Financial statements

Independent Auditor’s Report

To The Members of Asian Paints Limited the context of our audit of the Standalone Financial that give a true and fair view of the financial position, • Identify and assess the risks of material misstatement
Statements as a whole, and in forming our opinion financial performance including other comprehensive of the Standalone Financial Statements, whether
Report on the Audit of the Standalone thereon, and we do not provide a separate opinion on income, cash flows and changes in equity of the due to fraud or error, design and perform audit
Financial Statements these matters. We have determined the matters described Company in accordance with the accounting principles procedures responsive to those risks, and obtain audit
below to be the key audit matters to be communicated in generally accepted in India, including Ind AS specified evidence that is sufficient and appropriate to provide
Opinion our report. under section 133 of the Act. This responsibility also a basis for our opinion. The risk of not detecting
We have audited the accompanying Standalone Financial includes maintenance of adequate accounting records in a material misstatement resulting from fraud is
Statements of Asian Paints Limited (the “Company”), Key Audit Matter Auditor’s Response accordance with the provisions of the Act for safeguarding higher than for one resulting from error, as fraud
which comprise the Balance Sheet as at 31st March 2025 Revenue recognition (Refer note 1.4(e) and 22A of the the assets of the Company and for preventing and may involve collusion, forgery, intentional omissions,
and the Statement of Profit and Loss (including Other Standalone Financial Statements) detecting frauds and other irregularities; selection and misrepresentations, or the override of internal
Comprehensive Income), the Cash Flow Statement and Revenue is one of the key Our audit procedures with application of appropriate accounting policies; making control.
the Statement of Changes in Equity for the year ended on profit drivers and is therefore regard to revenue recognition judgements and estimates that are reasonable and • Obtain an understanding of internal financial
that date, and notes to the financial statements, including susceptible to misstatement. included testing controls, prudent; and design, implementation and maintenance controls relevant to the audit in order to design audit
a summary of material accounting policies and other Cut-off is the key assertion automated and manual,
of adequate internal financial controls, that were procedures that are appropriate in the circumstances.
explanatory information. insofar as revenue around dispatches / deliveries,
recognition is concerned, inventory reconciliations and
operating effectively for ensuring the accuracy and Under section 143(3)(i) of the Act, we are also
since an inappropriate cut- circularization of receivable completeness of the accounting records, relevant to responsible for expressing our opinion on whether the
In our opinion and to the best of our information and
off can result in material balances, testing of cut-offs the preparation and presentation of the Standalone Company has adequate internal financial controls with
according to the explanations given to us, the aforesaid
misstatement of results for and performing analytical Financial Statements that give a true and fair view and reference to Standalone Financial Statements in place
Standalone Financial Statements give the information
the year. review procedures. are free from material misstatement, whether due to and the operating effectiveness of such controls.
required by the Companies Act, 2013 (the “Act”) in
the manner so required and give a true and fair view fraud or error. • Evaluate the appropriateness of accounting policies
in conformity with the Indian Accounting Standards Information Other than the Financial used and the reasonableness of accounting estimates
In preparing the Standalone Financial Statements,
prescribed under section 133 of the Act, (“Ind AS”) and Statements and Auditor’s Report Thereon management and Board of Directors are responsible for
and related disclosures made by the management.
other accounting principles generally accepted in India, of
• The Company’s Board of Directors is responsible assessing the Company’s ability to continue as a going • Conclude on the appropriateness of management’s
the state of affairs of the Company as at 31st March 2025
for the other information. The other information concern, disclosing, as applicable, matters related to going use of the going concern basis of accounting and,
and its profit, total comprehensive income, its cash flows
comprises the information included in the Board’s based on the audit evidence obtained, whether
and the changes in equity for the year ended on that date. concern and using the going concern basis of accounting
report and Business responsibility report, but does a material uncertainty exists related to events or
unless the Board of Directors either intend to liquidate
not include the Consolidated Financial Statements, conditions that may cast significant doubt on the
the Company or to cease operations, or has no realistic
Basis for Opinion Standalone Financial Statements and our auditor’s
alternative but to do so.
Company’s ability to continue as a going concern. If
We conducted our audit of the Standalone Financial report thereon. we conclude that a material uncertainty exists, we
Statements in accordance with the Standards on Auditing • Our opinion on the Standalone Financial Statements are required to draw attention in our auditor’s report
The Company’s Board of Directors is also responsible for
(“SA”s) specified under section 143(10) of the Act. Our does not cover the other information and we do not to the related disclosures in the Standalone Financial
overseeing the Company’s financial reporting process.
responsibilities under those Standards are further express any form of assurance conclusion thereon. Statements or, if such disclosures are inadequate, to
described in the Auditor’s Responsibility for the Audit of modify our opinion. Our conclusions are based on
the Standalone Financial Statements section of our report.
• In connection with our audit of the Standalone Auditor’s Responsibility for the Audit of the audit evidence obtained up to the date of our
Financial Statements, our responsibility is to read the
We are independent of the Company in accordance with the Standalone Financial Statements auditor’s report. However, future events or conditions
other information and, in doing so, consider whether may cause the Company to cease to continue as a
the Code of Ethics issued by the Institute of Chartered Our objectives are to obtain reasonable assurance about
the other information is materially inconsistent going concern.
Accountants of India (“ICAI”) together with the ethical whether the Standalone Financial Statements as a whole
with the Standalone Financial Statements, or our
requirements that are relevant to our audit of the are free from material misstatement, whether due to fraud • Evaluate the overall presentation, structure and
knowledge obtained during the course of our audit or
Standalone Financial Statements under the provisions content of the Standalone Financial Statements,
otherwise appears to be materially misstated. or error, and to issue an auditor’s report that includes
of the Act and the Rules made thereunder, and we have including the disclosures, and whether the Standalone
our opinion. Reasonable assurance is a high level of
fulfilled our other ethical responsibilities in accordance • If, based on the work we have performed, we conclude Financial Statements represent the underlying
assurance but is not a guarantee that an audit conducted
with these requirements and the ICAI’s Code of Ethics. We that there is a material misstatement of this other transactions and events in a manner that achieves fair
in accordance with SAs will always detect a material
believe that the audit evidence obtained by us is sufficient information, we are required to report that fact. We presentation.
misstatement when it exists. Misstatements can arise from
and appropriate to provide a basis for our audit opinion on have nothing to report in this regard.
fraud or error and are considered material if, individually Materiality is the magnitude of misstatements in the
the Standalone Financial Statements.
Responsibilities of Management and or in the aggregate, they could reasonably be expected Standalone Financial Statements that, individually or in
to influence the economic decisions of users taken on the aggregate, makes it probable that the economic decisions
Key Audit Matters Board of Directors for the Standalone basis of these Standalone Financial Statements. of a reasonably knowledgeable user of the Standalone
Key audit matters are those matters that, in our Financial Statements Financial Statements may be influenced. We consider
professional judgment, were of most significance in The Company’s Board of Directors is responsible for the As part of an audit in accordance with SAs, we exercise quantitative materiality and qualitative factors in (i)
our audit of the Standalone Financial Statements of matters stated in section 134(5) of the Act with respect to professional judgement and maintain professional planning the scope of our audit work and in evaluating
the current period. These matters were addressed in the preparation of these Standalone Financial Statements skepticism throughout the audit. We also : the results of our work; and (ii) to evaluate the effect of

340 Asian Paints Limited Integrated Annual Report 2024-25 341

 Financial statements

Independent Auditor’s Report (Contd.)

any identified misstatements in the Standalone Financial e) On the basis of the written representations iv) (a) The Management has represented v) The final dividend proposed in the previous
Statements. received from the directors as on 31st March 2025 that, to the best of its knowledge and year, declared and paid by the Company
taken on record by the Board of Directors, none belief, as disclosed in the notes to during the year is in accordance with section
We communicate with those charged with governance of the directors is disqualified as on 31st March the Standalone Financial Statements, 123 of the Act, as applicable.
regarding, among other matters, the planned scope and 2025 from being appointed as a director in terms no funds (which are material either
timing of the audit and significant audit findings, including of Section 164(2) of the Act. individually or in the aggregate) have The interim dividend declared and paid by the
any significant deficiencies in internal financial controls been advanced or loaned or invested Company during the year and until the date
that we identify during our audit. f) With respect to the adequacy of the internal (either from borrowed funds or share of this report is in compliance with section
financial controls with reference to Standalone premium or any other sources or kind 123 of the Act.
We also provide those charged with governance with Financial Statements of the Company and the of funds) by the Company to or in any
a statement that we have complied with relevant operating effectiveness of such controls, refer to other person(s) or entity(ies), including As stated in note 12(b) to the Standalone
ethical requirements regarding independence, and to our separate Report in “Annexure A”. Our report foreign entities (“Intermediaries”), with Financial Statements, the Board of Directors
communicate with them all relationships and other expresses an unmodified opinion on the adequacy the understanding, whether recorded of the Company has proposed final dividend
matters that may reasonably be thought to bear on our and operating effectiveness of the Company’s in writing or otherwise, that the for the year which is subject to the approval
independence, and where applicable, related safeguards. Intermediary shall, directly or indirectly of the members at the ensuing Annual
internal financial controls with reference to
lend or invest in other persons or entities General Meeting. Such dividend proposed is
Standalone Financial Statements.
From the matters communicated with those charged identified in any manner whatsoever by in accordance with section 123 of the Act, as
with governance, we determine those matters that or on behalf of the Company (“Ultimate applicable.
g) With respect to the other matters to be included
were of most significance in the audit of the Standalone Beneficiaries”) or provide any guarantee,
in the Auditor’s Report in accordance with the
Financial Statements of the current period and are security or the like on behalf of the vi) Based on our examination, which included
requirements of section 197(16) of the Act, as
therefore the key audit matters. We describe these Ultimate Beneficiaries. test checks, the Company has used
amended, in our opinion and to the best of our
matters in our auditor’s report unless law or regulation accounting software systems for maintaining
information and according to the explanations
precludes public disclosure about the matter or when, in its books of account for the financial year
given to us, the remuneration paid by the (b) The Management has represented,
extremely rare circumstances, we determine that a matter ended 31st March 2025 which have the feature
Company to its directors during the year is in that, to the best of its knowledge and
should not be communicated in our report because the of recording audit trail (edit log) facility
accordance with the provisions of section 197 of belief, as disclosed in the notes to
adverse consequences of doing so would reasonably be and the same has operated throughout the
the Act. the Standalone Financial Statements,
expected to outweigh the public interest benefits of such year for all relevant transactions recorded
no funds have been received by
communication. in the software systems. Further, during
h) With respect to the other matters to be included the Company from any person(s)
the course of our audit we did not come
in the Auditor’s Report in accordance with Rule or entity(ies), including foreign
across any instance of the audit trail feature
Report on Other Legal and Regulatory 11 of the Companies (Audit and Auditors) Rules, entities (“Funding Parties”), with the
being tampered with, and the audit trail has
understanding, whether recorded in
Requirements 2014, as amended in our opinion and to the
writing or otherwise, that the Company
been preserved by the Company as per the
best of our information and according to the statutory requirements for record retention.
1. As required by Section 143(3) of the Act, based on our shall, directly or indirectly, lend or invest
audit we report that : explanations given to us :
in other persons or entities identified
2. As required by the Companies (Auditor’s Report)
a) We have sought and obtained all the information in any manner whatsoever by or on
i) The Company has disclosed the impact of Order, 2020 (“the Order”) issued by the Central
and explanations which to the best of our behalf of the Funding Party (“Ultimate
pending litigations on its financial position in Government in terms of Section 143(11) of the Act,
knowledge and belief were necessary for the Beneficiaries”) or provide any guarantee,
its Standalone Financial Statements. we give in “Annexure B” a statement on the matters
purposes of our audit. security or the like on behalf of the
specified in paragraphs 3 and 4 of the Order.
Ultimate Beneficiaries.
ii) The Company did not have any long-term
b) In our opinion, proper books of account as contracts including derivative contracts for
required by law have been kept by the Company which there were any material foreseeable (c) Based on the audit procedures For Deloitte Haskins & Sells LLP
so far as it appears from our examination of those losses. performed that have been considered Chartered Accountants
books. reasonable and appropriate in the Firm’s Registration No.: 117366W/W-100018
iii) There has been no delay in transferring circumstances, nothing has come to our
c) The Balance Sheet, the Statement of Profit and amounts, required to be transferred, to the notice that has caused us to believe that
Loss including Other Comprehensive Income, Investor Education and Protection Fund by the representations under sub-clause (i) Rupen K. Bhatt
the Cash Flow Statement and Statement of and (ii) of Rule 11(e), as provided under Partner
the Company.
Changes in Equity dealt with by this Report are in (a) and (b) above, contain any material Place : Mumbai Membership No. 046930
agreement with the books of account. misstatement. Date : 8th May 2025 UDIN : 25046930BMODQW4057

d) In our opinion, the aforesaid Standalone Financial

Statements comply with the Ind AS specified
under Section 133 of the Act.

342 Asian Paints Limited Integrated Annual Report 2024-25 343

 Financial statements

Annexure “A” to The Independent Auditor’s Report

(Referred to in paragraph 1(f) under Standalone Financial Statements. Those Standards and Inherent Limitations of Internal Financial financial controls with reference to Standalone Financial
the Guidance Note require that we comply with ethical Statements and such internal financial controls with
‘Report on Other Legal and Regulatory requirements and plan and perform the audit to obtain
Controls with reference to Standalone reference to Standalone Financial Statements were
Requirements’ section of our report of reasonable assurance about whether adequate internal Financial Statements operating effectively as at 31st March 2025, based on
even date) financial controls with reference to Standalone Financial Because of the inherent limitations of internal financial the criteria for internal financial control with reference
Statements was established and maintained and if such controls with reference to Standalone Financial to Standalone Financial Statements established by the
Report on the Internal Financial Controls controls operated effectively in all material respects. Statements, including the possibility of collusion or Company considering the essential components of internal
with reference to Standalone Financial improper management override of controls, material control stated in the Guidance Note on Audit of Internal
Statements under Clause (i) of Sub- Our audit involves performing procedures to obtain misstatements due to error or fraud may occur and not Financial Controls Over Financial Reporting issued by the
audit evidence about the adequacy of the internal be detected. Also, projections of any evaluation of the Institute of Chartered Accountants of India.
section 3 of Section 143 of the Companies financial controls with reference to Standalone Financial internal financial controls with reference to Standalone
Act, 2013 (the “Act”) Statements and their operating effectiveness. Our audit Financial Statements to future periods are subject to the
We have audited the internal financial controls with of internal financial controls with reference to Standalone risk that the internal financial control with reference to
reference to Standalone Financial Statements of Asian Financial Statements included obtaining an understanding Standalone Financial Statements may become inadequate
For Deloitte Haskins & Sells LLP
Paints Limited (“the Company”) as at 31st March 2025 of internal financial controls with reference to Standalone because of changes in conditions, or that the degree
Chartered Accountants
in conjunction with our audit of the Standalone Ind AS Financial Statements, assessing the risk that a material of compliance with the policies or procedures may
Firm‘s Registration No.: 117366W/W-100018
Financial Statements of the Company for the year ended weakness exists, and testing and evaluating the design deteriorate.
on that date. and operating effectiveness of internal control based on
the assessed risk. The procedures selected depend on
Opinion Rupen K. Bhatt
the auditor’s judgement, including the assessment of the
Management’s and Board of Directors’ In our opinion, to the best of our information and Partner
risks of material misstatement of the financial statements,
Responsibility for Internal Financial whether due to fraud or error. according to the explanations given to us, the Company Place : Mumbai Membership No. 046930
Controls has, in all material respects, an adequate internal Date : 8th May 2025 UDIN : 25046930BMODQW4057
We believe that the audit evidence we have obtained is
The Company’s management and Board of Directors is sufficient and appropriate to provide a basis for our audit
responsible for establishing and maintaining internal opinion on the Company’s internal financial controls with
financial controls with reference to Standalone Financial reference to Standalone Financial Statements.
Statements based on the internal control with reference
to Standalone Financial Statements criteria established
by the Company considering the essential components of Meaning of Internal Financial Controls
internal control stated in the Guidance Note on Audit of with reference to Standalone Financial
Internal Financial Controls Over Financial Reporting issued Statements
by the Institute of Chartered Accountants of India (“ICAI”).
A Company’s internal financial control with reference to
These responsibilities include the design, implementation
Standalone Financial Statements is a process designed
and maintenance of adequate internal financial controls
to provide reasonable assurance regarding the reliability
that were operating effectively for ensuring the orderly
of financial reporting and the preparation of financial
and efficient conduct of its business, including adherence
statements for external purposes in accordance with
to the respective Company’s policies, the safeguarding
generally accepted accounting principles. A Company’s
of its assets, the prevention and detection of frauds and
internal financial control with reference to Standalone
errors, the accuracy and completeness of the accounting
Financial Statements includes those policies and This space has been intentionally left blank
records, and the timely preparation of reliable financial
procedures that (1) pertain to the maintenance of
information, as required under the Companies Act, 2013.
records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets
Auditor’s Responsibility of the Company; (2) provide reasonable assurance
Our responsibility is to express an opinion on the that transactions are recorded as necessary to permit
Company’s internal financial controls with reference to preparation of financial statements in accordance with
Standalone Financial Statements of the Company based generally accepted accounting principles, and that receipts
on our audit. We conducted our audit in accordance with and expenditures of the Company are being made only
the Guidance Note on Audit of Internal Financial Controls in accordance with authorisations of management and
Over Financial Reporting (the “Guidance Note”) issued by directors of the Company; and (3) provide reasonable
the Institute of Chartered Accountants of India and the assurance regarding prevention or timely detection
Standards on Auditing prescribed under Section 143(10) of unauthorised acquisition, use, or disposition of the
of the Companies Act, 2013, to the extent applicable to Company’s assets that could have a material effect on the
an audit of internal financial controls with reference to financial statements.

