Balance Sheet

Particulars 2019-18 2018-17 2017-16

ASSETS
Non Current assets
Property,plant and equipment 5,256.18 3,118.47 2956.65
Capital work-in-progress 209.67 1,405.11 257.54
Goodwill 321.3 327.26 193.48
Other intangible assets 273.7 286.51 153.61
Financial Assets
Investments 988.22 718.15 980.82
Loans 78.6 81.47 72.62
Trade Recievables 6.09 6.43 0
Other Financial Assets 226.79 151.28 199.42
Other non current assets 72.88 320.54 221.53
Deffered Tax Assets 28.04 19.6 16.16
Current Tax Assets 158.87 68.3 84.01
Total Non-current assets 8,027.28 6,869.00 5,455.67
Current Assets
Inventories 3,149.86 2,658.31 2626.94
Investments 1,174.53 1,056.67 1351.34
Trade Recievables 1,907.33 1,730.63 1446.6
Cash and Cash equivalent 275.97 312.12 582.08
Other Balance with banks 168.91 92.53 219.13
Loans 15.59 12.81 17.88
Other Financial Assets 525.97 580.78 421.66
ASSETS classified as held for sale 14.93 15 14.99
Other Current Assets 400.96 455.23 285.06
Total Current Assets 7,634.05 6,914.08 6,965.68

Total assets 15,661.33 13,783.08 12,421.35

EQUITY AND LIABLITIES
Equity share capital 95.92 95.92 95.92
Other equity 9423.77 8314.31 7507.97

Total Equity 9519.69 8410.23 7603.89

Non-Controlling Interests 363.05 327.65 375.45
9882.74 8737.88 7979.34
Non-current Liablities
Borrowings 19.48 28.33 41.07
Other Financial Liablities 3.94 4.99 7.2

Provisions 155.59 140.12 146.03

Deffered tax liablities 567.72 417.12 359.19
Other non-current Liablities 2.99 3.57 3.65
Total non-current Liablities 749.72 594.13 557.14
Current Liablities
Financial Liablities
Borrowings 596.53 492.42 504.43
Trade Payables

Total Outstanding dues of Micro

Enterprises and Small Enterprises 61.37 39.88 30.38
Total Outstanding dues of creditors
other than Micro Enterprises and
Small Enterprises 2,332.97 2,120.08 1892.45
Other Financial Liablities 1,651.44 1,363.73 1039.79
Other current liablities 163.87 282.89 227.14
Provisions 76.21 56.6 49.13
Current Tax Liab. 146.48 95.47 141.55
Total Current Liablities 5028.87 4451.07 3884.87
Total Equity and liablities 15661.33 13783.08 12421.35

Liab. 6141.64 5372.85

March-2019
FY2018-1916,391.80 (Q4) 4,235.32
March-2018
FY2017-1814,153.70 (Q4) 3,775.35

YOY Sales 2,238.10 QOQ Sales 459.97

15.81% 12.18%

2019-18 2018-17
MPS 1492.7 1120.4
EPS 22.51 21.26
PE= MPS/EPS 66.31 52.70
 Book value 99.20 87.70
Price to Book value 15.047 12.775
Market Cap 143,179 107,469 363.05
Minority Intrest 363.05 327.65
debt 4,849.90 3,960.40
Cash -275.97 -312.12
Ev 148,230.23 111,545.405
EBIDTA 3751.58 3418.23
EV/EBIDTA 39.51141316 32.63250436

Dividend Yield 0.51% 0.54%

Dividend 7.65 6.05
operating activities 2214.27 2113.44
capital expenditure 1133.55 1408.78
fcf 1080.72 704.66

