(` in Crores except per share data, number of employees, number of shareholders and ratios)

10
RESULTS FOR THE
2015-2016^ 2014-2015^ 2013-2014^ 2012-2013^ 2011-2012^ 2010-2011^ 2009-2010 2008-2009 2007-2008 2006-2007 Review
Ten Year
Business
Overview

FINANCIAL YEAR
Income Statement
Gross Revenue 14,750.7 13,483.8 12,042.6 10,405.0 9,064.3 7,202.0 5,753.5 5,003.4 4,062.8 3,360.7
Net Revenue from Operations 12,645.9 11,648.8 10,418.8 8,960.1 7,964.2 6,336.1 5,134.1 4,278.7 3,426.5 2,827.0
Growth Rates (%) 8.6 11.8 16.3 12.5 25.7 23.4 20.0 24.9 21.2 21.6
Materials Cost 6,529.6 6,439.8 5,940.0 5,163.4 4,746.3 3,646.9 2,840.2 2,606.9 1,956.1 1,660.7

Annual Report 2015-16

% to Net Revenue 51.6 55.3 57.0 57.6 59.6 57.6 55.3 60.9 57.1 58.7
Overheads 3,636.8 3,198.5 2,701.6 2,249.4 1,866.1 1,532.0 1,275.0 1,103.8 908.0 736.7
% to Net Revenue 28.8 27.5 25.9 25.1 23.4 24.2 24.8 25.8 26.5 26.1
Reports

Operating Profit (EBITDA) 2,704.9 2,197.3 1,950.9 1,673.4 1,493.2 1,232.2 1,153.7 619.4 615.2 464.3
Statutory

Finance Costs 23.4 27.1 26.1 30.6 30.8 15.4 13.8 10.4 8.3 6.9
Depreciation 238.4 223.1 212.3 127.0 99.5 94.5 60.7 57.2 43.8 45.4
Profit Before Tax and
2,443.1 1,947.1 1,712.5 1,515.9 1,362.9 1,122.3 1,079.2 551.8 563.2 412.0
Standalone

Exceptional items
% to Net Revenue 19.3 16.7 16.4 16.9 17.1 17.7 21.0 12.9 16.4 14.6
Growth Rates (%) 25.5 13.7 13.0 11.2 21.4 4.0 95.6 (2.0) 36.7 22.1
Exceptional item (65.4) (13.5) (9.9) - - - 25.5 (5.9) - -
Profit Before Tax and after
2,377.8 1,933.6 1,702.6 1,515.9 1,362.9 1,122.3 1,104.7 545.9 563.2 412.0
Exceptional items
Ten Year Review -

% to Net Revenue 18.8 16.6 16.3 16.9 17.1 17.7 21.5 12.8 16.4 14.6
Financial
Statements

