₹ 1,977.0 ₹ 2,449.5 ₹ 2,659.0 ₹ 2,843.5 ₹ 3,142.8 ₹ 3,376.3 ₹ 4,064.3 ₹ 3,987.3 ₹ 5,401.8
EBIT Margin 14.39% 14.52% 17.16% 17.65% 16.90% 16.33% 16.71% 18.72% 13.70% 15.66%

Interest ₹ 48.0 ₹ 42.2 ₹ 49.0 ₹ 37.3 ₹ 41.5 ₹ 110.5 ₹ 102.3 ₹ 91.6 ₹ 95.4 ₹ 144.5
Interest as % of Sales 0.39% 0.31% 0.34% 0.25% 0.25% 0.57% 0.51% 0.42% 0.33% 0.42%

EBT ₹ 1,710.0 ₹ 1,934.7 ₹ 2,400.5 ₹ 2,621.6 ₹ 2,802.1 ₹ 3,032.3 ₹ 3,274.0 ₹ 3,972.7 ₹ 3,891.8 ₹ 5,257.4
EBT Margin 13.99% 14.21% 16.82% 17.41% 16.65% 15.76% 16.20% 18.30% 13.37% 15.24%

Tax ₹ 571.5 ₹ 649.5 ₹ 844.5 ₹ 943.3 ₹ 1,041.0 ₹ 1,098.1 ₹ 854.9 ₹ 1,097.6 ₹ 1,102.9 ₹ 1,493.5
Effective Tax Rate 33.42% 33.57% 35.18% 35.98% 37.15% 36.21% 26.11% 27.63% 28.34% 28.41%

Net Profit ₹ 1,138.5 ₹ 1,285.2 ₹ 1,556.0 ₹ 1,678.4 ₹ 1,761.1 ₹ 1,934.3 ₹ 2,419.1 ₹ 2,875.1 ₹ 2,788.9 ₹ 3,763.9
Net Profit Margin 9.32% 9.44% 10.90% 11.14% 10.47% 10.05% 11.97% 13.24% 9.58% 10.91%

No of Equity Shares 95.92 95.92 95.92 95.92 95.92 95.92 95.92 95.92 95.92 95.92

Earnings Per Share ₹ 11.9 ₹ 13.4 ₹ 16.2 ₹ 17.5 ₹ 18.4 ₹ 20.2 ₹ 25.2 ₹ 30.0 ₹ 29.1 ₹ 39.2
EPS Growth NA 12.88% 21.07% 7.87% 4.93% 9.83% 25.07% 18.85% -3.00% 34.96%

Dividend Per Share ₹ 5.3 ₹ 6.1 ₹ 7.5 ₹ 10.3 ₹ 8.7 ₹ 10.5 ₹ 12.0 ₹ 17.8 ₹ 19.2 ₹ 25.7
Dividend Growth NA 15.09% 22.95% 37.33% -15.53% 20.69% 14.29% 48.75% 7.28% 33.94%

Dividend Payout Ratio 44.65% 45.53% 46.23% 58.87% 47.38% 52.07% 47.58% 59.55% 65.86% 65.37%

Retained Earnings 55.35% 54.47% 53.77% 41.13% 52.62% 47.93% 52.42% 40.45% 34.14% 34.63%
# Balance Sheet
Equity Share Capital ₹ 95.9 ₹ 95.9 ₹ 95.9 ₹ 95.9 ₹ 95.9 ₹ 95.9 ₹ 95.9 ₹ 95.9 ₹ 95.9 ₹ 95.9
Reserves ₹ 3,943.3 ₹ 4,646.4 ₹ 6,428.9 ₹ 7,508.0 ₹ 8,314.3 ₹ 9,374.6 ₹ 10,034.2 ₹ 12,710.4 ₹ 13,715.6 ₹ 15,896.3
Borrowings ₹ 249.2 ₹ 418.2 ₹ 323.3 ₹ 560.3 ₹ 533.4 ₹ 1,319.6 ₹ 1,118.5 ₹ 1,093.1 ₹ 1,586.9 ₹ 1,932.6
Other Liabilities ₹ 3,787.0 ₹ 3,754.0 ₹ 3,710.9 ₹ 4,241.0 ₹ 4,819.8 ₹ 5,458.7 ₹ 4,889.3 ₹ 6,455.9 ₹ 7,560.0 ₹ 7,854.5
Total Liabilities ₹ 8,075.4 ₹ 8,914.5 ₹ 10,559.0 ₹ 12,405.2 ₹ 13,763.5 ₹ 16,248.8 ₹ 16,138.0 ₹ 20,355.3 ₹ 22,958.4 ₹ 25,779.3

Fixed Assets Net Block ₹ 2,561.6 ₹ 2,660.0 ₹ 3,416.4 ₹ 3,303.7 ₹ 3,732.2 ₹ 6,496.6 ₹ 6,272.3 ₹ 5,858.5 ₹ 5,519.1 ₹ 5,770.5
Capital Work in Progress ₹ 71.6 ₹ 196.0 ₹ 106.6 ₹ 257.5 ₹ 1,405.1 ₹ 209.7 ₹ 140.2 ₹ 183.0 ₹ 426.4 ₹ 1,019.6
Investments ₹ 1,423.6 ₹ 1,587.8 ₹ 2,712.1 ₹ 2,652.0 ₹ 2,140.7 ₹ 2,568.6 ₹ 2,018.9 ₹ 4,736.8 ₹ 3,247.5 ₹ 4,261.7
Other Assets ₹ 609.5 ₹ 825.7 ₹ 714.7 ₹ 1,317.2 ₹ 1,691.8 ₹ 1,472.0 ₹ 1,738.7 ₹ 2,565.5 ₹ 2,876.7 ₹ 3,036.2
Total Non Current Assets ₹ 4,666.2 ₹ 5,269.5 ₹ 6,949.8 ₹ 7,530.4 ₹ 8,969.9 ₹ 10,746.8 ₹ 10,170.1 ₹ 13,343.8 ₹ 12,069.7 ₹ 14,087.9

Receivables ₹ 1,110.3 ₹ 1,182.1 ₹ 1,186.8 ₹ 1,446.6 ₹ 1,730.6 ₹ 1,907.3 ₹ 1,795.2 ₹ 2,602.2 ₹ 3,871.4 ₹ 4,636.9
Inventory ₹ 2,069.9 ₹ 2,258.5 ₹ 1,998.2 ₹ 2,626.9 ₹ 2,658.3 ₹ 3,149.9 ₹ 3,389.8 ₹ 3,798.6 ₹ 6,153.0 ₹ 6,210.6
Cash & Bank ₹ 229.0 ₹ 204.4 ₹ 424.2 ₹ 801.2 ₹ 404.7 ₹ 444.9 ₹ 782.8 ₹ 610.8 ₹ 864.3 ₹ 843.8
Total Current Assets ₹ 3,409.2 ₹ 3,645.0 ₹ 3,609.3 ₹ 4,874.8 ₹ 4,793.6 ₹ 5,502.1 ₹ 5,967.9 ₹ 7,011.5 ₹ 10,888.8 ₹ 11,691.4