344 Asian Paints Limited Integrated Annual Report 2024-25 345

 Financial statements

Annexure “B” to The Independent Auditor’s Report

(Referred to in paragraph 2 under management is appropriate having regard to (b) Details of statutory dues referred to in sub clause (a) above which have not been deposited as on
the size of the Company and the nature of its 31st March 2025 on account of disputes are given below :
‘Report on Other Legal and Regulatory operations. For stocks held with third parties at Amount Amount
Requirements’ section of our report of the year-end, written confirmations have been Name of Statute Nature of Dues
Forum where dispute
is pending
Period to which the Amount
Relates
involved Unpaid
(` in Cores) (` in Crores)
even date) obtained. No discrepancies of 10% or more
in the aggregate for each class of inventories Income Tax IT Matters under CIT (A)/ITAT A.Y. 2021-22 17.40 16.04
In terms of the information and explanations sought by us dispute
were noticed on such physical verification of Assessing Officer A.Y. 2018-19 9.51 -
and given by the Company and the books of account and
inventories. Assessing Officer A.Y. 2017-18 8.72 -
records examined by us in the normal course of audit and
to the best of our knowledge and belief, we state that : (b) According to the information and explanations Assessing Officer A.Y. 2016-17 7.38 -
given to us, at any point of time of the year, the
(i) (a) (A) The Company has maintained proper Assessing Officer A.Y. 2015-16 5.08 -
records showing full particulars, including Company has not been sanctioned any working
capital facility from banks or financial institutions Assessing Officer A.Y. 2014-15 9.29 -
quantitative details and situation of Property,
on the basis of security of current assets, and Assessing Officer A.Y. 2013-14 2.30 -
Plant and Equipment, Capital work-in-
progress, and relevant details of Right-of-Use hence reporting under clause 3(ii)(b) of the Order Assessing Officer A.Y. 2012-13 2.72 -
assets. is not applicable. Assessing Officer A.Y. 2006-07 0.82 -
(B) The Company has maintained proper records (iii) The Company has not provided any guarantee or High Court A.Y. 2007-08 0.09 0.09
showing full particulars of intangible assets. security or granted any loans or advances in the nature Assessing Officer A.Y. 2009-10 0.11 0.11
of loans, secured or unsecured, to companies, firms,
(b) The Company has a program of verification Assessing officer A.Y. 2010-11 0.13 0.13
Limited Liability Partnerships or any other parties
to cover all the items of Property, Plant and CIT (A) A.Y. 2011-12 0.40 0.32
during the year, and hence sub-clauses (iii) (a), (c), (d),
Equipment in a phased manner over a period Assessing Officer A.Y. 2020-21 7.22 -
(e), (f) under clause (iii) of the Order are not applicable.
of 3 years which, in our opinion, is reasonable
(b) The investments made, during the year are, prima CIT (A) A.Y. 2022-23 47.33 37.78
having regard to the size of the Company and the
nature of its assets. Pursuant to the program, facie, not prejudicial to the Company’s interest. Total 118.50 54.47
certain Property, Plant and Equipment and (iv) The Company has complied with the provisions of Sales tax Assessment dues Assessing Authority F.Y. 1997-98, 21.27 20.27
Capital work-in-progress were physically verified Sections 185 and 186 of the Companies Act, 2013 in F.Y. 2002-03,
by the management during the year. According respect of grant of loans, making investments and F.Y. 2004-05 to F.Y. 2017-18
to the information and explanations given to us, providing guarantees and securities, as applicable.
First Appellate level F.Y. 1997-98, 105.61 98.96
no material discrepancies were noticed on such (v) The Company has not accepted any deposit or
F.Y. 2000-01 to F.Y. 2008-09,
verification. amounts which are deemed to be deposits. Hence,
F.Y. 2010-11 to F.Y. 2017-18
(c) Based on the examination of the registered sale reporting under clause (v) of the Order is not
deed / transfer deed / conveyance deed provided applicable. Second Appellate F.Y. 1998-99, 0.59 0.27
to us, we report that, the title deeds, of all the level F.Y. 2000-01 to F.Y. 2003-04,
(vi) We have broadly reviewed the cost records maintained
immovable properties (other than immovable by the Company pursuant to the Companies (Cost F.Y. 2013-14
properties where the Company is the lessee Records and Audit) Rules, 2014, as amended Tribunal F.Y. 1991-92, 8.88 6.59
and the lease agreements are duly executed in prescribed by the Central Government under sub- F.Y. 1993-94,
favour of the Company) disclosed in the Financial section (1) of Section 148 of the Companies Act, 2013,
Statements included in Property, Plant and F.Y. 1996-97 to F.Y. 1999-00,
and are of the opinion that, prima facie, the prescribed
Equipment and Capital work-in progress are held F.Y. 2001-02 to F.Y. 2002-03,
cost records have been made and maintained.
in the name of the Company as at the balance F.Y. 2005-06 to F.Y. 2008-09,
sheet date. (vii) (a) Undisputed statutory dues, including Goods
and Service tax, Provident Fund, Employees’ F.Y. 2010-11 to F.Y. 2011-12,
(d) The Company has not revalued its Property, Plant F.Y. 2013-14 to F.Y. 2017-18
State Insurance, Income-tax, Sales Tax, duty of
and Equipment (including Right-of-Use assets)
Customs, duty of Excise, Value Added Tax, Cess High court F.Y. 2000-01 to F.Y. 2005-06, 5.83 4.69
and intangible assets during the year.
and other material statutory dues applicable to F.Y. 2007-08 to F.Y. 2010-11,
(e) No proceedings have been initiated or are the Company have been regularly deposited by it F.Y. 2012-13 to F.Y. 2017-18
pending against the Company as at 31st March with the appropriate authorities in all cases
2025 for holding any benami property under the Total 142.18 130.78
during the year.
Benami Transactions (Prohibition) Act, 1988 (as Central Excise Act, Assessment dues First Appellate F.Y. 1986-87, 4.60 0.75
There were no undisputed amounts payable in 1944 Finance Act, 1994
amended in 2016) and rules made thereunder. F.Y. 1996-97,
respect of Goods and Services tax, Provident and Customs Act 1962
(ii) (a) The inventories, except goods-in-transit and Fund, Employees’ State Insurance, Income Tax, F.Y. 2012-13,
stocks lying with third parties, have been Sales Tax, Service Tax, Customs Duty, Excise F.Y. 2016-17,
physically verified by the management during Duty, Value Added Tax, Cess and other material Tribunal F.Y. 2005-06 to F.Y. 2016-17 11.10 9.19
the year. In our opinion and based on information statutory dues in arrears as at 31st March 2025, for Total 15.70 9.94
and explanations given to us, the coverage a period of more than six months from the date
and procedure of such verification by the they became payable.

346 Asian Paints Limited Integrated Annual Report 2024-25 347

 Financial statements

Annexure “B” to The Independent Auditor’s Report (Contd.)

Amount Amount (b) The Company has not made any preferential (xvii)The Company has not incurred cash losses during
Forum where dispute Period to which the Amount
Name of Statute Nature of Dues
is pending Relates
involved Unpaid allotment or private placement of shares the financial year covered by our audit and the
(` in Cores) (` in Crores)
or convertible debenture (fully or partly or immediately preceding financial year.
Goods and Service Tax Assessment dues First Appellate F.Y. 2017-18 to F.Y. 2024-25 68.46 63.48 optionally) during the year and hence reporting
Act, 2017 (xviii)There has been no resignation of the statutory
Second Appellate F.Y. 2017-18 to F.Y. 2018-19 1.77 1.68 under clause (x)(b) of the Order is not applicable
auditors of the Company during the year.
to Company.
Tribunal F.Y. 2018-19 and F.Y. 2024-25 0.02 -
(xix) On the basis of the financial ratios, ageing and
Total 70.25 65.16
(xi) (a) To the best of our knowledge, no fraud by the expected dates of realization of financial assets
Employee Provident PF contribution High Court F.Y. 2006-07 to F.Y. 2007-08, 0.46 0.46 Company and no material fraud on the Company and payment of financial liabilities, other
Fund Act F.Y. 2017-18
has been noticed or reported during the year. information accompanying the financial
Commission F.Y. 2017-18 1.18 0.47 (b) A report under sub-section (12) of Section 143 statements and our knowledge of the Board of
of the Act has been filed by us in Form ADT-4 Directors and management plans and based on
Minimum Wages Act Wage Payments High Court F.Y. 2002-03 2.73 2.59
as prescribed under Rule 13 of the Companies our examination of the evidence supporting the
Municipal Corporation Property tax Municipal F.Y. 2013-14 0.34 -
(Audit and Auditors) Rules, 2014 with the assumptions, nothing has come to our attention,
Act Corporation
Central Government. However, this has not been which causes us to believe that any material
Octroi Municipal F.Y. 2012-13 to F.Y. 2013-14 0.68 -
considered for our reporting in clause (a) above on uncertainty exists as on the date of the audit
Corporation
the basis of materiality. report indicating that Company is not capable of
Employee State ESI Contributions High Court F.Y. 2005-06 0.01 0.01
meeting its liabilities existing at the date of balance
Insurance Act (c) We have taken into consideration, the whistle
Ministry of Labour & F.Y. 2018-19 to F.Y. 2021-22 0.35 0.32 sheet and when they fall due within a period of
Employment blower complaints received by the Company one year from the balance sheet date. We,
The Building and Labour Cess Joint commissioner F.Y. 2018-19 8.73 8.23 during the year (and up to the date of this report) however, state that this is not an assurance as
Construction Workers on Plant & of Labour and provided to us, when performing our audit. to the future viability of the Company. We further
(Regulation of Machinery state that our reporting is based on the facts up
Employment and (xii) The Company is not a Nidhi Company and hence
to the date of the audit report and we neither
Conditions of Service), reporting under clause (xii) of the Order is not
give any guarantee nor any assurance that all
Act 1996 applicable.
liabilities falling due within a period of one year
Total 14.48 12.08
(xiii) In our opinion, the Company is in compliance with from the balance sheet date, will get discharged
Grand Total 361.11 272.43
Sections 177 and 188 of the Companies Act, where by the Company as and when they fall due.
applicable, for all transactions with the related parties
(xx) The Company has fully spent the required amount
(viii) There were no transactions relating to previously (d) On an overall examination of the Financial and the details of related party transactions have
towards Corporate Social Responsibility (CSR)
unrecorded income that were surrendered or Statements of the Company, funds raised on been disclosed in the Financial Statements as required
and there is no unspent CSR amount for the year
disclosed as income in the tax assessments under the short-term basis have, prima facie, not been by the applicable Accounting Standards.
requiring a transfer to a Fund specified in
Income Tax Act, 1961 (43 of 1961) during the year. utilised during the year for long-term purposes by
(xiv) (a) In our opinion, the Company has an adequate Schedule VII to the Companies Act or special
the Company.
internal audit system commensurate with the size account in compliance with the provision of sub-
(ix) (a) In our opinion, the Company has not defaulted in
(e) The Company has not taken any funds from any and the nature of its business. section (6) of Section 135 of the said Act. Accordingly,
the repayment of loans or other borrowings or
entity or person on account of or to meet the reporting under clause (xx) of the Order is not
in the payment of interest thereon to any lender (b) We have considered, the internal audit reports
obligations of its subsidiaries or associates during applicable for the year.
during the year. issued to the Company during the year and
the year and hence, reporting under clause (ix)(e)
covering the period up to 31st March 2025.
of the Order is not applicable.
(b) The Company has not been declared wilful For Deloitte Haskins & Sells LLP
(xv) In our opinion, during the year, the Company has not
(f) The Company has not raised loans during the year Chartered Accountants
defaulter by any bank or financial institution or entered into any non-cash transactions with any of its
on the pledge of securities held in its subsidiaries Firm‘s Registration No.: 117366W/W-100018
government or any government authority. directors or persons connected with such directors
or associate companies.
and hence provisions of Section 192 of the Companies
(c) The Company has not taken any term loan during (x) (a) The Company has not raised moneys by way Act, 2013 are not applicable to the Company.
of initial public offer or further public offer
the year and there are no unutilised term loans (xvi) The Company is not required to be registered under Rupen K. Bhatt
(including debt instruments) during the year and
at the beginning of the year and hence, reporting Section 45-IA of the Reserve Bank of India Act, 1934. Partner
hence reporting under clause (x)(a) of the Order is
under clause (ix)(c) of the Order is not Hence, reporting under clause (xvi)(a), (b), (c) and (d) of Place : Mumbai Membership No. 046930
not applicable.
applicable. the Order are not applicable. Date : 8th May 2025 UDIN: 25046930BMODQW4057

348 Asian Paints Limited Integrated Annual Report 2024-25 349

 Financial statements

Balance Sheet Statement of Profit and Loss

as at 31st March 2025 for the year ended 31st March 2025

(` in Crores) (₹ in Crores)
As at As at
Particulars Notes Year Year
31.03.2025 31.03.2024 Particulars Notes
2024-25 2023-24
ASSETS
Non-Current Assets REVENUE FROM OPERATIONS
Property, Plant and Equipment 2A 6,285.40 3,830.36 Revenue from Sale of Products 22A 29,270.69 30,988.16
Right-of-Use Asset 2B 1,512.22 1,530.72 Revenue from Sale of Services 22A 150.42 105.67
Capital work-in-progress 3 386.15 2,561.17
Goodwill 4A 47.27 47.27 Other Operating Revenue 22A 131.54 133.15
Other Intangible Assets 4B 85.78 85.62 Other Income 23 770.15 821.92
Investments in Subsidiaries and Associates 5 2,058.53 1,562.43 Total Income (I) 30,322.80 32,048.90
Financial Assets
Investments 5 871.31 800.03 EXPENSES
Trade Receivables 10 7.35 - Cost of Materials Consumed 24A 13,238.32 13,450.17
Other Financial Assets 6 854.39 622.03 Purchases of Stock-in-Trade 24B 3,733.99 3,654.08
Income Tax Assets (Net) 7 184.28 165.56
Other Non-Current Assets 8 72.49 116.27 Changes in Inventories of Finished Goods, Stock-in-Trade and Work-in-Progress 24C (180.47) 367.64
12,365.17 11,321.46 Employee Benefits Expense 25 2,013.58 1,816.19
Current Assets Other Expenses 26 5,194.95 4,895.08
Inventories 9 5,848.23 5,155.59
Financial Assets Total Expenses (II) 24,000.37 24,183.16
Investments 5 3,113.67 3,108.50 EARNING BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION
Trade Receivables 10 3,197.55 3,699.84 6,322.43 7,865.74
(EBITDA) (I-II)
Cash and Cash Equivalents 11A 176.19 326.34
Finance Costs 27 143.77 124.09
Other Balances with Banks 11B 26.09 23.84
Other Financial Assets 6 1,265.27 1,770.53 Depreciation and Amortisation Expense 28 901.85 742.93
Other Current Assets 8 660.94 629.54 PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX 5,276.81 6,998.72
14,287.94 14,714.18
Exceptional Items 40 379.63 -
TOTAL ASSETS 26,653.11 26,035.64
PROFIT BEFORE TAX 4,897.18 6,998.72
EQUITY AND LIABILITIES Tax Expense 18
Equity Current Tax 1,317.96 1,730.03
Equity Share Capital 12 95.92 95.92
Other Equity 13 18,887.56 18,192.74 (Excess) tax provision for earlier years (11.26) (51.72)
18,983.48 18,288.66 Deferred Tax 5.60 5.40
Liabilities Total tax expense 1,312.30 1,683.71
Non-Current Liabilities
Financial Liabilities PROFIT AFTER TAX 3,584.88 5,315.01
Borrowings 14 37.25 35.58 OTHER COMPREHENSIVE INCOME (OCI)
Lease Liabilities 15 900.80 893.87 A. Items that will not be reclassified to Profit or Loss
Other Financial Liabilities 16 41.47 28.80
Provisions 17 191.13 165.83 (i) (a) Remeasurement of the defined benefit plans 0.47 7.91
Deferred Tax Liabilities (Net) 18C 237.22 187.68 (b) Income tax (expense) on remeasurement of defined benefit plans (0.12) (2.03)
Other Non-current Liabilities 19 45.56 34.47 (ii) (a) Net fair value gain on investments in equity instruments through OCI 273.30 7.77
1,453.43 1,346.23
Current Liabilities (b) Income tax (expense) on net fair value gain on investments in equity (42.86) (0.55)
Financial Liabilities instruments through OCI
Borrowings 14 2.15 117.27 B. Items that will be reclassified to Profit or Loss
Lease Liabilities 15 258.62 233.51
(a) Net fair value gain on investments in debt instruments through OCI 3.67 16.20
Trade Payables
Total Outstanding dues of Micro Enterprises and Small Enterprises 20 180.13 201.14 (b) Income tax (expense) on net fair value gain on investments in debt (0.96) (1.85)
Total Outstanding dues of creditors other than Micro Enterprises instruments through OCI
20 2,943.56 3,054.00
and Small Enterprises Total Other Comprehensive Income (A+B) 233.50 27.45
Other Financial Liabilities 16 2,304.86 2,248.63
Other Current liabilities 19 380.33 426.76 TOTAL COMPREHENSIVE INCOME FOR THE YEAR 3,818.38 5,342.46
Provisions 17 51.26 43.09 Earnings per equity share (Face value of ₹ 1 each) 31
Income Tax Liabilities (Net) 21 95.29 76.35 Basic (in ₹) 37.39 55.43
6,216.20 6,400.75 Diluted (in ₹) 37.39 55.42
TOTAL EQUITY AND LIABILITIES 26,653.11 26,035.64 Material accounting policies and key accounting estimates and judgements 1
Material accounting policies and key accounting estimates and judgements 1
See accompanying notes to the Standalone Financial Statements 2-43 See accompanying notes to the Standalone Financial Statements 2-43

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

For Deloitte Haskins & Sells LLP R Seshasayee Amit Syngle For Deloitte Haskins & Sells LLP R Seshasayee Amit Syngle
Chartered Accountants Chairman Managing Director & CEO Chartered Accountants Chairman Managing Director & CEO
F.R.N : 117366W/W-100018 DIN : 00047985 DIN : 07232566 F.R.N : 117366W/W-100018 DIN : 00047985 DIN : 07232566
Rupen K. Bhatt Milind Sarwate R J Jeyamurugan Rupen K. Bhatt Milind Sarwate R J Jeyamurugan
Partner Chairman of Audit Committee CFO & Company Secretary Partner Chairman of Audit Committee CFO & Company Secretary
Membership No. : 046930 DIN : 00109854 Membership No. : 046930 DIN : 00109854

Mumbai Mumbai Mumbai

Mumbai
8th May 2025 8th May 2025 8th May 2025
8th May 2025

350 Asian Paints Limited Integrated Annual Report 2024-25 351

 A) Equity Share Capital (₹ in Crores)

352
As at As at
Particulars
31.03.2025 31.03.2024
Balance at the beginning of the reporting year (Refer note 12(a)) 95.92 95.92
Changes in Equity Share capital due to prior period errors - -
Restated balance at the beginning of the current reporting period (Refer note 12(a)) 95.92 95.92
Changes in Equity Share capital during the year - -
Balance at the end of the reporting year 95.92 95.92

B) Other Equity (₹ in Crores)

Asian Paints Limited

Items of Other
Reserves and Surplus Comperehensive Income (OCI)
Particulars Capital Remeasurement Share based Debt Equity Total
Capital General Retained Treasury Trust
Redemption of defined payment instruments instruments
Reserve Reserve Earnings shares reserve
Reserve benefit plans reserve through OCI through OCI
Balance as at 1st April 2023 44.38 0.50 4,166.74 11,166.17 (29.25) 26.77 (110.89) 0.37 (3.05) 227.90 15,489.64
Changes on account of amalgamation (Refer note 36(A)) (34.29) - 1.18 (96.70) 0.07 - - - - - (129.74)
Restated balance as at 1st April 2023 (A) 10.09 0.50 4,167.92 11,069.47 (29.18) 26.77 (110.89) 0.37 (3.05) 227.90 15.359.90
Additions during the year :
Profit for the year - - - 5,315.01 - - - - - - 5,315.01
Items of OCI for the year, net of tax
Remeasurement of the defined benefit plans - - - - 5.88 - - - - - 5.88
Net fair value gain on investments in equity instruments through OCI - - - - - - - - - 7.22 7.22
Net fair value gain on investments in debt instruments through OCI - - - - - - - - 14.35 - 14.35
Total Comprehensive Income for the year 2023-24 (B) - - - 5,315.01 5.88 - - - 14.35 7.22 5,342.46
Reductions during the year :
Dividends (Refer note 12(b)) - - - (2,532.38) - - - - - - (2,532.38)
Share based payment expense - - - - - 21.84 - - - - 21.84
Net Income of ESOP Trust for the year - - - - - - - 0.22 - - 0.22
ESOP exercised during the year - - - (0.03) - (0.35) 0.70 0.38 - - 0.70
Total (C) - - - (2,532.41) - 21.49 0.70 0.60 - - (2,509.62)
Balance as at 31st March 2024 (D) = (A+B+C) 10.09 0.50 4,167.92 13,852.07 (23.30) 48.26 (110.19) 0.97 11.30 235.12 18,192.74
Additions during the year :
Profit for the year - - - 3,584.88 - - - - - - 3,584.88
Items of OCI for the year, net of tax
Remeasurement of the defined benefit plans - - - - 0.35 - - - - - 0.35
Net fair value gain on investments in equity instruments through OCI - - - - - - - - - 230.44 230.44
for the year ended 31st March 2025

