BALANCE SHEET 2018 2017

ASSETS
Non-current assets
Property, plant and equipment 911.04 882.87
Capital work-in-progress 87.27 56.23
Intangible assets 4.29 6.07
Financial assets
(a) Investments 303.18 210.35
(b) Loans 19.99 13.71

(c) Other financial assets 2.53 0.51

Income tax assets (net) 46.14 14.76
Other non-current assets 31.05 32.83
Total Non-current Assets 1405.49 1217.33
Current assets
Inventories 939.36 894.3
Financial assets
(a) Investments 227.59 367.27
(b) Trade receivables 598.01 509.45
(c) Cash and cash equivalents 64.18 30.88
(d) Bank balances other than (c) above 56.39 4.86
(e) Loans 1.96 5.4
(f) Other financial assets 2.89 2.02
Other current assets 208.83 55.83
Total Current Assets 2099.21 1870.01
Total assets 3504.7 3,087.34

EQUITY AND LIABILITIES

Equity
Equity Share Capital 97.1 97.1
Other Equity 2046.51 1815.67
Total Equity 2143.61 1,912.77

LIABILITIES
Non-current liabilities
Financial liabilities
(a) Deposits 3.54 2.86
Provisions 2.92 2.71
Deferred tax liabilities (net) 58.6 60.09
Other non- current liabilities 1.72 0.87
Total Non- current Liabilities 66.78 66.53
Current liabilities
Financial liabilities
(a) Borrowings 143.27 119.68
(b) Trade payables 932.57 750.32
(c) Other financial liabilities 113.95 139.72

Other current liabilities 85 82.02

Provisions 15.98 16.3
Current tax liabilities (net) 3.54 0
Total Current Liabilities 1294.31 1,108.04
Total liabilities 1361.09 1,174.57
Total equity and liablities 3504.7 3,087.34
1.634952253
Income Statement 2018
Revenue from operations 4839.37
Other income 46.53
Total income 4885.9

Expenses
Cost of materials consumed 2470.43
Purchases of traded goods 405.57
(Increase)/decrease in inventories of finished goods, work-in-
process and traded goods -87.66
Excise duty on sale of goods 115.58
Employee benefits expense 269.84
Finance costs 16.2
Depreciation and amortisation expense 111.92
Other expenses 922.21
Total expense 4224.09

Profit before exceptional items and tax 661.81

Exceptional Items 0
Profit before tax 661.81

Tax expense 232.08

Current tax -2.11
Deferred tax 229.97

Profit for the year 431.84

2018 2017
OTHER ADDITIONAL INFORMATION
EARNINGS PER SHARE
Basic EPS (Rs.) 4.45 4.57
Diluted EPS (Rs.) 4.45 4.57
VALUE OF IMPORTED AND INDIGENIOUS RAW MATERIALS
Imported Raw Materials 0 0
Indigenous Raw Materials 0 0
STORES, SPARES AND LOOSE TOOLS
Imported Stores And Spares 0 0
Indigenous Stores And Spares 0 0
DIVIDEND AND DIVIDEND PERCENTAGE
Equity Share Dividend 169.93 97.09
Tax On Dividend 34.59 19.76
Equity Dividend Rate (%) 180 175

Shares
Outstanding (In
Name Last Price Rs. Cr)

Asian Paints 1,385.85 95.92

Berger Paints 323.1 97.10
Market Cap. Sales
(In Rs. Cr) Turnover Net Profit Total Assets

132,930.43 14,167.86 1,894.80 7,808.03

31,374.14 4,723.79 431.84 2,286.88
Asset Management:
Efficiency Ratios
Total Asset Turnover = Sales / Total Assets 1.57
Inventory Turnover = COGS / Inventory 2.76
Days’ Sales in Inventory = 365 / Inventory Turnover 132.13
Receivables Turnover = Sales / AccountReceivables 9.50
Days’ Sales in Receivables = 365 / Receivables Turnover 38.42

Profitability Ratios
Gross Profit Margin= Gross Profit/ Net Sales 49.44%
Profit Margin = NetIncome / Net Sales 8.92%
Return on Equity (ROE) = NetIncome / TotalEquity 21.29%
Return on Assets (ROA) = NoPat / TotalAsset 14.33%
Return on Capital (ROC) = NoPat / Total Capital 23.10%

Leverage Ratios
Debt-to-Total-Assets = Total Debt/ Total Assets 38.84%
Debt-to-Equity= Total Debt/ Shareholders’ Equity 63.50%
Equity Multiplier = TA/TE = 1 + D/E 163.50%

Coverage Ratios
Times Interest Earned = EBIT / Interest 41.85
Cash Coverage = (EBIT + Deprec) / Interest 48.76

Liquidity Ratios
Current Ratio = CurrentAsset /CurrentLiabilities 1.62
Quick Ratio = (CA – Inventory) /CurrentLiabilities 0.90
Cash Ratio = Cash /CurrentLiabilities 0.09