Total Assets 8075.4 8914.5 10559.03 12405.19 13763.48 16248.84 16137.97 20355.34 22958.43 25779.33

Bal Check 0 0 0 0 0 0 0 0 0 0

# Cash Flow Statement

Profit from operations ₹ 2,051.0 ₹ 2,271.0 ₹ 2,848.0 ₹ 3,056.0 ₹ 3,274.0 ₹ 3,861.0 ₹ 4,380.0 ₹ 4,970.0 ₹ 4,957.0 ₹ 6,460.0
Receivables (₹ 254.0) (₹ 155.0) (₹ 146.0) (₹ 475.0) (₹ 483.0) (₹ 205.0) ₹ 160.0 (₹ 849.0) (₹ 1,326.0) (₹ 834.0)
Inventory (₹ 231.0) (₹ 144.0) ₹ 202.0 (₹ 629.0) (₹ 39.0) (₹ 492.0) (₹ 251.0) (₹ 409.0) (₹ 2,354.0) (₹ 56.0)
Payables ₹ 317.0 (₹ 151.0) ₹ 142.0 ₹ 501.0 ₹ 442.0 ₹ 287.0 (₹ 241.0) ₹ 1,143.0 ₹ 644.0 (₹ 539.0)
Other WC items ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 (₹ 92.0) ₹ 242.0 ₹ 657.0
Working capital changes (₹ 168.0) (₹ 450.0) ₹ 198.0 (₹ 603.0) (₹ 80.0) (₹ 410.0) (₹ 331.0) (₹ 206.0) (₹ 2,795.0) (₹ 772.0)
Direct taxes (₹ 480.0) (₹ 633.0) (₹ 802.0) (₹ 925.0) (₹ 1,081.0) (₹ 982.0) (₹ 1,011.0) (₹ 1,080.0) (₹ 1,176.0) (₹ 1,494.0)
Exceptional CF items ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0
Cash From Operating Activities ₹ 1,402.0 ₹ 1,188.0 ₹ 2,243.0 ₹ 1,527.0 ₹ 2,113.0 ₹ 2,470.0 ₹ 3,038.0 ₹ 3,683.0 ₹ 986.0 ₹ 4,193.0

Fixed assets purchased (₹ 251.0) (₹ 454.0) (₹ 817.0) (₹ 684.0) (₹ 1,426.0) (₹ 1,151.0) (₹ 404.0) (₹ 282.0) (₹ 551.0) (₹ 1,446.0)
Fixed assets sold ₹ 16.0 ₹ 16.0 ₹ 15.0 ₹ 17.0 ₹ 17.0 ₹ 17.0 ₹ 37.0 ₹ 28.0 ₹ 40.0 ₹ 26.0
Investments purchased (₹ 872.0) (₹ 243.0) (₹ 282.0) (₹ 153.0) (₹ 320.0) (₹ 573.0) (₹ 25.0) (₹ 140.0) ₹ 0.0 (₹ 146.0)
Investments sold ₹ 463.0 ₹ 278.0 ₹ 205.0 ₹ 357.0 ₹ 362.0 ₹ 733.0 ₹ 134.0 ₹ 272.0 ₹ 207.0 ₹ 446.0
Interest received ₹ 14.0 ₹ 11.0 ₹ 15.0 ₹ 32.0 ₹ 39.0 ₹ 40.0 ₹ 65.0 ₹ 73.0 ₹ 77.0 ₹ 87.0
Dividends received ₹ 65.0 ₹ 71.0 ₹ 69.0 ₹ 74.0 ₹ 38.0 ₹ 40.0 ₹ 27.0 ₹ 8.0 ₹ 15.0 ₹ 56.0
Investment in group cos ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 (₹ 180.0)
Redemp n Canc of Shares ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 141.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0
Acquisition of companies ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 (₹ 525.0) ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0
Other investing items (₹ 21.0) (₹ 144.0) (₹ 70.0) (₹ 324.0) ₹ 118.0 (₹ 24.0) (₹ 353.0) (₹ 500.0) (₹ 105.0) (₹ 126.0)
Cash from Investing Activities (₹ 586.0) (₹ 465.0) (₹ 865.0) (₹ 681.0) (₹ 1,556.0) (₹ 918.0) (₹ 519.0) (₹ 541.0) (₹ 317.0) (₹ 1,283.0)

Proceeds from borrowings ₹ 44.0 ₹ 239.0 ₹ 8.0 ₹ 271.0 ₹ 10.0 ₹ 243.0 ₹ 18.0 ₹ 155.0 ₹ 418.0 ₹ 254.0
Repayment of borrowings (₹ 81.0) (₹ 86.0) (₹ 119.0) (₹ 58.0) (₹ 54.0) (₹ 26.0) (₹ 279.0) (₹ 14.0) (₹ 8.0) (₹ 25.0)
Interest paid fin (₹ 42.0) (₹ 35.0) (₹ 40.0) (₹ 36.0) (₹ 35.0) (₹ 106.0) (₹ 101.0) (₹ 89.0) (₹ 94.0) (₹ 142.0)
Dividends paid (₹ 547.0) (₹ 695.0) (₹ 764.0) (₹ 947.0) (₹ 1,218.0) (₹ 1,049.0) (₹ 2,121.0) (₹ 499.0) (₹ 1,763.0) (₹ 1,936.0)
Financial liabilities ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 (₹ 180.0) (₹ 179.0) (₹ 203.0) (₹ 221.0) (₹ 256.0)
Other financing items ₹ 0.0 ₹ 0.0 ₹ 66.0 ₹ 13.0 (₹ 82.0) ₹ 0.0 (₹ 209.0) ₹ 0.0 (₹ 140.0) (₹ 36.0)
Cash from Financing Activities (₹ 626.0) (₹ 577.0) (₹ 849.0) (₹ 757.0) (₹ 1,379.0) (₹ 1,118.0) (₹ 2,871.0) (₹ 650.0) (₹ 1,808.0) (₹ 2,141.0)

