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7/29/2019 Analyst Presentation of Asian paints annual report summary - FY2013 Results
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INVESTOR PRESENTATION
12M : FY 2012-139thMay2013
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Disclaimer
This presentation may contain statements which reflect
Managements current views and estimates and could be construed
as forward looking statements. The future involves certain risks anduncertainties that could cause actual results to differ materially from
the current views being expressed. Potential risks and uncertainties
,
exchange fluctuations, competitive product and pricing pressures and
regulatory developments.
Responses can only be given to questions which are not price
sensitive.
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Economic Environment
Company Performance
Business Review
Risks and Outlook
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Economic Environment
Company Performance
Business Review
Risks and Outlook
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Economic Environment
Global Uncertainties continue in the broader economic environment
Euro zone continues its struggle with the debt crisis
While US has been showing glimmers of recovery, threat of fiscal cliff
continues Impact of the new economic experiment of aggressive monetary stimulus to
stop deflation and boost growth in Japan still unclear
India
Private sector investments down sharply
Burgeoning current account and fiscal deficit due to fiscal indiscipline
Currency remained weak during most part of the year
Reversal in commodity prices getting negated due to the weak localcurrency
Most sectors faced volatile business conditions
On a positive side, Inflation has started edging lower leading to monetary easing
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Economic Environment
Company Performance
Business Review
Risks and Outlook
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Corporate Highlights
Asian Paints new brand identity unveiled during the year
Forays into Home Improvement by exploring an agreement with the Sleek Group
New plant at Khandala with initial capacity of 300,000 KL commissioned
International Business PAT crosses Rs 100 crores
Second 50:50 JV with PPG becomes operational during the year
Final Dividend of Rs. 36.50 per equity share (365%)
Sub-division of equity share of the face value of Rs. 10 to Re. 1
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Financials Q4 FY 2012-13
Price reduction of 0.20% effected in January 2013
Hi her de reciation in Q4 due to Khandala Plant
STANDALONE (Rs Crs) 2012-13 2011-12 Growth %
Income from Operations 2232.5 2075.8 7.5%
PBDIT 354.0 337.4 4.9%
PBDIT % 15.9% 16.3% PAT 239.6 244.6 -2.1%
CONSOLIDATED (Rs Crs) 2012-13 2011-12 Growth %
Income from Operations 2733.1 2542.9 7.5%
PBDIT 393.0 378.0 4.0%
PBDIT% 14.4% 14.9%
PAT after Minority Interest 251.1 259.5 -3.2%
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Standalone Income from Operations YoY Growth
28.9%
25.5%
20.3%
28.9%
25.7%
16.2%
20.0%
12.7%15.0%
20.0%
25.0%
30.0%
35.0% Standalone Income from Operations
Note:Industrial business of APL was transferred to AP Coatings in June 2011. Hence, numbers for the period after June 2011needs to be interpreted accordingly.
6.7% 7.5%
0.0%
5.0%
10.0%
Q1 FY12 Q2 FY12 Q3 FY12 Q4 FY12 12M FY
2012
Q1 FY13 Q2 FY13 Q3 FY13 Q4 FY13 12M FY
2013
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Standalone PBIT margins Paint Segment
18.9%
16.6%
18.5%
16.2%
17.6%
20.4%
15.5%
18.4%
15.5%
17.4%
10.0%
15.0%
20.0%
25.0%
Note:Industrial business of APL was transferred to AP Coatings in June 2011. Hence, numbers for the period after June 2011 needs tobe interpreted accordingly.