Net fair value gain on investments in debt instruments through OCI - - - - - - - - 2.71 - 2.71
Total Comprehensive Income for the year 2024-25 (E) - - - 3,584.88 0.35 - - - 2.71 230.44 3,818.38
Reductions during the year :
Dividends (Refer note 12(b)) - - - (3,107.91) - - - - - - (3,107.91)
Share based payment expense - - - - - 21.25 - - - - 21.25
Net Income of ESOP Trust for the year - - - - - - - 1.11 - - 1.11
Purchase of Treasury shares by ESOP trust during the year - - - - - - (50.08) - - - (50.08)
ESOP exercised during the year - - - (0.80) - (12.67) 25.54 - - - 12.07
Total (F) - - - (3,108.71) - 8.58 (24.54) 1.11 - - (3,123.56)
Balance as at 31st March 2025 (D+E+F) 10.09 0.50 4,167.92 14,328.24 (22.95) 56.84 (134.73) 2.08 14.01 465.56 18,887.56
Material accounting policies and key accounting estimates and judgements (Refer note 1)
Statement of Changes In Equity

See accompanying notes to the Standalone Financial Statements (Refer note 2-43)
As per our report of even date attached For and on behalf of the Board of Directors of Asian Paints Limited
CIN : L24220MH1945PLC004598
For Deloitte Haskins & Sells LLP R Seshasayee Amit Syngle
Chartered Accountants Chairman Managing Director & CEO
F.R.N : 117366W/W-100018 DIN : 00047985 DIN : 07232566
Rupen K. Bhatt Milind Sarwate R J Jeyamurugan
Partner Chairman of Audit Committee CFO & Company Secretary
Membership No : 046930 DIN : 00109854
Mumbai Mumbai
8th May 2025 8th May 2025
Particulars

Finance costs
Interest income
Dividend income

Interest received
Adjustments for :
Adjustments for :
Profit before tax

Payment of earnout
(Increase) in other assets

Purchase of term deposits

Bad debts written off (net)

Decrease in financial assets

Dividend received from others

Income Tax paid (net of refund)

Sale of non-current investments

Sale of current investments (net)

(Increase)/Decrease in inventories
Share based payment expenses (net)

(Decrease)/Increase in trade payables

Net Cash used in Investing activities

Sale of property, plant and equipment
Depreciation and amortisation expense

Decrease/(Increase) in trade receivables

Proceeds from maturity of term deposits

Payment for acquiring right-of-use assets
Increase in other liabilities and provisions
Net fair valuation loss/(gain) on derivatives
Net unrealised foreign exchange (gain)/loss

Cash generated from Operating activities

(B) CASH FLOW FROM INVESTING ACTIVITIES

Purchase of non-current investments - others

(A) CASH FLOW FROM OPERATING ACTIVITIES

Increase/(Decrease) in other financial liabilities

Net gain on modification/ termination of leases

Net Cash generated from Operating activities

Deferred income arising from government grant

Investment in subsidiary and associate companies

Operating Profit before working capital changes
Reversal for expected credit loss on government grants
Impairment loss on non-current investments - subsidiaries

Dividend received from subsidiary and associate companies

Purchase of property, plant and equipment and other intangible assets
for the year ended 31st March 2025

Net gain on disposal of property, plant and equipment and other intangible assets
Allowance for expected credit lossess on receivables ( trade and others) and advances (net)

Net gain arising on financial assets measured at fair value through profit or loss (FVTPL)
Statement of Cash Flows
Financial statements

20.64
119.20
127.70
384.42
1,150.98
-
-
8.16
4,165.76
5,472.24
3.28
149.68
2.97
259.27
6,076.60
201.84
164.52
18.23
1.78
244.30
143.77
901.85
4,897.18

(877.96)
(0.50)
(697.94)
(18.92)
(1,048.25)
(1,306.48)
(318.24)
(8.68)
(692.64)
(1.78)
(174.07)
(1.90)
(2.91)
(9.96)
(4.69)
(146.24)
(155.32)

(832.47)
2024-25
Year

Integrated Annual Report 2024-25

20.16
136.82
106.36
272.02
1,327.69
0.50
4.65
5,757.40
7,489.21
26.70
272.05
263.73
20.60
7,405.77
-
19.37
7.59
1.23
84.67
124.09
742.93
6,998.72

(1,435.99)
(211.86)
(37.71)
(262.77)
(203.05)
(1,986.45)
(1,731.81)
(27.92)
(204.73)
(266.99)
(10.90)
(49.25)
(222.29)
(4.00)
(2.00)
(5.29)
(142.76)
(136.34)

(2,269.63)
2023-24
Year
(` in Crores)

353
 Financial statements

Statement of Cash Flows (Contd.) Statement of Cash Flows (Contd.)

for the year ended 31st March 2025 for the year ended 31st March 2025

(` in Crores) (c) Changes in liabilities arising from financing activities

Year Year (` in Crores)
Particulars
2024-25 2023-24 Non-cash changes
Other
(C) CASH FLOW FROM FINANCING ACTIVITIES As at Cash changes in Current/ As at
Particulars Net Fair value
01.04.2024 Flows cash and cash Non-current 31.03.2025
Repayment of long term borrowings (17.86) - equivalents additions changes
classification
(Repayment)/Proceeds from short term borrowings (39.00) 39.00
Borrowings (Refer note 14) 152.85 (56.86) (60.22) - 3.63 - 39.40
Acceptances (net) 194.74 (83.65)
Lease Liabilities (Refer note 15) 1,127.38 (267.05) - 299.09 - - 1,159.42
Repayment of principal portion of lease liabilities (267.05) (251.48)
Other Liabilities (Refer note 19) 39.17 - - - (4.69) - 34.48
Finance costs (including interest on lease liabilities) paid (141.68) (120.03)
(Purchase) of treasury shares by ESOP Trust/ Proceeds from ESOP Trust (net) (36.92) 0.91
(` in Crores)
Dividend paid (3,107.91) (2,532.38)
Other Non-cash changes
Net Cash used in Financing activities (3,415.68) (2,947.63)
As at Cash changes in Current/ As at
Particulars Net Fair value
01.04.2023 Flows cash and cash Non-current 31.03.2024
equivalents additions changes
classification
(D) NET (DECREASE)/ INCREASE IN CASH AND CASH EQUIVALENTS [A+B+C] (82.39) 540.14
Borrowings (Refer note 14) 138.32 39.00 (28.55) - 4.08 - 152.85
Add : Cash and cash equivalents as at 1st April 3,157.65 2,617.51
Lease Liabilities (Refer note 15) 852.28 (251.48) - 526.58 - - 1,127.38
Cash and cash equivalents as at 31st March 3,075.26 3,157.65
Other Liabilities (Refer note 19) 44.46 - - - (5.29) - 39.17
Material accounting policies and key accounting estimates and judgements (Refer note 1)
Notes :
See accompanying notes to the Standalone Financial Statements (Refer note 2-43)
(a) The above Standalone Statement of Cash Flows has been prepared under the “Indirect Method” as set out in the Indian Accounting Standard
(Ind AS 7) - Statement of Cash Flows.
As per our report of even date attached For and on behalf of the Board of Directors of Asian Paints Limited
CIN:L24220MH1945PLC004598
(` in Crores)
As at As at For Deloitte Haskins & Sells LLP R Seshasayee Amit Syngle
Particulars Chartered Accountants Chairman Managing Director & CEO
31.03.2025 31.03.2024
F.R.N : 117366W/W-100018 DIN : 00047985 DIN : 07232566
(b) Cash and Cash Equivalents comprise of :
Rupen K. Bhatt Milind Sarwate R J Jeyamurugan
Cash on hand - 0.01 Partner Chairman of Audit Committee CFO & Company Secretary
Balances with Banks : Membership No.: 046930 DIN : 00109854
- Current Accounts 43.73 113.51 Mumbai Mumbai
8th May 2025 8th May 2025
- Cash Credit Accounts 5.95 1.11
- Deposits with original maturity of less than 3 months 82.02 124.15
Cheques, draft on hand 44.49 87.56
Cash and cash equivalents (Refer note 11A) 176.19 326.34
Add : Investments in Liquid Mutual Funds (Refer note 5(II)(B)(a)) 2,899.26 2,891.72
Less : Loan repayable on demand - Overdraft Account (0.19) (60.41)
Cash and cash equivalents in Standalone Statement of Cash Flows 3,075.26 3,157.65

354 Asian Paints Limited Integrated Annual Report 2024-25 355

 Financial statements

Notes to the Standalone Financial Statements

for the year ended 31st March 2025

Company Background iv. the asset/liability is expected to be realized/ Where the consideration transferred exceeds a part of a plant and equipment if the recognition
settled within twelve months after the reporting the fair value of the net identifiable assets criteria are met. Expenses like plans, designs,
Asian Paints Limited (the ‘Company’) is a public limited
period; acquired and liabilities assumed, the excess is and drawings of buildings or plant and
Company domiciled and incorporated in India under the
recorded as goodwill. Alternatively, in case of machinery, borrowing cost on qualifying assets,
Indian Companies Act, 1913. The registered office of the v. the asset is cash or cash equivalent unless it is
a bargain purchase wherein the consideration directly attributable to new manufacturing
Company is located at 6A & 6B, Shantinagar, Santacruz restricted from being exchanged or used to settle
transferred is lower than the fair value of the facility during its construction period are
East, Mumbai, India. a liability for at least twelve months after the
net identifiable assets acquired and liabilities capitalized under the relevant head of PPE if the
reporting date;
assumed, the Company after assessing fair recognition criteria are met.
The Company is engaged in the business of manufacturing,
vi. in the case of a liability, the Company does not value of all identified assets and liabilities,
selling and distribution of paints, coatings, products
have an unconditional right to defer settlement record the difference as a gain in other Subsequent costs are included in the asset’s
related to home décor, bath fittings, kitchen, wardrobe
of the liability for at least twelve months after the comprehensive income and accumulate the carrying amount or recognised as a separate
and providing related services.
reporting date. gain in equity as capital reserve. The transaction asset, as appropriate, only when it is probable
costs, other than costs relating to the issue that future economic benefits associated with
All other assets and liabilities are classified as
1. Material Accounting Policies and non-current.
of equity or debt securities in connection the item will flow to the Company and the cost of
with a business combination are expensed
Key accounting estimates and the item can be measured reliably. The carrying
as incurred. amount of any component accounted for as a
judgements  For the purpose of current/non-current
separate asset is derecognised when replaced.
classification of assets and liabilities, the In case of business combinations involving
Material Accounting Policies: Company has ascertained its normal operating entities under common control, the above
Items such as spare parts, stand-by equipment
1.1. Basis of preparation of Financial Statements cycle as twelve months. This is based on the policy does not apply. Business combinations
and servicing equipment that meet the definition
nature of services and the time between involving entities under common control are
These Financial Statements are the separate Financial of PPE are capitalized at cost and depreciated
the acquisition of assets or inventories for accounted for using the pooling of interests
Statements of the Company (also called Standalone over their useful life. Costs in nature of repairs
processing and their realization in cash and method. The net assets of the transferor entity
Financial Statements) prepared in accordance with and maintenance are recognised in the Statement
cash equivalents. or business are accounted at their carrying
Indian Accounting Standards (‘Ind AS’) notified under of Profit and Loss as and when incurred.
section 133 of the Companies Act 2013, read together amounts on the date of the acquisition subject
with the Companies (Indian Accounting Standards) 1.3. Summary of Material accounting policies to necessary adjustments required to harmonise
The Company had elected to consider the carrying
Rules, 2015 (as amended). accounting policies. Any excess or shortfall of
a) Business combinations value of all its PPE appearing in the Financial
the consideration paid over the share capital of
Business combinations are accounted for using Statements and used the same as deemed cost in
These Financial Statements have been prepared and transferor entity or business is recognised as
the acquisition method under the provisions the opening Ind AS Balance sheet prepared on
presented under the historical cost convention, on the capital reserve under equity.
of Ind AS 103, Business Combinations. At the 1st April 2015.
accrual basis of accounting except for certain financial
acquisition date, identifiable assets acquired b) Property, plant and equipment
assets and financial liabilities that are measured at fair Capital work in progress and Capital advances:
and liabilities assumed are measured at fair
values at the end of each reporting period, as stated in Measurement at recognition:
value except deferred tax asset or liability Cost of assets not ready for intended use, as on
the accounting policies set out below. The accounting An item of property, plant and equipment
and any liability or asset relating to employee the balance sheet date, is shown as capital work
policies have been applied consistently over all the (PPE) that qualifies as an asset is measured
benefit arrangements arising from a business in progress. Advances given towards acquisition
periods presented in these Financial Statements. on initial recognition at cost. Following initial
combination are measured and recognised of fixed assets outstanding at each balance sheet
in accordance with the requirements of Ind recognition, items of PPE are carried at their cost date are disclosed as Other Non-Current Assets.
The Financial Statements are presented in Indian less accumulated depreciation and accumulated
AS 12, Income Taxes and Ind AS 19, Employee
Rupees (which is also the functional currency of the impairment losses, if any. Item of PPE which
Company) and is rounded off to the nearest crores Benefits, respectively. For this purpose, the Depreciation:
liabilities assumed include contingent liabilities reflects significant cost and has different useful
except otherwise indicated. Amounts less than Depreciation on each part of an item / component
representing present obligation and they are life from the remaining part of PPE is recognised
` 50,000 have been presented as “#”. of PPE is provided on pro-rata basis using the
measured at their acquisition date fair values as a separate component.
Straight-Line Method based on the expected
irrespective of the fact that outflow of resources The cost of an item of PPE comprises of its useful life of the asset and is charged to
1.2. Current / Non- Current Classification
embodying economic benefits is not probable. purchase price net of discounts, if any including the Statement of Profit and Loss as per the
Any asset or liability is classified as current if it satisfies The consideration transferred is measured at import duties and other non-refundable taxes requirement of Schedule II of the Companies Act,
any of the following conditions: fair value at the acquisition date and includes or levies and directly attributable cost of 2013. The estimated useful life has been assessed
i. the asset/liability is expected to be realized/ the fair value of any contingent consideration. bringing the asset to its working condition based on technical evaluation, taking into account
settled in the Company’s normal operating cycle; Contingent consideration (earn out) is for its intended use and the initial estimate the nature of the asset and the estimated usage
remeasured at fair value at each reporting date of decommissioning, restoration and similar basis management’s best judgement of economic
ii. the asset is intended for sale or consumption;
and changes in the fair value of the contingent liabilities, if any. Cost includes cost of replacing benefits from those classes of assets.
iii. the asset/liability is held primarily for the purpose consideration are recognised in the Statement of
of trading; Profit and Loss.

356 Asian Paints Limited Integrated Annual Report 2024-25 357

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

The estimated useful life of items of PPE is recognition, intangible assets are carried at cost impaired. Assets that have an indefinite useful life those goods or services. It is measured at
mentioned below: less accumulated amortisation and accumulated are not subject to amortisation and are transaction price (net of variable consideration
Years
impairment loss, if any. tested for impairment annually and whenever on account of various discounts and schemes
there is an indication that the asset may be offered by the Company as part of the contract)
Factory Buildings 30 The Company had elected to consider the carrying impaired. For the purpose of impairment testing, allocated to that performance obligation. This
Buildings (other than factory buildings) 60 value of all its intangible assets appearing in goodwill acquired in a business combination variable consideration is estimated based on
Plant and Equipment (including continuous 10-20 the Financial Statements and used the same as is allocated to each of the Company’s cash the expected value of outflow. Revenue (net of
process plants)* deemed cost in the opening Ind AS Balance sheet generating units (CGUs) that are expected to variable consideration) is recognised only to the
Scientific research equipment* 4-20 prepared on 1st April 2015. benefit from the combination. extent that it is highly probable that the amount
Furniture and Fixtures 8 will not be subject to significant reversal when
Amortisation: Assets that are subject to depreciation and
Office Equipment 5 uncertainty relating to its recognition is resolved.
Intangible Assets with finite lives are amortised amortisation and assets representing investments
Vehicles* 5 in subsidiary and associate companies are
on a Straight Line basis over the estimated useful Sale of products:
Information Technology Hardware* 4 reviewed for impairment, whenever events
economic life. The amortisation expense on Revenue from sale of products is recognised
intangible assets with finite lives is recognised in or changes in circumstances indicate that
when the control on the goods have been
Freehold land is not depreciated. Leasehold carrying amount may not be recoverable. Such
the Statement of Profit and Loss. The estimated transferred to the customer. The performance
improvements are amortised over the period of circumstances include, though are not limited
useful life of intangible assets is mentioned obligation in case of sale of product is satisfied at
the lease. to, significant or sustained decline in revenues
below: a point in time i.e., when the material is shipped
*The useful life assessed by the Management is or earnings and material adverse changes in the
Years to the customer or on delivery to the customer, as
different than those indicated in Schedule II of economic environment.
Purchase cost, user license fees 4 may be specified in the contract.
the Companies Act, 2013. and consultancy fees for Computer An impairment loss is recognised whenever the
carrying amount of an asset or its CGU exceeds Rendering of services:
The useful lives, residual values of each part of Software (including those used for
scientific research) its recoverable amount. The recoverable amount Revenue from services is recognised over time
an item of PPE and the depreciation methods are
Acquired Trademark 5 of an asset is the greater of its fair value less cost by measuring progress towards satisfaction
reviewed at the end of each financial year.
to sell and value in use. To calculate value in use, of performance obligation for the services
If any of these expectations differ from previous
The amortisation period and the amortisation the estimated future cash flows are discounted rendered. The Company uses output method for
estimates, such change is accounted for as a
method for an intangible asset with finite useful to their present value using a post-tax discount measurement of revenue from décor services /
change in an accounting estimate.
life is reviewed at the end of each financial year. rate that reflects current market rates and the risk painting and related services and royalty income
If any of these expectations differ from previous specific to the asset. For an asset that does not as it is based on milestone reached or units
Derecognition:
estimates, such change is accounted for as a generate largely independent cash inflows, the delivered. Input method is used for measurement
The carrying amount of an item of PPE is of revenue from processing and other service as
change in an accounting estimate. recoverable amount is determined for the CGU to
derecognised on disposal or when no future it is directly linked to the expense incurred by the
which the asset belongs. Fair value less cost
economic benefits are expected from its use Goodwill and certain trademark acquired Company.
to sell is the best estimate of the amount
or disposal. The gain or loss arising from the separately have indefinite useful life and are not obtainable from the sale of an asset in an arm’s
derecognition of an item of PPE is measured as subjected to amortisation. These are tested for Advance from customers is recognised under
length transaction between knowledgeable,
the difference between the net disposal proceeds impairment annually and whenever there is an other liabilities and released to revenue on
willing parties, less the cost of disposal.
and the carrying amount of the item and is indication that the asset may be impaired. satisfaction of performance obligation.
recognised in the Statement of Profit and Loss Impairment losses, if any, are recognised in
Derecognition:
when the item is derecognised. the Statement of Profit and Loss and included f) Government grants and subsidies
The carrying amount of an intangible asset is in depreciation and amortisation expense. Recognition and Measurement:
c) Goodwill and Other Intangible assets derecognised on disposal or when no future Impairment losses, on assets other than goodwill
The Company recognise grant as income when
Goodwill acquired in a business combination economic benefits are expected from its are reversed in the Statement of
there is a reasonable assurance that the Company
is initially measured at cost, being the excess use or disposal. The gain or loss arising from Profit and Loss only to the extent that the asset’s
will comply with all necessary conditions
of the consideration transferred over the the Derecognition of an intangible asset is carrying amount does not exceed the carrying
attached to them and the grant will be received
net identifiable assets acquired and liabilities measured as the difference between the net amount that would have been determined if no
in accordance with Ind AS 20, Accounting for
assumed, in accordance with Ind AS 103. disposal proceeds and the carrying amount of impairment loss had previously been
government grants and disclosure of government
the intangible asset and is recognised in the recognised.
assistance. The Company is entitled to certain
Intangible assets acquired separately are Statement of Profit and Loss when the asset is
non-refundable subsidies from government
measured on initial recognition at cost. Intangible derecognised. e) Revenue
in respect of manufacturing units located in
assets arising on acquisition of business are Revenue from contracts with customers is specified regions which are measured at amounts
measured at fair value as at date of acquisition. d) Impairment recognised on transfer of control of promised receivable from the government.
Internally generated intangibles including Assessment for impairment is done at each goods or services to a customer at an amount that
research cost are expensed in the Statement Balance Sheet date as to whether there is any reflects the consideration to which the Company The Company has received refundable
of Profit and Loss as incurred. Following initial indication that a non-financial asset may be is expected to be entitled to in exchange for government loans at below-market rate of

