Asian Paints Painting a colourful future - Views on News from Equitymaster

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Asian Paints Painting a colourful future

May 30, 2000

Asian Paints, the market leader in the paint industry, has posted a 27% growth in the net profit from Rs 769 m to Rs 973 m. This is primarily due to the 23% volume growth (the highest ever by Asian Paints in the last 20 years). But the value growth was 18% since the company reduced its prices twice in September and March 2000.

(Rs m)FY1999FY2000Change
Sales 8,947 10,662 19.2%
Other Income 149 136 -8.9%
Expenditure 7,708 8,885 15.3%
Operating Profit (EBDIT) 1,239 1,776 43.3%
Operating Profit Margin (%)13.9%16.7% 
Interest 223 203 -9.1%
Depreciation 227 278 22.7%
Profit before Tax 938 1,431 52.5%
Other Adjustments* 71  
Tax 240 458 90.6%
Profit after Tax/(Loss) 769 973 26.6%
Net profit margin (%)8.6%9.1% 
Earnings per share 19.2 24.3  

The operating profit margins of the company also went up from 14% to 16.7% in FY00 and the profit before tax went sharply by 53%. But this is not reflected in the net profit since the company's tax outflow almost doubled.

The company has declared a bonus issue of 3:5, thus increasing the company's equity capital to Rs 668.6 m from the present Rs 401.2 m.

Asian Paints envisages itself to be amongst the top five decorative paint manufacturers in the world and the leading decorative paint company in emerging markets by the year 2007.

The stock is currently trading at a P/E multiple of 17.3x on the earnings of FY00 compared to the previous years P/E of 21.2x.

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