Asian Paints Ltd (APNT IN) - Adjusted

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
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 — — — —
Gross Profit — — — —
+ 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 Goodwill — — — —
+ Impairment of Intangibles — — 2.4 5.1
+ Gain/Loss on Sale/Acquisition of Busin — — — —
+ 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 Weighted Avg Shares 959.2 959.2 959.2 959.2

Basic EPS, GAAP 10.31 11.61 12.71 14.54
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 Weighted Avg Shares 959.2 959.2 959.2 959.2

Diluted EPS, GAAP 10.31 11.61 12.71 14.54
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
Gross Margin — — — —
Operating Margin 14.77 14.56 14.01 14.07
Profit Margin 10.07 10.05 9.64 9.93
Sales per Employee — — — —
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
Source: Bloomberg
 FY 2016 FY 2017 FY 2018 Last 12M FY 2019 Est FY 2020 Est
03/31/2016 03/31/2017 03/31/2018 12/31/2018 03/31/2019 03/31/2020
142,714.9 148,725.2 166,005.8 188,068.9 194,867.7 224,776.7
140,915.6 148,725.2 166,005.8 188,068.9
1,799.3 — —
— — — 80,936.3 95,210.9
0.0 1,894.7 2,239.7
117,779.2 124,103.6 139,874.1 156,574.3
5,611.3 6,193.3 6,627.0
680.4 750.6 762.2
2,755.8 3,347.9 3,604.7 3,920.4
— 134.4 106.3
108,731.7 113,677.4 128,773.9 152,653.9
24,935.7 26,516.3 28,371.4 31,494.6 33,854.1 40,769.0
-558.0 -2,129.2 -1,765.4 -1,965.0
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 -484.3
-30.9 -749.6 -588.0 -1,645.9
25,493.7 28,645.5 30,136.8 33,459.6 34,602.7 41,917.8
-644.8 -691.3 -548.0 0.0
-112.3 -13.5 -4.7
— — —
— — —
— — —
— — —
— — —
-532.5 -677.8 -543.3
26,138.5 29,336.8 30,684.8 33,459.6 34,602.7 41,917.8
8,444.9 9,432.9 10,409.6 11,336.5
7,972.2 8,931.1 10,406.7 10,126.8
472.7 496.5 -4.7 1,209.7
— 5.3 7.6
-334.2 — —
18,027.8 19,903.9 20,275.2 22,203.7 23,048.0 27,952.1
0.0 -258.6 -700.0 0.0
0.0 -258.6 -700.0 0.0
0.0 0.0 0.0 0.0
18,027.8 20,162.5 20,975.2 22,203.7
 576.2 768.2 585.9 530.0
17,451.6 19,394.3 20,389.3 21,673.7 23,048.0 27,952.1
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
17,451.6 19,394.3 20,389.3 21,673.7 23,048.0 27,952.1

17,030.0 18,651.8 19,305.7 21,673.7 23,082.2 27,953.8

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

959.2 959.2 959.2 959.2

18.19 20.22 21.26 22.60 23.97 28.96
18.19 19.95 20.53 22.60 23.97 28.96
17.75 19.45 20.13 22.60 24.07 29.15

959.2 959.2 959.2 959.2

18.19 20.22 21.26 22.60 23.97 28.96
18.19 19.95 20.53 22.60 23.97 28.96
17.75 19.45 20.13 22.60 24.07 29.15