358 Asian Paints Limited Integrated Annual Report 2024-25 359

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

interest which are accounted in accordance with not recorded at fair value through profit or loss financial assets of the Company (Refer note instruments are recognised in OCI. However,
the recognition and measurement principles of (FVTPL), transaction costs that are attributable 29 for further details). Such financial assets the Company recognise dividend income
Ind AS 109, Financial Instruments. The benefit of to the acquisition of the financial asset. However, are subsequently measured at amortised from such instruments in the Statement of
below- market rate of interest is measured as the trade receivables that do not contain a significant cost using the effective interest method. The Profit and Loss when the right to receive
difference between the initial carrying value of financing component are measured at transaction effect of the amortisation under effective payment is established, it is probable that the
loan determined in accordance with Ind AS 109 price. interest method is recognised as interest economic benefits will flow to the Company
and the proceeds received. income over the relevant period of the and the amount can be measured reliably.
Where the fair value of a financial asset at initial
financial asset under other income in the
Income from such benefits is recognised on recognition is different from its transaction On derecognition of such financial assets,
Statement of Profit and Loss. The amortised
a systematic basis over the period in which price, the difference between the fair value and cumulative gain or loss previously recognised
cost of a financial asset is also adjusted for
the related costs that are intended to be the transaction price is recognised as a gain or in OCI is not reclassified from the equity to
loss allowance, if any.
compensated by such grants are recognised. loss in the Statement of Profit and Loss at initial Statement of Profit and Loss. However, the
recognition if the fair value is determined through Company may transfer such cumulative gain
Presentation: ii. Financial assets measured at fair value through
a quoted market price in an active market for or loss into retained earnings within equity.
other comprehensive income (FVTOCI)
Income from the above grants and subsidies are an identical asset (i.e. level 1 input) or through
presented under Revenue from Operations. a valuation technique that uses data from A financial asset is measured at FVTOCI if iii. Financial assets measured at fair value through
observable markets (i.e. level 2 input). both of the following conditions are met: profit or loss (FVTPL)
g) Inventory
In case the fair value is not determined using a i. The Company’s business model objective  A financial asset is measured at FVTPL unless
Raw materials, work-in-progress, finished goods, level 1 or level 2 input as mentioned above, the for managing the financial asset is it is measured at amortised cost or at FVTOCI
packing materials, stores, spares, components, difference between the fair value and transaction achieved both by collecting contractual as explained above. This is a residual category
consumables and stock-in-trade are carried price is deferred appropriately and recognised as cash flows and selling the financial applied to all other investments of the
at the lower of cost and net realizable value. a gain or loss in the Statement of Profit and Loss assets, and Company excluding investments in subsidiary
However, materials and other items held for use only to the extent that such gain or loss arises due and associate companies (Refer note 29
in production of inventories are not written down ii. The contractual terms of the financial
to a change in factor that market participants take for further details). Such financial assets
below cost if the finished goods in which they asset give rise on specified dates to
into account when pricing the financial asset. are subsequently measured at fair value at
will be incorporated are expected to be sold at or cash flows that are solely payments of
each reporting date. Fair value changes are
above cost. Net realizable value is the estimated Subsequent measurement: principal and interest on the principal
recognised in the Statement of Profit and
selling price in the ordinary course of business amount outstanding
For subsequent measurement, the Company Loss.
less estimated cost of completion and estimated classifies a financial asset in accordance with the This category applies to certain investments
costs necessary to make the sale. Derecognition:
below criteria: in debt instruments (Refer note 29 for
further details). Such financial assets are i. A financial asset is derecognised when
Cost of inventory is determined on weighted i. The Company’s business model for managing
subsequently measured at fair value at the right to receive cash flows from
average basis. Cost of inventory comprises all the financial asset and
each reporting date. Fair value changes are the assets has expired, or has been
costs of purchase, non-refundable duties and ii. The contractual cash flow characteristics of
recognised in the Other Comprehensive transferred, and the Company has
taxes, cost of conversion including an appropriate the financial asset.
Income (OCI). However, the Company transferred substantially all of the risks
share of fixed and variable production overheads
Based on the above criteria, the Company recognise interest income and impairment and rewards of ownership.
and all other costs incurred in bringing the
inventory to their present location and condition. classifies its financial assets into the following losses and its reversals in the Statement of
In cases where Company has neither transferred
categories: Profit and Loss.
The Company considers factors like estimated nor retained substantially all of the risks and
i. Financial assets measured at amortised cost On derecognition of such financial assets, rewards of the financial asset, but retains control
shelf life, product discontinuances and ageing
of inventory in determining the provision for  A financial asset is measured at the amortised cumulative gain or loss previously recognised of the financial asset, the Company continues
slow moving, obsolete and other non-saleable cost if both the following conditions are met: in OCI is reclassified from equity to to recognize such financial asset to the extent
inventory and adjusts the inventory provisions to a. The Company’s business model objective Statement of Profit and Loss. of its continuing involvement in the financial
reflect the recoverable value of inventory. for managing the financial asset is to asset. In that case, the Company also recognise
Further, the Company, through an irrevocable
hold financial assets in order to collect an associated liability. The financial asset and
election at initial recognition, has measured
h) Financial Instruments contractual cash flows, and the associated liability are measured on a basis
certain investments in equity instruments at
A financial instrument is a contract that gives rise that reflects the rights and obligations that the
b. The contractual terms of the financial FVTOCI (Refer note 29 for further details).
to a financial asset of one entity and a financial Company has retained.
asset give rise on specified dates to The Company has made such election on an
liability or equity instrument of another entity. cash flows that are solely payments of instrument by instrument basis. These equity On derecognition of a financial asset, (except
principal and interest on the principal instruments are neither held for trading nor as mentioned in (ii) above for financial assets
Financial assets amount outstanding. are contingent consideration recognised measured at FVTOCI), the difference between the
Initial recognition and measurement: under a business combination. Pursuant carrying amount and the consideration received is
 This category applies to cash and bank to such irrevocable election, subsequent recognised in the Statement of Profit and Loss.
All financial assets are recognised initially at
balances, trade receivables, loans and other changes in the fair value of such equity
fair value, plus in the case of financial assets

360 Asian Paints Limited Integrated Annual Report 2024-25 361

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

Impairment of financial assets: Financial Liabilities terms of an existing liability are substantially of entering into contractual obligation and
The Company applies expected credit losses (ECL) Initial recognition and measurement: modified, such an exchange or modification is subsequently measured at amortised cost.
model for measurement and recognition of loss is treated as the derecognition of the original The hedging gain or loss on the hedged item is
The Company recognise a financial liability in
allowance on the following: liability and the recognition of a new liability. adjusted to the carrying value of the hedged
its balance sheet when it becomes party to the
The difference between the carrying amount item as per the effective interest method and
i. Trade receivables contractual provisions of the instrument. All
of the financial liability derecognised and the the corresponding effect is recognised in the
ii. Financial assets measured at amortised cost financial liabilities are recognised initially at fair
consideration paid is recognised in the Statement Statement of Profit and Loss.
(other than trade receivables) value minus, in the case of financial liabilities
of Profit and Loss.
not recorded at fair value through profit or loss Derecognition:
iii. Financial assets measured at fair value
(FVTPL), transaction costs that are attributable to  ffsetting of financial assets and financial
O On Derecognition of the hedged item, the
through other comprehensive income
the acquisition of the financial liability. liabilities: unamortised fair value of the hedging instrument
(FVTOCI)
Where the fair value of a financial liability at Financial assets and financial liabilities are offset adjusted to the hedged item, is recognised in the
In case of trade receivables, the Company follows initial recognition is different from its transaction and the net amount is reported in the balance Statement of Profit and Loss.
a simplified approach wherein an amount equal price, the difference between the fair value and sheet wherever there is a currently enforceable
to lifetime ECL is measured and recognised as loss the transaction price is recognised as a gain or legal right to offset the recognised amounts The Company also enters into forward and option
allowance. loss in the Statement of Profit and Loss at initial and there is an intention to settle on a net basis contracts to purchase an additional stake in equity
recognition if the fair value is determined through or to realise the asset and settle the liability capital in some of its investments in subsidiary
In case of other assets (listed as (ii) and (iii)
a quoted market price in an active market for simultaneously. and associate companies. Such derivatives
above), the Company determines if there has
an identical asset (i.e. level 1 input) or through are recognised in its Balance Sheet when the
been a significant increase in credit risk of the i) Derivative financial instruments
a valuation technique that uses data from Company becomes party to contractual provisions
financial asset since initial recognition. If the
observable markets (i.e. level 2 input). The Company enters into derivative financial of the instrument. These derivatives are initially
credit risk of such assets has not increased
contracts in the nature of forward currency recognised at fair value when the contract is
significantly, an amount equal to 12-month ECL is In case the fair value is not determined using a contracts with external parties to hedge its entered. Derivative contracts are remeasured at
measured and recognised as loss allowance. level 1 or level 2 input as mentioned above, the foreign currency risks relating to foreign currency fair value at the end of each reporting period and
However, if credit risk has increased significantly, difference between the fair value and transaction denominated financial liabilities measured at changes are recognised in Statement of Profit
an amount equal to lifetime ECL is measured and price is deferred appropriately and recognised as amortised cost.  and Loss.
recognised as loss allowance. a gain or loss in the Statement of Profit and Loss
only to the extent that such gain or loss arises due The Company formally establishes a hedge
Subsequently, if the credit quality of the
relationship between such forward currency
j) Fair Value
financial asset improves such that there is no to a change in factor that market participants take
contracts (‘hedging instrument’) and recognised The Company measures financial instruments
longer a significant increase in credit risk since into account when pricing the financial liability.
financial liabilities (‘hedged item’) through a at fair value in accordance with the accounting
initial recognition, the Company reverts to policies mentioned above. Fair value is the price
Subsequent measurement: formal documentation at the inception of the
recognizing impairment loss allowance based that would be received to sell an asset or paid
All financial liabilities of the Company are hedge relationship in line with the Company’s risk
on 12 month ECL. to transfer a liability in an orderly transaction
subsequently measured at amortised cost using management objective and strategy.
ECL are measured in a manner that they reflect between market participants at the measurement
the effective interest method (Refer note 29 for The hedge relationship so designated is
unbiased and probability weighted amounts date. The fair value measurement is based on the
further details). The cumulative amortisation accounted for in accordance with the accounting
determined by a range of outcomes, taking presumption that the transaction to sell the asset
using the effective interest method of the principles prescribed for a fair value hedge under
into account the time value of money and other or transfer the liability takes place either:
difference between the initial recognition amount Ind AS 109, Financial Instruments.
reasonable information available as a result of and the maturity amount is added to the initial • In the principal market for the asset or
past events, current conditions and forecasts recognition value (net of principal repayments, Recognition and measurement of fair value hedge: liability, or
of future economic conditions. As a practical if any) of the financial liability over the relevant Hedging instrument is initially recognised at fair
expedient, the Company uses a provision matrix • In the absence of a principal market, in the
period of the financial liability to arrive at the value on the date on which a derivative contract
to measure lifetime ECL on its portfolio of trade most advantageous market for the asset or
amortised cost at each reporting date. The is entered into and is subsequently measured
receivables. The provision matrix is prepared liability.
corresponding effect of the amortisation under at fair value at each reporting date. Gain or loss
based on historically observed default rates effective interest method is recognised as interest arising from changes in the fair value of hedging
over the expected life of trade receivables and All assets and liabilities for which fair value is
expense under finance cost in the Statement of instrument is recognised in the Statement of
is adjusted for forward-looking estimates. At measured or disclosed in the Financial Statements
Profit and Loss. Profit and Loss. Hedging instrument is recognised
each reporting date, the historically observed are categorized within the fair value hierarchy
as a financial asset in the balance sheet if its fair
default rates and changes in the forward-looking Derecognition: that categorizes into three levels, described as
value as at reporting date is positive as compared
estimates are updated. follows, the inputs to valuation techniques used
A financial liability is derecognised when the to carrying value and as a financial liability if
to measure value. The fair value hierarchy gives
ECL impairment loss allowance (or reversal) obligation under the liability is discharged or its fair value as at reporting date is negative as
the highest priority to quoted prices in active
recognised during the period is recognised as cancelled or expires. When an existing financial compared to carrying value.
markets for identical assets or liabilities (Level 1
income/ expense in the Statement of Profit and liability is replaced by another from the same
Hedged item (recognised financial liability) is inputs) and the lowest priority to unobservable
Loss. lender on substantially different terms, or the
initially recognised at fair value on the date inputs (Level 3 inputs).

362 Asian Paints Limited Integrated Annual Report 2024-25 363

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

Level 1 - quoted (unadjusted) market prices in measured at fair value in a foreign currency, are The carrying amount of deferred tax assets is If the effect of time value of money is material,
active markets for identical assets or liabilities. translated using the exchange rates at the date reviewed at the end of each reporting period and provisions are discounted using a current
when the fair value is measured. reduced to the extent that it is no longer probable pre-tax rate that reflects, when appropriate,
Level 2 - inputs other than quoted prices included
that sufficient taxable profits will be available to the risks specific to the liability. When
within Level 1 that are observable for the asset or Exchange differences arising out of foreign allow the benefits of part or all of such deferred discounting is used, the increase in the provision
liability, either directly or indirectly exchange translations and settlements during tax assets to be utilized. due to the passage of time is recognised as a
Level 3 - inputs that are unobservable for the the year are recognised in the Statement of finance cost.
Profit and Loss. Deferred tax assets and liabilities are measured
asset or liability.
at the tax rates that have been enacted or A disclosure for a contingent liability is made
For assets and liabilities that are recognised in the m) Income Taxes substantively enacted by the balance sheet date when there is a possible obligation or a present
Financial Statements at fair value on a recurring Tax expense is the aggregate amount included in and are expected to apply to taxable income in obligation that may, but probably will not require
basis, the Company determines whether transfers the determination of profit or loss for the period the years in which those temporary differences an outflow of resources or the amount of such
have occurred between levels in the hierarchy by in respect of current tax and deferred tax. are expected to be recovered or settled. outflow cannot be measured reliably. When there
re-assessing categorization at the end of each is a possible obligation or a present obligation
reporting period and discloses the same. Current tax: Uncertain tax positions: in respect of which likelihood of outflow of
Current tax is the amount of income taxes payable The management periodically evaluates resources is remote, no provision or disclosure
k) Investment in subsidiary and associate in respect of taxable profit for a period. Taxable positions taken in the tax returns with respect to is made.
Companies profit differs from ‘profit before tax’ as reported situations in which applicable tax regulations are
The Company has elected to recognize its in the Statement of Profit and Loss because of
subject to interpretation and considers whether o) Measurement of EBITDA
investments in subsidiary and associate it is probable that a taxation authority will accept The Company has opted to present earnings
items of income or expense that are taxable or
companies at cost in accordance with the an uncertain tax treatment. The Company reflects before interest (finance cost), tax, depreciation
deductible in other years and items that are
option available in Ind AS 27, ‘Separate Financial the effect of uncertainty for each uncertain tax and amortisation (EBITDA) as a separate line
never taxable or deductible under the Income
Statements’. Cost includes cash consideration treatment by using one of two methods, the item on the face of the Statement of Profit and
Tax Act, 1961.
paid on initial recognition, adjusted for expected value method (the sum of the probability Loss for the period. The Company measures
Current tax is measured using tax rates that have - weighted amounts in a range of possible EBITDA based on profit/(loss) from continuing
embedded derivative and estimated contingent
been enacted by the end of reporting period for outcomes) or the most likely amount (single operations.
consideration (earn out), if any. The details of
the amounts expected to be recovered from or most likely amount method in a range of possible
such investments are given in Note 5. Impairment
policy applicable on such investments is explained
paid to the taxation authorities. outcomes), depending on which is expected to p) Cash and Cash Equivalents
better predict the resolution of the uncertainty. Cash and cash equivalents for the purpose
in note 1.3(e) above. Deferred tax:
The Company applies consistent judgements and of Cash Flow Statement comprise cash and
Contingent consideration (earn out) is Deferred tax is recognised on temporary estimates if an uncertain tax treatment affects cheques in hand, bank balances, demand
remeasured at fair value at each reporting date differences between the carrying amounts of both the current and the deferred tax. deposits with banks where the original maturity
and changes in the fair value of the contingent assets and liabilities in the Financial Statements
is three months or less and other short term
consideration are recognised in the Statement of and the corresponding tax bases used in the Presentation of current and deferred tax:
highly liquid investments net of bank overdrafts
Profit and Loss. computation of taxable profit under Income Current and deferred tax are recognised as which are repayable on demand as these form
tax Act, 1961. income or an expense in the Statement of Profit an integral part of the Company’s cash
l) Foreign Currency Translation and Loss, except when they relate to items management.
Deferred tax assets and liabilities are generally
Initial Recognition: that are recognised in Other Comprehensive
recognised for all deductible and taxable
On initial recognition, transactions in foreign
Income, in which case, the current and deferred q) Employee Benefits
temporary differences respectively. However,
tax income/expense are recognised in Other Short Term Employee Benefits:
currencies entered into by the Company are in case of temporary differences that arise from
Comprehensive Income.
recorded in the functional currency (i.e. Indian initial recognition of assets or liabilities in a All employee benefits payable wholly within
Rupees), by applying to the foreign currency transaction (other than business combination) The Company offsets tax assets and liabilities, twelve months of rendering the service are
amount, the spot exchange rate between the that affect neither the taxable profit nor the where it has a legally enforceable right to set off classified as short term employee benefits and
functional currency and the foreign currency at accounting profit or does not give rise to equal the recognised amounts and where it intends they are recognised in the period the employee
the date of the transaction. taxable and deductible temporary differences, either to settle on a net basis, or to realize the renders the related service. Post-Employment
deferred tax assets or liabilities are not asset and settle the liability simultaneously. Benefits:
 Measurement of foreign currency items at
recognised. Also, for temporary differences if any
reporting date: n) Provisions and Contingencies I. Defined contribution plans:
that may arise from initial recognition of goodwill,
Foreign currency monetary items of the deferred tax liabilities are not recognised. The Company recognise provisions when a Defined contribution plans are employee
Company are translated at the closing exchange present obligation (legal or constructive) as a state insurance scheme and Government
rates. Nonmonetary items that are measured Deferred tax assets are recognised to the extent result of a past event exists and it is probable administered pension fund scheme for all
at historical cost in a foreign currency, are it is probable that taxable profits will be available that an outflow of resources will be required applicable employees and superannuation
translated using the exchange rate at the date against which those deductible temporary and the amount of outflow can be reliably scheme for eligible employees.
of the transaction. Non-monetary items that are difference can be utilized. estimated.

