RESULTS FOR THE FINANCIAL YEAR

Revenue Account
Gross Sales
Net Sales and Operating Income
Growth Rates (%)
Materials Cost
% to Net Sales
Overheads
% to Net sales
Operating Profit
Interest Charges
Depreciation
Profit Before Tax and Exceptional items
% to Net Sales
Growth Rates (%)
Exceptional items
Profit Before Tax and after Exceptional items
% to Net Sales
Profit After Tax
Return on average net worth (RONW) (%)
Capital Account
Share Capital
Reserves and Surplus
Deferred Tax Liability (Net)
Loan Funds
Fixed Assets
Investments
Net Current Assets
Debt-Equity Ratio
Market Capitalisation
Per Share Data
Earnings Per Share (EPS) (Rs.)
Dividend (%)
Book Value (Rs.)
Other Information
Number of Employees

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

ASIAN PAINTS
INCOME STATEMENT (in INR mn)
INCOME
Sales and operating income (Net of discs)
Less: Excise duty
TOTAL SALES
EXPENDITURE
Material Cost
Employee Cost
SG&A costs
EBITDA
Less : Interest
Less : Depreciation/Amortisation
Add: Other Income
EBT
Add/(Less) : Exceptional Item
PROFIT BEFORE TAX AND PRIOR PERIOD ITEMS
(Less) : Prior period items (Net)
PROFIT BEFORE TAX
Less: Provision for Taxation:
Current Tax
Deferred Tax (Refer Note B - 8 in Schedule M)
Fringe Benefit Tax
(Excess) Tax Provision for earlier years
PROFIT AFTER TAX
Less: Minority Interest
NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS
Add : Balance brought forward from previous year
AMOUNT AVAILABLE FOR APPROPRIATION
APPROPRIATIONS
Dividend to shareholders of parent company:
Equity Shares - Interim dividend
Proposed Final dividend
Tax on Dividend (includes tax on proposed div)
Transfer to General Reserve
Balance carried to Balance Sheet
Per share data
EPS (Rs.) Basic and Diluted - before exc item
EPS (Rs.) Basic and Diluted - after exc item
DPS (Rs)
No of shares - eop

Key Figures
Gross Profit
EBITDA

2007
41,335.27
4,635.54
36,699.73

2008

2009

49385.6
60438.4
5313.3
5806.1
44072.30 54632.30

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

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

1,483.23
(28.83)
48.14
(35.76)
2,834.92
20.60
2,814.32
1,100.00
3,914.32

1847.9
105.6
64.3
15.9
4280.50
188.7
4091.80
1500
5591.80

1793.4
163.2
73.6
-56.3
4194.80
216.4
3978.40
2000
5978.40

1,151.0
95.9
180.6
982.8
1,500.0
3910.30

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

29.30
29.30
13.00
95.92

43.37
42.66
17.00
95.92

41.61
41.48
17.50
95.92

14,705.78 18,295.90 20,925.90

4,780.79 6,605.80 6,694.00

Operating Profit (EBIT)

PBT
Net Income
Margins
Gross Profit
EBITDA
Operating Profit (EBIT)
PBT
Net Income

4,541.89
4,352.78
2,834.92

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

6,610.10
6,398.50
4,280.50

42%
15%
15%
15%
10%

6,467.00
6,203.80
4,194.80

38%
12%
12%
11%
8%

26,936.44 34,255.80

60%

20.09%
58%

23.96%
62%

7%
20%

7%
20%

7%
19%

1%
34%
44%
14%
1%

60.00%
1%
32%
38%
17%
4%

-13.29%
1%
32%
40%
17%
5%

2010

2011

71065.6
83614.7
4256.2
6552.3
66809.40 77062.40
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

3731.8
3555
55.4
281.5
0
0
-56.1
-47.6
8839.10
8813.50
482.7
381.1
8356.40
8432.40
2300
6000
10656.40 14432.40