ROE 22.92 21.50

ROCE 38.3 38.7
ROA 14.04% 14.97%

Debt to Equity 20.31% 29.54%

Debt to Equity 0.002 0.002
Net Profit Margin 11.51% 12.16%
Income statement
Particulars 2019-18 2018-17
Income
Revenue from operations
Revenue from sale of products 19,091.21 16,963.35
Revenue from services 80.79 74.91
Other Opreating Revenues 177.84 223.97
Other income 227.05 220.62
Total Income 19,576.89 17,482.85
Expenses
Cost of raw material consumed 10,356.70 8,585.41
Purchases of Stock in Trade 1,278.93 963.62
Change in inventories of finished goods and work-in-progress -293.29 142.13
Excise duty on sale of goods 8.32 437.68
Employee benefit expenses 1,270.02 1,115.48
Other expenses 3,204.63 2,820.30
Total expenses 15,825.31 14,064.62
EBIDTA 3,751.58 3,418.23
Finance costs 51 35.07
Depreciation and amortisation expenses 430.67 360.47
PROFIT FOR THE PERIOD BEFORE SHARE OF PROFIT IN ASSOCIATE 3,269.91 3,022.69
SHARE OF PROFIT OF ASSOCIATE 40.82 45.79
Profit before tax 3,310.73 3,068.48
tax expense
Current Tax 940.35 1,041.30
Minimum Alternate Tax (MAT) credit utilised 0 0.76
Short/(Excess) Tax provision for earlier years 2.4 -0.63
Deferred Tax 156.07 -0.47
Total tax expense 1098.82 1040.96
PROFIT FOR THE PERIOD FROM CONTINUING OPERATIONS 2,211.91 2,027.52
PROFIT FOR THE PERIOD FROM DISCONTINUED OPERATIONS 0 70
PROFIT FOR THE PERIOD 2,211.91 2,097.52
OTHER COMPREHENSIVE INCOME (OCI)
Items that will not be reclassified subsequently to profit or loss
Re-measurement losses on defined benefit plans
-39.61 13.17
Income tax effect 14.07 -4.58
Net fair value gain/(loss) on investment in equity instruments through OCI 9.35 -9.36
Share of OCI in associate 0.24 0.26
Items that will be reclassified to Profit or Loss
Net fair value (loss) on investment in debt instruments through OCI -1.32 -0.31
Income tax benefit/(expense) on net fair value loss on investment in debt
instruments through OCI 0.15 -2.3
Exchange difference arising on translation of foreign operations 3.52 -31.68
TOTAL OTHER COMPREHENSIVE INCOME -13.6 -34.8
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 2,198.31 2,062.72
PROFIT FOR THE YEAR ATTRIBUTABLE TO:
Owners of the Company 2,159.49 2,038.93
Non-controlling interest 52.42 58.59
2,211.91 2,097.52

OTHER COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO:

Owners of the Company -22.85 -29.45

Non-controlling interest 9.25 -5.35
-13.6 -34.8
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO:
Owners of the Company 2,136.64 2,009.48
Non-controlling interest 61.67 53.24
2,198.31 2,062.72
Earnings per equity share (Face value of ` 1 each)
Basic and Diluted Earnings Per Share from continuing operations (EPS) (`) 22.51 20.53
Basic and Diluted Earnings Per Share from discontinued operations (EPS) (`) 0 0.73
Basic and Diluted Earnings Per Share from continuing and discontinued operations
(EPS) (`) 22.51 21.26
327.65
2017-16

16619.91
47.17
189.47
262.43
17,118.98

8016.14
841.36
-528.6
1794.56
1033.62
2713.05
13,870.13
3,248.85
29.99
334.79
2,884.07
49.61
2,933.68

889.61
0.53
3.5
49.65
943.29
1,990.39
25.86
2,016.25

15.39
-4.36
130.76
-0.57

2.73

0.17
-134.86
 9.26
2,025.51

1939.43
76.82
2,016.25

60.56
-51.3
9.26

1,999.99
25.52
2,025.51

20.02
0.20

20.22
-2.3
Nerolac
Balance Sheet
Particulars 2019-18 2018-17 2017-16
ASSETS
Non Current assets
Goodwill 19.58 2.27 2.27
Other intangible assets 40.79 2.37 0.9
Investments 0.96 0.71 0.69
Loans 14.16 12.21 11.29
Current Tax Assets 165.71 80.07 0
Other non current assets 235.29 70.42 122.17
Total Non-current assets 476.49 168.05 137.32
Deffered Tax Assets
Current Assets
Inventories 1111.06 829.18 703.2
Investments 195.56 519.96 530.75
Trade Recievables 755.58 702.64 590.44
Cash and Cash equivalent 93.37 63.21 55.62
Other Balance with banks 2.82 300.4 205.82
Loans 5.22 3.32 3.32

Other Financial Assets 5.3 25.55 234.23

ASSETS classified as held for sale 0 0 0
Other Current Assets 151.44 140.73 66.89
Total Current Assets 2320.35 2584.99 2390.27

Total assets 2796.84 2753.04 2527.59

EQUITY AND LIABLITIES
Equity share capital 53.89 53.89 53.89
Other equity 3362.44 3078.43 2760.61
Total Equity 3416.33 3132.32 2814.5
Non-Controlling Interests 20.09 16.38 15.25
3436.42 3148.7 2829.75
Non-current Liablities
Borrowings 4.35 9.71 18.2
Provisions 0.02 0.13 0
Deffered tax liablities 126.67 81.38 79.47
Total non-current Liablities 131.04 91.22 97.67
Current Liablities
Financial Liablities
Borrowings 96.51 16.83 0
Trade Payables
 Total Outstanding dues of Micro
Enterprises and Small Enterprises
17.83 0