Net Cash Flow ₹ 190.0 ₹ 146.0 ₹ 529.0 ₹ 89.0 (₹ 822.0) ₹ 434.0 (₹ 352.0) ₹ 2,492.0 (₹ 1,139.0) ₹ 769.0
# Common Size Income Statement - ASIAN PAINTS LTD
Particulars Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Raw Material Cost 51.88% 50.49% 46.03% 49.48% 48.31% 51.84% 49.39% 48.02% 58.84% 55.05%
Change in Inventory 0.74% 1.09% -1.40% 3.51% -0.84% 1.52% 1.18% 0.43% 4.55% 0.90%
Power and Fuel 1.09% 0.96% 0.80% 0.70% 0.66% 0.62% 0.48% 0.40% 0.40% 0.40%
Other Mfr. Exp 10.57% 11.05% 10.76% 11.04% 10.05% 9.68% 9.63% 9.53% 9.90% 8.46%
Employee Cost 6.25% 6.88% 6.97% 6.90% 6.67% 6.46% 6.78% 7.13% 6.17% 5.90%
Selling and admin 23.13% 24.62% 27.41% 28.97% 13.40% 12.30% 11.44% 10.34% 10.11% 10.15%
Other Expenses -8.58% -9.39% -12.47% -13.47% 1.02% 1.05% 2.89% 2.65% 2.63% 2.79%
Other Income 1.02% 1.04% 1.50% 2.24% 2.00% 1.42% 1.76% 1.53% 1.02% 1.25%
Depreciation 2.01% 1.95% 1.93% 2.22% 2.14% 3.23% 3.86% 3.64% 2.81% 2.49%
Interest 0.39% 0.31% 0.34% 0.25% 0.25% 0.57% 0.51% 0.42% 0.33% 0.42%
Profit before tax 15.01% 15.25% 18.32% 19.65% 18.65% 17.18% 17.96% 19.82% 14.39% 16.49%
Tax 4.68% 4.77% 5.92% 6.26% 6.19% 5.71% 4.23% 5.06% 3.79% 4.33%
Net profit 9.97% 10.25% 12.23% 12.88% 12.12% 11.21% 13.38% 14.46% 10.41% 11.91%
Dividend Amount 4.16% 4.30% 5.04% 6.56% 4.96% 5.23% 5.70% 7.89% 6.31% 7.13%

EBITDA 16.40% 16.47% 19.09% 19.88% 19.04% 19.57% 20.57% 22.36% 16.51% 18.15%

# Common Size Balance Sheet - ASIAN PAINTS LTD

Particulars Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Total Liabilities 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Equity Share Capital 1.19% 1.08% 0.91% 0.77% 0.70% 0.59% 0.59% 0.47% 0.42% 0.37%
Reserves 48.83% 52.12% 60.89% 60.52% 60.41% 57.69% 62.18% 62.44% 59.74% 61.66%
Borrowings 3.09% 4.69% 3.06% 4.52% 3.88% 8.12% 6.93% 5.37% 6.91% 7.50%
Other Liabilities 46.90% 42.11% 35.14% 34.19% 35.02% 33.59% 30.30% 31.72% 32.93% 30.47%

Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Net Block 31.72% 29.84% 32.35% 26.63% 27.12% 39.98% 38.87% 28.78% 24.04% 22.38%
Capital Work in Progress 0.89% 2.20% 1.01% 2.08% 10.21% 1.29% 0.87% 0.90% 1.86% 3.96%
Investments 17.63% 17.81% 25.69% 21.38% 15.55% 15.81% 12.51% 23.27% 14.15% 16.53%
Other Assets 7.55% 9.26% 6.77% 10.62% 12.29% 9.06% 10.77% 12.60% 12.53% 11.78%
Receivables 13.75% 13.26% 11.24% 11.66% 12.57% 11.74% 11.12% 12.78% 16.86% 17.99%
Inventory 25.63% 25.34% 18.92% 21.18% 19.31% 19.39% 21.01% 18.66% 26.80% 24.09%
Cash & Bank 2.84% 2.29% 4.02% 6.46% 2.94% 2.74% 4.85% 3.00% 3.76% 3.27%
 Ratio Analysis - ASIAN PAINTS LTD
Years Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Trend Mean Median
Sales Growth NA 11.41% 4.82% 5.54% 11.70% 14.36% 5.05% 7.43% 34.03% 18.51% 12.54% 11.41%
EBITDA Growth NA 11.94% 21.50% 9.86% 7.02% 17.51% 10.41% 16.81% -1.07% 30.32% 13.81% 11.94%
EBIT Growth NA 12.46% 23.90% 8.55% 6.94% 10.52% 7.43% 20.38% -1.90% 35.48% 13.75% 10.52%
EBT Growth NA 13.14% 24.07% 9.21% 6.88% 8.22% 7.97% 21.34% -2.04% 35.09% 13.77% 9.21%
Dividend Growth NA 15.09% 22.95% 37.33% -15.53% 20.69% 14.29% 48.75% 7.28% 33.94% 20.53% 20.69%
EPS Growth NA 12.88% 21.07% 7.87% 4.93% 9.83% 25.07% 18.85% -3.00% 34.96% 14.72% 12.88%

Gross Margin 30.94% 31.70% 34.04% 35.38% 33.47% 32.92% 34.90% 35.36% 29.25% 31.09% 32.90% 33.47%
EBITDA Margin 16.40% 16.47% 19.09% 19.88% 19.04% 19.57% 20.57% 22.36% 16.51% 18.15% 18.80% 19.09%
EBIT Margin 14.39% 14.52% 17.16% 17.65% 16.90% 16.33% 16.71% 18.72% 13.70% 15.66% 16.17% 16.71%
EBT Margin 13.99% 14.21% 16.82% 17.41% 16.65% 15.76% 16.20% 18.30% 13.37% 15.24% 15.80% 16.20%
Net Profit Margin 9.32% 9.44% 10.90% 11.14% 10.47% 10.05% 11.97% 13.24% 9.58% 10.91% 10.70% 10.90%

Selling Exp as % of Sales 14.55% 15.23% 14.94% 15.51% 14.42% 13.35% 14.33% 13.00% 12.74% 12.94% 14.10% 14.33%
Depreciation exp as % of Sales 2.01% 1.95% 1.93% 2.22% 2.14% 3.23% 3.86% 3.64% 2.81% 2.49% 2.63% 2.49%
Operating Exp as % of Sales 14.39% 14.52% 17.16% 17.65% 16.90% 16.33% 16.71% 18.72% 13.70% 15.66% 16.17% 16.71%

Return on Capital Employed 40.99% 38.31% 35.77% 32.57% 31.79% 29.13% 30.02% 29.24% 25.89% 30.14% 32.38% 30.14%
Retained Earnings % 55.35% 54.47% 53.77% 41.13% 52.62% 47.93% 52.42% 40.45% 34.14% 34.63% 46.69% 47.93%
Return on Equity 28.19% 27.10% 23.85% 22.07% 20.94% 20.42% 23.88% 22.45% 20.19% 23.54% 23.26% 22.45%
Self Sustained Growth Rate 15.60% 14.76% 12.82% 9.08% 11.02% 9.79% 12.52% 9.08% 6.89% 8.15% 10.97% 9.79%