IN GAAP IN GAAP IN GAAP

27,691.5 29,904.7 31,976.1 35,415.0 37,077.1 44,830.5
19.40 20.11 19.26 18.83 19.03 19.94
25,192.3 26,840.4 28,719.2
24,935.7 26,516.3 28,371.4 31,494.6 33,854.1 40,769.0
— — — 41.53 42.36
17.47 17.83 17.09 16.75 17.37 18.14
11.93 12.54 11.63 11.52 11.85 12.44
— — —
7.50 7.95 10.30 10.98 13.44
7,194.0 7,625.6 9,879.8
— — —
9,895.1 10,336.2 11,154.8 12,123.2
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) - Standardized
In Millions of INR except Per Share FY 2009 FY 2010 FY 2011 FY 2012
12 Months Ending 03/31/2009 03/31/2010 03/31/2011 03/31/2012
Total Assets
+ Cash, Cash Equivalents & STI 2,103.7 6,374.7 9,927.4 9,093.3
+ Cash & Cash Equivalents 2,103.7 1,058.3 1,432.5 2,283.4
+ ST Investments 0.0 5,316.4 8,494.9 6,809.9
+ Accounts & Notes Receiv 5,719.2 5,425.2 5,731.0 7,812.5
+ Accounts Receivable, Net 5,719.2 5,425.2 5,731.0 7,812.5
+ Notes Receivable, Net 0.0 0.0 0.0 0.0
+ Inventories 7,689.5 9,558.8 13,054.3 15,988.9
+ Raw Materials 3,175.9 3,794.7 4,429.2 5,385.1
+ Work In Process 403.0 429.7 623.6 621.2
+ Finished Goods 3,677.0 4,902.1 7,130.5 8,902.2
+ Other Inventory 433.6 432.3 871.0 1,080.4
+ Other ST Assets 2,474.7 2,394.6 2,194.5 2,172.0
+ Prepaid Expenses 908.7 148.5 28.9 41.0
+ Derivative & Hedging Assets 0.0 0.0 0.0 0.0
+ Assets Held-for-Sale — — — —
+ Misc ST Assets 1,566.0 2,246.1 2,165.6 2,131.0
Total Current Assets 17,987.1 23,753.3 30,907.2 35,066.7
+ Property, Plant & Equip, Net 8,939.3 12,626.3 12,931.4 18,510.6
+ Property, Plant & Equip 15,043.1 18,484.0 19,604.1 26,396.3
- Accumulated Depreciation 6,103.8 5,857.7 6,672.7 7,885.7
+ LT Investments & Receivables 784.0 924.7 918.7 1,677.5
+ LT Investments 6.3 506.5 504.3 1,252.8
+ LT Marketable Securities 777.7 418.2 414.4 424.7
+ LT Receivables — — — —
+ Other LT Assets 617.6 541.5 1,348.5 1,884.4
+ Total Intangible Assets 617.6 541.5 600.5 665.7
+ Goodwill 505.5 367.3 371.9 415.2
+ Other Intangible Assets 112.1 174.2 228.6 250.5
+ Deferred Tax Assets — — — 17.3
+ Derivative & Hedging Assets 0.0 0.0 0.0 0.0
+ Investments in Affiliates 0.0 — — —
+ Misc LT Assets 0.0 0.0 748.0 1,201.4
Total Noncurrent Assets 10,340.9 14,092.5 15,198.6 22,072.5
Total Assets 28,328.0 37,845.8 46,105.8 57,139.2

Liabilities & Shareholders' Equity

+ Payables & Accruals 6,804.5 9,745.0 13,718.2 16,311.5
+ Accounts Payable 5,541.5 7,183.2 10,874.4 12,624.5
+ Accrued Taxes 179.3 714.2 465.7 570.9
 + Interest & Dividends Payable 1,083.7 1,808.6 2,295.1 2,973.0
+ Other Payables & Accruals 0.0 39.0 83.0 143.1
+ ST Debt 2,248.7 1,598.8 1,753.3 2,857.9
+ ST Borrowings 2,245.8 1,596.6 1,710.0 2,798.1
+ ST Capital Leases 2.9 2.2 1.4 1.9
+ Current Portion of LT Debt — — 41.9 57.9
+ Other ST Liabilities 5,116.8 7,201.9 5,335.1 6,700.9
+ Deferred Revenue 0.0 0.0 0.0 0.0
+ Derivatives & Hedging 0.0 0.0 0.0 0.0
+ Misc ST Liabilities 5,116.8 7,201.9 5,335.1 6,700.9
Total Current Liabilities 14,170.0 18,545.7 20,806.6 25,870.3
+ LT Debt 837.5 693.5 581.0 553.2
+ LT Borrowings 831.7 689.8 577.1 549.2
+ LT Capital Leases 5.8 3.7 3.9 4.0
+ Other LT Liabilities 533.1 562.3 1,745.1 1,863.8
+ Accrued Liabilities 0.0 0.0 0.0 0.0
+ Pension Liabilities — — — —
+ Deferred Revenue 0.0 0.0 0.0 0.0
+ Deferred Tax Liabilities 533.1 562.3 851.8 945.6
+ Derivatives & Hedging 0.0 0.0 0.0 0.0
+ Misc LT Liabilities 0.0 0.0 893.3 918.2
Total Noncurrent Liabilities 1,370.6 1,255.8 2,326.1 2,417.0
Total Liabilities 15,540.6 19,801.5 23,132.7 28,287.3
+ 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 2,300.0 6,000.0 6,000.0 7,000.0
+ Other Equity 8,772.50 10,140.60 14,915.00 19,525.80
Equity Before Minority Interest 12,031.7 17,099.8 21,874.2 27,485.0
+ Minority/Non Controlling Interest 755.7 944.5 1,098.9 1,366.9
Total Equity 12,787.4 18,044.3 22,973.1 28,851.9
Total Liabilities & Equity 28,328.0 37,845.8 46,105.8 57,139.2

