(` in Crores except per share data, numbers of employees, numbers of shareholders

areholders and ratios)

RESULTS FOR THE
2016-2017** 2015-2016** 2014-2015^ 2013-2014^ 2012-2013^ 2011-2012^ 2010-2011^ 2009-2010 2008-2009
08-2009 2007-2008
FINANCIAL YEAR
INCOME STATEMENT
Gross Revenue 15,997.5 14,774.4 13,483.8 12,042.6 10,405.0 9,064.3 7,202.0 5,753.5 5,003.4 4,062.8
Revenue from Operations 14,360.4 13,332.2 11,648.8 10,418.8 8,960.1 7,964.2 6,336.1 5,134.1 4,278.7 3,426.5
Growth Rates (%) 7.7 14.5 11.8 16.3 12.5 25.7 23.4 20.0 24.9 21.2
Materials Cost 8,581.7 8,086.7 6,439.8 5,940.0 5,163.4 4,746.3 3,646.9 2,840.2 2,606.9 1,956.1
% to Revenue from Operations 59.8 60.7 55.3 57.0 57.6 59.6 57.6 55.3 60.9 57.1
Overheads 3,107.3 2,768.5 3,198.5 2,701.6 2,249.4 1,866.1 1,532.0 1,275.0 1,103.8 908.0
% to Revenue from Operations 21.6 20.8 27.5 25.9 25.1 23.4 24.2 24.8 25.8 26.5

08 | Asian Paints Limited

Operating Profit (EBITDA) 2,972.3 2,726.4 2,197.3 1,950.9 1,673.4 1,493.2 1,232.2 1,153.7 619.4 615.2
Finance Costs 18.9 23.4 27.1 26.1 30.6 30.8 15.4 13.8 10.4 8.3
Standalone

Depreciation 295.4 234.5 223.1 212.3 127.0 99.5 94.5 60.7 57.2 43.8
Profit Before Tax and
2,658.1 2,468.5 1,947.1 1,712.5 1,515.9 1,362.9 1,122.3 1,079.2 551.8 563.2
Exceptional items
% to Revenue from Operations 18.5 18.5 16.7 16.4 16.9 17.1 17.7 21.00 12.9 16.4
Growth Rates (%) 7.7 26.8 13.7 13.0 11.2 21.4 4.0 95.66 (2.0) 36.7
Exceptional item - (65.4) (13.5) (9.9) - - - 25.5
.5 (5.9) -
Profit Before Tax and after
2,658.1 2,403.1 1,933.6 1,702.6 1,515.9 1,362.9 1,122.3 1,104.7
4.7 545.9 563.2
Exceptional items
Ten Year Review -

% to Revenue from Operations 18.5 18.0 16.6 16.3 16.9 17.1 17.7 21.5 12.8 16.4
Profit After Tax 1,803.1 1,622.8 1,327.4 1,169.1 1,050.0 958.4 775.2 774.5
74.5 362.4 375.2
Return on average capital
41.4 45.0 49.9 51.7 54.0 59.3 62.1 78.2 51.3 60.5
employed (ROCE) (%)
Return on average net worth
28.0 29.5 33.9 35.3 38.1 42.9 43.9 58.4 35.8 44.9
(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
Other Equity 6,855.1 5,829.8 4,134.3 3,505.0 2,926.3 2,391.9 1,879.4 1,461.3 998.6 832.6
Deferred Tax Liability (Net) 261.2 217.2 167.8 177.1 143.3 80.8 75.5 47.9 47.9 31.5
Borrowings 17.08 37.99 39.6 47.7 54.1 168.2 65.7 68.6 74.5 94.7
Property, Plant and
Equipment, Goodwill & Other 2,824.4 2,721.8 2,105.0 2,050.2 2,154.4 1,611.9 1,096.9 1,088.2 711.8 539.2
Intangible Assets
Investments 2,770.0 2,796.6 1,893.8 1,671.2 872.5 913.8 1,034.8 703.7 234.8 422.9
Debt-Equity Ratio 0.002:1 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
Market Capitalisation 1,02,970 83,297 77,820 52,559 47,139 31,056 24,238 19,593 7,539 11,510
PER SHARE DATA
Earnings Per Share (EPS) (`) # 18.8 *16.9 *13.8 *12.2 10.9 10.0 8.1 *8.1 * 3.8 3.9
Dividend (%) 1,030 750.0 610.0 530.0 460.0 400.0 320.0 270.0 175.0 170.0
Book Value (`) 72.5 61.8 44.1 37.5 31.5 25.9 20.6 16.2 11.4 9.7
OTHER INFORMATION
Number of Employees 6,156 6,067 5,897 5,555 5,236 4,937 4,6400 4,382 4,260 3,924
Number of Shareholders 2,02,988 1,65,986 1,47,143 87,997 54,813 60,537 59,2800 48,290 49,074 47,573
* EPS calculated on Net Profit after Exceptional items.
uity share and accordingly the EPS and book value
# 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
for all comparative periods have been restated.
^ Figures have been regrouped as per Revised Schedule VI to the Companies Act, 1956. Hence these numbers are not comparable with previous years.
** Figures for these years are as per new accounting standards (Ind AS) and Schedule III of Companies Act, 2013. ROCE and RONW for these years are computed on the basis of figures
as per Ind AS. Hence these numbers are not comparable with previous years.
 (` in Crores except per share data, numbers of employees, numbers of shareholders and ratios)
RESULTS FOR THE
2016-2017** 2015-2016** 2014-2015^ 2013-2014^ 2012-2013^ 2011-2012^ 2010-2011^ 2009-2010@ 2008-2009 2007-2008
FINANCIAL YEAR
INCOME STATEMENT
Gross Revenue 19,076.1 17,640.0 16,325.2 14,567.2 12,488.1 10,778.0 8,610.8 7,314.5 6,229.8 5,075.9
Ten Year Review