Interest Coverage Ratio 36.63x 46.80x 49.99x 71.23x 68.57x 28.45x 32.99x 44.36x 41.79x 37.40x 45.82x 44.36x
Debtor Turnover Ratio 11.01x 11.52x 12.02x 10.41x 9.72x 10.09x 11.26x 8.34x 7.52x 7.44x 9.93x 10.09x
Creditor Turnover Ratio 3.23x 3.63x 3.85x 3.55x 3.49x 3.52x 4.13x 3.36x 3.85x 4.39x 3.70x 3.63x
Inventory Turnover Ratio 5.90x 6.03x 7.14x 5.73x 6.33x 6.11x 5.96x 5.72x 4.73x 5.55x 5.92x 5.96x
Fixed Asset Turnover Ratio 4.77x 5.12x 4.18x 4.56x 4.51x 2.96x 3.22x 3.71x 5.27x 5.98x 4.43x 4.51x
Capital Turnonver Ratio 2.85x 2.64x 2.08x 1.84x 1.88x 1.78x 1.80x 1.56x 1.89x 1.92x 2.03x 1.88x
(In Days)
Debtor Days 33 32 30 35 38 36 32 44 49 49 38 36
Payable Days 113 101 95 103 105 104 88 109 95 83 99 101
Inventory Days 62 61 51 64 58 60 61 64 77 66 62 61
Cash Conversion Cycle -18 -8 -13 -4 -9 -8 5 -1 31 32 1 -4

CFO/Sales 11.47% 8.73% 15.72% 10.14% 12.56% 12.84% 15.03% 16.96% 3.39% 12.16% 11.90% 12.56%
CFO/Total Assets 17.36% 13.33% 21.24% 12.31% 15.35% 15.20% 18.83% 18.09% 4.29% 16.26% 15.23% 15.35%
CFO/Total Debt (Borrowings) 562.71% 284.09% 693.80% 272.51% 396.12% 187.18% 271.61% 336.93% 62.13% 216.96% 328.41% 272.51%
 ASIAN PAINTS LTD - Sales Forecasting ASIAN PAINTS LTD - EBITDA Forecasting ASIAN PAINTS LTD - Earnings Per Share Forecasting
Weight Year Sales Growth Weight Year EBITDA Growth Weight Year EPS Growth
1 2014A ₹ 12,220.4 NA 1 2014A ₹ 2,003.7 NA 1 2014A ₹ 11.9 NA
2 2015A ₹ 13,615.3 11.41% 2 2015A ₹ 2,242.9 11.94% 2 2015A ₹ 13.4 12.88%
3 2016A ₹ 14,271.5 4.82% 3 2016A ₹ 2,725.0 21.50% 3 2016A ₹ 16.2 21.07%
4 2017A ₹ 15,062.0 5.54% 4 2017A ₹ 2,993.8 9.86% 4 2017A ₹ 17.5 7.87%
5 2018A ₹ 16,824.6 11.70% 5 2018A ₹ 3,204.0 7.02% 5 2018A ₹ 18.4 4.93%
6 2019A ₹ 19,240.1 14.36% 6 2019A ₹ 3,764.9 17.51% 6 2019A ₹ 20.2 9.83%
7 2020A ₹ 20,211.3 5.05% 7 2020A ₹ 4,156.8 10.41% 7 2020A ₹ 25.2 25.07%
8 2021A ₹ 21,712.8 7.43% 8 2021A ₹ 4,855.6 16.81% 8 2021A ₹ 30.0 18.85%
9 2022A ₹ 29,101.3 34.03% 9 2022A ₹ 4,803.6 -1.07% 9 2022A ₹ 29.1 -3.00%
10 2023A ₹ 34,488.6 18.51% 10 2023A ₹ 6,259.8 30.32% 10 2023A ₹ 39.2 34.96%
11 2024E ₹ 31,804.3 -7.78% 11 2024E ₹ 6,065.5 -3.11% 11 2024E ₹ 37.1 -5.46%
12 2025E ₹ 34,009.7 6.93% 12 2025E ₹ 6,495.4 7.09% 12 2025E ₹ 39.8 7.35%
13 2026E ₹ 36,215.0 6.48% 13 2026E ₹ 6,925.3 6.62% 13 2026E ₹ 42.5 6.85%
14 2027E ₹ 38,420.4 6.09% 14 2027E ₹ 7,355.2 6.21% 14 2027E ₹ 45.3 6.41%
15 2028E ₹ 40,625.8 5.74% 15 2028E ₹ 7,785.1 5.84% 15 2028E ₹ 48.0 6.02%

₹ 60,000.0 0.4 ₹ 10,000.0 0.4 ₹ 60.0 0.4

₹ 8,000.0 0.3 0.3
₹ 40,000.0 0.2 ₹ 6,000.0 0.2 ₹ 40.0 0.2
₹ 20,000.0 0 ₹ 4,000.0 0.1 0.1
₹ 20.0
₹ 2,000.0 0 0
₹ 0.0 -0.2 ₹ 0.0 -0.1 ₹ 0.0 -0.1
1 3 5 7 9 11 13 15 1 2 3 4 5 6 7 8 9 101112131415 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Sales Growth EBITDA Growth EPS Growth
 Beta Calculated by comparable companies

ASIAN
PAINTS
LTD
Weighted Average Cost of Capital
All Figures are in INR except stated ones

Peer Comps
Debt/ Debt/ Levered Unlevered
1
Name Of the Company Total Debt Total Equity Tax Rate Equity Capital Beta 2 Beta 3
Asian Paints 1932.62 323916.34 30.00% 0.60% 0.59% 0.97 0.97
Berger Paints 1188.97 65517.6 30.00% 1.81% 1.78% 0.88 0.87
Kansai Nerolac 159.99 26474.46 30.00% 0.60% 0.60% 0.86 0.86
Akzo Nobel 69.7 12376.75 30.00% 0.56% 0.56% 0.21 0.21
Indigo Paints 11.86 7502.54 30.00% 0.16% 0.16% 0.69 0.69

Average 30.00% 0.75% 0.74% 0.72 0.72

Median 30.00% 0.60% 0.59% 0.86 0.86

# Cost of Debt Cost of Equity

Pre Tax Cost of Debt 7.47% Risk Free Rate 7.16%

Tax Rate 30.00% Return on Markets 15.41%
Post Tax Cost of Debt 5.23% Equity Risk Premium 8.25%
Levered Beta 4 0.86
Cost of Equity 14.26%

# Capital Structure Levered Beta

Current Target
Total Debt 1932.62 0.59% 0.74% Comps Median Unlevered Beta 0.86
Total Equity 323916.3 99.41% 99.26% Target Debt/Equity 0.74%
Total Capital 325849 100.00% 100.00% Tax Rate 30.00%
Levered Beta 0.86
Debt/Equity 0.60% 0.74%