Profit After Tax 1,597.4 1,327.4 1,169.1 1,050.0 958.4 775.2 774.5 362.4 375.2 272.0
Return on average capital
53.2 49.9 51.7 54.0 59.3 62.1 78.2 51.3 60.5 52.9
employed (ROCE) (%)
Return on average net worth
34.8 33.9 35.3 38.1 42.9 43.9 58.4 35.8 44.9 39.8
(RONW) (%)
Balance Sheet
Share Capital 95.9 95.9 95.9 95.9 95.9 95.9 95.9 95.9 95.9 95.9
Reserves and Surplus 4,867.2 4,134.3 3,505.0 2,926.3 2,391.9 1,879.4 1,461.3 998.6 832.6 648.2
Deferred Tax Liability (Net) 207.7 167.8 177.1 143.3 80.8 75.5 47.9 47.9 31.5 22.1
Borrowings 38.0 39.6 47.7 54.1 168.2 65.7 68.6 74.5 94.7 125.7
Fixed Assets 2,717.9 2,105.0 2,050.2 2,154.4 1,611.9 1,096.9 1,088.2 711.8 539.2 346.5
Investments 2,439.7 1,893.8 1,671.2 872.5 913.8 1,034.8 703.7 234.8 422.9 334.4
Debt-Equity Ratio 0.01:1 0.01:1 0.01:1 0.02:1 0.07:1 0.03:1 0.04:1 0.07:1 0.09:1 0.17:1
Market Capitalisation 83,297 77,820 52,559 47,139 31,056 24,238 19,593 7,539 11,510 7,336
PER SHARE DATA
Earnings Per Share (`) # *16.7 *13.8 *12.2 10.9 10.0 8.1 *8.1 *3.8 3.9 2.8
Dividend (%) 750.0 610.0 530.0 460.0 400.0 320.0 270.0 175.0 170.0 130.0
Book Value (`) # 51.7 44.1 37.5 31.5 25.9 20.6 16.2 11.4 9.7 7.8
OTHER INFORMATION
Number of Employees 6,067 5,897 5,555 5,236 4,937 4,640 4,382 4,260 3,924 3,868
Number of Shareholders 165,986 147,143 87,997 54,813 60,537 59,280 48,290 49,074 47,573 49,032
* EPS calculated on Net Profit after Exceptional items.
# With effect from 1st August, 2013, face value of the Companys equity share has been subdivided from ` 10 per equity share to ` 1 per equity share and accordingly the EPS and book value
for all comparative periods have been restated.
^ Figures have been regrouped as per Revised Schedule VI to the Companies Act, 1956 / Schedule III of Companies Act, 2013.
 (` in Crores except per share data and ratios)
RESULTS FOR THE
2015-2016 @ 2014-2015@ 2013-2014@ 2012-2013@ 2011-2012@ 2010-2011@ 2009-2010^ 2008-2009 2007-2008 2006-2007
FINANCIAL YEAR
Income Statement
Gross Revenue 18,037.3 16,325.2 14,567.2 12,488.1 10,778.0 8,610.8 7,314.5 6,229.8 5,075.9 4,259.9
Net Revenue from Operations 15,534.1 14,182.8 12,714.8 10,938.6 9,632.2 7,722.3 6,680.9 5,463.9 4,407.2 3,670.0
Growth Rates (%) 9.5 11.5 16.2 13.6 24.7 15.6 22.3 24.0 20.1 21.5
Materials Cost 8,205.6 7,971.5 7,340.7 6,413.0 5,795.3 4,474.6 3,758.0 3,370.6 2,577.6 2,199.4
% to Net Sales 52.8 56.2 57.7 58.6 60.2 57.9 56.2 61.7 58.5 59.9
Overheads 4,519.9 3,975.9 3,376.2 2,793.6 2,328.2 1,919.6 1,695.6 1,425.5 1,170.6 989.9
% to Net Revenue 29.1 28.0 26.6 25.5 24.2 24.9 25.4 26.1 26.6 27.0
Operating Profit (EBITDA) 3,009.3 2,405.1 2,132.1 1,846.5 1,616.2 1,396.1 1,367.9 718.8 718.6 518.0
Finance Costs 40.5 34.8 42.2 36.7 41.0 23.2 28.5 26.3 21.2 18.9
Depreciation 288.0 265.9 245.7 154.6 121.1 113.1 83.6 74.4 59.2 61.1
Profit Before Tax and
2,680.9 2,104.4 1,844.2 1,655.2 1,454.1 1,259.7 1,255.9 618.1 638.3 437.9
Exceptional items
% to Net Revenue 17.3 14.8 14.5 15.1 15.1 16.3 18.8 11.3 14.5 11.9
Growth Rates (%) 27.4 14.1 11.4 13.8 15.4 0.3 103.2 (3.2) 45.8 24.9
Exceptional items (52.5) (27.6) (9.9) - - - 1.2 (1.2) (6.8) (7.8)
Consolidated

Profit Before Tax and after

2,628.4 2,076.9 1,834.3 1,655.2 1,454.1 1,259.7 1,257.0 616.9 631.4 430.2
Exceptional items
% to Net Revenue 16.9 14.6 14.4 15.1 15.1 16.3 18.8 11.3 14.3 11.7
Ten Year Review -