364 Asian Paints Limited Integrated Annual Report 2024-25 365

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

Recognition and measurement of defined Recognition and measurement of defined r) Employee Share based Payments: involves the exercise of judgement about whether
contribution plans: benefit plans: The Company operates equity settled share- (i) the contract involves the use of an identified
The Company recognise contribution The cost of providing defined benefits is based plan for the employees (Referred to as asset, (ii) the Company has substantially all the
payable to a defined contribution plan as determined using the Projected Unit Credit employee stock option plan (ESOP)). ESOP economic benefits from the use of the asset
an expense in the Statement of Profit and method with actuarial valuations being granted to the employees are measured at fair through the period of the lease, and (iii) the
Loss when the employees render services. If carried out at each reporting date. The value of the stock options at the grant date. Company has the right to direct the use of the
the contributions payable for services received defined benefit obligations recognised in the Such fair value of the equity settled share asset.
from employees before the reporting date Balance Sheet represent the present value of based payments is expensed on a straight line
exceeds the contributions already paid, the the defined benefit obligations as reduced basis over the vesting period, based on the The Company recognises a right-of-use asset
deficit payable is recognised as a liability after by the fair value of plan assets, if applicable. Company’s estimate of equity shares that will (“ROU”) and a corresponding lease liability at
deducting the contribution already paid. If Any defined benefit asset (negative defined eventually vest, with a corresponding increase the lease commencement date. The ROU asset
the contribution already paid exceeds the benefit obligations resulting from this in equity (employee stock option reserve). At is initially recognised at cost, which comprises
contribution due for services received before calculation) is recognised representing the end of each reporting period, the Company the initial amount of the lease liability adjusted
the reporting date, the excess is recognised the present value of available refunds revises its estimate of number of equity shares for any lease payments made at or before the
as an asset to the extent that the prepayment and reductions in future contributions expected to vest. The impact of the revision of commencement date, plus any initial direct costs
will lead to a reduction in future payments or to the plan. the original estimates, if any, is recognised in the incurred. They are subsequently measured at cost
a cash refund. Statement of Profit and Loss such that cumulative less accumulated depreciation and impairment
All expenses represented by current losses.
service cost, past service cost, if any, and expense reflects the revision estimate, with a
II. Defined benefit plans: corresponding adjustments to the employee
net interest on the defined benefit liability The ROU asset is depreciated using the straight-
i) Provident fund scheme: (asset) are recognised in the Statement stock option reserve.
line method from the commencement date to
The Company makes specified monthly of Profit and Loss. Remeasurements of the earlier of, the end of the useful life of the
the net defined benefit liability (asset) The Company recovers the expenses incurred
contributions towards Employee ROU asset or the end of the lease term or useful
comprising actuarial gains and losses and on behalf of its subsidiary for the stock options
Provident Fund scheme to a separate life of the underlying asset if the Company
the return on the plan assets (excluding granted to the employees of the subsidiaries. The
trust administered by the Company. The expects to exercise a purchase option in the
amounts included in net interest on the said recovery is netted off from the Employee
minimum interest payable by the trust to lease. The estimated useful lives of ROU assets
net defined benefit liability/asset), are benefits expense.
the beneficiaries is being notified by the are determined on the same basis as those of
Government every year. The Company recognised in Other Comprehensive Income. property and equipment. In addition, the right-of
has an obligation to make Asian Paints Such remeasurements are not reclassified s) Treasury shares:
use asset is periodically reduced by impairment
Limited good the shortfall, if any, to the Statement of Profit and Loss in the The Company has created an ESOP Trust (Asian
losses, if any, and adjusted for certain re-
between the return on investments of subsequent periods. Paints Employees Stock Ownership Trust) which
measurements of the lease liability.
the trust and the notified interest rate. acts as a vehicle to execute its ESOP plan. The
The Company presents the above liability/(asset)
ESOP trust is considered as an extension of the
as current and non-current in the balance sheet The lease liability is initially measured at the
ii) Gratuity scheme: Company and the shares held by the ESOP trust
as per actuarial valuation by the independent present value of the lease payments that are
The Company operates a defined are treated as Treasury shares. The ESOP Trust
actuary; however, the entire liability towards not paid at the commencement date, generally
benefit gratuity plan for employees. purchases Company’s share from secondary
gratuity is considered as current as the Company discounted using an incremental borrowing rate
The Company contributes to a separate market for issuance to the employees on exercise
will contribute this amount to the gratuity fund specific to the Company, term and currency of the
entity (a fund), towards meeting the of the granted stock options. These shares are
within the next twelve months. contract.
Gratuity obligation. recognised at cost and is disclosed separately as
reduction from Other Equity as treasury shares. Lease payments included in the measurement of
iii) Pension Scheme: Other Long Term Employee Benefits:
No gain or loss in is recognised the Statement the lease liability include fixed payments, variable
The Company operates a defined benefit Entitlements to annual leave and sick leave are of Profit and Loss on purchase, sale, issuance, or lease payments that depend on an index or a rate
pension plan for certain specified recognised when they accrue to employees. cancellation of treasury shares. known at the commencement date; and extension
employees and is payable upon the Sick leave can only be availed while annual option payments or purchase options payment
employee satisfying certain conditions, leave can either be availed or encashed subject t) Lease accounting which the Company is reasonably certain to
as approved by the Board of Directors. to a restriction on the maximum number of exercise.
Assets taken on lease:
accumulation of leave. The Company determines
the liability for such accumulated leaves using the The Company mainly has lease arrangements for Variable lease payments that do not depend on
iv) Post-Retirement Medical benefit plan:
Projected Accrued Benefit method with actuarial land and building for offices, warehouse spaces an index or rate are recognised as an expense in
The Company operates a defined and retail stores and vehicles.
valuations being carried out at each Balance the period in which the event or condition that
post-retirement medical benefit plan
Sheet date. Expenses related to other long triggers those payments occurs and are included
for certain specified employees and is The Company assesses whether a contract is
term employee benefits are recognised in the in the line “other expenses” in the statement of
payable upon the employee satisfying or contains a lease, at inception of a contract
Statement of Profit and Loss (including actuarial profit or loss. After the commencement date,
certain conditions. in accordance with Ind AS 116. The assessment
gain and loss). the amount of lease liabilities is increased to

366 Asian Paints Limited Integrated Annual Report 2024-25 367

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

reflect the accretion of interest and reduced for during the financial year, adjusted for treasury assets, liabilities and contingent liabilities of the e) Defined Benefit Obligation
the lease payments made and remeasured (with shares. acquiree. Significant estimates are required to The costs of providing pensions and other
a corresponding adjustment to the related ROU be made in determining the value of contingent post-employment benefits are charged to the
asset) when there is a change in future lease Diluted Earnings per share is calculated by consideration and intangible assets. These Statement of Profit and Loss in accordance
payments in case of renegotiation, changes of dividing net profit attributable to the equity valuations are conducted by independent with IND AS 19 ‘Employee benefits’ over the
an index or rate or in case of reassessment shareholders of the Company with the weighted valuation experts. period during which benefit is derived from the
of options. average number of shares outstanding during employees’ services. The costs are assessed
the financial year, adjusted for effects of c) Property, plant and equipment
on the basis of assumptions selected by the
Short-term leases and leases of low-value diluting potential equity shares towards Property, plant and equipment represent a management. These assumptions include salary
assets ESOP plan. significant proportion of the asset base of the escalation rate, discount rates, expected rate of
The Company has elected not to recognize ROU Company. The charge in respect of periodic return on assets and mortality rates. The same is
assets and lease liabilities for short term leases as y) Exceptional items: depreciation is derived after determining an disclosed in Note 34,‘Employee benefits’.
well as low value assets and recognise the lease An ordinary item of income or expense which by estimate of an asset’s expected useful life and
payments associated with these leases as an its size, nature, occurrence or incidence requires the expected residual value at the end of its life. f) Share-based payment transactions
expense on a straight-line basis over the a disclosure in order to improve understanding of The useful lives and residual values of Company’s The fair value of employee stock options is
lease term. the performance of the Company is treated as an assets are determined by the management at measured using the Black-Scholes model.
exceptional item in the Statement of Profit and the time the asset is acquired and reviewed Measurement inputs include share price on grant
u) Borrowing Cost
Loss account. periodically, including at each financial year end. date, exercise price of the instrument, expected
Borrowing cost includes interest, amortisation
The lives are based on historical experience volatility (based on weighted average historical
of ancillary costs incurred in connection with
1.4. Key accounting estimates and judgements with similar assets as well as anticipation of volatility), expected life of the instrument (based
the arrangement of borrowings and exchange
The preparation of the Company’s Financial future events, the usage of the asset, expected on expected exercise behaviour), expected
differences arising from foreign currency
Statements requires the management to make physical wear and tear, the operating conditions dividends, and the risk free interest rate (based
borrowings to the extent they are regarded as an
judgements, estimates and assumptions that affect of the asset, anticipated technological changes on government bonds). Details regarding the
adjustment to the interest cost. Borrowing
the reported amounts of revenues, expenses, assets or a change in market demand of the product determination of the fair value of equity-settled
costs, if any, directly attributable to the
and liabilities and the accompanying disclosures, and or service output of the asset, manufacturers share-based transactions are set out in note 34(3).
acquisition, construction or production of an
the disclosure of contingent liabilities. Uncertainty warranties and maintenance support, etc.
asset that necessarily takes a substantial period of g) Fair value measurement of financial
time to get ready for its intended use or sale are about these assumptions and estimates could result instruments
d) Impairment of Goodwill
capitalized, if any. All other borrowing in outcomes that require a material adjustment to
Goodwill is tested for impairment on an annual When the fair values of financials assets and
costs are expensed in the period in which the carrying amount of assets or liabilities effected in
basis and whenever there is an indication that the financial liabilities recorded in the balance sheet
they occur. future periods.
recoverable amount of a cash generating unit is cannot be measured based on quoted prices
v) Segment Reporting Critical accounting estimates and assumptions less than its carrying amount based on a number in active markets, their fair value is measured
Operating segments are reported in a manner of factors including operating results, business using valuation techniques, including the
The key assumptions concerning the future and other
consistent with the internal reporting provided plans, future cash flows and economic conditions. discounted cash flow model, which involve various
key sources of estimation uncertainty at the reporting
to the Chief Operating Decision Maker (CODM) The recoverable amount of cash generating judgements and assumptions.
date, that have a significant risk of causing a material
of the Company. The CODM is responsible for adjustment to the carrying amounts of assets and units is determined based on higher of value-in-
allocating resources and assessing performance use and fair value less cost to sell. The goodwill h) Right-of-use assets and lease liability
liabilities within the next financial year, are described
of the operating segments of the Company. below: impairment test is performed at the level of the The Company has exercised judgement in
cash-generating unit or groups of cash generating determining the lease term as the non-
w) Events after reporting date a) Income taxes
units which are benefitting from the synergies of cancellable term of the lease, together with the
Where events occurring after the balance sheet The Company’s tax jurisdiction is India. Significant impact of options to extend or terminate the
the acquisition and which represents the lowest
date provide evidence of conditions that existed judgements are involved in estimating budgeted lease if it is reasonably certain to be exercised.
level at which goodwill is monitored for internal
at the end of the reporting period, the impact profits for the purpose of paying advance tax, management purposes.
of such events is adjusted within the Financial determining the provision for income taxes, Where the rate implicit in the lease is not readily
Statements. Otherwise, events after the balance including amount expected to be paid/recovered Market related information and estimates are available, an incremental borrowing rate is
sheet date of material size or nature are only for uncertain tax positions (Refer note 18). used to determine the recoverable amount. Key applied. This incremental borrowing rate reflects
disclosed. assumptions on which management has based the rate of interest that the lessee would have
b) Business combinations and intangible assets its determination of recoverable amount include to pay to borrow over a similar term, with a
x) Earnings Per Share (EPS) Business combinations are accounted for using estimated long term growth rates, weighted similar security, the funds necessary to obtain an
Basic earnings per share is calculated by IND AS 103, Business Combinations. IND AS 103 average cost of capital and estimated operating asset of a similar nature and value to the right-
dividing the net profit attributable to the equity requires the identifiable intangible assets and margins. Cash flow projections take into account of- use asset in a similar economic environment.
shareholders of the Company with the weighted contingent consideration to be fair valued in past experience and represent management’s Determination of the incremental borrowing rate
average number of equity shares outstanding order to ascertain the net fair value of identifiable best estimate about future developments. requires estimation.

368 Asian Paints Limited Integrated Annual Report 2024-25 369

 Note 2A : Property, Plant and Equipment

370
(` in Crores)
Net carrying
Gross carrying value Depreciation/Amortisation
value
Additions Additions
As at Deductions / As at As at Deductions / As at As at
during during
01.04.2024 Adjustments 31.03.2025 01.04.2024 Adjustments 31.03.2025 31.03.2025
the year the year
Land^ 356.81 14.94 - 371.75 - - - - 371.75

Asian Paints Limited

Buildings 1,523.35 653.11 13.53 2,162.93 387.72 59.83 12.85 434.70 1,728.23
Plant and Equipment 4,806.56 2,127.40 16.05 6,917.91 2,670.76 444.91 13.31 3,102.36 3,815.55
Scientific Research :
Buildings 71.28 - - 71.28 20.51 2.74 - 23.25 48.03
Equipment 80.13 2.94 - 83.07 60.36 5.45 - 65.81 17.26
Leasehold Improvements 0.31 - - 0.31 0.15 0.03 - 0.18 0.13
Furniture and Fixtures 145.67 33.77 5.72 173.72 74.70 16.50 4.17 87.03 86.69
Vehicles 3.06 0.20 - 3.26 2.90 0.16 - 3.06 0.20
Office Equipment 103.23 39.23 6.69 135.77 73.22 12.40 6.45 79.17 56.60
Leasehold Improvements 9.75 79.39 - 89.14 9.17 1.84 - 11.01 78.13
Information Technology Hardware 208.30 73.07 11.93 269.44 178.60 19.93 11.92 186.61 82.83
Total 7,308.45 3,024.05 53.92 10,278.58 3,478.09 563.79 48.70 3,993.18 6,285.40
(` in Crores)
Net carrying
Gross carrying value Depreciation/Amortisation
value
Additions Additions
As at Deductions / As at As at Deductions / As at As at
during during
01.04.2023 Adjustments 31.03.2024 01.04.2023 Adjustments 31.03.2024 31.03.2024
the year the year
for the year ended 31st March 2025

Land^ 356.13 0.68 - 356.81 - - - - 356.81

Buildings 1,424.90 98.50 0.05 1,523.35 338.38 49.35 0.01 387.72 1,135.63
Plant and Equipment 4,243.22 577.53 14.19 4,806.56 2,345.93 336.47 11.64 2,670.76 2,135.80
Scientific Research :
Buildings 71.28 - - 71.28 17.78 2.73 - 20.51 50.77
Equipment 75.35 4.42 (0.36) 80.13 54.29 5.95 (0.12) 60.36 19.77
Leasehold Improvements 0.31 - - 0.31 0.11 0.04 - 0.15 0.16
Furniture and Fixtures 120.79 27.28 2.40 145.67 63.15 13.71 2.16 74.70 70.97
Vehicles 3.07 - 0.01 3.06 2.58 0.33 0.01 2.90 0.16
Office Equipment 89.09 16.13 1.99 103.23 63.43 11.75 1.96 73.22 30.01
Notes to the Standalone Financial Statements (Contd.)

Leasehold Improvements 9.56 0.27 0.08 9.75 9.13 0.12 0.08 9.17 0.58
Information Technology Hardware 195.79 14.12 1.61 208.30 167.74 12.41 1.55 178.60 29.70
Total 6,589.49 738.93 19.97 7,308.45 3,062.52 432.86 17.29 3,478.09 3,830.36
Title deeds of all immovable properties are in the name of the Company. The amount of contractual commitments for the acquisition of property, plant and equipment is disclosed in Note 32 (b).
^Includes leasehold land of ₹ 4.56 crores in a Company which is not amortised as Company has an option to convert it into freehold on payment of a nominal amount

Note 2B : Right-of-Use Assets

(` in Crores)
Year 2024-25 Year 2023-24
Movement in net carrying amount Plant and Plant and
Leasehold Land Building Vehicles Total Leasehold Land Building Vehicles Total
Equipment Equipment
st
Balance as at 1 April 468.16 1,061.77 0.69 0.10 1,530.72 285.77 803.26 0.71 0.13 1,089.87
Additions - 340.92 0.16 - 341.08 186.87 588.49 0.35 - 775.71
Depreciation 5.97 312.38 0.32 0.03 318.70 4.48 287.94 0.34 0.03 292.79
Deletions/ Adjustments 19.68 21.16 0.04 - 40.88 - 42.04 0.03 - 42.07
Balance as at 31st March 442.51 1,069.15 0.49 0.07 1,512.22 468.16 1,061.77 0.69 0.10 1,530.72
All lease agreements are duly executed in favour of the Company.
For additions and movement in lease liabilities Refer note 15.

Note 3: Capital Work-In-Progress

Capital Work-In- Progress (CWIP) ageing schedule
(` in Crores)
Amount in CWIP for a period of As at
CWIP
Less than 1 year 1 - 2 years 2 - 3 years More than 3 years 31.03.2025

Projects in progress 243.01 72.84 33.65 36.65 386.15

Projects temporarily suspended - - - - -

(` in Crores)
Amount in CWIP for a period of As at
CWIP
Less than 1 year 1 - 2 years 2 - 3 years More than 3 years 31.03.2024

Projects in progress 1,886.12 557.49 112.27 5.29 2,561.17

Projects temporarily suspended - - - - -

CWIP assets where completion is overdue and/or cost has exceeded its original plan
Financial statements

There were no CWIP assets where completion was overdue against original planned timelines or where estimated cost exceeds its original value as on
31st March 2025.
(` in Crores)
To be completed in As at
CWIP
Less than 1 year 1 - 2 years 2 - 3 years More than 3 years 31.03.2024

Ankleshwar Plant Expansion 1,150.43 - - - 1,150.43

Integrated Annual Report 2024-25

Bhandup office and warehouse 108.77 - - - 108.77

Wada Plant 50.73 - - - 50.73
Asian Paints Headquarter Project 188.65 - - - 188.65
371
 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

As at Note 4 : Intangible Assets (Acquired Separately) (Contd.)