Market Valuation Ratios

Earnings per Share = EPS = NetProfit/No of shares 4.45
PE Ratio = SharePrice / EPS 72.65
Book value per share = Total Equity/shares outstanding 22.08
Market-to-book ratio = SharePrice / Book value per share 14.64
BALANCE SHEET 2018 2017
Assets
Non- current Assets
Property, Plant & Equipment 2477.44 2512.01
Capital WIP 1391.84 219.76
Goodwill 35.36 35.36
Other Intangible Assets 55.73 57.31
Financial Assets
Investments 1547.33 1598.2
Loans 79.08 70.27
Other Financial Assets 144.75 198.05
Current Tax Assets (net) 49.5 36.48
Other non-current Assets 305.81 200.39

Total Non- currrent Assets 6,086.84 4927.83

Current Assets
Inventories 2178.43 2194.09
Financial Assets
Investments 1030.01 1315.4
Trade Receivables 1138.2 994.63
Cash And Cash Equivalents 106.7 62.01
Other Balances with Bank 14.14 143.93
Loans 12.17 13.55
Other Financial Assets 627.23 474.07
Assets classified as Held for Sale 0.92 0.57
Other Current Assets 393.29 231.95
Total Current Assets 5501.09 5430.2
Total Assets 11,587.93 10,358.03 1.45995701

EQUITY AND LIABILITIES

Equity
Equity Share Capital 95.92 95.92
Other Equity 7702.24 6998.83
Total Equity 7798.16 7094.75

LIABILITIES
Non-current liabilities
Financial liabilities
Borrowings 9.87 10.38
Other financial liabilities 0.65 2.31
Provisions 107.35 109.84
Deferred tax liabilities (net) 270.33 261.17
Other non- current liabilities 2.61 3.65
Total Non- current Liabilities 390.81 387.35

Current Liabilities
Financial liabilities
(a) Borrowings - 26.84
(b) Trade payables
Due to Micro & Small Enterprises 34.82 26.59
Due to others 1816.68 1644.67
(c) Other financial liabilities 1208.56 879.99
Other current liabilities 244.99 206.32
Provisions 42.85 36.2
Current tax liabilities (net) 51.06 55.32
Tota Current Liabilities 3398.96 2875.93
Total liabilities 3789.77 3263.28
Total equity and liablities 11587.93 10358.03
Income Statement 2018
Revenue from operations
From Sale of Products 14316.13
From Sale of Services 13.04
Other operating Income 230.38
Other income 277.5
Total income 14837.05

Expenses
Cost of Material Consumed 7100.16
Purchases of Stock-in-trade 742.57

Changes in inventory of finished

goods, Stock-in-trade & WIP 154.12
Exise Duty 391.69
Employee Benefit Expense 791.08
Other Expenses 2459.43
Total Expenses 11639.05

EBITDA 3198
Finance Costs 21.06
D & A Expense 311.11
PBT 2865.83
Tax Expense
Current Tax 968.87
Tax Provision for earlier years -0.41
Deferred Tax 2.57
Total Tax Expense 971.03
PAT 1894.8
Profitability Ratios
Gross Profit Margin= Gross Profit/ Net Sales 51.23%
Profit Margin = NetIncome / Net Sales 13.01%
Return on Equity (ROE) = NetIncome / TotalEquity 26.71%
Return on Assets (ROA) = NoPat / TotalAsset 18.43%
Return on Capital (ROC) = NoPat / Total Capital 26.87%

Asset Management:
Efficiency Ratios
Total Asset Turnover = Sales / Total Assets 1.26
Inventory Turnover = COGS / Inventory 3.24
Days’ Sales in Inventory = 365 / Inventory Turnover 112.79
Receivables Turnover = Sales / AccountReceivables 14.64
Days’ Sales in Receivables = 365 / Receivables Turnover 24.93

Leverage Ratios
Debt-to-Total-Assets = Total Debt/ Total Assets 32.70%
Debt-to-Equity= Total Debt/ Shareholders’ Equity 48.60%
Equity Multiplier = TA/TE = 1 + D/E 1.49

Coverage Ratios
Times Interest Earned = EBIT / Interest 137.08
Cash Coverage = (EBIT + Deprec) / Interest 151.85

Liquidity Ratios
Current Ratio = CurrentAsset /CurrentLiabilities 1.62
Quick Ratio = (CA – Inventory) /CurrentLiabilities 0.97
Cash Ratio = Cash /CurrentLiabilities 0.04

Market Valuation Ratios

Earnings per Share = EPS = NetProfit/No of shares 19.75
PE Ratio = SharePrice / EPS 70.16
Book value per share = Total Equity/shares outstanding 81.30
Market-to-book ratio = SharePrice / Book value per share 17.05