Profit After Tax

1,726.2 1,395.2 1,218.8 1,113.9 988.7 843.2 835.6 397.8 409.2 281.0
(after Minority interest)
Return on average capital
49.1 45.3 47.6 50.3 54.3 58.9 74.4 46.5 56.3 45.9
employed (ROCE) (%)
Return on average net worth
33.4 31.8 32.8 36.3 40.1 43.3 57.4 36.4 46.5 39.5
(RONW) (%)
Balance Sheet
Share Capital 95.9 95.9 95.9 95.9 95.9 95.9 95.9 95.9 95.9 95.9
Reserves and Surplus 5,509.3 4,646.4 3,943.3 3,288.4 2,652.6 2,091.5 1,614.1 1,107.3 886.5 681.9
Deferred Tax Liability (Net) 217.1 179.9 187.8 154.4 92.8 85.2 56.2 53.3 39.1 26.8
Borrowings 325.6 418.2 249.2 251.0 341.1 233.4 229.2 308.6 275.2 306.2
Fixed Assets 3,316.2 2,610.2 2,491.8 2,456.0 1,876.1 1,316.0 1,280.1 905.1 691.7 493.2
Investments 2,098.2 1,587.8 1,423.6 778.8 750.7 922.0 624.1 78.4 276.7 192.7
Debt-Equity Ratio 0.06:1 0.09:1 0.06:1 0.07:1 0.12:1 0.11:1 0.13:1 0.26:1 0.28:1 0.39:1
PER SHARE DATA
Earnings Per Share (EPS) (`) # *18.0 *14.5 *12.7 11.6 10.3 8.8 *8.7 *4.1 *4.3 *2.9
Book Value (`) # 58.4 49.4 42.1 35.3 28.7 22.8 17.8 12.5 10.2 8.1
* EPS calculated on Net Profit after exceptional items.
^ This period includes 15 months (1st January 2009 to 31st March 2010) of Overseas Subsidiaries.
@ figures are regrouped as per the requirement of Revised Schedule VI under Companies Act, 1956 / schedule III of Companies Act, 2013.
# With effect from 1st August, 2013, face value of the Companys equity share has been subdivided from ` 10 per equity share to ` 1 per equity share and accordingly the EPS and book value
for all comparative periods have been restated.

Asian Paints Limited

11
Business Statutory Financial
Overview Reports Statements

Standalone
Financial Statements

Balance Sheet
as at 31st March, 2016
(` in Crores)
Notes As at As at
31.03.2016 31.03.2015
EQUITY AND LIABILITIES
Shareholders Funds
Share Capital 2 95.92 95.92
Reserves and Surplus 3 4,867.24 4,134.34
4,963.16 4,230.26
NON CURRENT LIABILITIES
Long Term Borrowings 4 31.55 32.09
Deferred Tax Liabilities (Net) 5 207.69 167.78
Other Long Term Liabilities 6 1.68 -
Long Term Provisions 7 94.23 85.25
335.15 285.12

CURRENT LIABILITIES
Trade Payables
Due to Micro and Small Enterprises 8 17.95 11.63
Due to Others 8 1,315.25 1,301.45
Other Current Liabilities 9 1,021.25 833.39
Short Term Provisions 7 711.39 612.03
3,065.84 2,758.50
Total 8,364.15 7,273.88
ASSETS
NON CURRENT ASSETS
Fixed Assets
Tangible Assets 10 A 2,532.97 1,886.42
Intangible Assets 10 B 92.17 79.07
Capital work-in-progress 92.79 139.54
2,717.93 2,105.03
Non-current Investments 11 1,006.89 790.72
Long Term Loans and Advances 12 111.23 209.54
Other Non Current Assets 17 30.54 17.08
CURRENT ASSETS
Current Investments 13 1,432.79 1,103.06
Inventories 14 1,610.12 1,802.18
Trade Receivables 15 759.06 729.55
Cash and Bank balances 16 155.02 61.84
Short Term Loans and Advances 12 221.91 205.43
Other Current Assets 17 318.66 249.45
4,497.56 4,151.51
Total 8,364.15 7,273.88
Notes are an integral part of the financial statements
As per our report of even date For and on behalf of the Board of Directors of
Asian Paints Limited
CIN:L24220MH1945PLC004598

For B S R & Co. LLP Ashwin Choksi K.B.S. Anand

Chartered Accountants Chairman Managing Director & CEO
Firms Registration No: 101248W/W-100022 DIN: 00009095 DIN: 03518282
Bhavesh Dhupelia M. K. Sharma Jayesh Merchant
Partner Director CFO & Company Secretary,
Membership No: 042070 DIN: 00327684 President - Industrial JVs
Mumbai Mumbai
11th May, 2016 11th May, 2016

