Asian Paints Limited | Annual Report 20120-21

Bringing joy to people’s lives

Inspiring. Beautifying. Empowering.

At Asian Paints, we are in the business of creating a fresh meaning for every space we touch, with a commitment towards making a difference and improving lives. As one of the most endearing and loved brands of the country, our intent and efforts are encapsulated by three-core focus on:

Inspiring. Beautifying. Empowering.

We deliver holistic solutions with our understanding of spaces and a passion to embed design in the fabric of India. From an ever-expanding product portfolio and ‘color to décor’ expertise in design consultancy, from meeting diverse and evolving customer aspirations as to initiatives like St+Art Foundation and Donate A Wall - we are embellishing every corner of India with the colours of life.


Performance in FY 2020-21 (Standalone)

Delivering stable and
sustainable outcomes

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Chairman’s letter

Enhancing our value proposition for customers

As an organisation, we have always upheld the highest standards of corporate governance, which has been the bedrock for our growth as a sustainable, responsible corporate citizen.

Ashwin Dani



MD & CEO’s message

A resolve to deliver value amid challenges

The year also saw our vision of evolving into a Home Décor company, propelling the business, with a strong set of initiatives.

Amit Syngle

Managing Director and CEO


Amit Syngle

Managing Director and CEO

It is with great pride and purpose that I would like to share the AP Charter:
This charter includes the voice of every employee in the Company and indeed represents them. Despite the challenges during the pandemic, the employees decided to create the future of their dreams. The final outcome, after days of deliberation and co-creation, is extremely energising and allows the Company to delight the customer. It truly embodies the spirit of the Company and what every stakeholder would vouch for.
The values that would be pivotal in giving life to the charter were thoughtfully crafted and shared with the entire organisation. I am very happy to say that with customer at the core of everything we do and these values fuelling our journey, you can indeed count on us.
I present to you the AP charter, a charter which is timeless and one which every stakeholder would see his desires being addressed.

We Value:

Standing for each other’s success

Always being selfess, ensuring success of all groups and individuals, like we would for ourselves

Creative zeal

Passionately striving to cause disruption by a constant search for innovative, out of the box and differentiated solutions and executing with velocity and attention to detail


We honour our word, always.


Fearless in challenging the usual way of doing things, stretching for bold goals as a way of life

Scientific rigor

Adopting a data-analysis driven approach to decision making and continuous experimentation towards building world class practices and products

Customer passion

Treating our customers the way we would want to be treated. Customer First!

AP Charter

We are , delivering joy since 1942.

We are in the business of colour, décor, design and protection, we make anything & everything beautiful and lasting.

Being innovators, we transcend global boundaries and are the preferred brand.

We are dynamic and disruptive. Constantly redefining trends with world-class solutions, inspiring consumers to realise their dreams.

We are committed to sustainability and safety.

We are creative. Co-creating and partnering with customers and stakeholders, transforming Billions of living spaces and objects.

We exist to beautify, preserve, transform all spaces and objects, bringing happiness to the world.

We dare. We care.
We create beautiful worlds.
You can count on us.

Royale Aspira

Royale Health Shield

Royale Shyne

Royale Luxury Emulsion

Royale Play Metallics

Royale Play Safari

Apcolite Advanced Shyne

Apcolite Advanced Emulsion

Tractor Emulsion Shyne

Tractor Emulsion

Tractor Sparc Emulsion

Tractor Acrylic Distemper

Apex Ultima Allura Venezio

Apex Ultima Allura Torino

Apex Ultima Protek Duralife (Topcoat)

Apex Ultima Protek Lamino

Apex Ultima Protek (Topcoat)

Apex Ultima

Apex Createx Roller Finish

Apex Shyne


Ace Shyne


Ace Sparc

Apcolite Rust Shield

Apcolite Satin Enamel

Apcolite Premium Gloss Enamel

Tractor Enamel

Woodtech Polyester Gold

Emporio PU

Woodtech Insignia

Woodtech PU Palette

Woodtech Aquadur PU

Woodtech PU

Woodtech Melamyne

Woodtech Touchwood

Woodtech GloMax


Bath fittings and sanitaryware

Wall Coverings (Nilaya range)

Kitchens and Wardrobes

Sanitizers and Surface Disinfectants

Furniture, Furnishing and Lighting


Value creation model

We deliver joy

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Key performance indicators (Standalone)

Numbers that reflect
steady growth

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Revenue from Operations
(₹ in Crores)


5-year CAGR


(₹ in Crores)


5-year CAGR


EBITDA margin
(₹ in %)


5-year CAGR


Cash generated from operations
(₹ in Crores)


5-year CAGR


Profit after tax (PAT)
(₹ in Crores)


5-year CAGR


Earnings per share (EPS)
(in ₹)


5-year CAGR


Net Fixed Assets
(₹ in Crores)


5-year CAGR


# includes impact of Ind AS 116 - Leases and addition of new plants in Mysuru and Visakhapatnam

  • * Excludes impact of Ind AS 116 - Leases
  • Asset turnover ratio
    (x times)


    5-year CAGR


    Market capitalisation
    (₹ in Crores)


    5-year CAGR


    Return on Capital Employed (ROCE)


    5-year CAGR


    Average capital employed
    (₹ in Crores)


    5-year CAGR


    Financial capital

    Demonstrating prudence

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    Manufactured capital

    Creating a success pipeline

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    Human capital

    Managing people with empathy

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    Intellectual capital

    Keeping the spirit of discovery alive

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    Natural capital

    Greening up our footprint

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    Social and relationship capital

    Fortifying our bonds

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    discussion and analysis

    The economic upheaval could have been much more severe had it not been for the quick and synchronised response from central banks and governments globally, although this too varied across countries.

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