# notes Weighted Average Cost of Capital

1. Tax Rate considered as marginal tax rate of country
2. Levered Beta is based on 5 year monthly data Cost of Equity 14.26%
3. Unlevered Beta = Levered Beta/1+(1-tax rate)*Debt/Equity) Weight of Equity 99.26%
4. Levered Beta = Unlevered Beta*1+(1-tax rate)*Debt/Equity)
Cost of Debt 5.23%
Weight of Debt 0.74%
WACC 14.20%
# Calculation of ROIC Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Current Assets
Inventories 3150.0 3390.0 3799.0 6153.0 6211.0
Trade receivables 1907.0 1795.0 2602.0 3871.0 4637.0
Short term loans 16.0 12.0 11.0 8.0 12.0
Other asset items 1456.0 1727.0 2555.0 2869.0 3024.0
Total Current Assets 6529.0 6924.0 8967.0 12901.0 13884.0

Current Liabilities
Trade Payables 2394.0 2137.0 3379.0 4164.0 3635.0
Advance from Customers 13.0 29.0 41.0 76.0 108.0
Other liability items 2690.0 2320.0 2613.0 2932.0 3657.0
Total Current Liabilties 5097.0 4486.0 6033.0 7172.0 7400.0
# Net Working Capital 1432.0 2438.0 2934.0 5729.0 6484.0

Non Current Assets

Land 605.0 640.0 644.0 644.0 799.0
Building 2402.0 2257.0 2249.0 2325.0 2617.0
Plant Machinery 4006.0 4208.0 4340.0 4531.0 4825.0
Equipments 221.0 241.0 243.0 253.0 270.0
Furniture n fittings 88.0 94.0 99.0 113.0 146.0
Vehicles 47.0 43.0 38.0 32.0 30.0
Intangible Assets 512.0 505.0 476.0 345.0 330.0
Other fixed assets 261.0 293.0 302.0 294.0 289.0
Gross Block 8142.0 8281.0 8391.0 8537.0 9306.0
Accumulated Depreciation (1,592.0) (2,010.0) (2,533.0) (3,019.0) (3,536.0)
# Net Non Curret Assets 6550.0 6271.0 5858.0 5518.0 5770.0

EBIT 3142.8 3376.3 4064.3 3987.3 5401.8

# Invested Capital 7982.0 8709.0 8792.0 11247.0 12254.0
# ROIC 39.37% 38.77% 46.23% 35.45% 44.08%

# Calculation of Reinvestment Rate Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Net Capex 1134.0 367.0 254.0 511.0 1420.0

Change in Working Capital 1006.0 496.0 2795.0 755.0

EBIT 3142.8 3376.3 4064.3 3987.3 5401.8

Marginal Tax Rate 25.00% 25.00% 25.00% 25.00% 25.00%
EBIT*(1-t) 2357.1 2532.2 3048.2 2990.4 4051.4

Reinvestment 1373.0 750.0 3306.0 2175.0

# Reinvestment rate 54.22% 24.60% 110.55% 53.69%

4 Year Average 60.77%

4 Year Median 53.95%

# Calculation of Intrensic Growth Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Reinvestment Rate 54.22% 24.60% 110.55% 53.69%

ROIC 38.77% 46.23% 35.45% 44.08%
# Intrensic Growth Rate 21.02% 11.37% 39.19% 23.67%

4 Year Average 23.81%

4 Year Median 22.34%
# Calculation of PV of FCFF Mar-23A Mar-24F Mar-25F Mar-26F Mar-27F Mar-28F
EBIT 5,744.40 6,936.36 8,375.66 10,113.61 12,212.18 14,746.21
Tax Rate 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
EBIT*(1-t) 4,308.30 5,202.27 6,281.74 7,585.21 9,159.14 11,059.66
Less: Reinvestment Rate 53.95% 52.75% 51.55% 50.34% 49.14% 49.14%
Free Cash Flow to Firm (FCFF) 1,983.83 2,458.08 3,043.72 3,766.56 4,658.34 5,624.94
Mid Year Convention 0.5 1.5 2.5 3.5 4.5
Discounting Factor 0.936 0.819 0.718 0.628 0.550
PV OF FCFF 2,300.22 2,494.16 2,702.78 2,927.14 3,095.12

Expected Growth 20.75%

Terminal Growth 6.40%
WACC 14.20%

# Calculation of Terminal Value Sensitivity Analysis

639.35 12.20% 13.20% 14.20% 15.20%
FCFF (n+1) 6,792.12 4.40% 639.35 582.54 537.33 500.49
WACC 14.20% 5.40% 712.88 639.35 582.54 537.33
Terminal Growth Rate 6.40% 6.40% 811.77 712.88 639.35 582.54
7.40% 951.90 811.77 712.88 639.35
Terminal Value 87,115.32 8.40% 1,165.85 951.90 811.77 712.88

# Calculation of Equity Value Per Share

PV Of FCFF 13,519.42
PV of Terminal Value 47,935.10
Enterprise Value 61,454.52
Add: Cash 843.82
Less: Debt 972.00
Value Of Equity 61,326.34
No of Shares 95.92