108 Annual Report 2015-16

Statement of Profit and Loss
for the year ended 31st March, 2016
(` in Crores)
Notes Year Year
2015-16 2014-15
INCOME
Revenue from sale of goods and services (Net of discounts) 18A 13,992.15 12,878.80
Less: Exicse duty 1,533.50 1,393.13
Revenue from sale of goods and services (Net of discounts and excise duty) 12,458.65 11,485.67
Other Operating Revenue 18B 187.23 163.16
Other Income 19 225.30 186.82
Total Revenue (I) 12,871.18 11,835.65
EXPENSES
Cost of Materials Consumed 20A 5,842.29 6,191.72
Purchases of Stock-in-Trade 20B 524.42 380.56
Changes in inventories of finished goods, work-in-progress and stock-in-trade 20C 162.86 (132.43)
Employee Benefits Expense 21 664.20 606.94
Other Expenses 22 2,972.55 2,591.52
Total (II) 10,166.32 9,638.31
EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND 2,704.86 2,197.34
AMORTISATION (EBITDA) (I) -(II)
Depreciation and Amortisation Expense 10 238.36 223.11
Finance Costs 23 23.40 27.13
PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX 2,443.10 1,947.10
Exceptional Items 51 65.35 13.53
PROFIT BEFORE TAX 2,377.75 1,933.57
Less : Tax Expense
Current Tax 743.74 616.42
Excess tax provision for earlier years (3.33) (0.96)
Deferred Tax expense/(benefit) 5 39.91 (9.29)
Total Tax Expenses 780.32 606.17
PROFIT AFTER TAX 1,597.43 1,327.40
Earnings per equity share (`) Basic and diluted 46 16.65 13.84
(Face value of ` 1 each)
Notes are an integral part of the financial statements

As per our report of even date For and on behalf of the Board of Directors of
Asian Paints Limited
CIN:L24220MH1945PLC004598

For B S R & Co. LLP Ashwin Choksi K.B.S. Anand

Chartered Accountants Chairman Managing Director & CEO
Firms Registration No: 101248W/W-100022 DIN: 00009095 DIN: 03518282
Bhavesh Dhupelia M. K. Sharma Jayesh Merchant
Partner Director CFO & Company Secretary,
Membership No: 042070 DIN: 00327684 President - Industrial JVs
Mumbai Mumbai
11th May, 2016 11th May, 2016

Asian Paints Limited 109

Business Statutory Financial
Overview Reports Statements

Standalone
Financial Statements

Cash Flow Statement

for the year ended 31st March, 2016
(` in Crores)
Year Year
2015-16 2014-15
(A) Cash Flow From Operating Activities
Profit before prior period item, tax and after exceptional item 2,377.75 1,933.57
Adjustments for :
Depreciation, Amortisation & Exceptional Item 238.36 225.52
Interest income (11.53) (5.19)
Dividend income (70.30) (71.27)
Finance costs 23.40 27.13
Provision for doubtful debts and advances 3.34 1.59
Bad debts written off 1.98 1.09
Net unrealised foreign exchange (gain)/loss (10.98) 8.27
Profit on sale of long term investments (net) (24.70) (27.54)
Profit on sale of short term investments (net) (3.81) (2.07)
Profit on sale of fixed assets (net) (10.37) (0.33)
Provision/(Reversal of provision) for diminution in value of long 65.35 (14.04)
term investments
Operating Profit before working capital changes 2,578.49 2,076.73
Adjustments for :
(Increase) in trade receivables* (34.91) (8.66)
(Increase) in other receivables* (79.65) (82.53)
(Increase)/Decrease in loans and advances (25.94) 32.28
Decrease/(Increase) in inventories* 192.06 (130.79)
Increase/(Decrease) in trade and other payables* 161.45 (165.92)
Increase in provisions 15.15 11.64
Cash generated from Operating activities 2,806.65 1,732.75
Income Tax paid (net of refund) (760.96) (589.15)
Net Cash generated from Operating activities 2,045.69 1,143.60
* Previous year figures are after adjustments pursuant to acquisition
of net current assets which are classified as investing activities.
(B) Cash Flow from Investing Activities
Purchase of Fixed Assets (686.72) (336.28)
Sale of Fixed Assets 12.22 1.49
Loans to subsidiary (0.20) (0.28)
Repayment of loan from subsidiaries - 0.40
Purchase of front end sales business from Ess Ess Bathroom - (36.48)
Products Private Limited (Refer Note 47)
Purchase of long term investments - Subsidiaries (143.17) (0.50)
Purchase of long term investments - others (282.33) (242.00)
Purchase of short term investments (70.04) (0.04)
Sale of long term investments 209.70 330.53
Sale/ (Purchase) of short term investments - others 19.04 (87.00)
Proceeds from sale of short term investments (net) 3.81 2.07
Interest received 4.61 4.55
Dividend received from subsidiaries 3.05 2.41
Dividend received from others 67.25 68.86
Net Cash used in Investing activities (862.78) (292.27)

