Professional Documents
Culture Documents
2007
41,335.27
4,635.54
36,699.73
21,993.95
2,620.84
7,304.15
4,780.79
189.11
611.41
372.51
4,352.78
(77.56)
4,275.22
26.48
4,301.70
1,483.23
(28.83)
48.14
(35.76)
2,834.92
20.60
2,814.32
1,100.00
3,914.32
1,151.0
95.9
180.6
982.8
1,500.0
3910.30
29.30
29.30
13.00
No of shares - eop
Key Figures
Gross Profit
EBITDA
Operating Profit (EBIT)
PBT
Net Income
95.92
14,705.78
4,780.79
4,541.89
4,352.78
2,834.92
Margins
Gross Profit
EBITDA
Operating Profit (EBIT)
PBT
Net Income
40%
13%
12%
12%
8%
Purchases
Assumptions
Sales (Growth - YoY)
Material Cost (as a % of Sales)
Overheads
Employee Cost (as a % of sales)
SG&A costs (as a % of sales)
Other income (Growth - YoY)
Other income (as a % of sales)
Effective Tax Rate (tax /EBT)
Dividend Payout Ratio
Divident Tax Rate
Minority Interest as % of PAT
60%
7%
20%
1%
34%
44%
14%
1%
10
2008
2009
2010
2011
49385.6
60438.4
71065.6
83614.7
5313.3
5806.1
4256.2
6552.3
44072.30 54632.30 66809.40 77062.40
25776.4
3066.6
8623.5
6605.80
211.6
591.7
596
6398.50
-68.4
6330.10
-15.9
6314.20
33706.4
3715.2
10516.7
6694.00
263.2
743.8
516.8
6203.80
-12.4
6191.40
-22.7
6168.70
37579.6
4362.8
12593
12274.00
284.7
835.6
1405
12558.70
11.5
12570.20
0
12570.20
44745.6
4539.9
14647.2
13129.70
222.3
1131.3
826.3
12602.40
0
12602.40
0
12602.40
1847.9
105.6
64.3
15.9
4280.50
188.7
4091.80
1500
5591.80
1793.4
3731.8
3555
163.2
55.4
281.5
73.6
0
0
-56.3
-56.1
-47.6
4194.80
8839.10
8813.50
216.4
482.7
381.1
3978.40
8356.40
8432.40
2000
2300
6000
5978.40 10656.40 14432.40
623.4
1,007.1
277.2
1,684.1
2,000.0
5591.80
623.5
1,055.1
288.8
1,711.0
2,300.0
5978.40
815.3
1,774.5
433.3
1,633.3
6,000.0
10656.40
815.3
2,254.1
501.1
4,861.9
6,000.0
14432.40
43.37
42.66
17.00
41.61
41.48
17.50
87.00
87.12
27.00
87.91
87.91
32.00
2012
2013
2014
2015
2016
62143.12
7213.04
21639.12
19974.57
222.97
1664.55
2330.37
20417.43
74571.74
8655.65
25966.95
23969.49
222.97
1997.46
2796.44
24545.51
89486.09 107383.31
10386.78 12464.13
31160.34 37392.40
28763.39 34516.06
222.97
222.97
2396.95
2876.34
3355.73
4026.87
29499.20 35443.63
16977.36
20417.43
24545.51
29499.20
35443.63
16977.36
5093.21
20417.43
6125.23
24545.51
7363.65
29499.20
8849.76
35443.63
10633.09
11884.15
594.21
11289.95
14292.20
714.61
13577.59
17181.85
859.09
16322.76
20649.44
1032.47
19616.97
24810.54
1240.53
23570.02
11289.95
13577.59
16322.76
19616.97
23570.02
7327.18
8811.86
10593.47
12731.41
15296.94
117.70
141.55
170.17
204.51
245.73
35.31
42.47
51.05
61.35
73.72
95.92
95.92
95.92
95.92
95.92
95.92
95.92
40,688.95
16,645.48
17,200.33
16,977.36
11,884.15
48,826.74
19,974.57
20,640.39
20,417.43
14,292.20
58,592.08
23,969.49
24,768.47
24,545.51
17,181.85
70,310.50
28,763.39
29,722.17
29,499.20
20,649.44
84,372.60
34,516.06
35,666.60
35,443.63
24,810.54
42%
15%