31.03.2025
(` in Crores)
Net carrying
value

47.27
47.27

1.07
39.27
45.28
-
0.16
85.78
133.05

As at
31.03.2024
(` in Crores)
Net carrying
value

47.27
47.27

2.16
37.94
45.28

0.24
85.62
132.89
Note:

indefinitely and management assessed that they will continue to generate future cash flows for Company indefinitely. Accordingly, the same is not amortised and is
^ Brand comprises of brands acquired pursuant to acquisition of subsidiaries.These have indefinite useful life as the registration of these brands can be renewed
(A) Goodwill and Intangible Assets (with indefinite useful life)
Goodwill/Brand is allocated to the following cash generating unit (“CGU”) for impairment testing purpose -
As at
31.03.2025

-
-

5.32
195.37
-

0.35
201.04
201.04

As at
31.03.2024

-
-

4.23
186.30
-

0.27
190.80
190.80
(` in Crores)
As at As at
Particulars
31.03.2025 31.03.2024
Goodwill allocated to CGU of Bath Fittings Business 35.36 35.36
Deductions /
Adjustments

-
-

-
13.56
-

-
13.56
13.56

Deductions /
Adjustments

-
-

-
-
-

-
-
-
Goodwill allocated to CGU of Kitchen and components business (Refer note 36(A)) 11.91 11.91
Sleek Brand allocated to CGU of Kitchen and components business (Refer note 36(A)) 28.75 28.75
Amortisation

Amortisation
Weatherseal Brand allocated to the CGU of windows and doors business 16.53 16.53

The recoverable amount of all the CGUs for impairment testing are determined as per their value in use, which uses

Additions
during
the year

-
-

1.09
22.63
-

0.08
23.80
23.80

Additions
during
the year

-
-

1.09
18.79
-

0.09
19.97
19.97
cash flow projections based on financial budgets approved by the Management covering a five to six years period
(Previous year - five to seven years). The Company believes this to be the most appropriate timescale for reviewing
and considering annual performance before applying a fixed terminal value multiple to the final cash flows.
As at
01.04.2024

-
-

4.23
186.30
-

0.27
190.80
190.80

As at
01.04.2023

-
-

3.14
167.51
-

0.18
170.83
170.83
As at 31st March 2025 and 31st March 2024, the above mentioned goodwill and brands were not impaired.

The amount of contractual commitments for the acquisition of intangible assets is disclosed in Note 32(b).
Key Assumptions used for value in use calculations are as follows :
As at
31.03.2025

47.27
47.27

6.39
234.64
45.28

0.51
286.82
334.09

As at
31.03.2024

47.27
47.27

6.39
224.24
45.28

0.51
276.42
323.69
As at As at
31.03.2025 31.03.2024
Compounded average net sales growth rate for five to six year period above time period 15.6% - 42.7% 49.2% - 51.4%
Growth rate used for extrapolation of cash flow projections beyond the projection period 4% - 5% 4% - 5%
Deductions /
Adjustments

-
-

-
13.57
-

-
13.57
13.57

Deductions /
Adjustments

-
-

-
-
-

-
-
-
Discount rate 13.0% - 19.9% 13.7% - 23.7%
Gross carrying value

Gross carrying value

tested for impairment annually.

Management believes that any reasonable possible change in any of these assumptions would not cause the carrying
Note 4 : Intangible Assets (Acquired Separately)

amount to exceed its recoverable amount.

Additions
during
the year

-
-

-
23.97
-

-
23.97
23.97

Additions
during
the year

-
-

-
19.99
16.53

-
36.52
36.52
Discount rates - Management estimates discount rates using post-tax rates that reflect current market assessment
of the risks specific to the CGU, taking into consideration the time value of money and individual risks of the
underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based
on the specific circumstances of the Company and its operating segments and is derived from its weighted average
As at
01.04.2024

47.27
47.27

6.39
224.24
45.28

0.51
276.42
323.69

As at
01.04.2023

47.27
47.27

6.39
204.25
28.75

0.51
239.90
287.17

cost of capital.

Growth rates - The growth rates are based on industry growth forecasts. Management determines the budgeted
growth rates based on past performance and its expectations on demand condition. The weighted average growth
rates used are consistent with industry reports.
Goodwill (Refer note (A) below)

Goodwill (Refer note (A) below)

Brand ^ (Refer note (A) below)

Brand ^ (Refer note (A) below)

OTHER INTANGIBLE ASSETS

OTHER INTANGIBLE ASSETS

Computer Software

Computer Software
Scientific Research :

Scientific Research :
Computer Software

Computer Software
GOODWILL

GOODWILL
Total (A+B)

Total (A+B)
Trademark

Trademark
Total (A)

Total (A)
Total (B)

Total (B)
A.

A.
B.

B.

372 Asian Paints Limited Integrated Annual Report 2024-25 373

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

Note 5 : Investments Note 5 : Investments (Contd.)

Face value As at 31.03.2025 As at 31.03.2024
Face value As at 31.03.2025 As at 31.03.2024
(₹) Nos. ₹ in Crores Nos. ₹ in Crores (₹) Nos. ₹ in Crores Nos. ₹ in Crores
I. NON-CURRENT INVESTMENTS
B. Investments in Unquoted Government securities B
A. Investments in Equity Instruments measured at amortised cost
(a) Unquoted equity shares National Savings & Defence Certificates # #
(i) Subsidiaries (measured at cost, #[₹ 39,500/- (As at 31st March 2024 - ₹ 39,500)]
Refer note 1.3(h)) C. Investments in Debentures or Bonds measured at
Asian Paints Industrial Coatings Limited 10 3,04,50,000 30.45 3,04,50,000 30.45 FVTOCI
Asian Paints International Private Limited 47,57,75,387 904.38 42,78,75,387 706.44 (a) Quoted Debentures or Bonds
Asian Paints (Nepal) Private Limited NPR 10 32,54,310 0.12 32,54,310 0.12 Redeemable and Non-Convertible
Asian Paints PPG Private Limited 10 52,43,961 30.47 52,43,961 30.47 Zero Coupon Debentures of HDB Financial Services 10,00,000 - - 450 50.07
Weatherseal Fenestration Private Limited 10 10,409 20.69 10,409 20.69 Limited - Series 2022 A/0(ZC)/186_Option 1

Less : Impairment loss (Refer note 40) (12.96) - Zero Coupon Debentures of Kotak Mahindra 10,00,000 - - 600 51.83
Investments Limited - Series III 29JN26
7.73 20.69
7.11% Bond of Power Finance Corporation Limited - 1,000 - - 51,341 5.27
Asian Paints (Polymers) Private Limited 10 80,00,00,000 800.00 30,00,00,000 300.00
Series 1A
Asian White Cement Holding Limited AED 10 41,79,000 94.73 41,79,000 94.73
7.07% Bond of Indian Railway Finance Corporation 1,000 - - 2,26,500 23.30
Harind Chemicals & Pharmaceuticals Private 10 1,02,000 26.18 1,02,000 26.18 Limited - Series 102nd
Limited (Refer note 36(B))
Zero Coupon Debentures of LIC Housing Finance 10,00,000 - - 450 50.42
Obgenix Software Private Limited 10 2,40,600 271.92 2,40,600 271.92 Limited - Tranche 416
Less : Impairment loss (Refer note 40) (188.88) - 7.14% Bond of National Highway Authority of India 1,000 - - 1,42,849 14.73
83.04 271.92 - Series IA
1,977.10 1,481.00 7.11% Bond of National Thermal Power Corporation 1,000 - - 62,457 6.41
(ii) Associate companies (measured at cost, Refer Limited - Series 1A
note 1.3(h)) - 202.03
PPG Asian Paints Private Limited 10 2,85,18,112 81.43 2,85,18,112 81.43 (b) Unquoted Debentures or Bonds
81.43 81.43 Redeemable and Non-Convertible

Investments in subsidiaries and associate 2,058.53 1,562.43 5.25% Bond of Indian Railway Finance Corporation 10,000 500 0.50 500 0.50
companies (i + ii) Limited - Series VII 54EC
(iii) Other equity shares measured at FVTPL 5.00% Bond of Indian Railway Finance Corporation 10,000 - - 500 0.50
Pattancheru Enviro-tech Limited 10 12,900 0.01 12,900 0.01 Limited - Series IV

Cuddalore SIPCOT Common Utilities Limited 100 2,830 0.03 2,830 0.03 5.00% Bond of Rural Electrification Corporation 10,000 500 0.50 500 0.50
Limited - Series XVI 54EC 31AG27
Narmada Clean Tech Limited 10 4,97,833 0.49 4,97,833 0.49
5.00% Bond of Rural Electrification Corporation 10,000 500 0.50 500 0.50
SKH Metals Limited 10 62,500 0.50 62,500 0.50
Limited - Series XVI 54EC 31MY27
Amplus RJ Solar Private Limited 10 8,50,000 0.85 8,50,000 0.85
5.25% Bond of Power Finance Corporation Limited - 10,000 500 0.50 - -
BEIL Infrastructure Limited 10 5,600 0.01 5,600 0.01 Series VIII
Paints and Coatings Skill Council 25,000 10 0.03 10 0.03 2.00 2.00
Saraswat Co-operative Bank # [₹ 25,000/- 10 2,500 # 2,500 # Total Investments in Debentures or Bonds (a + b) C 2.00 204.03
(As at 31st March 2024 - ₹ 25,000)]
Total Non-Current Investments (A+B+C) 871.31 800.03
1.92 1.92
Aggregate amount of quoted investments - At cost 41.43 233.93
Total Investment in Unquoted equity shares 2,060.45 1,564.35
Aggregate amount of quoted investments - 867.39 796.11
(b) Quoted equity shares measured at FVTOCI At market value
Akzo Nobel India Limited 10 20,10,626 723.43 20,10,626 479.47 Aggregate amount of unquoted investments 2,062.45 1,556.35
HDFC Bank Limited* 1 7,81,200 142.82 7,81,200 113.11 Aggregate amount of impairment in value of 201.84 -
Apcotex Industries Limited 2 34,180 1.14 34,180 1.50 investments
Total Investment in Quoted equity shares 867.39 594.08 * In the previous year, Housing Development Finance Corporation Limited (HDFC Ltd.) merged into HDFC Bank Limited (alloted 42 new equity
shares of the face value of ₹ 1 per share, for every 25 equity shares of the face value of ₹ 2 per share fully paid-up held in HDFC Ltd.).

Total Investments in Equity Instruments other A 869.31 596.00
than Investments in subsidiaries and associate
companies (a(iii) + b)

374 Asian Paints Limited Integrated Annual Report 2024-25 375

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

Note 5 : Investments (Contd.) Note 6 : Other Financial Assets*

As at 31.03.2025 As at 31.03.2024 (` in Crores)
Face value
(₹) Nos. ₹ in Crores Nos. ₹ in Crores Non-Current Current

II. CURRENT INVESTMENTS As at As at As at As at

31.03.2025 31.03.2024 31.03.2025 31.03.2024
A. Investments in Debentures or Bonds measured at
Unsecured & considered good
FVTOCI
Security deposits 71.00 64.54 11.39 12.45
(a) Quoted Debentures or Bonds
Dividend receivable from subsidiary companies - - 6.40 -
Redeemable and Non-Convertible
Zero Coupon Debentures of LIC Housing Finance 10,00,000 450 54.48 - - Royalty receivable from subsidiary and associate companies - - 77.46 106.90
Limited - Tranche 416 Due from subsidiary companies - - 31.89 24.26
Zero Coupon Debentures of Kotak Mahindra 10,00,000 600 56.41 - - Due from associate companies - - 3.91 2.62
Investments Limited - Series III 29JN26 Subsidy receivable from State Governments (net)^ 324.19 275.33 176.46 178.88
Zero Coupon Debentures of HDB Financial Services 10,00,000 450 54.48 - - Term deposits held as margin money against bank guarantee 0.33 0.33 - -
Limited - Series 2022 A/0(ZC)/186_Option 1 and other commitments
Zero Coupon Debentures of HDB Financial Services 10,00,000 - - 230 27.09 Term deposits with more than 12 months of original maturity 455.72 243.15 710.60 1,191.58
Limited - Series 2021 A/0(ZC)/163
Interest accrued on investments in debentures or bonds - - 20.14 17.53
Zero Coupon Debentures of HDB Financial Services 10,00,000 - - 250 28.29
measured at FVTOCI
Limited - Series 2021 A/0(ZC)/171
Quantity discount receivable - - 216.58 212.47
Zero Coupon Debentures of Kotak Mahindra 10,00,000 - - 250 23.41
Investments Limited - Series III Foreign currency forward exchange contract (net) - - - 0.03

6.30% Debentures of HDB Financial Services 10,00,000 - - 750 73.66 Retention monies receivable from Customers 3.15 2.14 0.59 0.18
Limited - Series 2022 A/1(FX)/177 Derivative asset towards further stake acquisition in - 36.54 4.61 5.02
8.25% Debentures of Hero Fincorp Limited - Series 10,00,000 - - 250 24.89 subsidiary Company (Refer note 36(B))
HFCLNCD059OPI Other receivables - - 5.24 18.61
6.70% Debentures of Tata Capital Limited - Series B 10,00,000 - - 400 39.44 Subtotal (A) 854.39 622.03 1,265.27 1,770.53
7.14% Bond of National Highway Authority of India 1,000 1,42,849 14.46 - - Unsecured & considered doubtful
- Series IA Royalty receivable from subsidiary and associate companies - - 12.67 4.16
7.11% Bond of Power Finance Corporation Limited 1,000 51,341 5.18 - -
Due from subsidiary companies - - 5.11 2.83
- Series 1A
- - 17.78 6.99
7.11% Bond of National Thermal Power 1,000 62,457 6.30 - -
Corporation Limited - Series 1A Less : Allowance for doubtful debts and advances - - (17.78) (6.99)

7.07% Bond of Indian Railway Finance Corporation 1,000 2,26,500 22.60 - - Subtotal (B) - - - -
Limited - Series 102nd Total (A+B) 854.39 622.03 1,265.27 1,770.53
213.91 216.78 * Refer note 29(C) for information about credit risk of other financial assets.
(b) Unquoted Debentures or Bonds ^ Current and Non Current portion of subsidy receivable from state governments is net of allowance for expected credit loss amounting to
Redeemable and Non-Convertible ₹ 6.68 crores (Previous Year - ₹ 5.95 crores) and ₹ 7.11 crores (Previous Year - ₹ 9.62 crores) respectively. The allowance is created to provide for
time value of money (Refer note 29(C)2).
5.00% Bond of Indian Railway Finance Corporation 10,000 500 0.50 - -
Limited - Series IV
0.50 - Note 7 : Income Tax Assets (Net)
Total Investments in Debentures or Bonds (a + b) A 214.41 216.78 (` in Crores)

B. Investments in Quoted Mutual Funds measured at Non-Current

FVTPL As at As at
31.03.2025 31.03.2024
(a) Investments in Liquid Mutual Funds
UTI Liquid Fund (Formerly UTI Liquid Cash Plan) - 1,000 6,55,358 278.61 4,23,910 167.78 Advance payment of Income Tax (net) 184.28 165.56
Direct Plan Total 184.28 165.56
Other Mutual Funds 2,620.65 2,723.94
Total Investments in Mutual Funds - Quoted B 2,899.26 2,891.72
Total Current Investments (A+B) 3,113.67 3,108.50
Aggregate amount of quoted investments - At cost 2,835.49 2,931.97
Aggregate amount of quoted investments - At market 3,113.17 3,108.50
value
Aggregate amount of unquoted investments 0.50 -

376 Asian Paints Limited Integrated Annual Report 2024-25 377

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

Note 8 : Other Assets Note 10 : Trade Receivables

(` in Crores) (` in Crores)
Non-Current Current Non Current Current
As at As at As at As at As at As at As at As at
31.03.2025 31.03.2024 31.03.2025 31.03.2024 31.03.2025 31.03.2024 31.03.2025 31.03.2024
(a) Capital advances 18.25 48.63 - - Trade receivables - Unsecured
(b) Advances other than capital advances (a) Considered good 7.35 - 3,294.14 3,699.84
i) Advances/claims recoverable in cash or in kind 48.53 62.89 246.43 293.49 (b) Credit Impaired - - 352.34 215.86
ii) Balances with government authorities - 2.12 362.04 303.13 7.35 - 3,646.48 3,915.70
iii) Advances to employees 5.71 2.63 14.43 8.62 Less : Allowance for expected credit loss (includes - - (448.93) (215.86)
iv) Duty credit entitlement - - 2.96 0.03 credit impaired) (Refer note 29(C)(2))

54.24 67.64 625.86 605.27 Total 7.35 - 3,197.55 3,699.84

(c) Other receivables - - 31.06 9.25 There are no outstanding trade receivables from any directors or other officers of the Company or any of them either severally or jointly with any
other person. For details of trade receivables from firms or private companies in which any director is a partner, a director or a member, subsidiary
(d) Contract assets (net) - - 4.02 15.02 and associate companies, Refer note 37.
Total 72.49 116.27 660.94 629.54
No advances are due from directors or other officers of the Company or any of them either severally or jointly with any other person. Trade Receivables ageing schedule
For details of advances due (if any) from firms or private companies in which any director is a partner, a director or a member, Refer note 37.
(` in Crores)
Outstanding for following periods from due date of payment
Note 9 : Inventories (At Lower of Cost and Net Realisable Value) Unbilled Not Due Less than 6 months 1-2 2-3 More than
As at
31.03.2025
(` in Crores) 6 months - 1 year years years 3 years
Current Trade receivables - Unsecured
As at As at (a) Undisputed, considered good 4.50 2,589.62 567.21 140.16 - - - 3,301.49
31.03.2025 31.03.2024
(b) Undisputed, considered impaired - 1.35 3.72 39.23 139.46 65.77 77.24 326.77
(a) Raw materials 1,878.19 1,362.06
(c) Disputed, considered good - - - - - - - -
Raw materials-in-transit 494.63 498.56
(d) Disputed, considered impaired - 0.21 0.91 5.35 3.74 2.86 12.50 25.57
2,372.82 1,860.62
4.50 2,591.18 571.84 184.74 143.20 68.63 89.74 3,653.83
(b) Packing materials 68.36 76.62
Less : Allowance for expected credit (448.93)
(c) Work-in-progress 190.23 167.47 loss (includes credit impaired)
(d) Finished goods 2,187.20 2,073.32 Total 3,204.90
(e) Stock-in-trade (acquired for trading) 869.20 807.46
Stock-in-trade (acquired for trading)-in-transit 40.93 58.84 (₹ in Crores)
910.13 866.30 Outstanding for following periods from due date of payment
As at
(f) Stores, spares and consumables 118.74 111.19 Unbilled Not Due Less than 6 months 1-2 2-3 More than 31.03.2024
Stores, spares and consumables-in-transit 0.75 0.07 6 months - 1 year years years 3 years

119.49 111.26 Trade receivables - Unsecured

Total 5,848.23 5,155.59 (a) Undisputed, considered good 7.16 3,098.07 503.73 90.88 - - - 3,699.84
(b) Undisputed, considered impaired - 0.65 0.72 29.86 83.35 41.94 39.99 196.51
The cost of inventories recognised as an expense during the year is disclosed in Note 24. It includes expense of ₹ 11.31 crores (Previous year reversal
₹ 18.32 crores) towards write down of inventory. (c) Disputed, considered good - - - - - - - -
(d) Disputed, considered impaired - 0.39 0.29 0.60 2.19 6.84 9.04 19.35
7.16 3,099.11 504.74 121.34 85.54 48.78 49.03 3,915.70
Less : Allowance for expected credit (215.86)
loss (includes credit impaired)
Total 3,699.84