0.0%
5.0%
Q1 FY12 Q2 FY12 Q3 FY12 Q4 FY12 12M FY
2012
Q1 FY13 Q2 FY13 Q3 FY13 Q4 FY13 12M FY
2013
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Financials 12M FY 2012-13
STANDALONE (Rs Crs) 2012-13 2011-12 Growth %
Income from Operations 8971.7 7964.2 12.7%
PBDIT 1547.3 1351.8 14.5%PBDIT% 17.2% 17.0%
PAT 1050.0 958.4 9.6%
CONSOLIDATED (Rs Crs) 2012-13 2011-12 Growth %
Income from Operations 10970.7 9632.2 13.9%
PBDIT 1731.9 1508.8 14.8%
PBDIT% 15.8% 15.7%
PAT after Minority Interest 1113.9 988.7 12.7%
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In FY 2012-13
Total Dividend of Rs. 46.00 per share
Final dividend of Rs. 36.50 per share
Interim dividend of Rs. 9.50 per share
Payout ratio of 49.1% for the year
DIVIDEND
In FY 2011-12
Total Dividend of Rs. 40.00 per share
Final dividend of Rs. 30.50 per share
Interim dividend of Rs. 9.50 per share
Payout ratio of 46.5% for the year
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Economic Environment
Company Performance
Business Review
Risks and Outlook
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Business Review Decoratives India
Demand Conditions were subdued
Growth lower as compared to trend seen in earlier years
Growth mainly led by Emulsions
South division fared better than other regions Cumulative Price increase during the year is 5.1%
Price increase of 1.2% affected w.e.f May 2013
Inflationary pressures in raw materials lower compared to last year
12M FY13 consumption average was at 104.57, taking 12MFY12 base as100.
Q4 12-13 Q3 12-13 Q2 12-13 Q1 12-13
Actual Consumption Average 101.76 102.56 107.71 106.67
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Business Review Decoratives India
Capital Expenditure:
Khandala Plant with an initial capacity
of 300,000 KL commissioned in Feb,
2013
Capacity addition of 50,000 KL
completed at Rohtak in Apr 12
Current total installed paints capacity at
9,44,000 KL
Sales & Marketing:
Colour Idea Stores 97 stores launched
Over 24,000 colour world machines
installed by end of FY 13
Launch of a new and vibrant website
Colour Consultancy at Home (CCH)
launched in 5 cities
Upgraded APHS service launched in
Delhi and Ben aluru
Waterproofing products (SmartCare)launched
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Business Review International
Performance
Good value growth seen across regions
Growth higher due to currency
impact as well
Material cost inflation moderate
during the year, having a positive
impact on margins
Regions 12M 12-13 12M 11-12 Gr%
Caribbean 197.2 171.8 14.8%
Middle East 726.7 578.4 25.6%
Asia 380.0 314.7 20.7%
South Pacific 113.4 90.6 25.2%
Total 1,417.3 1,155.6 22.7%
Paint Sales (Rs Crores)
Improved demand conditions in Middle
East even though political events and
macro economic uncertainty in some
countries continues
Global slowdown impacting others
regions
Royalty to AP from International
operations at Rs. 20.9 crores
Regions 12M 12-13 12M 11-12 Gr%Caribbean 11.2 7.6 45.8%
Middle East 73.9 61.5 20.1%
Asia 35.6 24.6 44.5%
South Pacific 15.4 12.2 26.1%
Total 136.0 106.0 28.3%
PBIT (Rs Crores)
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Business Review Industrial India
Auto and Non-Auto Industrial Demand for Industrial coatings remained weak due to the Industrial
slowdown
Demand for Automotive coatings was impacted due to the slowdown in the
Automotive sector as fuel prices and interest rates remained high
PPGAP experienced high material cost inflation on account of both prices as
well as weak currency
acqu re ruppa a n s n e mon o ovem er
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Economic Environment
Company Performance