Reference Items
Accounting Standard IN GAAP IN GAAP IN GAAP IN GAAP
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 285.6 192.0 212.6 219.1
Capital Leases - Total 8.7 5.9 5.3 5.9
Percent Of Foreign Ownership 13.32 15.38 28.90 17.87
Number Of Shareholders 49,074.00 48,290.00 59,280.00 60,537.00
Options Granted During Period — — — —
Options Outstanding at Period End — — — —
Net Debt 204.8 -4,500.6 -8,007.5 -6,106.9
Net Debt to Equity 1.60 -24.94 -34.86 -21.17
Tangible Common Equity Ratio 41.19 44.39 46.75 47.49
Current Ratio 1.27 1.28 1.49 1.36
Cash Conversion Cycle 59.00 60.36 49.45 46.20
Number of Employees 4,260.00 4,382.00 — —
Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018

8,822.5 12,814.2 13,913.0 20,095.0 21,525.5 14,613.2

2,535.3 2,290.0 2,043.9 4,242.0 8,012.1 4,046.5
6,287.2 10,524.2 11,869.1 15,853.0 13,513.4 10,566.7
9,808.8 11,103.0 11,820.7 11,868.4 14,466.0 17,306.3
9,808.8 11,103.0 11,820.7 11,868.4 14,466.0 17,306.3
0.0 0.0 0.0 0.0 0.0 0.0
18,302.9 20,698.6 22,585.2 19,982.4 26,269.4 26,583.1
6,274.7 6,714.3 6,906.2 6,248.2 7,059.6 7,966.3
685.1 870.9 1,021.4 740.6 859.2 1,051.8
9,997.6 11,332.0 12,401.6 10,254.7 14,990.8 13,891.9
1,345.5 1,781.4 2,256.0 2,738.9 3,359.8 3,673.1
3,127.6 4,536.2 5,070.8 5,404.4 7,395.9 10,638.2
92.2 92.2 85.1 1,120.3 1,386.1 2,167.6
0.0 0.0 0.0 0.0 0.0 0.0
— — — 44.5 149.9 150.0
3,035.4 4,444.0 4,985.7 4,239.6 5,859.9 8,320.6
40,061.8 49,152.0 53,389.7 57,350.2 69,656.8 69,140.8
24,248.9 24,023.4 24,861.6 31,627.4 32,141.9 45,235.8
33,442.1 35,556.9 38,217.2 34,119.1 37,710.1 54,091.5
9,193.2 11,533.5 13,355.6 2,491.7 5,568.2 8,855.7
1,575.6 3,795.1 5,351.7 8,568.4 9,808.2 7,245.8
1,150.8 3,370.2 4,919.3 8,520.0 9,808.2 7,181.5
424.8 424.9 432.4 — — —
— — — 48.4 0.0 64.3
1,982.2 3,805.4 5,544.0 8,062.6 12,606.6 16,208.4
752.9 2,308.4 3,698.8 3,602.0 3,470.9 6,137.7
447.5 1,552.0 2,927.7 1,989.9 1,934.8 3,272.6
305.4 756.4 771.1 1,612.1 1,536.1 2,865.1
23.5 21.9 2.0 18.3 161.6 196.0
0.0 0.0 0.0 0.0 0.0 0.0
— — — 2,748.3 3,198.3 3,658.8
1,205.8 1,475.1 1,843.2 1,694.0 5,775.8 6,215.9
27,806.7 31,623.9 35,757.3 48,258.4 54,556.7 68,690.0
67,868.5 80,775.9 89,147.0 105,608.6 124,213.5 137,830.8