Revenue from Operations 17,084.8 15,841.7 14,182.8 12,714.8 10,938.6 9,632.2 7,722.3 6,680.9 5,463.9 4,407.2
Growth Rates (%) 7.8 11.7 11.5 16.2 13.6 24.7 15.6 22.3 24.0 20.1
Materials Cost 10,225.2 9,619.9 7,971.5 7,340.7 6,413.0 5,795.3 4,474.6 3,758.0 3,370.6 2,577.6
Business Overview

% to Revenue from Operations 59.8 60.7 56.2 57.7 58.6 60.2 57.9 56.2 61.7 58.5
Overheads 3,838.1 3,452.7 3,975.9 3,376.2 2,793.6 2,328.2 1,919.6 1,695.6 1,425.5 1,170.6
% to Revenue from Operations 22.5 21.8 28.0 26.6 25.5 24.2 24.9 25.4 26.1 26.6
Operating Profit (EBITDA) 3,284.0 2,982.5 2,405.1 2,132.1 1,846.5 1,616.2 1,396.1 1,367.9 718.8 718.6
Finance Costs 30.6 40.7 34.8 42.2 36.7 41.0 23.2 28.5 26.3 21.2
Depreciation 338.8 275.6 265.9 245.7 154.6 121.1 113.1 83.6 74.4 59.2
Profit Before Tax and
2,914.6 2,666.3 2,104.4 1,844.2 1,655.2 1,454.1 1,259.7 1,255.9 618.1 638.3
Consolidated

Exceptional items
% to Revenue from Operations 17.1 16.8 14.8 14.5 15.1 15.1 16.3 18.8 11.3 14.5
Growth Rates (%) 9.3 26.7 14.1 11.4 13.8 15.4 0.3 103.2 (3.2) 45.8
Exceptional items - (52.5) (27.6) (9.9) - - - 1.2 (1.2) (6.8)
Profit Before Tax and after
2,914.6 2,613.9 2,076.9 1,834.3 1,655.2 1,454.1 1,259.7 1,257.0 616.9 631.4
Exceptional items
Statutory Reports

Ten Year Review -

% to Revenue from Operations 17.1 16.5 14.6 14.4 15.1 15.1 16.3 18.8 11.3 14.3
Profit After Tax (after Minority
interest) including share of 1,939.4 1,745.2 1,395.2 1,218.8 1,113.9 988.7 843.2 835.6 397.8 409.2
profit of associate
Return on average capital
38.0 40.5 45.3 47.6 50.3 54.3 58.9 74.4 46.5 56.3
employed (ROCE) (%)
Return on average net worth
27.5 28.9 31.8 32.8 36.3 40.1 43.3 57.4 36.4 46.5
(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
Other Equity 7,506.4 6,428.9 4,646.4 3,943.3 3,288.4 2,652.6 2,091.5 1,614.1 1,107.3 886.5
Deferred Tax Liability (Net) 359.2 296.8 179.9 187.8 154.4 92.8 85.2 56.2 53.3 39.1
Borrowings 560.3 323.3 418.2 249.2 251.0 341.1 233.4 229.2 308.6 275.2
Property, Plant and
Equipment, Goodwill & Other 3,415.1 3,371.2 2,610.2 2,491.8 2,456.0 1,876.1 1,316.0 1,280.1 905.1 691.7
Intangible Assets
Financial Statements