# Equity Value Per Share 639.35

Share Price 3394
Discount/Premium 5.31x
 Amount in Crores
# Comparable Company Valuation
Market Data Financials Valuation
Share Shares Equity Enterprise Net
Company Ticker Price Oustanding Value Net Debt Value Revenue EBITDA Income EV/Revenue EV/EBITDA P/E
Asian Paints ASIANPAINT 3,391 96 3,25,236 1,089 3,26,325 35,064 7,422 4,734 9.31x 43.97x 68.70x
Berger Paints BERGERPAINT 680 97 66,021 944 66,965 10,568 1,527 860 6.34x 43.84x 76.73x
Kansai Nerolac KANSAINER 328 81 26,483 33 26,516 7,543 836 468 3.52x 31.70x 56.53x
Akzo Nobel AKZOINDIA 2,719 5 12,373 -494 11,880 3,802 553 335 3.12x 21.48x 36.92x
Indigo Paints INDIGOPNTS 1,575 5 7,497 -37 7,460 1,073 191 132 6.95x 39.13x 56.82x
High 9.31x 43.97x 76.73x
75th Percentile 6.95x 43.84x 68.70x
Average 5.85x 36.02x 59.14x
Median 6.34x 39.13x 56.82x
25th Percentile 3.52x 31.70x 56.53x
Low 3.12x 21.48x 36.92x
# Asian Paints Comparable Valuation EV/Revenue EV/EBITDA P/E
Implied Enterprise Value 2,22,191 2,90,405 2,70,097
Net Debt 1,089 1,089 1,089
Implied Market Value 2,21,102 2,89,316 2,69,008
Shares Oustanding 95.92 95.92 95.92
# Implied Value Per Share 2,305 3,016 2,805
Overvalued Overvalued Overvalued
 Return On Markets
Football Field Analysis- Valuation Summary (Rs)
Year Annual
4,000 ₹ 3,583 2000 -14.65%
3,500
₹ 3,016
2001 -16.18%
3,000 2002 3.25%
2003 71.90%
2,500
₹ 2,686 2004 10.68%
2,000 ₹ 2,305 2005 36.34%
1,500 ₹ 1,166 2006 39.83%
₹ 713 ₹ 812 2007 54.77%
1,000
2008 -51.79%
500
₹ 500 ₹ 537 ₹ 639 2009 75.76%
0 2010 17.95%
Comps DCF Bear DCF Base DCF Bull 52 Week H/L
2011 -24.62%
2012 27.70%
2013 6.76%
2014 31.39%
2015 -4.06%
2016 3.01%
2017 28.65%
2018 3.15%
NIFTY Yearly Returns 2019 12.02%
100.00% 2020 14.17%
80.00% 2021 24.12%
60.00% 2022 4.32%
40.00%
20.00%
0.00% Average Return 15.41%
1
-20.00% Dividend Yield 1.36%
-40.00% Total Return 15.41%
-60.00%
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Date Adj Close Returns Sorted Returns Replication Simulated Returns Calculation of VAR - Using Simulation Approach
23-10-2009 149.12 1.244738266 0.096586491 1 -0.004828718
15-01-2007 66.43 -0.301990926 0.092895974 2 -0.016040603 Historical Approach
25-10-2007 95.17 -0.944160572 0.091229537 3 -0.012959388 Mean 0.12%
20-03-2020 1704.42 -0.373309193 0.088527294 4 0.001713826 Std Deviation 1.68%
14-05-2021 2719.71 142.6115075 0.085400256 5 0.008525006 Min -14.03%
16-05-2003 18.94 -0.591395588 0.083062539 6 0.008783987 Max 9.66%
09-06-2006 46.35 -0.973554747 0.082636494 7 -0.00932749 CMP 3352.00
23-09-2019 1752.60 16.94912625 0.078845213 8 0.000214735
28-01-2008 97.64 -0.78066637 0.076603281 9 0.02338303 Monte Carlo Simulation Approach
19-09-2013 445.18 -0.725962119 0.075421038 10 -0.025230984 Mean 0.11%
20-09-2019 1624.52 15.80333034 0.07535852 11 0.020028988 Std Deviation 1.69%
21-05-2009 96.68 4.310004368 0.07512096 12 -0.006168225 Min -5.63%
02-05-2003 18.21 -0.798317755 0.074728445 13 0.006752732 Max 6.55%
21-10-2008 90.27 -0.879632317 0.072366141 14 -0.01917424 CMP 3352.00
01-12-2014 749.99 31.56206229 0.0702966 15 -0.006933897
18-05-2004 23.03 -0.985494919 0.069988747 16 0.022606729 Percentile Confidence VAR % Stock Price VAR (INR)
07-04-2020 1587.90 57.85361807 0.067657295 17 -0.006436631 5.0% 95.0% -2.66% 3441.1 -89.10
23-01-2004 26.98 -0.64953299 0.066739194 18 0.014081502 1.0% 99.0% -3.78% 3478.7 -126.66
15-04-2009 76.98 -0.246880857 0.066402896 19 -0.029587149 0.5% 99.5% -4.25% 3494.3 -142.33
30-01-2008 102.22 0.732546027 0.065174295 20 0.018314872 10% 90.0% -2.05% 3420.7 -68.68
06-02-2006 59.00 -0.923566186 0.063306062 21 0.021154849
08-01-2015 771.92 6.349635367 0.063042803 22 0.013210044
07-01-2008 105.03 -0.902393119 0.062669756 23 0.014935632
28-07-2016 1076.03 3.623289358 0.062346659 24 0.008597216
28-07-2010 232.74 1.241787736 0.060614582 25 0.005900621
27-02-2008 103.82 -0.413121841 0.059684105 26 -0.004193929
03-03-2010 176.90 -0.943155225 0.059493458 27 -0.006612287
20-07-2021 3112.00 5.493066752 0.05939052 28 -0.010875729
21-10-2013 479.28 1.010847528 0.059355157 29 0.002010789
28-10-2010 238.35 1.85408358 0.058279218 30 -0.003845514
13-05-2009 83.51 -0.932387223 0.058118839 31 0.005093819
11-05-2018 1235.14 -0.425816181 0.056458958 32 0.002568268
27-10-2020 2151.12 18.92671332 0.056405999 33 -0.02799254
31-01-2008 107.95 -0.961928276 0.056059294 34 0.012557054
09-03-2022 2835.48 31.64513017 0.055647287 35 0.034598837
23-01-2008 86.86 -0.876047456 0.055421 36 0.028638232
28-11-2014 700.73 2.06433482 0.055264347 37 0.033706406
01-03-2011 228.67 -0.131472511 0.055025639 38 -0.032896436
21-12-2010 263.29 -0.282416631 0.054760023 39 -0.021699329
31-05-2012 366.91 12.81626174 0.053740982 40 0.011837822
07-12-2004 26.56 -0.684184258 0.053727023 41 -0.016281627
22-10-2007 84.09 -0.012383009 0.053372207 42 -0.006649156
29-10-2008 85.14 -0.890891795 0.052402707 43 0.019898728
07-07-2015 780.35 7.292807627 0.052389835 44 0.041755322
01-11-2007 94.10 0.356365888 0.052261981 45 -0.002783227
30-01-2009 69.38 -0.960868929 0.051946892 46 -0.00388968
22-04-2020 1772.92 0.981349997 0.050405654 47 -0.015324793