110 Annual Report 2015-16

 (` in Crores)
Year Year
2015-16 2014-15
(C) Cash Flow from Financing Activities
Proceeds from long term borrowings 5.90 0.06
Repayment of long term borrowings (7.48) (8.17)
Proceeds from short term borrowings * - 19.92
Repayment of short term borrowings # - (39.84)
Finance costs paid (19.76) (26.69)
Dividend and Dividend tax paid (749.72) (672.95)
Net Cash used in Financing activities (771.06) (727.67)
# Previous year figure includes repayment of borrowings taken
over pursuant to acquisition (Refer note 47).
* Previous year figure is after adjustment pursuant to acquisition
of short term loan which is classified as investing activity
(Refernote 47).
(D) Net Increase/(Decrease) in cash and cash equivalents 411.85 123.66
Add: Cash and cash equivalents as at 1 April
st
862.69 739.03
Cash and cash equivalents as at 31st March 1,274.54 862.69
Notes:
(a) The above Cash Flow Statement has been prepared under the Indirect Method as set out in the Accounting Standard-3 (AS-3)
on Cash Flow Statement.
(` in Crores)
31.03.2016 31.03.2015
(b) Cash and Cash equivalents comprises of
Cash on hand 0.06 0.05
Balances with Bank:
- Current Accounts 2.13 22.58
- Cash Credit Account 6.42 1.60
- Deposits with banks with maturity less than 3 months 43.51 -
Cheques on hand 24.63 30.40
Cash and cash equivalents (Refer note 16) 76.75 54.63
Add: Investment in liquid mutual funds [Refer note 13B (1)] 1,197.79 808.06
Cash and cash equivalents in Cash Flow Statement 1,274.54 862.69
(c) Previous years figures have been regrouped, wherever necessary.

As per our report of even date For and on behalf of the Board of Directors of
Asian Paints Limited
CIN:L24220MH1945PLC004598

For B S R & Co. LLP Ashwin Choksi K.B.S. Anand

Chartered Accountants Chairman Managing Director & CEO
Firms Registration No: 101248W/W-100022 DIN: 00009095 DIN: 03518282
Bhavesh Dhupelia M. K. Sharma Jayesh Merchant
Partner Director CFO & Company Secretary,
Membership No: 042070 DIN: 00327684 President - Industrial JVs
Mumbai Mumbai
11th May, 2016 11th May, 2016

Asian Paints Limited 111

Business Statutory Financial
Overview Reports Statements

Consolidated
Financial Statements

Consolidated Balance Sheet

as at 31st March, 2016
(` in Crores)
Notes As at As at
31.03.2016 31.03.2015
EQUITY AND LIABILITIES
SHAREHOLDERS FUNDS
Share Capital 2 95.92 95.92
Reserves and Surplus 3 5,509.33 4,646.44
5,605.25 4,742.36
Minority Interest 294.21 263.67
NON CURRENT LIABILITIES
Long Term Borrowings 4 74.91 78.28
Deferred Tax Liability (Net) 5 217.60 180.14
Other Long Term Liabilities 6 10.57 10.91
Long Term Provisions 7 124.36 119.89
427.44 389.22

CURRENT LIABILITIES
Short Term Borrowings 8 231.08 331.62
Trade Payables
Due to Micro and Small Enterprises 9 21.51 12.81
Due to Others 9 1,568.59 1,535.94
Other Current Liabilities 10 1,231.95 999.67
Short Term Provisions 7 763.30 639.41
3,816.43 3,519.45
Total 10,143.33 8,914.70
ASSETS
NON CURRENT ASSETS
Fixed Assets
Tangible Assets 11 A 3,074.59 2,290.16
Intangible Assets 11 B 130.82 124.07
Capital work-in-progress 110.80 196.00
3,316.21 2,610.23
Goodwill on Consolidation 27 C 197.66 245.81
Non-Current Investments 12 539.25 400.88
Deferred Tax Assets (Net) 5 0.51 0.20
Long Term Loans and Advances 13 179.32 278.46
Other Non Current Assets 14 49.75 40.15