Total Outstanding dues of creditors

other than Micro Enterprises and
Small Enterprises 675.55 699.87 560.66

Other Financial Liablities 104.61 115.07 80.24

Other current liablities 34.87 32.73 39.6
Provisions 16.25 21.14 23.46
Current Tax Liab. 4.81 4.36 4.87
Total Current Liablities 950.43 890 708.83
Total Equity and liablities 4517.89 4129.92 3636.25

Laib. 1101.56 997.6

March-
FY2018-19 5682 2019 (Q4) 1,141.98
March-
FY2017-18 5047 2018 (Q4) 1,098.27

YOY Sales 635 QOQ Sales 43.71

12.58% 3.98%

2019-18 2018-17
MPS 458.5 505.8
EPS 8.4 9.55
PE= MPS/EPS 54.58 52.96

Book value 64 58
Price to Book value 7.164 8.721

Market Cap 24642 27172

Minority Intrest 0 0
debt 100.86 26.54
Cash -93.37 -63.21
Ev 24649.49 27135.33
 EBIDTA 813.04 864.7
EV/EBIDTA 30.31768 31.3812074

Dividend Yield 0.57% 0.51%

Dividend 2.6 2.6

operating activities 359.33 351.2

capital expenditure 343.14 216.88
fcf 16.19 134.32

ROE 8.31 9.51

ROCE 20.8 25
ROA 16.01% 18.62%
Debt to Equity 8.07% 18.02%
Debt to Equity 0% 1%
net profit margin 8.26% 10.66%
Income statement
Particulars 2019-18 2018-17 2017-16
Income
Revenue from operations 5424.32 4808.52 4584.53
Other income 60.52 70.91 98
Total Income 5484.84 4879.43 4682.53
Expenses
Cost of raw material consumed 3404.8 2717.66 2216.88
Purchases of Stock in Trade 258.74 213.83 186.5
Change in inventories of finished goods and work-in-progress -201.78 -117.93 -34.27
Excise duty on sale of goods 0 150.44 531.98
Employee benefit expenses 283.41 235.08 202.57
Other expenses 926.63 815.65 743.47
Finance costs 9.97 0.67 0
Depreciation and amortisation expenses 106.28 77.07 70.09
Total expenses 4788.05 4092.47 3917.22
Profit before tax 696.79 786.96 765.31
tax expense
Current Tax 225.54 270.72 248.24
Reversal of Tax 0 0 -1.31
Deffered Tax 23.59 2.49 8.3
Total tax expense 249.13 273.21 255.23
Profit after tax 447.66 513.75 510.08
OTHER COMPREHENSIVE INCOME (OCI)
Items that will not be reclassified subsequently to profit or loss
Re-measurement losses on defined benefit plans
1.51 -1.55 -7.23
Income tax effect -0.51 0.58 2.5
Items that will be reclassified to Profit or Loss -0.79 -0.07 0.03
TOTAL OTHER COMPREHENSIVE INCOME 0.21 -1.04 -4.7
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 447.87 512.71 505.38

PROFIT FOR THE YEAR ATTRIBUTABLE TO:

Owners of the Company 452.75 514.4 508.84
Non-controlling interest -5.09 -0.65 1.24
447.66 513.75 510.08
OTHER COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO:
Owners of the Company 0.18 -1.07 -4.63
Non-controlling interest 0.03 0.03 -0.07
0.21 -1.04 -4.7
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO:
Owners of the Company 452.93 513.33 504.21
Non-controlling interest -5.06 -0.62 1.17
 447.87 512.71 505.38

Earnings per equity share (Face value of ` 1 each)

Basic and Diluted Earnings Per Share from continuing operations
(EPS) (`) 8.4 9.55 9.44
0.20%
Decorative 80
Industrial 20

20.00%

80.0

22.70%

ASIAN PAI 41.4

9.30%
BERGER PA 13.5
KANSAI NE 13.1
AZKO NOBL 9.3
OTHERS 13.10%
22.7

13.50%
 20.00%

Decorative Paints
Industrial Paints

80.00%

41.4% 13.5% 13.1% 9.3% 22.7%

22.70%

ASIAN PAINTS
41.40%
BERGER PAINTS
KANSAI NEROLAC
30% AZKO NOBLE INDIA
OTHERS

13.10%

13.50%