378 Asian Paints Limited Integrated Annual Report 2024-25 379

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

Note 11 : Cash And Bank Balances Note 12 : Equity Share Capital (Contd.)
(₹ in Crores)
b) Terms/rights attached to equity shares
Current
The Company has only one class of shares referred to as equity shares having a face value of ₹ 1 per share. Each
As at As at
31.03.2025 31.03.2024 holder of equity shares is entitled to one vote per share.
(A) Cash and Cash Equivalents The Company declares and pays dividends in Indian Rupees. Payment of dividend is also made in foreign currency to
(i) Balances with Banks shareholders outside India. The final dividend proposed by the Board of Directors is subject to the approval of the
(a) Current Accounts 43.73 113.51 shareholders in the ensuing Annual General Meeting.
(b) Cash Credit Accounts^ 5.95 1.11 (₹ in Crores)
(c) Deposits with original maturity of less than 3 months 82.02 124.15 Particulars
Year Year
2024-25 2023-24
(ii) Cheques, drafts on hand 44.49 87.56
Dividend paid during the year
(iii) Cash on hand - 0.01
Final dividend for the FY 2023-24 [₹ 28.15 (Previous year - ₹ 21.25) per equity share of 2,700.20 2,038.34
Total 176.19 326.34
face value of ₹ 1 each ]
(B) Other Balances with Banks
Interim dividend for the FY 2024-25 [₹ 4.25 (Previous year - ₹ 5.15) per equity share of 407.71 494.04
(i) Unpaid dividend and sales proceeds of Fractional Bonus Shares account * 26.09 23.84 face value of ₹ 1 each]
Total 26.09 23.84 3,107.91 2,532.38
^
The Company has unsecured line of borrowings which carry an interest rate of 9.00% p.a (Previous year - 8.55% p.a). The Company has not used Proposed dividend for FY 2024-25 is ₹ 20.55 per equity share of face value of ₹ 1 each amounting to ₹ 1,971.15 crores
borrowings for purpose other than specified purpose of the borrowing.
(Previous year - ₹ 28.15 per equity share of face value of ₹ 1 each), subject to approval at the ensuing Annual General
* The Company can utilise these balances only towards settlement of unclaimed dividend and fractional bonus shares.
Meeting of the Company and hence is not recognised as a liability. If approved, the total dividend (interim and final
dividend) for the financial year 2024-25 will be ₹ 24.80 (Rupees Twenty Four and Paisa Eighty only) per equity share
Note 12 : Equity Share Capital of the face value of ₹ 1 each (₹ 33.30 per equity share of the face value of ₹ 1 each was paid as total dividend for the
previous year).
(₹ in Crores)
As at As at
As per the Companies Act 20,13, the holders of equity shares will be entitled to receive remaining assets of the
31.03.2025 31.03.2024 Company, after distribution of all preferential amounts in the event of liquidation of the Company. However no such
Authorised preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by
99,50,00,000 Equity Shares of face value of ₹ 1 each 99.50 99.50 the shareholders.
50,000 11% Redeemable Cumulative Preference shares of face value of ₹ 100 each 0.50 0.50
c) Details of Shareholders holding more than 5% equity shares in the Company@
100.00 100.00
As at 31.03.2025 As at 31.03.2024
Issued, Subscribed and Paid up capital
Name of the Shareholders No. of % of No. of % of
95,91,97,790 Equity Shares of face value of ₹ 1 each fully paid 95.92 95.92 Equity Shares Total Shares Equity Shares Total Shares
95.92 95.92 Fully paid Equity Shares of face value of ₹ 1 each held by :
1. Life Insurance Corporation of India 7,94,75,946 8.29% 5,54,54,514 5.78%
a) Reconciliation of shares outstanding at the beginning and at the end of the year 2. Sattva Holding and Trading Private Limited 5,47,89,183 5.71% 5,47,89,183 5.71%
As at 31.03.2025 As at 31.03.2024 3. Smiti Holding and Trading Company Private Limited 5,17,67,638 5.40% 5,17,67,638 5.40%
Fully paid Equity Shares No. of Equity No. of Equity
₹ in Crores ₹ in Crores
@
As per the records of the Company, including its register of members.
Shares Shares
Balance at the beginning of the reporting year 95,91,97,790 95.92 95,91,97,790 95.92 d) Shares held by promoters as defined in the Companies Act, 2013 at the end of the year
Changes in Equity Share capital due to prior period errors - - - -
As at 31.03.2025 As at 31.03.2024 % change
Restated balance at the beginning of the 95,91,97,790 95.92 95,91,97,790 95.92 Promoter Name No. of Equity % of Total No. of Equity % of Total during the
current reporting period Shares Shares Shares Shares year

Changes in Equity Share capital during the year - - - - Sattva Holding And Trading Private Limited 5,47,89,183 5.71% 5,47,89,183 5.71% 0.00%
Balance at the end of the reporting year 95,91,97,790 95.92 95,91,97,790 95.92 Smiti Holding And Trading Company Private Limited 5,17,67,638 5.40% 5,17,67,638 5.40% 0.00%
Geetanjali Trading And Investments Private Limited 4,57,06,140 4.77% 4,57,06,140 4.77% 0.00%
Elcid Investments Limited 2,83,13,860 2.95% 2,83,13,860 2.95% 0.00%
Shubhit Holdings Private Limited 2,31,50,730 2.41% 2,31,50,730 2.41% 0.00%
(Formely known as Gujarat Organics Pvt Ltd)
Sudhanava Investments And Trading Company Private 1,90,01,760 1.98% 1,90,01,760 1.98% 0.00%
Limited
Rupen Investment & Industries Private Limited 1,88,49,825 1.97% 1,88,49,825 1.97% 0.00%

380 Asian Paints Limited Integrated Annual Report 2024-25 381

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

Note 12 : Equity Share Capital (Contd.) Note 12 : Equity Share Capital (Contd.)
d) Shares held by promoters as defined in the Companies Act, 2013 at the end of the year d) Shares held by promoters as defined in the Companies Act, 2013 at the end of the year
(Contd.) (Contd.)
As at 31.03.2025 As at 31.03.2024 % change As at 31.03.2025 As at 31.03.2024 % change
Promoter Name No. of Equity % of Total No. of Equity % of Total during the Promoter Name No. of Equity % of Total No. of Equity % of Total during the
Shares Shares Shares Shares year Shares Shares Shares Shares year
Satyadharma Investments And Trading Company Private Ltd. 1,83,34,280 1.91% 1,83,34,280 1.91% 0.00% Rhea Amit Sethi 7,02,000 0.07% 7,02,000 0.07% 0.00%
Castle Investment & Industries Private Limited 1,54,57,470 1.61% 1,54,57,470 1.61% 0.00% Mahendra Chimanlal Choksi HUF (Mahendra Chimanlal 5,39,800 0.06% 5,39,800 0.06% 0.00%
Lyon Investment & Industries Private Limited 1,43,42,060 1.50% 1,43,42,060 1.50% 0.00% Choksi)
Dipika Amar Vakil 1,27,61,340 1.33% 1,27,61,340 1.33% 0.00% Ami Manish Choksi 4,72,200 0.05% 4,72,200 0.05% 0.00%
Jaldhar Investments And Trading Company Private Limited 1,24,28,250 1.30% 1,24,28,250 1.30% 0.00% Vita Jalaj Dani 4,35,260 0.05% 4,35,260 0.05% 0.00%
Late Abhay Arvind Vakil 1,24,18,060 1.29% 1,24,18,060 1.29% 0.00% Ishwara Hasit Dani 4,10,710 0.04% 4,10,710 0.04% 0.00%
Tru Trading And Investments Pvt Limited 1,21,76,500 1.27% 1,21,76,500 1.27% 0.00% Hasit Ashwin Dani HUF (Hasit Ashwin Dani) 3,92,666 0.04% 3,92,666 0.04% 0.00%
Nehal Trading And Investments Private Limited 1,11,02,530 1.16% 1,11,02,530 1.16% 0.00% Jalaj A Dani Huf (Jalaj Ashwin Dani) 3,44,666 0.04% 3,44,666 0.04% 0.00%
Asteroids Trading And Investments Private Limited 1,08,18,530 1.13% 1,08,18,530 1.13% 0.00% Richa Manish Choksi 1,80,450 0.02% 1,80,450 0.02% 0.00%
Jalaj Trading & Investment Company Private Limited 1,07,76,697 1.12% 1,07,76,697 1.12% 0.00% Mudit Jalaj Dani 1,59,800 0.02% 1,59,800 0.02% 0.00%
Unnati Trading And Investments Private Limited 1,04,72,600 1.09% 1,04,72,600 1.09% 0.00% Late Amar Arvind Vakil 1,58,770 0.02% 1,58,770 0.02% 0.00%
Doli Trading And Investments Private Limited 93,63,440 0.98% 93,63,440 0.98% 0.00% Smiti Jalaj Dani 1,39,110 0.01% 1,39,110 0.01% 0.00%
Centaurus Trading And Investments Pvt Ltd 74,08,940 0.77% 74,08,940 0.77% 0.00% Binita Ashish Choksi 1,31,700 0.01% 1,31,700 0.01% 0.00%
Vivek Abhay Vakil 68,12,369 0.71% 68,12,369 0.71% 0.00% Anay Rupen Choksi 1,30,500 0.01% 1,30,500 0.01% 0.00%
Suptaswar Investments And Trading Company Limited 65,58,310 0.68% 65,58,310 0.68% 0.00% Aashay Ashish Choksi 1,25,380 0.01% 1,25,380 0.01% 0.00%
Bhairavi Abhay Vakil 60,64,322 0.63% 60,64,322 0.63% 0.00% Vikatmev Containers Ltd 1,11,600 0.01% 1,11,600 0.01% 0.00%
Lambodar Investments And Trading Company Limited 60,15,130 0.63% 60,15,130 0.63% 0.00% Nysha Rupen Choksi (Minor) 1,02,750 0.01% 1,02,750 0.01% 0.00%
Murahar Investments And Trading Company Limited 57,43,670 0.60% 57,43,670 0.60% 0.00% Druhi Ashish Choksi 1,00,000 0.01% 1,00,000 0.01% 0.00%
Nehal Abhay Vakil 57,38,489 0.60% 57,38,489 0.60% 0.00% Ashwin Ramanlal Gandhi 91,860 0.01% 91,860 0.01% 0.00%
Hiren Holdings Private Limited 39,50,310 0.41% 41,52,310 0.43% -4.86% Meghna Satyen Gandhi 75,000 0.01% 75,000 0.01% 0.00%
Satyen Ashwin Gandhi 37,25,954 0.39% 37,25,954 0.39% 0.00% Vaibhavi Hiren Gandhi 75,000 0.01% 75,000 0.01% 0.00%
Hiren Ashwin Gandhi 37,06,265 0.39% 37,06,265 0.39% 0.00% Shubhlakshmi Hasit Dani 59,529 0.01% 59,529 0.01% 0.00%
Malav A Dani 36,50,176 0.38% 36,50,176 0.38% 0.00% Late Chandanben Chhotalal Shah 20,000 0.00% 20,000 0.00% 0.00%
Upnishad Trustee Advisory Services Private Limited 37,73,430 0.39% 35,71,430 0.37% 5.66% Dani Finlease Private Limited 10,930 0.00% 10,930 0.00% 0.00%
Hasit A Dani 31,50,800 0.33% 31,50,800 0.33% 0.00% Nyra Varun Vakil (Minor) 10,000 0.00% 10,000 0.00 % 0.00%
Vakil HUF (Varun Amar Vakil) 31,03,290 0.32% 31,03,290 0.32% 0.00% Master Hrishav Varun Vakil (Minor) 10,000 0.00% 10,000 0.00 % 0.00%
Vishal Shailesh Choksi 29,51,220 0.31% 29,51,220 0.31% 0.00% Ragini Varun Vakil 10,000 0.00% 10,000 0.00% 0.00%
Late Shailesh Chimanlal Choksi 25,91,210 0.27% 25,91,210 0.27% 0.00% Manish Mahendra Choksi HUF (Manish Mahendra Choksi) 7,500 0.00% 7,500 0.00% 0.00%
Amrita Amar Vakil 25,66,680 0.27% 25,66,680 0.27% 0.00% Ashish Ashwin Choksi HUF (Ashish Ashwin Choksi) 5,620 0.00% 5,620 0.00% 0.00%
Manish Mahendra Choksi 23,81,040 0.25% 23,81,040 0.25% 0.00% Total 50,47,85,198 50,47,85,198
Varun Amar Vakil 22,30,590 0.23% 22,30,590 0.23% 0.00%
Prafullika Shailesh Choksi 21,42,560 0.22% 21,42,560 0.22% 0.00% e) Reconciliation of Treasury shares outstanding at the beginning and at the end
Amar Arvind Vakil HUF (Varun Amar Vakil) 21,12,190 0.22% 21,12,190 0.22% 0.00%
ELF Trading and Chemical Manufacturing Private Limited 21,08,160 0.22% 21,08,160 0.22% 0.00%
of the year
As at 31.03.2025 As at 31.03.2024
Abhay Arvind Vakil HUF (Vivek Abhay Vakil) 20,76,820 0.22% 20,76,820 0.22% 0.00%
Treasury shares No. of No. of
Jigish Shailesh Choksi 19,95,180 0.21% 19,95,180 0.21% 0.00% ₹ in Crores ₹ in Crores
Equity Shares Equity Shares
Rupal Anant Bhat 19,23,770 0.20% 19,23,770 0.20% 0.00%
Balance at the beginning of the year 3,55,575 110.19 3,57,659 110.89
Shailesh Chimanlal Choksi HUF (Shailesh Chimanlal Choksi) 17,49,690 0.18% 17,49,690 0.18% 0.00%
Mahendra Chimanlal Choksi 16,56,380 0.17% 16,56,380 0.17% 0.00% Add : Purchased during the year 1,74,336 50.08 - -
Jalaj A Dani 16,00,200 0.17% 16,00,200 0.17% 0.00% Less : Excercised during the year 75,245 25.54 2,084 0.70
Ina Ashwin Dani 14,51,792 0.15% 14,51,792 0.15% 0.00% Balance at the end of the year 4,54,666 134.73 3,55,575 110.19
Late Asha Subhash Gujarathi 14,23,400 0.15% 14,23,400 0.15% 0.00%
In accordance with Asian Paints Employee Stock Option Plan 2021 (“2021 Plan“), the ESOP Trust (Asian Paints Employees Stock Ownership
Rita Mahendra Choksi 9,80,000 0.10% 9,80,000 0.10% 0.00% Trust) purchased equity shares of the Company from secondary market. The net outstanding shares held by the ESOP Trust are disclosed as
Rayirth Holding And Trading Company Private Limited 9,65,910 0.10% 9,65,910 0.10% 0.00% Treasury Shares (Refer note 34(3)).
Rupen Ashwin Choksi 9,28,607 0.10% 9,28,607 0.10% 0.00%
Ashish Ashwin Choksi 8,80,840 0.09% 8,80,840 0.09% 0.00%
Urvashi Ashwin Choksi 8,38,110 0.09% 8,38,110 0.09% 0.00%
ACC AP TRUST 7,85,700 0.08% 7,85,700 0.08% 0.00%

382 Asian Paints Limited Integrated Annual Report 2024-25 383

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

Note 13 : Other Equity (Contd.)

(₹ in Crores)

Total

15,489.64
(129.74)
15,359.90

5,315.01

5.88
7.22
14.35
5,342.46

(2,532.38)
21.84

18,192.74

2.71
0.22

3,584.88

0.35
230.44

3,818.38

(3,107.91)
21.25

18,887.56
1.11
0.70

(50.08)
(2,509.62)

12.07
(3,123.56)
Description of nature and purpose of each reserve :
Capital Reserve -
Equity
instruments
through OCI
227.90
-
227.90

-
7.22
-
7.22

-
-

235.12

-
-

-
230.44

230.44

-
-

465.56
-
-

-
-

-
-
Items of Other Comprehensive

a. Capital reserve of ₹ 5000/- was created on merger of ‘ Pentasia Chemicals Ltd ‘ with the Company, pursuant to
scheme of Rehabilitation-cum-Merger sanctioned by Board of Industrial and Financial Reconstruction in the financial
Income (OCI)

year 1995-96.
b. Capital reserve of ₹ 44.38 crores was created on merger of Asian Paints (International) Limited, Mauritius, wholly
Debt
instruments
through OCI
(3.05)

(3.05)

14.35

11.30

2.71

14.01
14.35

2.71

-
-

-
-

-
-

-
-

-
-

-
-

-
-
-

-
owned subsidiary of the Company, with the Company as per the order passed by the National Company Law Tribunal.

c. Capital reserve of ₹ 34.29 crores with a debit balance was created on merger of Sleek International Private Limited,
wholly owned subsidiary of the Company, with the Company as per the order passed by the National Company Law
Trust
reserve

-
0.37

0.37

-
-
-
-

-
-

0.97

-
0.22

-
-

-
-

2.08
1.11
0.38

-
0.60

-
1.11
Tribunal (Refer note 36(A)).
Treasury
shares

(110.89)

(110.89)

(110.19)

(134.73)
(50.08)

(24.54)
0.70
0.70

25.54
Capital Redemption Reserve - This reserve was created for redemption of preference shares in the financial year 1989-
-

-
-

-
-
-

-
-

-
-

-
-
-

-
-
90. The preference shares were redeemed in the financial year 1990-91.
Share based
payment
reserve

General Reserve - General reserve is created from time to time by way of transfer of profits from retained earnings for
(0.35)

(12.67)
26.77

26.77

48.26

56.84
21.49

8.58
21.84

21.25
-

-
-

-
-
-

-
-

-
-
-

-
appropriation purposes. General reserve is created by a transfer from one component of equity to another and is not an
item of other comprehensive income.
Remeasurement
of defined
benefit plans
(29.25)

(29.18)

(23.30)

(22.95)
5.88

0.35
0.07

5.88

0.35
Retained earnings - This represents surplus of profit and loss account.

-
-

-
-

-
-

-
-

-
-

-
-

-
-

-
Reserves and Surplus

Remeasurement of defined benefit plans - This represents the cumulative gains and losses arising on the
remeasurement of defined benefit plans in accordance with Ind AS 19 that have been recognised in other comprehensive
income.
Retained
Earnings

(2,532.41)

(3,108.71)
(2,532.38)

(3,107.91)
(0.03)

(0.80)
(96.70)
11,166.17

11,069.47

5,315.01

13,852.07

3,584.88

14,328.24
5,315.01

3,584.88

-
-
-
-

-
-
-
-

-
-
Share based payment reserve - This represents the fair value of the stock options granted by the Company under the
2021 Plan accumulated over the vesting period. The reserve will be utilized on exercise of the options.
General
Reserve

4,166.74
1.18
4,167.92

-
-
-
-

-
-

4,167.92

-
-

-
-
-
-

4,167.92
-

-
-
-

-
-
Treasury shares - This represents cost incurred by the Company to purchase its own equity shares from secondary
market through the Company’s ESOP trust for issuing the shares to the eligible employees on exercise of stock options
Capital
Redemption
Reserve

granted under the 2021 Plan.

0.50
-
0.50

-
-
-
-

-
-

0.50

-
-

-
-
-
-

0.50
-

-
-
-

-
- Trust Reserve - This represents net income of the ESOP trust.
Capital
Reserve

(34.29)
44.38

10.09

-
-
-
-

-
-

10.09

-
-
-
-

-
-

10.09
-

-
-
-

-
-

Debt instruments through OCI - This represents the cumulative gains and losses arising on the revaluation of debt
instruments measured at FVTOCI that have been recognised in other comprehensive income, net of amounts reclassified
to profit or loss when such assets are disposed off and impairment losses on such instruments.
Net fair value gain on investments in equity instruments through OCI

Net fair value gain on investments in equity instruments through OCI

Net fair value gain on investments in debt instruments through OCI

Net fair value gain on investments in debt instruments through OCI

Equity instruments through OCI - This represents the cumulative gains and losses arising on the revaluation of equity
Note 13 : Other Equity

instruments measured at FVTOCI, under an irrevocable option, net of amounts reclassified to retained earnings when
Changes on account of amalgamation (Refer note 36(A))

Total Comprehensive Income for the year 2023-24 (B)

Total Comprehensive Income for the year 2024-25 (E)

such assets are disposed off.

