ASIAN PAINTS - FY10 RESULTS - EXCELLENT PERFORMANCE

ASIAN PAINTS

FY10 VS FY 09 RESULTS

COMPARISON

CONSOLIDATED RESULTS

Asian Paints has produced excellent results in FY 10 compared to FY09.

Net Sales  has improved by 22.29 % to Rs.6681 Crores from Rs.5463 Cr YOY.

Total Expenditure has increased less than proportionately by 13.74% to Rs.5537 Cr from Rs.4868 Cr YOY.

Consolidated Net Profit      has increased by 110.04% to Rs.836 Crores from Rs.398 Crores YOY.

The consolidated Basic EPS(Rs.) has leapt by 109.08% to Rs.87 from last year’s Rs.41.61 on a face value of Rs.10/-.

The Company's new paint plant at Rohtak in the State of Haryana has commenced commercial production, on 12-4-2010. The plant has an initial capacity of 150,000 KL per annum and can be scaled to 4,00,000 KL per annum in future expansions.

The paid up equity is Rs.96 crores while the reserves are Rs.1614 Crores. Considering all the above factors, Next year, the company may cross an EPS of Rs.100 easily. In which case, it could also be a Potential bonus candidate next year.

This is an excellent performance by Asian Paints.

On the market price of Rs.2097, the PE Ratio works out to 24.1.

ASIANPAINTS CONSOLIDATED	FY10(lakhs)	FY09(lakhs)	Diff%Age
Net Sales	668094	546323	22.29
Other Oprtg Income	-	-
Stock in trade and WIP	-10180	1269	-902.21
Raw Materials	372174	325183	14.45
Traded goods	13802	10612	30.06
Employees Cost	43628	37152	17.43
Depreciation	8356	7438	12.34
Other Expenditure	125930	105167	19.74
Total Expenditure	553710	486821	13.74
Profit-Operations	114384	59502	92.24
Other Income	14050	5168	171.87
Interest	2847	2632	8.17
Exceptional items	-115	227	-150.66
Tax Expense	37311	19739	89.02
Extraordinary Items	-	124
Net Profit	88391	41948	110.72
Minority Interest	4827	2164	123.06
Consolidated Net Profit	83564	39784	110.04
Dividend (%)	-	-
Face Value (in Rs.)	10	10	0
Paid-up Equity	9592	9592	0
Reserves	161406	110725	45.77
Basic EPS(Rs.)	87	41.61	109.08
Diluted EPS(Rs.)	87	41.61	109.08

STAND ALONE RESULTS

The stand alone results are also impressive.

Net Sales   have improved by 20.02 % to Rs.5125 Crores, YOY.

Total Expenditure has increased less than proportionately by 10.89 percent to Rs.4176 crores from Rs.3766 Crores YOY.

Basic EPS before Extraordinary items has increased to Rs.78.09   from Rs.38.39 of last year – i.e., by 103.41% YOY.

The stand alone results are also quite impressive.

ASIANPAINT-NONCONSOLIDATED	FY10(lakhs)	FY09(lakhs)	Diff%age
Net Sales	512508	427005	20.02
Other Oprtg Income	-	-
Stock in trade and WIP	-10716	-1757	509.9
Raw Materials	285525	254842	12.04
Traded goods	9215	7608	21.12
Employees Cost	26084	23890	9.18
Depreciation	6074	5715	6.28
Other Expenditure	101414	86295	17.52
Total Expenditure	417596	376593	10.89
Profit -Operations	94912	50412	88.27
Other Income	14385	6006	139.51
Interest	1376	1040	32.31
Exceptional items	-2546	195	-1405.64
Tax Expense	33017	18357	79.86
Extraordinary Items	-	590
Net Profit	77450	36236	113.74
Dividend (%)	270	-
Face Value (in Rs.)	10	10	0
Paid-up Equity	9592	9592	0
Reserves	146130	99865	46.33
Basic EPS bef.Extra.items (Rs.)	78.09	38.39	103.41
Dil.EPS bef.Extra.items (Rs.)	78.09	38.39	103.41
Basic EPS aft.Extra.items (Rs.)	80.74	37.78	113.71
Diluted EPS aft.Extra.items (Rs.)	80.74	37.78	113.71

QUARTERLY RESULTS

The quarterly results also indicate that during all 4 quarters of FY10, there has been quantum jump in profitability compared to FY 09. With the commissioning of Rohtak factory in April’10, the profitability may jump further.