15%
15%
10%
95.92
38%
12%
12%
11%
8%
95.92
44%
18%
19%
19%
13%
42%
17%
17%
16%
11%
44%
18%
19%
18%
13%
44%
18%
19%
18%
13%
44%
18%
19%
18%
13%
50,507.61
64,498.32
77,397.98
44%
18%
19%
18%
13%
44%
18%
19%
18%
13%
92,877.57 111,453.09
20.09%
58%
23.96%
62%
22.29%
56%
15.35%
58%
20%
56%
20%
56%
20%
56%
20%
56%
20%
56%
7%
20%
7%
19%
7%
19%
6%
19%
7%
20%
7%
20%
7%
20%
7%
20%
7%
20%
0.60
1%
32%
38%
17%
4%
(0.13)
1%
32%
40%
17%
5%
1.72
2%
30%
29%
17%
5%
(0.41)
1%
30%
35%
16%
4%
2%
30%
30%
17%
5%
2%
30%
30%
17%
5%
2%
30%
30%
17%
5%
2%
30%
30%
17%
5%
2%
30%
30%
17%
5%
ASIAN PAINTS
Schedule G
2007
2008
2009
2010
959.2
6,818.72
7777.92
959.2
8864.5
9823.7
959.2
11072.5
12031.7
959.2
16140.6
17099.8
1,201.05
1211.2
1253.5
637
1,860.71
1540.9
1832.7
1655.3
3,061.76 2,752.10 3,086.20 2,292.30
267.86
390.8
533.1
562.3
600.75
573.7
755.7
944.5
11,708.29 13,540.30 16,406.70 20,898.90
468.62
443.5
505.5
367.3
True
True
True
Current Liabilities
1 Acceptances
2 Sundry Creditors
Trade (payables)
Others
3 Investor Education etc
4 Other Liabilities
7870.38
1729.27
4485.35
3692.78
792.57
62.89
1592.87
9859.30 10111.40
2183.20 1795.40
5719.60 5541.50
4539.40 4416.40
1180.20 1125.10
31.70
29.10
1924.80 2745.40
13796.50
2987.70
7183.20
5993.80
1189.40
34.50
3591.10
Assumptions:
B
A
A
S
E
Fixed Assets
Net Fixed Assets - Opening
Add: Capex
Add: Acquisitions / (Disposals)/WIP addns
Less: Depreciation
Net Fixed Assets - Ending
Capex (as a % of sales)
Depreciation (as a % of sales)
2.23%
1.67%
Debt
Average Debt
Interest paid
Interest cost %
6.99%
1.34%
5.68%
1.36%
5.92%
1.25%
2906.93
211.6
7.28%
2919.15
263.2
9.02%
2689.25
284.7
10.59%
1.30
0.54
0.10
1.51
0.70
0.18
1.09
0.42
0.06
10.01
3.93
6.54
36.48
92.89
55.77
73.60
10.59
4.55
7.65
34.48
80.29
47.71
67.06
11.99
4.36
7.58
30.44
83.76
48.16
66.05
1.27%
0.90%
0.97%
1.51
0.70
0.12
Other Receivables
Other Current Assets as % of Sales
1.89%
2.67%
3.46%
3.62%
2.61%
Other Payables
Acceptances as % of COGS
Others Creditors as % of COGS
Investor Education etc as % of COGS
Other Liabilities as % of COGS
7.86%
3.60%
0.29%
7.24%
8.47%
4.58%
0.12%
7.47%
5.33%
3.34%
0.09%
8.15%
7.95%
3.17%
0.09%
9.56%
Operating Profitability
Gross Profit Margin
Operating Profit Margin
Net Profit Margin
0.40
0.12
0.08
0.42
0.15
0.10
0.38
0.12
0.08
0.44
0.19
0.13
0.42
0.36
0.53
0.44
0.43
0.35
0.66
0.52
Operating Efficiency
Total asset turnover
Net fixed asset turnover
Equity turnover
10
2011
2012
2013
959.2
959.2
959.2
20915 28242.1751 37054.03
21874.2 29201.3751 38013.23
2014
2015
2016
959.2
959.2
959.2
47647.5 60378.91617 75675.85716
48606.7 61338.11617 76635.05716
499.7
499.7
499.7
499.7
499.7
499.7
1847.3
1847.3
1847.3
1847.3
1847.3
1847.3
2,347.00
2,347.00 2,347.00 2,347.00
2,347.00
2,347.00
851.8
851.8
851.8
851.8
851.8
851.8
1098.9 1693.10769 2407.718 3266.81 4299.282465 5539.809671