Business Review
Risks and Outlook
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Outlook
Decoratives Demand conditions seem challenging considering the subdued economic
environment
Normal rainfall prediction; would give comfort on rural demand
Correction in commodity prices and crude have eased outlook on margins
International
Business environment continues to remain uncertain in Middle East and Egypt
Caribbean region might continue to face slowdown
Demand conditions to remain moderate in South Asia
Auto and Non-Auto Industrial
Automotive sector witnessing sharp drop in demand; automotive coatings
segment expected to face tough business conditions
Non Auto demand conditions are not very optimistic. However, expected easing ofmonetary policy and Govts policy momentum might improve the demand outlook
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Thank You
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Annexures
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Consolidated Q4 FY 2012-13
Rs Crores
Particulars Q4 12-13 Q4 11-12 Gr %
Income from Operations 2,733.1 2,542.9 7.5%
Material Cost 1,552.3 1,526.1 1.7%
Employee Remuneration 160.1 135.4 18.2%
Other Expenses 627.7 503.4 24.7%
PBDIT 393.0 378.0 4.0%
Depreciation 48.9 31.4 55.7%
Profit from Operations 344.2 346.6 -0.7%
Ot er Income 38.2 42.8 -10. %
PBIT 382.4 389.4 -1.8%Interest 5.8 15.0 -61.5%
PBT 376.6 374.4 0.6%
Curr. & Def Tax 117.8 109.7 7.4%
PAT before Minority interest 258.9 264.7 -2.2%
Minority Share 7.7 5.2 47.9%PAT 251.1 259.5 -3.2%
EPS 26.2 27.1 -3.2%
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Standalone Q4 FY 2012-13
Rs Crores
Particulars Q4 12-13 Q4 11-12 Gr %
Income from Operations 2,232.5 2,075.8 7.5%
Material Cost 1,258.0 1,238.8 1.5%
Employee Remuneration 104.9 85.3 22.9%
Other Expenses 515.7 414.3 24.5%
PBDIT 354.0 337.4 4.9%
Depreciation 40.1 25.5 57.3%
Profit from operations 313.9 311.9 0.7%
Other Income 43.7 48.6 -10.1%
PBIT 357.6 360.5 -0.8%
Interest 6.9 13.7 -49.9%
PBT 350.8 346.8 1.1%
Curr. & Def Tax 111.2 102.2 8.8%
PAT 239.6 244.6 -2.1%
EPS 25.0 25.5 -2.1%
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Consolidated 12M FY 2012-13
Rs Crores
Particulars FY 12-13 FY 11-12 Gr %
Income from Operations 10,970.7 9,632.2 13.9%
Material Cost 6,438.4 5,795.3 11.1%
Employee Remuneration 623.6 526.0 18.6%Other Expenses 2,176.8 1,802.2 20.8%
PBDIT 1,731.9 1,508.8 14.8%
Depreciation 154.6 121.1 27.6%
Profit from O erations 1,577.3 1,387.6 13.7%
Other Income 114.5 107.4 6.6%
PBIT 1,691.9 1,495.1 13.2%
Interest 36.6 41.0 -10.6%
PBT 1,655.2 1,454.1 13.8%
Curr. & Def Tax 495.7 433.5 14.3%
PAT before Minority interest 1,159.5 1,020.6 13.6%
Minority Share 45.6 31.9 43.3%
PAT 1,113.9 988.7 12.7%
EPS 116.1 103.1 12.7%
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Standalone 12M FY 2012-13
Rs Crores
Particulars FY 12-13 FY 11-12 Gr %
Income from Operations 8,971.7 7,964.2 12.7%
Material Cost 5,188.9 4,746.3 9.3%
Employee Remuneration 404.6 341.6 18.4%Other Expenses 1,831.0 1,524.4 20.1%
PBDIT 1,547.3 1,351.8 14.5%
Depreciation 127.0 99.5 27.6%
, . , . .
Other Income 126.2 141.5 -10.8%PBIT 1,546.4 1,393.8 11.0%
Interest 30.6 30.8 -0.8%
PBT 1,515.9 1,362.9 11.2%
Curr. & Def Tax 465.9 404.5 15.2%
PAT 1,050.0 958.4 9.6%EPS 109.5 99.9 9.6%
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Key Ratios
12M 12-13 12M 11-12 12M 12-13 12M 11-12
57.8% 59.6% 58.7% 60.2%
17.2% 17.0% 15.8% 15.7%
16.9% 17.1% 15.1% 15.1%
11.7% 12.0% 10.2% 10.3%
For Consolidated results PAT is af ter Minority Interest
Consolidated
% to Income from Operations
Material Cost
PBDIT
PBT
PAT
Standalone