Investments 2,652.0 2,712.1 1,587.8 1,423.6 778.8 750.7 922.0 624.1 78.4 276.7
Debt-Equity Ratio 0.07:1 0.05:1 0.09:1 0.06:1 0.07:1 0.12:1 0.11:1 0.13:1 0.26:1 0.28:1
PER SHARE DATA
Earnings Per Share (EPS) (`)# 20.2 *18.2 *14.5 *12.7 11.6 10.3 8.8 *8.7 *4.1 *4.3
Book Value (`) 79.3 68.0 49.4 42.1 35.3 28.7 22.8 17.8 12.5 10.2
* EPS calculated on Profit After Tax (after Minority Interest) including share of profit of associate 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. Hence not comparable with previous years.
# With effect from 1st August, 2013, face value of the Companys equity share has been subdivided from ` 10 per equity to and ` 1 per equity share and accordingly the EPS and Book Value
for all share comparative periods have been restated.
** Figures for these years are as per new accounting standards (Ind AS) and Schedule III of Companies Act, 2013. ROCE and RONW for these years are computed on the basis of figures as
per Ind AS. Hence these numbers are not comparable with previous years.

Annual Report 2016-17

| 09
Balance Sheet
as at 31st March, 2017
(` in Crores)
Notes As at As at As at
31.03.2017 31.03.2016 01.04.2015
ASSETS
NON-CURRENT ASSETS
Property, Plant and Equipment 2 2,512.01 2,532.97 1,886.42
Capital work-in-progress 219.76 92.79 139.54
Goodwill 3A 35.36 35.36 35.36
Other Intangible Assets 3B 57.31 60.66 43.71
Financial Assets
Investments 4 1,454.55 1,319.64 1,118.53
Loans 5 70.27 61.07 45.28
Other Financial Assets 6 198.05 30.54 17.08
Current Tax Assets (Net) 7 36.48 15.15 16.21
Other Non-current Assets 8 200.39 35.01 148.05
4,784.18 4,183.19 3,450.18
CURRENT ASSETS
Inventories 9 2,194.09 1,610.12 1,802.18
Financial Assets
Investments 4 1,315.40 1,477.00 1,127.40
Trade Receivables 10 994.63 759.06 729.55
Cash and Cash Equivalents 11A 61.34 76.75 54.63
Other Balances with Banks 11B 143.93 84.03 8.60
Loans 5 13.55 9.65 11.72
Other Financial Assets 6 474.43 306.27 231.26
Assets classified as Held for Sale 12 0.57 0.96 4.87
Other Current Assets 8 231.94 217.92 205.64
5,429.88 4,541.76 4,175.85
TOTAL ASSETS 10,214.06 8,724.95 7,626.03
EQUITY AND LIABILITIES
EQUITY
Equity Share Capital 13 95.92 95.92 95.92
Other Equity 14 6,855.06 5,829.81 4,973.98
6,950.98 5,925.73 5,069.90
LIABILITIES
NON-CURRENT LIABILITIES
Financial Liabilities
Borrowings 15 10.38 29.27 32.09
Other Financial Liabilities 16 2.31 1.68 -
Provisions 17 109.84 94.23 85.25
Deferred Tax Liabilities (Net) 18C 261.17 217.17 176.72
Other Non-current Liabilities 19 3.65 1.82 -
387.35 344.17 294.06
CURRENT LIABILITIES
Financial Liabilities
Borrowings 15 26.83 - -
Trade Payables
Due to Micro and Small Enterprises 20 26.59 17.95 11.63
Due to Others 20 1,644.67 1,315.25 1,301.45
Other Financial Liabilities 16 879.80 823.47 661.47
Other Current Liabilities 19 206.32 198.23 171.92
Provisions 17 36.20 36.35 30.19
Current Tax Liabilities (Net) 21 55.32 63.80 85.41
2,875.73 2,455.05 2,262.07
TOTAL EQUITY AND LIABILITIES 10,214.06 8,724.95 7,626.03
4JHOJmDBOUBDDPVOUJOHQPMJDJFTBOELFZBDDPVOUJOH 1
estimates and judgements
4FFBDDPNQBOZJOHOPUFTUPUIFmOBODJBMTUBUFNFOUT 2-49