16-11-2016 894.80 36.10832426 0.050404207 48 -0.005979934
06-11-2003 24.11 -0.984336897 0.05009332 49 -0.005556697
21-05-2020 1539.50 10.62808896 0.049498289 50 -0.001527485
07-10-2009 132.39 -0.680388553 0.049469703 51 0.012694001
10-09-2013 414.24 6.01474621 0.048694346 52 0.014758065
08-03-2007 59.05 1.473992255 0.048544567 53 0.003875138
18-08-2003 23.87 -0.990136094 0.04854372 54 -0.012367507
16-03-2021 2419.85 26.07394064 0.04823795 55 -0.017450928
14-10-2008 89.38 -0.773724135 0.048192452 56 -0.012315895
06-09-2013 395.00 6.299408768 0.048077053 57 -0.000661551
02-02-2006 54.11 -0.864123695 0.047872485 58 0.022722919
29-11-2012 398.26 21.19895461 0.047503415 59 -0.013377632
05-07-2002 17.94 -0.754491016 0.047458839 60 -0.007214439
10-02-2009 73.07 3.251398658 0.046281157 61 0.009038189
20-08-2002 17.19 -0.341046398 0.046221064 62 0.029428199
29-09-2004 26.08 -0.967248627 0.0458351 63 0.018220885
30-09-2015 796.44 7.356837931 0.045725667 64 0.000131574
26-12-2007 95.30 -0.946091635 0.045670494 65 0.013985768
07-08-2020 1767.88 21.34627842 0.045556034 66 0.033536216
19-12-2008 79.11 -0.720687469 0.045142684 67 -0.01371499
27-06-2011 283.24 -0.424006238 0.045103474 68 -0.004564211
09-06-2014 491.75 -0.698252622 0.045018457 69 0.010517453
31-03-2020 1629.66 15.79685637 0.044860317 70 0.016902763
23-07-2008 97.02 -0.937724014 0.044817492 71 0.008829797
25-03-2020 1557.93 1.455841298 0.044791472 72 0.013602561
Regression Beta 5 Year Weekly
Adjusted Beta Raw Beta
X Y
Nifty ASIAN PAINTS LTD Beta Drifting Beta 1 0.68
Beta 2 0.68
Date Adj Close Returns Date Adj Close Returns Levered Raw Beta 0.68 Beta 3 0.68
Jul 17, 2023 16,904.30 NA Jul 17, 2023 3,517.70 NA Beta Weight 75.00%
Jul 10, 2023 16,765.45 -0.82% Jul 10, 2023 3,429.75 -2.50% Mkt Beta 1.00 SUMMARY OUTPUT
Jul 03, 2023 16,564.90 -1.20% Jul 03, 2023 3,343.70 -2.51% Mkt Beta Weight 25.00%
Jun 26, 2023 16,430.00 -0.81% Jun 26, 2023 3,362.05 0.55% Regression Statistics
Jun 19, 2023 16,011.80 -2.55% Jun 19, 2023 3,297.70 -1.91% Adjusted Beta 0.76 Multiple R 0.46005605
Jun 12, 2023 16,181.45 1.06% Jun 12, 2023 3,316.85 0.58% R Square 0.211651569
Jun 05, 2023 15,877.40 -1.88% Jun 05, 2023 3,159.51 -4.74% Adjusted R Square 0.208595955
May 29, 2023 15,811.20 -0.42% May 29, 2023 3,215.83 1.78% Standard Error 0.033641179
May 22, 2023 15,696.75 -0.72% May 22, 2023 3,107.70 -3.36% Observations 260
May 15, 2023 15,407.55 -1.84% May 15, 2023 3,064.05 -1.40%
May 08, 2023 15,477.35 0.45% May 08, 2023 3,110.39 1.51% ANOVA
May 01, 2023 15,278.60 -1.28% May 01, 2023 2,993.02 -3.77% df SS MS F Significance F
Apr 24, 2023 15,219.55 -0.39% Apr 24, 2023 2,883.15 -3.67% Regression 1 0.078390855 0.078390855 69.26645975 5.0528E-15
Apr 17, 2023 14,847.10 -2.45% Apr 17, 2023 2,863.03 -0.70% Residual 258 0.291986058 0.001131729
Apr 10, 2023 14,954.25 0.72% Apr 10, 2023 2,791.16 -2.51% Total 259 0.370376912
Apr 03, 2023 14,759.20 -1.30% Apr 03, 2023 2,791.26 0.00%
Mar 27, 2023 14,557.85 -1.36% Mar 27, 2023 2,743.38 -1.72% Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
Mar 20, 2023 14,279.00 -1.92% Mar 20, 2023 2,779.99 1.33% Intercept -0.002161183 0.002091885 -1.033127372 0.30251174 -0.00628053 0.001958159 -0.00628053 0.001958159
Mar 13, 2023 14,420.85 0.99% Mar 13, 2023 2,843.71 2.29% X Variable 1 0.680997641 0.081824642 8.322647401 5.0528E-15 0.519868443 0.842126838 0.519868443 0.842126838
Mar 06, 2023 14,679.85 1.80% Mar 06, 2023 2,811.48 -1.13%
Feb 27, 2023 14,774.75 0.65% Feb 27, 2023 2,810.14 -0.05%
Feb 20, 2023 14,630.45 -0.98% Feb 20, 2023 2,720.38 -3.19%
Feb 13, 2023 15,003.95 2.55% Feb 13, 2023 2,814.85 3.47%
Feb 06, 2023 15,015.85 0.08% Feb 06, 2023 2,786.05 -1.02%
Jan 30, 2023 14,962.35 -0.36% Jan 30, 2023 2,742.14 -1.58%
Jan 23, 2023 14,874.75 -0.59% Jan 23, 2023 2,704.64 -1.37%
Jan 16, 2023 15,347.90 3.18% Jan 16, 2023 2,769.36 2.39%
Jan 09, 2023 15,346.10 -0.01% Jan 09, 2023 2,889.91 4.35%
Jan 02, 2023 15,272.00 -0.48% Jan 02, 2023 2,958.70 2.38%
Dec 26, 2022 15,448.85 1.16% Dec 26, 2022 3,067.47 3.68%
Dec 19, 2022 15,046.00 -2.61% Dec 19, 2022 3,037.67 -0.97%
Dec 12, 2022 15,636.35 3.92% Dec 12, 2022 3,035.68 -0.07%
Dec 05, 2022 15,812.75 1.13% Dec 05, 2022 3,205.60 5.60%
Nov 28, 2022 15,963.50 0.95% Nov 28, 2022 3,122.66 -2.59%
Nov 21, 2022 15,727.25 -1.48% Nov 21, 2022 3,087.59 -1.12%
Nov 14, 2022 15,550.85 -1.12% Nov 14, 2022 3,075.02 -0.41%
Nov 07, 2022 15,649.10 0.63% Nov 07, 2022 3,035.19 -1.30%
Oct 31, 2022 15,530.85 -0.76% Oct 31, 2022 3,155.75 3.97%
Oct 24, 2022 15,241.60 -1.86% Oct 24, 2022 3,028.83 -4.02%
Oct 17, 2022 15,081.10 -1.05% Oct 17, 2022 3,067.52 1.28%
Oct 10, 2022 14,815.10 -1.76% Oct 10, 2022 3,159.87 3.01%
Oct 03, 2022 15,036.70 1.50% Oct 03, 2022 3,316.79 4.97%
Sep 26, 2022 14,829.35 -1.38% Sep 26, 2022 3,315.55 -0.04%
Sep 19, 2022 15,057.65 1.54% Sep 19, 2022 3,367.93 1.58%
Sep 12, 2022 15,243.95 1.24% Sep 12, 2022 3,295.81 -2.14%
Sep 05, 2022 15,467.40 1.47% Sep 05, 2022 3,414.15 3.59%
Aug 29, 2022 15,201.60 -1.72% Aug 29, 2022 3,403.44 -0.31%
COMPANY NAME ASIAN PAINTS LTD
LATEST VERSION 2.10 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET
CURRENT VERSION 2.10