26,171.90
34,093.28 43,619.75 55,072.31
68,836.20
85,373.67
371.9
19877.5
7150.7
12,726.80
433.2
13,160.00
9219.5
22,751.40
371.9
371.9
371.9
371.9
371.9
15,642.03
9219.5
25,233.43
16,600.81
9219.5
26,192.21
1330.4
15162.03 27252.84
2
2
2
13054.3 11775.9792 14131.18
5855.3 7600.67507 9120.81
893.1
1544.33 1853.20
2054.4
2469.08 2962.90
23,189.50
36,085.01 55,322.91
41782.61
59239.15
80207.81
2
2
2
16957.41 20348.89213 24418.67055
10944.97 13133.96652 15760.75982
2223.84
2668.60
3202.32
3555.47
4266.57
5119.88
75,466.31
99,659.18
128,711.44
False
False
False
False
False
16403.70
3152.70
8913.80
7686.10
1227.70
41.40
4295.80
26635.55
6264.03
14131.48
12899.66
1231.82
41.55
6198.50
31064.41
7516.83
16712.45
15479.60
1232.85
41.59
6793.55
13,160.00
2396.94889 2876.338668
15,642.03
16,600.81
2.03%
1.47%
2%
1.50%
2%
1.50%
2%
1.50%
2%
1.50%
2%
1.50%
2319.65
222.3
9.58%
2347
222.965
9.50%
2347
222.965
9.50%
2347
222.965
9.50%
2347
222.965
9.50%
2347
222.965
9.50%
13.66
3.96
7.05
26.71
92.23
51.75
67.19
30
83
50
63
30
83
50
63
30
83
50
63
30
83
50
63
30
83
50
63
1.16%
1.67%
1.67%
1.67%
1.67%
1.67%
1.17
0.41
0.07
2.67%
2.67%
2.67%
2.67%
2.67%
2.67%
7.05%
2.74%
0.09%
9.60%
7.00%
3.00%
0.09%
9.60%
7.00%
3.00%
0.09%
9.60%
7.00%
3.00%
0.09%
9.60%
7.00%
3.00%
0.09%
9.60%
7.00%
3.00%
0.09%
9.60%
0.42
0.17
0.11
0.44
0.19
0.13
0.53
0.40
0.55
0.41
ASIAN PAINTS
10.00
2007
4271.20
611.41
26.48
(3.90)
6.85
70.71
4.02
2.75
(14.67)
189.11
(14.31)
(115.28)
5034.37
(869.90)
(1111.80)
(1044.80)
1286.70
4164.47
(1585.00)
2579.47
(819.5)
133.68
(395.58)
53.99
14.05
115.28
(269.38)
67.32
5.51
(1094.63)
736.84
(280.53)
(189.11)
(1,374.9)
(1107.70)
377.14
734.08
(57.00)
1054.22
2008
2009
2010
2011
2012
2013
2014
2015
2016
6330.10
29499.20
35443.63
591.70
0.00
(15.90)
(16.00)
68.40
0.00
0.00
0.00
0.00
(37.80)
211.60
(44.70)
(245.40)
(177.70)
6664.30
743.80
835.60 1131.30 1387.12 1664.55 1997.46
12.40
0.00
0.00
(22.70)
0.00
0.00
(1.30) (627.20)
(4.50)
0.00
(11.50)
0.00
0.00
(78.80)
(27.10)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(65.40)
0.00
0.00
263.20
284.70
222.30
222.97
222.97
222.97
(56.90) (110.60) (104.80)
(140.80) (226.20) (354.70)
320.60
(172.90) (161.00)
7244.30 12463.30 13303.90 18587.45 22304.94 26765.93
2396.95
2876.34
222.97
222.97
32119.12
38542.94
39.90 (1431.10)
(888.50) (922.20)
(1194.30) (549.40)
2122.70
40.50
6704.20 5813.20
(1906.00) (1919.20)
4798.20
(3,080.5)
262.40
(1981.50)
1158.30
44.70
245.40
0.00
(3.60)
0.00
6.90
(3347.90)
1337.70 (1767.00)
590.25 2316.23 2779.48
(508.80) (819.40) 1745.38 1520.14 1824.16
651.23
308.87
370.64
(1913.50) (3495.50) 1278.32 (2355.20) (2826.24)
3760.00 2547.90 (3735.91) 2533.56 3040.27
651.23
308.87
370.64
13801.00 11536.90 19177.70 24621.17 29545.40
(3169.40) (3924.20) (5093.21) (6125.23) (7363.65)