As per our report of even date attached For and on behalf of the Board of Directors of
Asian Paints Limited
CIN:L24220MH1945PLC004598
For B S R & Co. LLP For Deloitte Haskins & Sells LLP Ashwin Choksi K.B.S. Anand
Chartered Accountants Chartered Accountants Chairman Managing Director & CEO
F.R.N: 101248W/W-100022 F.R.N: 117366W/W-100018 DIN: 00009095 DIN:03518282
Bhavesh Dhupelia Shyamak R Tata M.K. Sharma Jayesh Merchant
Partner Partner Chairman of Audit Committee CFO & Company Secretary,
Membership No: 042070 Membership No: 038320 DIN:00327684 President - Industrial JVs
Mumbai, 11th May, 2017 Mumbai, 11th May, 2017 Mumbai, 11th May, 2017

112 | Asian Paints Limited

Business Overview Statutory Reports Financial Statements
Standalone Financial Statements

4UBUFNFOUPG1SPmUBOE-PTT
for the year ended 31st March, 2017
(` in Crores)
Particulars Notes Year Year
2016-17 2015-16
REVENUE FROM OPERATIONS
Revenue from sale of products (including Excise Duty) 22A 14,154.54 13,132.32
Revenue from sale of services 22B 7.59 12.63
Other Operating Revenues 22C 198.30 187.23
Other Income 23 300.90 249.43
TOTAL INCOME (I) 14,661.33 13,581.61
EXPENSES
Cost of Materials Consumed 24A 6,737.45 5,865.94
Purchases of Stock-in-Trade 24B 646.53 524.42
Changes in inventories of finished goods, Stock-in-trade and work-in-progress 24C (515.58) 194.51
Excise duty 1,713.32 1,501.85
Employee Benefits Expense 25 742.83 666.83
Other Expenses 26 2,364.44 2,101.70
TOTAL (II) 11,688.99 10,855.25
EARNING BEFORE INTEREST, TAX, DEPRECIATION AND 2,972.34 2,726.36
AMORTISATION (EBITDA) (I-II)
Finance Costs 27 18.86 23.40
Depreciation and Amortisation Expense 28 295.43 234.51
PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX 2,658.05 2,468.45
Exceptional Items 45 - 65.35
PROFIT BEFORE TAX 2,658.05 2,403.10
Tax Expense 18
(1) Current Tax 817.22 743.74
(2) (Excess)/Short Tax provision for earlier years (3.60) (3.33)
(3) Deferred Tax 41.33 39.88
Total Tax expense 854.95 780.29
PROFIT AFTER TAX 1,803.10 1,622.81
OTHER COMPREHENSIVE INCOME (OCI)
A Items that will not be reclassified to Statement of Profit and Loss
(a) (i) Remeasurement benefit of defined benefit plans 8.22 2.63
(ii) Income tax expense on remeasurement benefit of defined benefit (2.84) (0.91)
plans
(b) Net fair value gain/(loss) on investments in equity instruments through OCI 130.76 (19.85)
B Items that will be reclassified to Statement of Profit and Loss
(a) (i) Net fair value gain on investments in debt instruments through OCI 2.73 0.53
(ii) Income tax benefit on net fair value gain on investments in debt 0.17 0.34
instruments through OCI
TOTAL OTHER COMPREHENSIVE INCOME (A+B) 139.04 (17.26)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,942.14 1,605.55
Earnings per equity share (Face value of ` 1 each) 42
(1) Basic (in `) 18.80 16.92
(2) Diluted (in `) 18.80 16.92
4JHOJmDBOUBDDPVOUJOHQPMJDJFTBOELFZBDDPVOUJOHFTUJNBUFTBOE 1
judgements
4FFBDDPNQBOZJOHOPUFTUPUIFmOBODJBMTUBUFNFOUT 2-49

