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Process Industries

Asian Paints Ltd.

Company Background

Asian Paints, India's biggest paint producer, offers both household- and industrial-use products. Founded in 1942 by four partners, the company has held the largest share of the domestic paint market since 1967. It does business in South Asia, Africa, the Middle East and elsewhere through group units; all told, it supplies paint to more than 60 countries.

 

The company's growth is partly attributable to its active adoption of new technologies. Over the years, it enhanced its lineup of high-end paint for homes. Asian Paints' showrooms in Delhi and Mumbai are designed to present a broad range of products to customers.

 

In the automobile paint market, Asian Paints has a joint venture with major U.S. company PPG Industries.

 

The founders' families and affiliated companies own nearly 50% of Asian Paints shares. The board is also dominated by founding family members. The company is eager to expand abroad: In early 2015, it decided to acquire Ethiopia's Kadisco Paint.

 

Business Summary

Asian Paints Ltd. manufactures and markets paints and coating products. It operates through the following business segments: Paints and Home Improvement. The Paints segment manufactures and trades paints and related services. The Home Improvement segment engages in the manufacture and trade of bath fitting products and related services. The company was founded by Champaklal H. Choksey, Chimanlal N.Choksi, Suryakant C. Dani and Arvind R. Vakil on February 1, 1942 and is headquartered in Mumbai, India.

Financial Highlights

Mar 2022 INRUSD
Revenue289,818.70M3,889.68M
Gross Profit76,406.20M1,025.45M
Operating income39,399.60M528.78M
Income before tax41,561.50M557.80M
Net income30,305.70M406.73M
EBITDA47,563.20M638.34M
Diluted EPS31.590.42
Dividends Per Share19.150.25
Total Assets229,844.50M3,033.24M
Total liabilities87,832.50M1,159.12M
Total equity138,115.60M1,822.70M
Operating cash flow9,850.80M132.20M
Currency in INRCurrency in USD

Historical Data

 Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022
Revenue 166,804.70M 191,067.20M 200,946M 215,303.50M 289,818.70M
Gross Profit 52,128.10M 55,964.90M 61,562.20M 67,511.50M 76,406.20M
Operating income 27,276.10M 30,751M 33,578.20M 39,457.30M 39,399.60M
Income before tax 30,684.80M 32,711.70M 35,832.50M 42,757.50M 41,561.50M
Net income 19,689.30M 21,617.20M 27,101.20M 31,392.90M 30,305.70M
EBITDA 30,880.80M 36,972.40M 41,383.20M 47,370M 47,563.20M
Diluted EPS 20.55 22.47 28.22 32.72 31.59
Dividends Per Share 8.70 10.50 12 17.85 19.15
Total Assets 137,830.80M 162,781M 161,547.70M 203,696.20M 229,844.50M
Total liabilities 50,463.60M 64,447.80M 56,164.40M 71,370.60M 87,832.50M
Total equity 84,090.70M 94,705.50M 101,301.60M 128,062.90M 138,115.60M
Operating cash flow 21,550.20M 24,431.50M 26,234.50M 36,752M 9,850.80M
 Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022
Revenue 2,587.48M 2,731.76M 2,833.97M 2,900.29M 3,889.68M
Gross Profit 808.61M 800.15M 868.22M 909.42M 1,025.45M
Operating income 423.10M 439.65M 473.55M 531.51M 528.78M
Income before tax 475.98M 467.69M 505.35M 575.97M 557.80M
Net income 305.42M 309.07M 382.21M 422.88M 406.73M
EBITDA 479.02M 528.60M 583.63M 638.10M 638.34M
Diluted EPS 0.31 0.32 0.39 0.44 0.42
Dividends Per Share 0.13 0.15 0.16 0.24 0.25
Total Assets 2,113.26M 2,349.77M 2,135.42M 2,786.01M 3,033.24M
Total liabilities 773.72M 930.31M 742.41M 976.15M 1,159.12M
Total equity 1,289.30M 1,367.09M 1,339.06M 1,751.55M 1,822.70M
Operating cash flow 334.28M 349.30M 369.98M 495.07M 132.20M

Valuation Measures

Mar 2022
PER97.52
ROA13.98%
ROE22.77%
Operating margin13.59%
Profit margin10.45%

Key executives

  • Chief Executive Officer, MD & Director: Amit Syngle
  • Secretary, Chief Financial & Compliance Officer: R. J. Jeyamurugan
  • Group Brand Manager: Varun Amar Vakil
  • General Manager-Internal Audit & Risk: Aniruddha P. Deshmukh
  • General Manager-Corporate Accounts: P. Sriram

Shareholders

  • Geetanjali Trading & Investments Pvt Ltd. (16.2%)
  • Teesta Retail Pvt Ltd. (4.8%)
  • Elcid Investments Ltd. (2.9%)
  • Gujarat Organics Ltd. (2.4%)
  • Sudhanava Investment & Trading Co. Pvt Ltd. (1.9%)
  • Rupen Investment & Industries Ltd. (1.9%)
  • Satyadharma Investments & Trading Co. Pvt Ltd. (1.9%)
  • Castle Investment & Industries Ltd. (1.6%)
  • The Vanguard Group, Inc. (1.5%)
  • SBI Funds Management Pvt Ltd. (1.5%)

Contact Details

Related Companies

  • Weatherseal Fenestration Pvt. Ltd.
  • Asian Paints (S.I.) Ltd.
  • PT Asian Paints Color Indonesia
  • PT Asian Paints Indonesia
  • Universal Paints Ltd.
  • Reno Chemicals Pharmaceuticals & Cosmetics Pvt Ltd.
  • Asian Paints (Nepal) Pvt Ltd.
  • SCIB Paints
  • ESS ESS Bathroom Products Pvt Ltd. /Front End Sales Bus/
  • Asian Paints (Tonga) Ltd.
  • Sleek International Pvt Ltd.
  • Samoa Paints Ltd.
  • Asian Paints (International) Ltd.
  • Asian Paints Industrial Coatings Ltd.
  • Maxbhumi Developers Ltd.
  • Howcoplast Chemicals
  • Scib Chemical SAE
  • Asian Paints Queensland Pty Ltd.
  • Asian Paints (South Pacific) Ltd.
  • Asian Paints International Private Limited

Competitors

  • Sherwin-Williams Company
  • Akzo Nobel N.V.
  • RPM International Inc.
  • Berger Paints India Limited
  • Masco Corporation
  • Nippon Paint Holdings Co., Ltd.
  • BASF SE
  • PPG Industries, Inc.
  • SKSHU Paint Co., Ltd. Class A
  • Axalta Coating Systems Ltd.
  • Kansai Paint Co., Ltd.
Last Updated on 4 Oct, 2022

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