ASIAN PAINTS QTRLY	31-Mar-10	31-Dec-09	30-Sep-09	30-Jun-09	31-Mar-09
Net Sales	129609	127771	138646	116482	110007
Other Expenditure	27869	24367	27392	21783	21322
Total Expenditure	108373	103251	112405	93564	95714
Net Profit	17704	17869	25432	16445	9254
Dividend (%)	185	-	85	-	-
Face Value (In Rs	10	10	10	10	10
Paid Up Equity	9592	9592	9592	9592	9592
Basic EPS aft.Extra.items	18.46	18.63	26.51	17.14	9.65
Diluted EPS aft.Extra.	18.46	18.63	26.51	17.14	9.65
Basic EPS bef.Extra.	16.4	18.63	25.91	17.14	10.26
Diluted EPS bef.Extra.	16.4	18.63	25.91	17.14	10.26

ANNOUNCEMENTS TO

THE EXCHANGE

28-05-2010        Asian Paints Limited has informed the Exchange regarding a press release dated May 28, 2010, titled "Asian Paints Net Sales increases by 18.1% in Q4-FY10, Net Profit up by 91.3% for the Quarter". 

28-05-2010        Asian Paints Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-MAR-2010 as follows: Net Sales of Rs. 129609 lacs for quarter ending on 31-MAR-2010 against Rs. 110007 lacs for the quarter ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 17704 lacs for the quarter ending on 31-MAR-2010 against Rs. 9254 lacs for the quarter ending on 31-MAR-2009.         -

28-05-2010        Asian Paints Limited has informed the Exchange that the Board of Directors of the Company, at their meeting held on May 28, 2010, have recommended payment of final dividend of Rs.18.5 (Rupees Eighteen and Fifty Paise only) per equity share of the face value of Rs.10/- each for the financial year ended March 31, 2010. Together with the interim dividend of Rs.8.50 per equity share of the face value of Rs.10/- each approved by the Board on October 22, 2009, the total dividend aggregates to Rs.27/- (Rupees Twenty Seven only) per equity share of the value of Rs.10/- each for the financial year ended March 31, 2010.        -

28-05-2010        Asian Paints Limited has informed the Exchange regarding the consolidated Results for the quarter ended on 31-MAR-2010 as follows: Net Sales of Rs. 187677 lacs for quarter ending on 31-MAR-2010 against Rs. 142492 lacs for the quarter ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 19258 lacs for the quarter ending on 31-MAR-2010 against Rs. 10114 lacs for the quarter ending on 31-MAR-2009.         -

28-05-2010        Asian Paints Limited has informed the Exchange regarding the consolidated Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 668094 lacs for year ending on 31-MAR-2010 against Rs. 546323 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 83564 lacs for the year ending on 31-MAR-2010 against Rs. 39784 lacs for the year ending on 31-MAR-2009.   -

28-05-2010        Asian Paints Limited has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 512508 lacs for year ending on 31-MAR-2010 against Rs. 427005 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 77450 lacs for the year ending on 31-MAR-2010 against Rs. 36236 lacs for the year ending on 31-MAR-2009.   -

20-05-2010        Asian Paints Limited has informed the Exchange regarding the announcement made by Berger International Limited (BIL), Singapore, which is listed on the Singapore Stock Exchange Limited. BIL is an indirect subsidiary of Asian paints Limited.

03-05-2010        Asian Paints Limited has informed the Exchange that Berger International Limited, Singapore (BIL), a subsidiary of Asian Paints (International) Limited, which is a wholly owned subsidiary of the company has completed the sale of its entire stake by BIL, in Berger Paints China Co. Ltd. Further, the Company has submitted to the Exchange a copy of the announcement made to the Singapore Stock Exchange by BIL.        C0-04-2010        Regulation 8A of SEBI (SAST) Regulations  

12-04-2010        Asian Paints Limited has informed the Exchange vide its letter dated April 12, 2010 that:"The Company's new paint plant at Rohtak in the State of Haryana has commenced commercial production, today after the formal inauguration. The plant has an initial capacity of 150,000 KL per annum and can be scaled to 4,00,000 KL per annum in future expansions. This state-of-the-art facility has been commissioned on schedule. The plant has been set up at a project cost of approximately Rs. 500 crores (for the initial 1.5 lakh per annum KL capacity, including land).This plant has been built to very exacting and contemporary Environment, Health and Safety standards".