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Asian Paints: A mixed bag

May 12, 2004

Asian paints, the largest paint company in India, has declared good results for last quarter as well as for the year ended FY04. The topline of the company grew by 11% during the year but due to extraordinary adjustments and squeezed margins at the operating level, the bottomline growth remained subdued (up by 4%).

(Rs m) 4QFY03 4QFY04 Change FY03 FY04 Change
Net sales 3,587 4,169 16.2% 15,738 17,425 10.7%
Other income 32 97 - 142 217 52.7%
Expenditure 3,060 3,582 17.1% 13,097 14,729 12.5%
Operating profit (EBDITA) 527 586 11.3% 2,641 2,695 2.1%
Operating profit margin (%) 14.7% 14.1%   16.8% 15.5%  
Interest 16 10 -35.2% 83 53 -36.6%
Depreciation 112 120 6.9% 451 480 6.5%
Profit before tax 431 553 28.4% 2,249 2,379 5.8%
Extraordinary items (14) (68) 386.1% (14) (66) 371.4%
Tax 136 180 32.3% 815 836 2.5%
Profit after tax/(loss) 281 305 8.7% 1,420 1,478 4.1%
Net profit margin (%) 7.8% 7.3%   9.0% 8.5%  
No. of shares (m) 64.2 95.9   64.2 95.9  
Diluted earnings per share (Rs)* 17.5 12.7   22.1 15.4  
P/E ratio (x)         19.7  
(* annualised)            

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