META
Number of shares 95.92
Face Value 1
Current Price 3383.4
Market Capitalization 324535

PROFIT & LOSS

Report Date Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Sales 12220.37 13615.26 14271.49 15061.99 16824.55 19240.13 20211.25 21712.79 29101.28 34488.59
Raw Material Cost 6339.75 6874.83 6569.83 7452.6 8128.17 9974.4 9981.99 10425.55 17123.25 18985.53
Change in Inventory 90.28 148.07 -199.33 528.6 -142.13 293.26 239.15 92.45 1324.97 309.73
Power and Fuel 133.74 130.68 114.48 106.02 110.3 119.63 97.79 86.05 117.23 138.29
Other Mfr. Exp 1292.18 1504.47 1535.22 1662.75 1691.68 1862.35 1946.12 2068.31 2880.45 2916.2
Employee Cost 763.59 936.86 994.98 1039.89 1121.89 1242.69 1371.27 1547.61 1794.61 2036.41
Selling and admin 2826.43 3351.66 3912.3 4364.04 2254.92 2366.87 2311.51 2245.69 2941.98 3500.84
Other Expenses -1048.7 -1278.06 -1779.69 -2028.47 171.45 202.51 584.9 576.43 765.12 961.21
Other Income 124.26 142.14 213.39 337.9 336.41 273.77 355.05 331.65 295.88 431.46
Depreciation 245.66 265.92 275.58 334.79 360.47 622.14 780.5 791.27 816.36 858.02
Interest 47.99 42.24 49 37.33 41.47 110.47 102.33 91.63 95.41 144.45
Profit before tax 1834.27 2076.87 2613.85 2959.54 3138.48 3306.1 3629.04 4304.35 4187.72 5688.83
Tax 571.51 649.54 844.49 943.29 1040.96 1098.06 854.85 1097.6 1102.91 1493.5
Net profit 1218.81 1395.15 1745.16 1939.43 2038.93 2155.92 2705.17 3139.29 3030.57 4106.45
Dividend Amount 508.38 585.11 719.4 987.98 834.5 1007.16 1151.04 1712.17 1836.87 2460.35

EBITDA 2,083.97 2,352.85 2,914.23 3,254.84 3,481.83 3,986.59 4,442.85 5,119.79 5,045.25 6,602.42
EBIT 1,838.31 2,086.93 2,638.65 2,920.05 3,121.36 3,364.45 3,662.35 4,328.52 4,228.89 5,744.40

Quarters
Report Date Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23
Sales 6651.43 5585.36 7096.01 8527.24 7892.67 8606.94 8457.57 8636.74 8787.34 9182.31
Expenses 5333.17 4674.32 6191.56 6984.93 6449.38 7050.99 7229.87 7025.31 6922.58 7061.02
Other Income 81.26 89.61 148.4 86.77 -26.38 87.52 117.56 122.21 104.17 227.74
Depreciation 213.35 200.59 202.75 207.91 205.11 208.1 215.7 214.05 220.17 198.32
Interest 29.86 21.48 23.86 27.45 22.62 28.75 35.4 41.39 38.91 45.75
Profit before tax 1156.31 778.58 826.24 1393.72 1189.18 1406.62 1094.16 1478.2 1709.85 2104.96
Tax 286.42 204.28 221.07 362.43 315.13 370.59 290.33 381.14 451.44 530.12
Net profit 852.13 568.5 595.96 1015.69 850.42 1016.93 782.71 1072.67 1234.14 1550.37
Operating Profit 1318.26 911.04 904.45 1542.31 1443.29 1555.95 1227.7 1611.43 1864.76 2121.29

BALANCE SHEET
Report Date Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Equity Share Capital 95.92 95.92 95.92 95.92 95.92 95.92 95.92 95.92 95.92 95.92
Reserves 3943.3 4646.44 6428.9 7507.97 8314.31 9374.63 10034.24 12710.37 13715.64 15896.31
Borrowings 249.15 418.17 323.29 560.34 533.43 1319.6 1118.5 1093.12 1586.88 1932.62
Other Liabilities 3787.03 3753.97 3710.92 4240.96 4819.82 5458.69 4889.31 6455.93 7559.99 7854.48
Total 8075.4 8914.5 10559.03 12405.19 13763.48 16248.84 16137.97 20355.34 22958.43 25779.33
Net Block 2561.58 2660.04 3416.35 3303.74 3732.24 6496.56 6272.31 5858.52 5519.06 5770.46
Capital Work in Progress 71.6 196 106.59 257.54 1405.11 209.67 140.24 182.98 426.43 1019.59
Investments 1423.55 1587.79 2712.13 2651.99 2140.7 2568.58 2018.85 4736.8 3247.53 4261.71
Other Assets 4018.67 4470.67 4323.96 6191.92 6485.43 6974.03 7706.57 9577.04 13765.41 14727.57
Total 8075.4 8914.5 10559.03 12405.19 13763.48 16248.84 16137.97 20355.34 22958.43 25779.33
Receivables 1110.3 1182.07 1186.84 1446.6 1730.63 1907.33 1795.22 2602.17 3871.44 4636.94
Inventory 2069.86 2258.52 1998.24 2626.94 2658.31 3149.86 3389.81 3798.6 6152.98 6210.64
Cash & Bank 229 204.39 424.2 801.21 404.65 444.88 782.83 610.75 864.33 843.82
No. of Equity Shares 959197800 959197790 959197790 959197790 959197790 959197790 959197790 959197790 959197790 959197790
New Bonus Shares
Face value 1 1 1 1 1 1 1 1 1 1

Other Assets 609.51 825.69 714.68 1,317.17 1,691.84 1,471.96 1,738.71 2,565.52 2,876.66 3,036.17

Total Assets 8,075.40 8,914.50 10,559.03 12,405.19 13,763.48 16,248.84 16,137.97 20,355.34 22,958.43 25,779.33

CASH FLOW:
Report Date Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Cash from Operating Activity 1402.03 1187.69 2242.95 1527.33 2113.44 2469.54 3038.15 3683.35 986.49 4193.43
Cash from Investing Activity -585.99 -464.99 -866.21 -681.11 -1556.14 -917.79 -517.91 -540.54 -316.75 -1282.34
Cash from Financing Activity -625.91 -576.09 -848.98 -756.43 -1379.14 -1117.46 -2871.46 -650.4 -1807.61 -2140.05
Net Cash Flow 190.13 146.61 527.76 89.79 -821.84 434.29 -351.22 2492.41 -1137.87 771.04
PRICE: 547.95 811.3 868.4 1073.5 1120.4 1492.7 1666.5 2537.4 3079.95 2761.65

DERIVED:
Adjusted Equity Shares in Cr 95.92 95.92 95.92 95.92 95.92 95.92 95.92 95.92 95.92 95.92