18,860.1 23,090.5 21,720.6 16,976.9 23,042.1 25,543.6

14,415.7 17,457.2 15,487.5 15,650.7 19,228.3 21,599.6
704.2 1,404.2 1,877.5 965.1 1,415.5 954.7
 3,556.9 4,088.7 4,195.9 81.9 118.6 143.3
183.3 140.4 159.7 279.2 2,279.7 2,846.0
2,036.6 2,077.5 3,398.9 2,506.6 5,192.7 5,051.0
1,896.2 1,982.8 3,309.9 2,304.1 5,037.8 4,923.9
2.4 3.5 6.3 6.7 6.5 0.3
138.0 91.2 82.7 195.8 148.4 126.8
8,403.2 9,419.5 10,075.0 12,007.3 10,613.9 13,916.1
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
8,403.2 9,419.5 10,075.0 12,007.3 10,613.9 13,916.1
29,299.9 34,587.5 35,194.5 31,490.8 38,848.7 44,510.7
473.0 414.0 782.8 726.3 410.7 283.3
467.3 405.5 759.4 705.9 395.1 279.0
5.7 8.5 23.4 20.4 15.6 4.3
2,645.0 2,922.0 3,109.4 4,306.4 5,160.7 5,658.0
0.0 0.0 0.0 0.0 0.0 0.0
— — — 1,191.8 1,440.3 1,383.5
0.0 0.0 0.0 0.0 0.0 0.0
1,567.3 1,900.1 1,801.4 2,968.3 3,591.9 4,171.2
0.0 0.0 0.0 0.0 0.0 0.0
1,077.7 1,021.9 1,308.0 146.3 128.5 103.3
3,118.0 3,336.0 3,892.2 5,032.7 5,571.4 5,941.3
32,417.9 37,923.5 39,086.7 36,523.5 44,420.1 50,452.0
0.0 0.0 0.0 0.0 0.0 0.0
959.2 959.2 959.2 959.2 959.2 959.2
959.2 959.2 959.2 959.2 959.2 959.2
— — — — 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
10,000.0 10,000.0 10,000.0 21,527.9 27,006.1 35,607.2
22,883.70 29,433.00 36,464.40 42,761.10 48,073.60 47,535.90
33,842.9 40,392.2 47,423.6 65,248.2 76,038.9 84,102.3
1,607.7 2,460.2 2,636.7 3,836.9 3,754.5 3,276.5
35,450.6 42,852.4 50,060.3 69,085.1 79,793.4 87,378.8
67,868.5 80,775.9 89,147.0 105,608.6 124,213.5 137,830.8

IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP

959.2 959.2 959.2 959.2 959.2 959.2
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 1,191.8 1,440.3 1,383.5
258.9 342.8 794.1 623.7 696.4 1,164.9
8.1 12.0 29.7 27.1 22.1 4.6
19.44 19.40 19.50 19.40 19.39 16.36
54,813.00 87,997.00 147,143.00 165,986.00 202,988.00 191,561.00
0.0 0.0 0.0 0.0 0.0 —
 0.0 0.0 0.0 0.0 0.0 —
-6,737.7 -10,747.6 -10,163.7 -16,862.1 -15,922.1 -9,278.9
-19.01 -25.08 -20.30 -24.41 -19.95 -10.62
49.30 48.53 51.17 60.43 60.10 59.20
1.37 1.42 1.52 1.82 1.79 1.55
52.30 50.29 54.79 54.53 60.51 58.17
— — — — — —
Asian Paints Ltd (APNT IN) - Standardized
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012 FY 2013
12 Months Ending 03/31/2010 03/31/2011 03/31/2012 03/31/2013
Cash from Operating Activities
+ Net Income 8,356.4 8,432.4 9,887.3 11,138.8
+ Depreciation & Amortization 835.6 1,131.3 1,211.3 1,546.0
+ Non-Cash Items 157.4 53.4 72.6 836.8
+ Other Non-Cash Adj 157.4 53.4 72.6 836.8
+ Chg in Non-Cash Work Cap 1,337.7 -1,765.0 -4,100.8 -1,586.7
+ (Inc) Dec in Accts Receiv -508.8 -819.4 -3,048.3 -2,993.2
+ (Inc) Dec in Inventories -1,913.5 -3,495.5 -2,934.6 -2,468.8
+ Inc (Dec) in Other 3,760.0 2,549.9 1,882.1 3,875.3
+ Net Cash From Disc Ops 0.0 0.0 0.0 0.0
Cash from Operating Activities 10,687.1 7,852.1 7,070.4 11,934.9