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

87.00
87.12
27.00
95.92

2012

2013

2014

2015

2016

88621.76

101915.02

117202.28

134782.62

155000.01

51400.62
5317.31
16838.13
15065.70
222.97
1329.33
886.22
14399.63

59110.71
6114.90
19363.85
17325.55
222.97
1528.73
1019.15
16593.01

67977.32
7032.14
22268.43
19924.39
222.97
1758.03
1172.02
19115.41

78173.92
8086.96
25608.70
22913.05
222.97
2021.74
1347.83
22016.17

89900.01
9300.00
29450.00
26350.00
222.97
2325.00
1550.00
25352.04

14399.63

16593.01

19115.41

22016.17

25352.04

14399.63
4319.89

16593.01
4977.90

19115.41
5734.62

22016.17
6604.85

25352.04
7605.61

10079.74
453.59
9626.15

11615.11
522.68
11092.43

13380.79
602.14
12778.65

15411.32
693.51
14717.81

17746.43
798.59
16947.84

9626.15

11092.43

12778.65

14717.81

16947.84

3369.152353
539.0643765

3882.350441
621.1760706

4472.528243
715.6045189

5151.232715
824.1972343

5931.742857
949.0788572

5717.93

6588.90

7590.52

8742.38

10067.02

87.91
87.91
32.00
95.92

100.36

115.64

133.22

153.44

176.69

35.12
95.92

40.47
95.92

46.63
95.92

53.70
95.92

61.84
95.92

29,229.80 32,316.80
12,274.00 13,129.70

37,221.14
15,065.70

42,804.31
17,325.55

49,224.96
19,924.39

56,608.70
22,913.05

65,100.01
26,350.00

12,843.40 12,824.70
12,558.70 12,602.40
8,839.10 8,813.50

44%
18%
19%
19%
13%

14,622.59
14,399.63
10,079.74

16,815.98
16,593.01
11,615.11

19,338.38
19,115.41
13,380.79

22,239.13
22,016.17
15,411.32

25,575.00
25,352.04
17,746.43

42%
17%
17%
16%
11%

42%
17%
17%
16%
11%

42%
17%
17%
16%
11%

42%
17%
17%
16%
11%

42%
17%
17%
16%
11%

42%
17%
17%
16%
11%

39,448.90 48,241.10

51,020.45

61,011.83

70,163.61

80,688.15

92,791.37

22.29%
56%

15.35%
58%

15%
58%

15%
58%

15%
58%

15%
58%

15%
58%

7%
19%

6%
19%

6%
19%

6%
19%

6%
19%

6%
19%

6%
19%

171.87%
2%
30%
29%
17%
5%

-41.19%
1%
30%
35%
16%
4%

1%
30%
35%
16%
5%

1%
30%
35%
16%
5%

1%
30%
35%
16%
5%

1%
30%
35%
16%
5%

1%
30%
35%
16%
5%

ASIAN PAINTS

BALANCE SHEET (in INR m)

FUNDS EMPLOYED
Shareholders' Funds
Share Capital
Reserves and Surplus
Shareholders' equity
Loan Funds
Secured Loans
Unsecured Loans
Loans
Deferred Tax Liability (Net)
Minority Interest
Total
APPLICATION OF FUNDS
Goodwill on consolidation
Fixed Assets
Gross Block
Less: Depreciation/Amortisation
Net Block
Add : Capital Work in Progress
Net Fixed Assets
Investments
Total Long Term Assets
Current Assets, Loans and Advances
Cash and Bank Balances
Interest accrued on investments
Inventories
Current Asset
Sundry debtors (receivables)
Other Current Assets
Current Asset
Loans and Advances
Total Current Assets
Current Liabilities and Provisions
Current Liabilities
Provisions
Total Current Liabilities
Net Current Assets
Total
Total
check (moment of truth!) ( A = L + E)

Schedule G
Current Liabilities

2007

2008

2009

959.2
6,818.72
7777.92

959.2
8864.5
9823.7

959.2
11072.5
12031.7

1,201.05
1211.2
1253.5
1,860.71
1540.9
1832.7
3,061.76 2,752.10 3,086.20
267.86
390.8
533.1
600.75
573.7
755.7
11,708.29 13,540.30 16,406.70