CURRENT ASSETS
Current Investments 15 1,558.94 1,186.91
Inventories 16 2,064.00 2,258.52
Trade Receivables 17 1,248.26 1,182.07
Cash and Bank Balances 18 420.43 204.39
Short Term Loans and Advances 13 288.98 261.95
Other Current Assets 19 280.02 245.13
5,860.63 5,338.97
Total 10,143.33 8,914.70
Notes are an integral part of the financial statements.
As per our report of even date For and on behalf of the Board of Directors of
Asian Paints Limited
CIN:L24220MH1945PLC004598

For B S R & Co. LLP Ashwin Choksi K.B.S. Anand

Chartered Accountants Chairman Managing Director & CEO
Firms Registration No: 101248W/W-100022 DIN: 00009095 DIN: 03518282

Bhavesh Dhupelia M. K. Sharma Jayesh Merchant

Partner Director CFO & Company Secretary,
Membership No: 042070 DIN: 00327684 President - Industrial JVs
Mumbai Mumbai
11th May, 2016 11th May, 2016

166 Annual Report 2015-16

Consolidated Statement of Profit and Loss
for the year ended 31st March, 2016
(` in Crores)
Notes Year Year
2015-16 2014-15
(I) INCOME
Revenue from sale of goods and services (Net of discounts) 20 A 16,946.82 15,473.19
Less: Excise duty 1,616.10 1,467.86
Revenue from sale of goods and services (Net of discounts and excise duty) 15,330.72 14,005.33
Other Operating Revenue 20 B 203.42 177.48
Other Income 21 200.72 169.71
TOTAL REVENUE (I) 15,734.86 14,352.52
(II) EXPENSES
Cost of Materials Consumed 22A 7,311.09 7531.17
Purchases of Stock-in-Trade 22B 723.20 588.37
Changes in inventories of finished goods, work in progress and stock-in-trade 22C 171.30 (148.07)
Employee Benefits Expense 23 1,017.84 907.11
Other Expenses 24 3,502.09 3068.82
Total (II) 12,725.52 11947.40
EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION 3,009.34 2405.12
(EBITDA) (I) - (II)
Depreciation and Amortisation Expense 11 287.97 265.92
Finance Costs 25 40.51 34.76
PROFIT BEFORE EXCEPTIONAL ITEM & TAX 2,680.86 2104.44
Exceptional Items 28 52.45 27.57
PROFIT BEFORE TAX 2,628.41 2,076.87
Less : Tax Expenses
Current Tax 812.18 657.61
Minimum alternate tax (MAT) credit utilised 3.43 1.09
MAT Credit entitlement of earlier years (1.60) -
(Excess) tax provision for earlier years (4.47) (1.11)
Deferred Tax expense / (benefit) 5 39.60 (8.05)
Total Tax Expenses 849.14 649.54
PROFIT AFTER TAX 1,779.27 1427.33
Minority Interest 53.06 32.18
Net Profit Attributable to shareholders 1,726.21 1395.15
Earnings per share (`) Basic and diluted 32 18.00 14.54
(Face value of ` 1 each)
Notes are an integral part of the financial statements.
As per our report of even date For and on behalf of the Board of Directors of
Asian Paints Limited
CIN:L24220MH1945PLC004598

For B S R & Co. LLP Ashwin Choksi K.B.S. Anand

Chartered Accountants Chairman Managing Director & CEO
Firms Registration No: 101248W/W-100022 DIN: 00009095 DIN: 03518282

Bhavesh Dhupelia M. K. Sharma Jayesh Merchant

Partner Director CFO & Company Secretary,
Membership No: 042070 DIN: 00327684 President - Industrial JVs
Mumbai Mumbai
11th May, 2016 11th May, 2016