Cash from Investing Activities

+ Change in Fixed & Intang -3,832.5 -1,503.1 -5,400.6 -6,367.2
+ Disp in Fixed & Intang 120.6 57.9 62.9 70.6
+ Disp of Fixed Prod Assets 120.6 57.9 62.9 70.6
+ Disp of Intangible Assets 0.0 0.0 0.0 0.0
+ Acq of Fixed & Intang -3,953.1 -1,561.0 -5,463.5 -6,437.8
+ Acq of Fixed Prod Assets -3,953.1 -1,561.0 -5,463.5 -6,437.8
+ Acq of Intangible Assets 0.0 0.0 0.0 0.0
+ Net Change in LT Investment — — — 823.3
+ Dec in LT Investment — — — 3,292.3
+ Inc in LT Investment — — — -2,469.0
+ Net Cash From Acq & Div 59.1 0.0 -6.3 0.0
+ Cash from Divestitures 59.1 0.0 0.0 0.0
+ Cash for Acq of Subs 0.0 0.0 -6.3 0.0
+ Cash for JVs 0.0 0.0 0.0 0.0
+ Other Investing Activities 443.0 -3,360.5 1,072.5 112.6
+ Net Cash From Disc Ops 0.0 0.0 0.0 0.0
Cash from Investing Activities -3,330.4 -4,863.6 -4,334.4 -5,431.3

Cash from Financing Activities

+ Dividends Paid -2,358.9 -3,168.3 -3,830.7 -4,623.5
+ Cash From (Repayment) Debt -675.2 55.5 969.1 -1,015.6
+ Cash From (Repay) ST Debt -529.7 119.3 1,088.6 -1,011.5
+ Cash From LT Debt 0.0 0.0 0.0 56.9
+ Repayments of LT Debt -145.5 -63.8 -119.5 -61.0
+ 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
+ Net Cash From Disc Ops 0.0 0.0 0.0 0.0
Cash from Financing Activities -3,034.1 -3,112.8 -2,861.6 -5,639.1

Effect of Foreign Exchange Rates -51.6 11.9 103.5 0.0

Net Changes in Cash 4,271.0 -112.4 -22.1 864.5

Cash Paid for Taxes 3,169.4 3,919.2 4,295.8 4,384.6

Cash Paid for Interest 284.7 232.1 404.2 370.9

Reference Items
EBITDA 12,276.2 13,281.0 15,383.7 17,378.6
Trailing 12M EBITDA Margin 18.59 17.27 16.03 15.98
Interest Received 114.0 104.9 62.5 109.0
Net Cash Paid for Acquisitions — — 6.3 0.0
Free Cash Flow 6,734.0 6,291.1 1,606.9 5,497.1
Free Cash Flow to Firm 6,934.2 6,446.6 1,857.7 5,749.6
Free Cash Flow to Equity 6,179.4 6,404.5 2,638.9 4,552.1
Free Cash Flow per Basic Share 7.02 6.56 1.68 5.73
Price to Free Cash Flow 29.04 38.51 193.52 85.80
Cash Flow to Net Income 1.28 0.93 0.72 1.07
Source: Bloomberg
 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Last 12M
03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018 12/31/2018

12,188.1 13,951.5 17,451.6 19,394.3 20,389.3 21,673.7

2,556.2 2,683.3 2,755.8 3,388.4 3,604.7 3,920.4
1,330.9 215.4 679.2 -1,084.5 -2,353.2
1,330.9 215.4 679.2 -1,084.5 -2,353.2
-1,684.5 -4,502.4 1,977.9 -6,028.1 -796.5
-2,543.6 -1,548.7 — -4,747.0 -4,826.6
-2,307.7 -1,442.2 2,016.6 -6,287.0 -394.9
3,166.8 -1,511.5 -38.7 5,005.9 4,425.0
0.0 0.0 0.0 305.5 705.9 0.0
14,390.7 12,347.8 22,864.5 15,975.6 21,550.2