468.62

443.5

505.5

10,831.48 12112.2 14614.1

6,037.67
6336.6
6483.8
4,793.81 5,775.60 8,130.30
137.84
1141.8
921.1
4,931.65 6,917.40 9,051.40
1,927.17
2766.5
784
7,327.44 10,127.40 10,340.90
1,053.93
1107.1
2103.7
0.26
0.9
5.5
5,980.06
7140.1
7689.5
4,206.12
4603.3
5719.2
693.59
559.6
491.2
979.34
1525.2
1978
12,913.30 14,936.20 17,987.10
7,870.38
9859.3 10111.4
662.07
1664
1809.9
8,532.45 11,523.30 11,921.30
4,380.85 3,412.90 6,065.80
11,708.29 13,540.30 16,406.70
True

7870.38

True

True

9859.30 10111.40

1 Acceptances
2 Sundry Creditors
Trade (payables)
Others
3 Investor Education etc
4 Other Liabilities

1729.27
4485.35
3692.78
792.57
62.89
1592.87

2183.20
5719.60
4539.40
1180.20
31.70
1924.80

1795.40
5541.50
4416.40
1125.10
29.10
2745.40

2.23%
1.67%

6.99%
1.34%

5.68%
1.36%

2906.93
211.6
7.28%

2919.15
263.2
9.02%

1.30
0.54
0.10

1.51
0.70
0.18

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

1.27%
3.46%

0.90%
3.62%

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)
Debt
Average Debt
Interest paid
Interest cost %
Cash and Bank Balances
Interest earned
Interest rate %
Ratio Analysis
Solvency Ratios
Current ratio
Quick ratio
Cash ratio
Turnover Ratios
Receivables turnover
Inventory turnover
Payables turnover
Average receivables collection period
Average inventory processing period
Average payment period
Cash Conversion Cycle

1.51
0.70
0.12

Other Receivables
Other Current Assets as % of Sales
Loans and Advances as % of Sales
Other Payables

1.89%
2.67%

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%

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

Return on total capital

Return on total equity

0.42
0.36

0.53
0.44

0.43
0.35

Operating Efficiency
Total asset turnover
Net fixed asset turnover
Equity turnover

ROE DuPont Analysis

Profit Margin
Asset Turnover
Financial Leverage
ROE

Financial Risk Ratios

Debt to equity ratio
Debt ratio
Interest coverage ratio

10
2010

959.2
16140.6
17099.8

2011

2012

2013

2014

2015

2016

959.2
959.2
959.2
959.2
959.2
959.2
20915 26632.9329 33221.84 40812.36 49554.73334 59621.74836
21874.2 27592.13285 34181.036 41771.556 50513.93334 60580.94836

637
1655.3
2,292.30
562.3
944.5
20,898.90

499.7
1847.3
2,347.00
851.8
1098.9
26,171.90

367.3

371.9

15003.9
19877.5
6275.7
7150.7
8,728.20 12,726.80
4072.3
433.2
12,800.50 13,160.00
6241.1
9219.5
19,408.90 22,751.40

499.7
499.7
499.7
499.7
499.7
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
851.8
851.8
851.8
851.8
851.8
1552.4882 2075.168 2677.304 3370.812846 4169.402012
32,343.42 39,455.00 47,647.66
57,083.55
67,949.15

371.9

371.9

371.9

371.9

371.9

13,603.11 14,112.68 14,698.70

9219.5
9219.5
9219.5
23,194.51 23,704.08 24,290.10

15,372.61
9219.5
24,964.01

16,147.61
9219.5
25,739.01

1058.3
2.1
9558.8
5425.2
646.3
1746.2
18,436.90

1330.4
8067.33 15104.78 22891.87
31861.35
42190.59
2
2
2
2
2
2
13054.3 12674.1257 14575.24 16761.53 19275.76089 22167.12502
5855.3 6069.98356 6980.481 8027.553 9231.686249 10616.43919
893.1
886.22 1019.15 1172.02
1347.83
1550.00
2054.4
2304.17 2649.79 3047.26
3504.35
4030.00
23,189.50
30,003.83 40,331.45 51,902.24
65,222.97
80,556.15

13796.5
3150.4
16,946.90
1,490.00
20,898.90

16403.7
16960.82 19825.26
3365.3 3908.21673 4503.527
19,769.00
20,869.04 24,328.79
3,420.50
9,134.79 16,002.66
26,171.90
32,329.30 39,706.74

True

13796.50

True

16403.70

False

22799.05
26218.91
30151.75
5188.133 5975.429949 6880.821714
27,987.19
32,194.34
37,032.57
23,915.05
33,028.63
43,523.58
48,205.14
57,992.64
69,262.59