As per our report of even date attached For and on behalf of the Board of Directors of
Asian Paints Limited
CIN:L24220MH1945PLC004598
For B S R & Co. LLP For Deloitte Haskins & Sells LLP Ashwin Choksi K.B.S. Anand
Chartered Accountants Chartered Accountants Chairman Managing Director & CEO
F.R.N: 101248W/W-100022 F.R.N: 117366W/W-100018 DIN: 00009095 DIN:03518282
Bhavesh Dhupelia Shyamak R Tata M.K. Sharma Jayesh Merchant
Partner Partner Chairman of Audit Committee CFO & Company Secretary,
Membership No: 042070 Membership No: 038320 DIN:00327684 President - Industrial JVs
Mumbai, 11th May, 2017 Mumbai, 11th May, 2017 Mumbai, 11th May, 2017

Annual Report 2016-17 | 113

Statement of Changes in Equity
for the year ended 31st March, 2017
(` in Crores)
A) EQUITY SHARE CAPITAL As at As at
31.03.2017 31.03.2016
Balance at the beginning of the reporting year 95.92 95.92
Changes in Equity Share capital during the year - -
Balance at the end of the reporting year 95.92 95.92
(` in Crores)
B) OTHER EQUITY Reserves and Surplus Debt Equity Total
Capital Capital General Retained instruments instruments
Reserve Redemption Reserve earnings through OCI through OCI
Reserve
Balance as at 1st April, 2015 (A) * 0.50 3,133.84 1,839.64 - - 4,973.98
Additions during the year:
Profit for the year - - - 1,622.81 - - 1,622.81
Items of OCI for the year, net of tax -
Remeasurement benefit of defined benefit - - - 1.72 - - 1.72
plans
Net fair value loss on investment in equity - - - - - (19.85) (19.85)
instruments through OCI
Net fair value gain on investment in debt - - - - 0.87 - 0.87
instruments through OCI
Total Comprehensive Income for the year - - - 1,624.53 0.87 (19.85) 1,605.55
2015-16 (B)
Reductions during the year:
Dividends (Refer Note 30) - - - (623.48) - - (623.48)
Income tax on dividend (Refer Note 30) - - - (126.24) - - (126.24)
Transfer to General Reserve - - 532.90 (532.90) - - -
Total (C) - - 532.90 (1,282.62) - - (749.72)
Balance as at 31st March, 2016 * 0.50 3,666.74 2,181.55 0.87 (19.85) 5,829.81
(D) = (A+B+C)
Additions during the year:
Profit for the year - - - 1,803.10 - - 1,803.10
Items of OCI for the year, net of tax
Remeasurement benefit of defined benefit - - - 5.38 - - 5.38
plans
Net fair value gain on investment in equity - - - - - 130.76 130.76
instruments through OCI
Net fair value gain on investment in debt - - - - 2.90 - 2.90
instruments through OCI
Total Comprehensive Income for the year - - - 1,808.48 2.90 130.76 1,942.14
2016-17 (E)
Reductions during the year:
Dividends (Refer Note 30) - - - (762.56) - - (762.56)
Income tax on dividend (Refer Note 30) - - - (154.33) - - (154.33)
Transfer to General Reserve - - 500.00 (500.00) - - -
Total (F) - - 500.00 (1,416.89) - - (916.89)
Balance as at 31st March, 2017 (D+E+F) * 0.50 4,166.74 2,573.14 3.77 110.91 6,855.06
* ` 5,000/-
As per our report of even date attached For and on behalf of the Board of Directors of
Asian Paints Limited
CIN:L24220MH1945PLC004598
For B S R & Co. LLP For Deloitte Haskins & Sells LLP Ashwin Choksi K.B.S. Anand
Chartered Accountants Chartered Accountants Chairman Managing Director & CEO
F.R.N: 101248W/W-100022 F.R.N: 117366W/W-100018 DIN: 00009095 DIN:03518282
Bhavesh Dhupelia Shyamak R Tata M.K. Sharma Jayesh Merchant
Partner Partner Chairman of Audit Committee CFO & Company Secretary,
Membership No: 042070 Membership No: 038320 DIN:00327684 President - Industrial JVs
Mumbai, 11th May, 2017 Mumbai, 11th May, 2017 Mumbai, 11th May, 2017

114 | Asian Paints Limited

Business Overview Statutory Reports Financial Statements
Standalone Financial Statements