Asian Paints Limited 167

Business Statutory Financial
Overview Reports Statements

Consolidated
Financial Statements

Consolidated Cash Flow Statement

for the year ended 31st March, 2016

(` in Crores)
Year Year
2015-16 2014-15
(A) Cash Flow From Operating Activities
Profit Before Tax 2,628.41 2,076.87
Adjustments for :
Depreciation, amortisation and exceptional item 287.97 268.33
(Profit) on sale of long term investments (24.71) (27.56)
(Profit) on sale of short term investments (5.37) (4.26)
(Profit) on Sale of assets (10.94) (2.69)
Finance costs 40.51 34.76
Provision for doubtful debts and advances 11.02 10.66
Bad debts written off 3.47 2.80
Interest income (22.62) (10.78)
Dividend income (69.78) (70.61)
Other Non-cash items (Refer Note 28 A) 52.45 -
Net unrealised foreign exchange (gain)/ loss (10.98) 8.27
Effect of exchange rates on translation of operating cashflows 17.54 (14.92)
Operating Profit before working capital changes 2,896.97 2,270.87
Adjustments for :
Decrease/(Increase) in Inventories # 194.52 (144.22)
(Increase) in Trade and Other Receivables # (166.08) (154.87)
Increase/(decrease) in Trade and Other Payables # 223.24 (151.15)
Cash generated from Operating activities 3,148.65 1,820.63
Income Tax paid (net of refund) # (815.37) (632.94)
Net Cash generated from operating activities 2,333.28 1,187.69

(B) Cash Flow from Investing Activities

Purchase of fixed assets # (824.43) (453.78)
Sale of fixed assets 18.51 16.13
Purchase of long term investments (282.33) (242.79)
Sale/(Purchase) of short term investments 30.50 (62.20)
Sale of long term investments 168.68 335.54
Proceeds from sale of short term Investments (net) 5.37 4.26
(Investments)/Maturity of bank deposits (having original maturity more than three months) (70.15) 3.29
Interest received 14.93 10.99
Dividend received 69.78 70.61
Amount paid towards Ess Ess business acquisition [Refer note 27 C (c)] - (36.48)
Amount paid towards additional stake acquisition in subsidiary - (6.79)
Amount paid towards stake acquisition in subsidiary [Refer note 27 C (a)] - (116.54)
Net Cash used in investing activities (869.14) (477.76)

168 Annual Report 2015-16

 (` in Crores)
Year Year
2015-16 2014-15
(C) Cash Flow from Financing Activities
Proceeds from long term borrowings # 6.77 43.16
Repayment of long term borrowings (1.63) (8.79)
Proceeds from short term borrowings # 1.69 195.60
Repayment of short term borrowings # $ (120.69) (76.89)
Finance costs paid (40.09) (34.51)
Dividend and Dividend tax paid (including dividend paid to Minority Shareholders) (764.23) (694.66)
Net Cash used in financing activities (918.18) (576.09)

(D) Net Increase/(Decrease) In Cash and Cash equivalents (A+B+C) 545.96 133.84
Cash and cash equivalents as at 1st April 1,066.93 920.32
Net effect of exchange gain on cash and cash equivalents 0.08 2.47
Cash and Cash Equivalents acquired pursuant to stake acquisition in subsidiary - 10.30
[Refer note 27C (a)]

Cash and cash equivalents as at 31st March 1,612.97 1,066.93

# Previous year figures are net of adjustments pursuant to stake acquired in subsidiary [Refer note 27 C (a)] and adjustments
pursuant to Ess Ess acquisition [Refer note 27 C (c)].
$ Previous year figures includes repayment of borrowings taken over pursuant to acquisition (Refer note 27 C (c)].
Notes :
(a) The above Cash Flow Statement has been prepared under the Indirect Method as set out in the Accounting Standard-3 on
Cash Flow Statement.
(b) Cash and Cash Equivalent comprises of : As at As at
31.03.2016 31.03.2015
Cash on hand 0.59 1.18
Balances with Banks:
- Current Accounts 217.36 136.35
- Cash Credit Accounts 7.93 3.70
- Deposits with Bank with maturity less than 3 months 87.40 23.12
Cheques on hand 27.04 31.14
Cash and cash equivalents (Refer note 18) 340.32 195.49
Investment in Liquid mutual funds and Government Securities - Unquoted 23.74 24.85
[Refer note 15 (I) A]
Investment in Liquid mutual funds - Quoted [Refer note 15 (II) B] 1,248.91 846.59
1,612.97 1,066.93
(c) Previous years figures have been regrouped, wherever necessary.

As per our report of even date For and on behalf of the Board of Directors of
Asian Paints Limited
CIN:L24220MH1945PLC004598

For B S R & Co. LLP Ashwin Choksi K.B.S. Anand

Chartered Accountants Chairman Managing Director & CEO
Firms Registration No: 101248W/W-100022 DIN: 00009095 DIN: 03518282

Bhavesh Dhupelia M. K. Sharma Jayesh Merchant

Partner Director CFO & Company Secretary,
Membership No: 042070 DIN: 00327684 President - Industrial JVs
Mumbai Mumbai
11th May, 2016 11th May, 2016

Asian Paints Limited 169