False
False
False
False
14.12
-251.74
-557.49
-909.09
-1,313.44

16960.82 19825.26 22799.05

26218.91

30151.75

2987.70
7183.20
5993.80
1189.40
34.50
3591.10

3152.70
8913.80
7686.10
1227.70
41.40
4295.80

3598.04
8376.92
6989.10
1387.82
51.40
4934.46

4137.75 4758.41
9953.77 11446.84
8357.79 9611.45
1595.99 1835.39
59.11
67.98
5674.63 6525.82

5472.17
13163.87
11053.17
2110.70
78.17
7504.70

6293.00
15138.45
12711.15
2427.30
89.90
8630.40

13,160.00 13,603.11 14,112.68

14,698.70
15,372.61
1772.4352
2038.3 2344.046 2695.652385 3100.000243

13,160.00

-1329.3264 -1528.73 -1758.03 -2021.73929 -2325.00018

13,603.11 14,112.68 14,698.70
15,372.61
16,147.61

5.92%
1.25%

2.03%
1.47%

2%
1.50%

2%
1.50%

2%
1.50%

2%
1.50%

2%
1.50%

2689.25
284.7
10.59%

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%

1.09
0.42
0.06

1.17
0.41
0.07

11.99
4.36
7.58
30.44
83.76
48.16
66.05

13.66
3.96
7.05
26.71
92.23
51.75
67.19

25
90
50
65

25
90
50
65

25
90
50
65

25
90
50
65

25
90
50
65

0.97%
2.61%

1.16%
2.67%

1.00%
2.60%

1.00%
2.60%

1.00%
2.60%

1.00%
2.60%

1.00%
2.60%

7.95%
3.17%
0.09%
9.56%

7.05%
2.74%
0.09%
9.60%

7.00%
2.70%
0.10%
9.60%

0.44
0.19
0.13

0.42
0.17
0.11

0.42
0.17
0.11

0.66
0.52

0.53
0.40

0.49
0.37

7.00%
2.70%
0.10%
9.60%

7.00%
2.70%
0.10%
9.60%

7.00%
2.70%
0.10%
9.60%

7.00%
2.70%
0.10%
9.60%

ASIAN PAINTS
CASH FLOW STATEMENT (in INR mn)
Cash Flow from Operating Activities:
Profit before tax and prior period items
Adjustment for:
Depreciation/Impairment
Impairment of Goodwill
Prior period item (Net)
Profit on sale of investments
Profit on disposal of subsidiaries
Profit on Sale of Fixed Assets
Loss on disposal of Associate Company
Share of (profit)/loss of associate
Fair value adjustment on receivable from disposal of subsidiary
Gain on disposal of assets
Interest Expense
Interest Income
Dividend Income
Effect of exchange rates on op cashflows
Operating Profit before Working Capital changes
Adjustment for:
Changes in working capital
Asset
Trade Receivables (sundry debtors)
Asset
Other Receivables (loans & advances)
Asset
Inventories
Liabilitiy
Trade and other payables (current liablilities)
Assets
Changes in other current assets
Cash generated from Operations
Income tax paid (net of refund)
Others
Net cash generated from operating activities
Cash Flow from Investing Activities:
Purchase of Fixed Assets / Capex
Proceeds from sale of Fixed Assets
Purchase of Investment
Sale of Investment
investments Interest received
Dividend received
Cash outfl ow on acquisitions made by joint venture.
Cash outflow on additional stake in subsidiary
Cash infl ow/(outfl ow) on disposal of associate company
Cash inflow arising on disposal of subsidiary
Net cash used in investing activities
Cash Flow from Financing Activities
debt
Proceeds from long term borrowings
debt
Proceeds from short term borrowings

debt
debt

Repayment of long term borrowings

Repayment of short term borrowings
Interest Paid
Dividend and Dividend tax paid and Provisions
Net cash used in financing activities
Net Inc/(Dec) in Cash and Cash Equivalents
Cash and Cash Equivalents - bop
Net effect of changes in exchange rate
Cash and Cash Equivalents - eop

10.00
2007

2008

2009

2010

2011

2012

2013

2014

2015

4271.20

6330.10

6191.40 12570.20 12602.40 14399.63 16593.01 19115.41

22016.17

611.41

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 1329.33 1528.73 1758.03
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 15951.92 18344.70 21096.41