Cash Flow Statement

for the year ended 31st March, 2017

(` in Crores)
Particulars Year Year
2016-17 2015-16
(A) Cash Flow From Operating Activities
1SPmUCFGPSFUBY 2,658.05 2,403.10
Adjustments for:
Depreciation and amortisation expense 295.43 234.51
Interest income (21.54) (11.53)
Dividend income (76.91) (70.30)
Finance costs 18.86 23.40
Allowance for doubtful debts and advances 2.51 3.34
Bad debts written off 2.11 1.98
Income on prepayment of loan (3.54) -
Deferred income arising from government grant (0.62) -
Net unrealised foreign exchange loss/(gain) 1.84 (10.98)
Gain on sale of financial assets measured at fair value (15.45) (7.03)
through profit or loss (FVTPL)
Gain on sale of property, plant and equipment (net) (0.79) (10.37)
Net gain arising on financial assets measured at (49.40) (44.82)
FVTPL
Impairment loss on non-current investments - 65.35
0QFSBUJOH1SPmUCFGPSFXPSLJOHDBQJUBMDIBOHFT 2,810.55 2,576.65
Adjustments for :
(Increase) in trade receivables (240.57) (34.91)
(Increase) in financial assets (192.60) (98.98)
(Increase)/Decrease in inventories (583.97) 192.06
(Increase) in other assets (19.58) (7.67)
Increase in trade and other payables 465.74 98.33
Increase in provisions 15.46 15.15
Cash generated from Operating activities 2,255.03 2,740.63
Income Tax paid (net of refund) (843.43) (760.96)
Net Cash generated from Operating activities 1,411.60 1,979.67
(B) Cash Flow from Investing Activities
Purchase of Property, plant and equipment (611.48) (686.72)
Sale of Property, plant and equipment 1.81 12.22
Repayment of loan by subsidiary/(Loan given to 0.20 (0.20)
subsidiary)
Purchase of non-current investments - Subsidiaries (6.71) (143.17)
Purchase of non-current investments - others (70.00) (282.33)
Sale of non current investments 220.93 209.70
Purchase of term deposits (290.00) (70.04)
Proceeds from maturity of term deposits 70.00 -
Proceeds from sale of current investments (net) 2.91 22.85
Interest received 13.92 4.61
Dividend received from subsidiaries 5.08 3.05
Dividend received from others 71.83 67.25
Net Cash used in Investing activities (591.51) (862.78)

Annual Report 2016-17 | 115

Cash Flow Statement (Contd.)
for the year ended 31st March, 2017

(` in Crores)
Particulars Year Year
2016-17 2015-16
(C) Cash Flow from Financing Activities
Proceeds from non-current borrowings 7.89 5.90
Repayment of non-current borrowings (25.14) (7.48)
Acceptances (net) 13.16 65.75
Finance costs paid (22.58) (19.76)
Dividend and Dividend tax paid (913.58) (748.66)
Net Cash used in Financing activities (940.25) (704.25)
(D) Net (Decrease)/Increase in cash and cash (120.16) 412.64
equivalents (A+B+C):
Add: Cash and cash equivalents as at 1st April 1,276.49 863.85
Cash and cash equivalents as at 31st March 1,156.33 1,276.49

Notes:
(a) The above Cash Flow Statement has been prepared under the Indirect Method as set out in the Indian Accounting Standard
(Ind AS-7) - Statement of Cash Flow.
(` in Crores)
As At As At
31.03.2017 31.03.2016
(b) Cash and Cash Equivalents comprises of
Balances with Banks:
- Current Accounts 22.22 2.13
- Cash Credit Account 8.30 6.42
- Deposit with bank with maturity less than 3 months - 43.51
Cheques, draft on hand 30.79 24.63
Cash on hand 0.03 0.06
Cash and cash equivalents (Refer Note 11A) 61.34 76.75
Add: Investment in liquid mutual funds [Refer Note 4II (ii)] 1,121.82 1,199.74
Less: Bank Overdraft (Refer Note 15) (26.83) -
Cash and Cash equivalents in Cash Flow Statement 1,156.33 1,276.49

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

For B S R & Co. LLP For Deloitte Haskins & Sells LLP Ashwin Choksi K.B.S. Anand
Chartered Accountants Chartered Accountants Chairman Managing Director & CEO
F.R.N: 101248W/W-100022 F.R.N: 117366W/W-100018 DIN: 00009095 DIN:03518282

Bhavesh Dhupelia Shyamak R Tata M.K. Sharma Jayesh Merchant

Partner Partner Chairman of Audit Committee CFO & Company Secretary,
Membership No: 042070 Membership No: 038320 DIN:00327684 President - Industrial JVs

Mumbai, 11th May, 2017 Mumbai, 11th May, 2017 Mumbai, 11th May, 2017

116 | Asian Paints Limited