-2,353.8 -4,376.5 -8,022.0 -6,672.1 -14,087.8

156.3 161.3 149.1 169.2 172.0
156.3 161.3 149.1 169.2 172.0
0.0 0.0 0.0 0.0 0.0
-2,510.1 -4,537.8 -8,171.1 -6,841.3 -14,259.8
-2,510.1 -4,537.8 -8,171.1 -6,841.3 -14,259.8
0.0 0.0 0.0 0.0 0.0
-4,113.4 927.5 2,048.5 2,095.4 2,627.5
4,602.5 3,355.4 2,048.5 2,095.4 2,627.5
-8,715.9 -2,427.9 0.0 0.0 0.0
-589.0 -1,233.3 0.0 0.0 -3,843.2
0.0 0.0 0.0 0.0 1,406.7
-589.0 -1,233.3 0.0 0.0 -5,249.9
0.0 0.0 0.0 0.0 0.0
210.7 -911.3 -3,526.1 -3,043.4 -1,457.1
0.0 0.0 0.0 — —
-6,845.5 -5,593.6 -9,499.6 -7,620.1 -16,760.6

-5,466.9 -6,946.6 -7,642.3 -9,473.3 -12,177.5

-369.1 1,530.8 -1,103.3 2,134.2 -439.8
-193.7 1,187.1 -1,154.7 2,399.7 -272.4
18.2 431.6 67.7 311.0 101.8
-193.6 -87.9 -16.3 -576.5 -269.2
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 0.0 657.5 131.6 -822.1
0.0 0.0 0.0 — —
-5,836.0 -5,415.8 -8,088.1 -7,207.5 -13,439.4

0.0 24.7 0.8 -250.1 431.4

1,709.2 1,363.1 5,277.6 897.9 -8,218.4

4,801.6 6,329.4 8,023.6 9,254.0 10,807.4

423.1 345.1 401.7 356.8 352.0

20,170.4 22,378.2 27,691.5 29,904.7 31,976.1 35,415.0

16.03 15.98 19.40 20.11 19.26 18.83
138.8 109.9 147.7 320.1 390.2
589.0 1,233.3 — 0.0 5,249.9
11,880.6 7,810.0 14,693.4 9,134.3 7,290.4
12,132.0 8,067.9 14,942.0 9,337.8 7,522.1
11,667.8 9,502.1 13,739.2 11,437.7 7,022.6
12.39 8.14 15.32 9.52 7.60
44.24 99.64 56.69 112.73 147.41 184.09
1.18 0.89 1.31 0.82 1.06
Asian Paints Ltd (APNT IN) - Profitability
In Millions of INR except Per Share FY 2009 FY 2010 FY 2011 FY 2012
12 Months Ending 03/31/2009 03/31/2010 03/31/2011 03/31/2012
Returns
Return on Common Equity 36.41 57.37 43.27 40.06
Return on Assets 14.90 25.26 20.09 19.15
Return on Capital 30.14 49.93 39.30 36.33
Return on Invested Capital 27.51 41.96 35.23 33.01

Margins
EBITDA Margin 12.86 18.59 17.27 16.03
Operating Margin 11.46 17.32 15.80 14.77
Incremental Operating Margin 1.67 43.47 6.53 10.60
Pretax Margin 11.44 19.03 16.38 15.15
Income before XO Margin 7.78 13.38 11.46 10.63
Net Income Margin 7.38 12.65 10.96 10.30
Net Income to Common Margin 7.38 12.65 10.96 10.30

Additional
Effective Tax Rate 32.00 29.68 30.04 29.81
Dvd Payout Ratio 42.19 30.99 36.40 38.81
Sustainable Growth Rate 21.05 39.59 27.52 24.52
Source: Bloomberg

MARKET PRICE PER SHARE 78.64 203.88 252.58 324.20

 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018

36.33 32.84 31.77 30.98 27.45 25.46

17.82 16.40 16.42 17.92 16.88 15.56
33.74 30.92 29.18 28.88 25.83 23.81
30.09 27.38 25.46 25.55 21.55 19.86

15.98 16.03 15.98 19.40 20.11 19.26

14.56 14.00 14.06 17.47 17.83 17.09
13.01 10.44 14.61 196.90 26.30 10.74
15.22 14.58 14.83 18.32 19.73 18.48
10.66 10.04 10.19 12.63 13.38 12.21
10.24 9.69 9.96 12.23 13.04 12.28
10.24 9.69 9.96 12.23 13.04 12.28

29.95 31.16 31.27 32.31 32.15 33.92

39.61 41.71 41.94 41.22 39.85 50.18
21.94 19.14 18.45 18.21 16.51 12.69

491.73 547.95 811.30 868.40 1,073.50 1,120.40