2021.74

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

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

1337.70 (1767.00)
465.97
(159.87) (504.17)
(508.80) (819.40) (214.68) (910.50) (1047.07)
(249.77) (345.62) (397.47)
(1913.50) (3495.50)
380.17 (1901.12) (2186.29)
3760.00 2547.90
557.12 2864.44 2973.79
(6.88)
132.93
152.87
13801.00 11536.90 16417.88 18184.84 20592.24
(3169.40) (3924.20) (4319.89) (4977.90) (5734.62)

3894.00 10631.60

7612.70 12097.99 13206.93 14857.62

(819.5) (3,080.5) (3,100.5) (3,953.1) (1,561.0) (1772.44) (2038.30) (2344.05)

133.68
262.40
217.50
120.60
57.90
(395.58) (1981.50)
0.00
(543.60) (3109.90)
53.99 1158.30 1983.80
986.60
4.50
14.05
44.70
52.30
114.00
104.90
115.28
245.40
140.80
226.20
354.70
(269.38)
0.00
0.00
0.00
0.00
(3.60)
(12.70)
0.00
0.00
67.32
0.00
0.00
0.00
0.00
5.51
6.90
0.00
59.10
0.00
(1094.63) (3347.90) (718.80) (2990.20) (4148.90) (1772.44) (2038.30) (2344.05)

736.84

224.30
0.00

0.00
0.00

0.00
(529.70)

0.00
119.30

222.97

24260.87

(579.79)
(1204.13)
(457.09)
(2514.23)
3419.86
175.80
23681.08
(6604.85)
17076.23
(2695.65)

(2695.65)

(280.53)
(189.11)
(1,374.9)
(1107.70)
377.14
734.08
(57.00)
1054.22

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)
(968.20) (1999.30) (2358.90) (3168.30) (3365.30) (3908.22)
(1336.30) (2303.70) (3318.80) (3335.10) (3588.27) (4131.18)
114.00
871.50 4322.60
128.70 6737.29 7037.45
1053.90 1107.10 2103.70 6374.70 1330.04 8067.33
(60.80)
125.10
(51.60)
11.90
1107.10 2103.70 6374.70 6515.30 8067.33 15104.78

(222.97)
(4503.53)
(4726.49)
7787.08
15104.78

(222.97)
(5188.13)
(5411.10)
8969.48
22891.87

22891.87

31861.35

2016
25352.04
2325.00

222.97

27900.00

(666.76)
(1384.75)
(525.65)
(2891.36)
3932.84
202.17
27233.24
(7605.61)
19627.63
(3100.00)

(3100.00)

(222.97)
(5975.43)
(6198.39)
10329.24
31861.35
42190.59

Valuation Sheet

Historical
FY 09

+
+
+/-

DCF Summary
Net Income
Depreciation
Interest*(1-T)
Capex
Changes in working capital
Free Cash Flow to Firm
Date
FCFF (explicit forecast)
Terminal value

2035

Forecast
FY 10

Beta
1.1
Risk free rate (rf )8.0%
Market Premium5.0%
Cost of Equity

WACC Calculation
Total Debt
Shareholders' equity
Capitalization:
Debt: Equity
Debt: Total Capital
Equity: Total Capital
Cost of Equity
WACC

FY 12E

2065

2094

2128

2012

2011

2128

Present value of "explicit forecast period" - till 2015E

PV of Terminal Value

Valuation Assumptions
Terminal growth 5.0%
rate
Cost of debt 10.0%

FY 11E

CB ResearchAsian
& Analytics
Paints Model
EV Computation
Present value of "explicit forecast period" - till 2015E
PV of Terminal Value
Total Valuation
Less: Debt
Less: Minority Interest
Add: Cash and bank deposits
Other adjustments:
Add: Investments
Add: Other non-operating assets
Intrinsic Value (in mn)
No of Shares (in mn)
Share Price (INR)

SENSITIVITY ANALYSIS
4.0%
12.1%
12.6%
13.1%
13.6%
14.1%

4.5%

5.0%

5.5%

6.00%

Forecast
FY 13E

FY 14E

FY 15E

1900

1900

1900

1900

1900

1900