3894.00 10631.60
3335.37
4002.44
2188.99
2626.79
444.77
533.72
(3391.48) (4069.78)
3648.32
4377.99
444.77
533.72
35454.49 42545.38
(8849.76) (10633.09)
26604.73
31912.29
(3195.93)
(3835.12)
(3195.93)
(3835.12)
224.30
0.00
0.00
0.00
0.00
0.00
(529.70)
119.30
0.00
(25.60) (145.50)
(63.80)
(380.80)
(15.60)
0.00
0.00
(211.60) (263.20) (284.70) (222.30) (222.97) (222.97) (222.97)
(968.20) (1999.30) (2358.90) (3168.30) (3365.30) (3962.77) (4765.73)
(1336.30) (2303.70) (3318.80) (3335.10) (3588.27) (4185.74) (4988.70)
114.00
871.50 4322.60
128.70 8646.73 12090.81 14529.78
1053.90 1107.10 2103.70 6374.70 6515.30 15162.03 27252.84
(60.80)
125.10
(51.60)
11.90
1107.10 2103.70 6374.70 6515.30 15162.03 27252.84 41782.61
(222.97)
(222.97)
(5729.29) (6885.56)
(5952.25) (7108.52)
17456.54 20968.65
41782.61 59239.15
59239.15
80207.81
2001
2002
2003
1,470
1,233
13.18%
661
53.61%
370
0.2999
212
22
34
156
0.1264
9
1,599
1,371
11.20%
728
53.04%
418
0.3046
241
15
45
181
0.1323
16
1,807
1,535
11.93%
807
52.58%
459
0.2989
282
8
49
225
0.1465
24
156
0.1264
106
27
181
0.1323
114
28
225
0.1465
142
32
64.2
347
227
381
44
214
0.55
1,580
64.2
346
61
111
390
63
130
0.27
2,106
64.2
412
58
104
366
148
124
0.22
2,119
11.00
70.00
411.20
11.90
90.00
410.60
14.80
110.00
476.60
3,197
3,188
3,327
2007
2008
2009
100
2010
2,777 4133.527
2,319 3669.973
18.65%
58.24%
1,352 2199.395
58.29%
59.93%
616
992.499
0.2654
27.04%
388
416.938
4
18.911
46
61.141
339
336.886
0.146
9.18%
23
-0.48%
(34)
0
305
336.886
0.1315
9.18%
187
283.492
31
4938.56
4407.23
20.09%
2577.64
58.49%
1169.01
26.52%
601.41
21.16
59.17
521.08
11.82%
54.68%
0
521.08
11.82%
428.05
6043.84
5463.23
23.96%
3370.64
61.70%
1423.19
26.05%
595.02
26.32
74.38
494.32
9.05%
-5.14%
-0.59
494.91
9.06%
419.48
7106.56
6680.94
22.29%
3757.96
56.25%
1695.58
25.38%
1143.84
28.47
83.56
1031.81
15.44%
108.73%
2.546
1029.264
15.41%
883.91
8361.47
7706.24
15.35%
4474.56
58.06%
1918.71
24.90%
1199.84
22.23
113.13
1064.48
13.81%
3.17%
0
1064.48
13.81%
881.35
95.9
681.872
26.786
306.176
479.381
192.717
438.085
0.39
7,336
95.9
886.45
39.08
275.21
577.56
276.65
341.29
0.28
11,510
95.9
1107.25
53.31
308.62
813.03
78.4
606.58
0.26
7,539
95.9
1614.06
56.23
229.23
872.82
624.11
149
0.13
19,593
95.9
2091.5
85.18
234.7
1272.68
921.95
342.05
0.11
29735.2
19.50
125.00
622.30
28.40
130.00
777.77
39.10
170.00
982.35
37.78
175.00
1,203.15
80.74
270.00
1,709.96
3,681
3,868
3,924
4,260
4,382
2004
2005
2006
2,026
1,696
10.49%
944
55.63%
483
0.2847
291
5
48
238
0.1402
6
(7)
231
0.1362
148
29
2,339
1,955
15.24%
1,128
57.73%
532
0.2724
325
3
48
275
0.1407
16
(4)
271
0.1385
174
31
95.9
436
49
71
344
243
64
0.13
2,914
95.9
476
31
88
320
258
113
0.15
3,751
95.9
526
29
91
325
275
143
0.15
6,178
15.40
85.00
531.50
18.10
95.00
572.20
3,356
3,550
10
2011
95.42
3200%
2,187.40