Remeasurement of the defined benefit plans

Remeasurement of the defined benefit plans

Balance as at 31st March 2024 (D) = (A+B+C)

Purchase of Treasury shares by ESOP trust

Restated balance as at 1st April 2023 (A)

Balance as at 31st March 2025 (D+E+F)

Net Income of ESOP Trust for the year

Net Income of ESOP Trust for the year

Items of OCI for the year, net of tax

Items of OCI for the year, net of tax

ESOP exercised during the year

ESOP exercised during the year

Dividends (Refer Note 12(b))
Dividends (Refer note 12(b))
Share based payment expense

Share based payment expense

Reductions during the year :

Reductions during the year :

Balance as at 1st April 2023

Additions during the year :

Additions during the year :

Profit for the year

Profit for the year

during the year

Total (C)

Total (F)

384 Asian Paints Limited Integrated Annual Report 2024-25 385

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

Note 14 : Borrowings* Note 14 : Borrowings* (Contd.)

(₹ in Crores )
Non-Current Current The aggregate maturities of borrowings, based on contractual maturities
Maturity
Terms of Repayment As at As at As at As at (₹ in Crores )
Date
31.03.2025 31.03.2024 31.03.2025 31.03.2024
Less than Between 1 More than
Total Carrying Value
I. NON-CURRENT BORROWINGS 1 year - 5 years 5 years
Secured As at 31 March 2025
st

Deferred payment liabilities : Borrowings 2.15 3.62 70.62 76.39 39.40

- Loan from State of Haryana ** December One time payment at 3.04 4.03 1.96 17.86 As at 31 March 2024
st

2025 to the end of the term Borrowings 117.27 5.58 70.62 193.47 152.85
April 2027
- Loan from State of Karnataka ^ March One time payment at 34.21 31.55 - -
2034 the end of the term Note 15 : Lease Liabilities
Current maturities of Long term (₹ in Crores )
borrowings Non-Current Current
Secured - - (1.96) (17.86) As at As at As at As at
Total 37.25 35.58 - - 31.03.2025 31.03.2024 31.03.2025 31.03.2024
Lease liabilities 900.80 893.87 258.62 233.51
Interest free borrowings are recognised at fair value using prevailing market interest rate for equivalent borrowing. The difference between the
gross proceeds and fair value of the borrowing is the benefit derived from the interest free borrowing and is treated as government grant and Total 900.80 893.87 258.62 233.51
recognised as deferred income (Refer note 19).
** The Company is eligible to avail interest free borrowing in respect of 50% of VAT paid within Haryana on the sale of goods produced at Rohtak
plant for a period of 7 financial years beginning from April 2010. As on 31st March 2025, the Company has received total interest free borrowing of The aggregate maturities of lease liabilities, based on contractual undiscounted cash
₹ 40.64 crores for the period from April, 2010 to March, 2016. As on 31st March 2025, the Company has repaid borrowing of ₹ 35.06 crores (Previous
year - ₹ 17.20 crores). This borrowing is repayable after a period of 5 years from the date of receipt of interest free borrowing. For the year ended flows are as follows :
31st March 2016 and 31st March 2017, the Company is awaiting sanction from the Haryana Government.
(₹ in Crores )
^ The Company is eligible to avail interest free borrowing for a period of 11 years in respect of 100% of Net SGST (upto the value of investment
made in Fixed Asset) paid on the sale of goods within the state of Karnataka and produced at Mysuru plant beginning from 28th September 2018. Less than Between More than
Total Carrying Value
The borrowing is repayable after a period of 11 years from the date of receipt of borrowing. As on 31st March 2025, the Company has received total 1 year 1 - 5 years 5 years
interest free borrowing of ₹ 70.62 crores (Previous year - ₹ 70.62 crores) for the period from September, 2018 to March, 2020. As at 31st March 2025
The above interest free borrowings are secured by way of a bank guarantee issued by the Company Lease Liabilities 340.45 833.79 372.75 1,546.99 1,159.42
(₹ in Crores ) As at 31st March 2024
Interest Rate Lease Liabilities 313.73 824.50 380.56 1,518.79 1,127.38
As at As at
Maturity Date Terms of Repayment Current Year /
31.03.2025 31.03.2024
(Previous Year)
II. CURRENT BORROWINGS (₹ in Crores)
Unsecured Year Year
Movement in lease liabilities
(i) Term loans - from banks or financial 2024-25 2023-24
institutions Balance as at 1st April 1,127.38 852.28
- Loan from Citibank N.A, India October For a term of 180 NA / (T-Bill + - 39.00 Additions 319.96 571.12
2024 days 1.05%) Deletions 20.87 44.54
(ii) Loan repayable on demand - Cash
Finance cost 93.38 78.25
Credit / Overdraft Accounts
Repayment (including interest on lease liabilities) 360.43 329.73
- Overdraft from Bank of America, Repayable on NA/ (MCLR + - 60.41
India demand 2.00%) Balance as at 31st March 1,159.42 1,127.38
- Overdraft from ICICI Bank, India Repayable on 7.50% / ( NA) 0.15 -
demand
- Overdraft from Citibank, India Repayable on 7.10% / ( NA) 0.04 -
demand
Current maturities of Long term
borrowings
Secured 1.96 17.86
Total 2.15 117.27
* No default in terms of repayment of principal and interest within the Company.

386 Asian Paints Limited Integrated Annual Report 2024-25 387

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

Note 15 : Lease Liabilities (Contd.) Note 17 : Provisions

(₹ in Crores )
Amounts with respect to leases recognised in the Statement of Profit & Loss and
Non-Current Current
Statement of Cash Flows As at As at As at As at
(₹ in Crores) 31.03.2025 31.03.2024 31.03.2025 31.03.2024
Year Year
(a) Provision for Employee Benefits (Refer note 34)
2024-25 2023-24
Amounts recognised in Statement of Profit and Loss Provision for Compensated absences 188.67 163.45 25.55 22.13
Interest on lease liabilities (net) (Refer note 27)* 91.84 78.17 Provision for Gratuity - - 3.15 0.99
Depreciation of Right-of-Use Assets (net) (Refer note 28)* 314.26 290.10 Provision for Pension 1.06 1.16 0.14 0.14
Expenses relating to short-term leases and leases of low-value assets 56.09 53.89
Provision for Post retirement medical and other 1.40 1.22 7.00 5.79
Variable lease payments 121.29 131.91 benefits
Net (gain) on modification or termination of leases (Refer note 23) (1.90) (4.00)
191.13 165.83 35.84 29.05
Amounts recognised in Statement of Cash Flows
(b) Others
In Financing activity
Repayment of lease liabilities 267.05 251.48 Provision for Indirect Taxes - - 13.17 12.03
Interest paid on lease liabilities 93.38 78.25 Provision for Warranties - - 2.25 2.01
In Operating activity - - 15.42 14.04
Variable lease payments 122.20 128.89
Total 191.13 165.83 51.26 43.09
482.63 458.62

Note - For additions and movement in right-of-use assets, Refer note 2B.
Disclosure relating to movement in other provisions is as follows :
*Excluding ` 5.98 crs (Previous year- ` 2.77 crs) recognised in CWIP
(₹ in Crores)

Note 16 : Other Financial Liabilities Provision for Indirect Taxes** Provision for Warranties@

(₹ in Crores) Year Year Year Year

2024-25 2023-24 2024-25 2023-24
Non-Current Current
Balance as at 1st April 12.03 12.92 2.01 1.23
As at As at As at As at
31.03.2025 31.03.2024 31.03.2025 31.03.2024 Additions/Adjustments 4.71 1.60 0.31 0.92
(a) Investor Education and Protection Fund* Utilizations (0.54) (0.27) (0.07) 0.14)
Unpaid/Unclaimed dividend - - 26.09 23.84
Reversals (3.03) (2.22) - -
(b) Others (Refer note 33)
Balance as at 31 March
st
13.17 12.03 2.25 2.01
Retention monies 32.47 16.59 43.78 85.41
Deposits Received (including Trade Deposits) 2.00 0.11 - 0.01 ** Provisions for Indirect taxes includes provision for matters towards excise, central sales tax ,VAT, customs, GST disputed at various appellate levels.

Payable towards capital expenditure - - 99.62 295.93 These provisions represent estimates made for probable claims are arising out of litigations/disputes pending with authorities. The probability and
the timing of the outflow with regard to these matters depend on the final outcome of litigations/disputes. Hence, the Company is not able to
Payable towards services received - - 790.82 691.84 reasonably ascertain the timing of the outflow. The Company does not expect any reimbursements in respect of these provisions.
Payable towards stores, spares and consumables - - 16.23 14.15 @
Provision for warranties represents management’s best estimate of the liabilities for warranties granted on kitchen and appliances based on past
experience of claims.
Payable to employees - - 206.04 271.78
[including due to Managing Director- NIL (as at
31st March 2024 - ₹ 8.82 crores)]
Payable towards other expenses - - 978.20 865.67
[including ₹ 4.66 crores due to Non-Executive
Directors (as at 31st March 2024 - ₹ 5.35 crores)]
Derivative liability towards further stake acquisition 7.00 12.10 132.67 -
in subsidiary and associate companies (Refer note
36(B))
Foreign currency forward exchange contract (net) - - 11.41 -
41.47 28.80 2,278.77 2,224.79
Total 41.47 28.80 2,304.86 2,248.63
*Investor Education and Protection Fund (‘IEPF’) - As at 31 March 2025 and 31 March 2024, there is no amount due and outstanding to be
st st

transferred to the IEPF by the Company. Unclaimed Dividend, if any, shall be transferred to IEPF as and when they become due.

388 Asian Paints Limited Integrated Annual Report 2024-25 389

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

Note 18 : Income Taxes Note 18 : Income Taxes (Contd.)

A. The Major Components of Income Tax Expense for the year are as under : C. T
 he Major Components of Deferred Tax (Liabilities)/Assets arising on account of
(₹ in Crores)
timing differences are as Follows :
Year Year
2024-25 2023-24
As at 31st March 2025
(i) Income tax recognised in Profit or Loss (₹ in Crores)
Current tax expense :
Balance Sheet Profit and loss OCI Balance Sheet
In respect of current year 1,317.96 1,730.03
01.04.2024 2024-25 2024-25 31.03.2025
In respect of (excess) tax provision for earlier years (11.26) (51.72)
Difference between written down value/capital work (219.16) (35.12) - (254.28)
Deferred tax benefit : in progress of fixed assets as per the books of accounts
In respect of current year 5.60 5.40 and Income Tax Act,1961

Total 1,312.30 1,683.71 Provision for expense allowed for tax purpose on 34.34 19.50 - 53.84
payment basis (Net)
(ii) Income tax recognised in OCI
Provision for expected credit losses and fair valuation of 18.35 1.03 - 19.38
Deferred tax :
subsidy receivable from state governments
Income tax expense on remeasurement of defined benefit plans 0.12 2.03
Allowance for expected credit losses on trade - 24.78 - 24.78
Income tax expense on net fair value gain on investments in equity instruments 42.86 0.55 receivables
through OCI
Difference in carrying value and tax base of investments (1.74) - (0.96) (2.70)
Income tax on net fair value gain on investments in debt instruments through OCI 0.96 1.85 in debt instruments measured at FVTOCI
Total 43.94 4.43 Remeasurement of the defined benefit plans through OCI 7.85 - (0.12) 7.73
Difference in carrying value and tax base of investments (42.79) (21.75) - (64.54)
measured at FVTPL
B. Reconciliation of Tax Expense and Effective Tax Rate : Difference in carrying value and tax base of investments (15.13) - (42.86) (57.99)
in equity instruments
Year 2024-25 Year 2023-24 measured at FVTOCI
₹ in crores Rate ₹ in crores Rate Difference in Right-of-use asset and lease liabilities 30.60 5.96 - 36.56
Profit before tax (After exceptional items) 4,897.18 6,998.72 Deferred tax (expense)/benefit (5.60) (43.94)
Income tax expense calculated at corporate tax rate 1,232.52 25.17% 1,761.43 25.17% Net Deferred tax liabilities (187.68) (237.22)
Tax effect of :
Non-deductible expenses 125.29 2.56% 29.29 0.42% As at 31st March 2024
Income taxed at special rates (5.12) (0.10%) (3.32) (0.05%) (₹ in Crores)

Income exempted from tax (36.07) (0.74%) (33.21) (0.47%) Balance Sheet Profit and loss OCI Balance Sheet

Others 6.94 0.14% (18.76) (0.27%) 01.04.2023 2023-24 2023-24 31.03.2024

Total 1,323.56 27.03% 1,735.43 24.80% Difference between written down value/capital work (231.71) 12.55 - (219.16)
in progress of fixed assets as per the books of accounts
(Excess) tax provision for earlier years (11.26) (0.23%) (51.72) (0.74%)
and Income Tax Act,1961.
Tax expense as per Statement of Profit and Loss 1,312.30 26.80% 1,683.71 24.06% Provision for expense allowed for tax purpose on 35.50 (1.16) - 34.34
The tax rate used for reconciliation above is the corporate tax rate of 25.17% payable by corporate entities in India on taxable profits under payment basis (Net)
Indian tax law. Provision for expected credit losses and fair valuation of 18.09 0.26 - 18.35
subsidy receivable from state governments
Difference in carrying value and tax base of investments 0.12 - (1.86) (1.74)
in debt instruments measured at FVTOCI
Remeasurement of the defined benefit plans through OCI 9.88 - (2.03) 7.85
Difference in carrying value and tax base of investments (21.93) (20.86) - (42.79)
measured at FVTPL
Difference in carrying value and tax base of investments (14.58) - (0.55) (15.13)
in equity instruments
measured at FVTOCI
Difference in Right-of-use asset and lease liabilities 26.79 3.81 - 30.60
Deferred tax (expense)/benefit (5.40) (4.44)
Net Deferred tax liabilities (177.84) (187.68)

390 Asian Paints Limited Integrated Annual Report 2024-25 391

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

Note 19 : Other Liabilities Note 21 : Income Tax Liabilities (Net)

(₹ in Crores)
(₹ in Crores)
Non-Current Current
Current
As at As at As at As at
31.03.2025 31.03.2024 31.03.2025 31.03.2024 As at As at
(a) Revenue received in advance 31.03.2025 31.03.2024
Advance received from customers (Refer note 22C(iv)) - - 147.40 136.82 Provision for Income Tax (net) 95.29 76.35
(b) Others
Total 95.29 76.35
Statutory dues payable - - 218.21 278.57
Deferred income arising from government grant (Refer note 14) 30.42 34.47 4.06 4.70
Others (Deferred revenue arising from sale of services, etc.) 15.14 - 10.66 6.67 Note 22A : Revenue from Operations
45.56 34.47 232.93 289.94
(₹ in Crores)
Total 45.56 34.47 380.33 426.76
Year Year
2024-25 2023-24

Note 20 : Trade Payables Revenue from sale of products 29,270.69 30,988.16

(₹ in Crores)
Revenue from sale of services 150.42 105.67

Current Other operating revenue * 131.54 133.15

As at As at Total 29,552.65 31,226.98
31.03.2025 31.03.2024
* The Company’s manufacturing facility at Andhra Pradesh is eligible to receive incentive in form of refund of SGST, stamp duty and electricity duty
Trade Payables (including Acceptances)* as per the Industrial Promotion Scheme and Memorandum of Understanding signed with the State Government. During the year, ₹ 46.22 crores
Total Outstanding dues of Micro Enterprises and Small Enterprises (MSME) (Refer note 33) 180.13 201.14 (Previous year - ₹ 57.21 crores) is accrued under the head ‘Other operating revenue’.

Total Outstanding dues of creditors other than Micro Enterprises and Small Enterprises 2,943.56 3,054.00
Total 3,123.69 3,255.14
Note 22B : Revenue from Contracts with Customers
(₹ in Crores)
*Acceptances include arrangements where operational suppliers of goods and services are initially paid by banks while the Company continues to
Year Year
recognise the liability till settlement with the banks which are normally effected within a period of 90 days amounting to ₹ 419.90 crores (Previous
2024-25 2023-24
year - ₹ 225.16 crores).
A. REVENUE FROM CONTRACTS WITH CUSTOMERS DISAGGREGATED BASED ON
Trade payables ageing schedule NATURE OF PRODUCTS OR SERVICES
(₹ in Crores) Revenue from sale of products
Outstanding for following periods from due date of payment Paints, décor and related products 29,270.69 30,988.16
As at
Not Due Less than 1-2 2-3 More than 31.03.2025 Revenue from sale of services
1 year years years 3 years
Trade Payables (including Acceptances) Painting, décor and related services 150.42 105.67
MSME 175.28 4.85 - - - 180.13 Other operating revenues
Other than MSME 2,872.57 70.99 - - - 2,943.56 Processing and service income 50.40 44.95
Disputed Dues - MSME - - - - - - Scrap sales 30.23 25.70
Disputed Dues - Other than MSME - - - - - -
Other Income
Total 3,047.85 75.84 - - - 3,123.69
Royalty received from subsidiary and associate companies (Refer note 23(c)) 97.88 83.14
(₹ in Crores) Total 29,599.62 31,247.62
Outstanding for following periods from due date of payment B. REVENUE FROM CONTRACTS WITH CUSTOMERS DISAGGREGATED BASED ON
As at
Not Due Less than 1-2 2-3 More than GEOGRAPHY
31.03.2024
1 year years years 3 years
Home market 29,428.35 31,100.93
Trade Payables (including Acceptances)
Exports 171.27 146.69
MSME 194.94 6.20 - - - 201.14
Total 29,599.62 31,247.62
Other than MSME 2,977.38 76.62 - - - 3,054.00
Disputed Dues - MSME - - - - - -
Disputed Dues - Other than MSME - - - - - -
Total 3,172.32 82.82 - - - 3,255.14

392 Asian Paints Limited Integrated Annual Report 2024-25 393

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

Note 22C : Reconciliation of Gross Revenue with the Revenue from Contracts Note 24A : Cost of Materials Consumed
with Customers (₹ in Crores)

(₹ in Crores) Year Year

2024-25 2023-24
Year Year
2024-25 2023-24 Raw Materials Consumed
Gross Revenue 36,526.44 37,685.04 Opening Stock (including goods-in-transit) 1,860.62 1,727.23

Less : Discounts/Rebates/Credits/Incentives 6,926.82 6,437.42 Add : Purchases 11,866.06 11,618.38

Net Revenue recognised from Contracts with Customers 29,599.62 31,247.62 13,726.68 13,345.61
Less : Closing Stock (including goods-in-transit) 2,372.82 1,860.62
(i) The amounts receivable from customers become due after expiry of credit period which on an average is upto 45
11,353.86 11,484.99
days. There is no significant financing component in any transaction with the customers. .
Packing Materials Consumed
(ii) The Company provides agreed upon performance warranty for selected range of products and services. Opening Stock 76.62 68.66
(Refer note 17) Add : Purchases 1,876.20 1,973.14
(iii) The Company does not have any remaining performance obligation as contracts entered for sale of goods are for a 1,952.82 2,041.80
shorter duration and sale of service contracts are measured as per output method. Less : Closing Stock 68.36 76.62

(iv) The Company has recognised revenue of ₹ 130.48 crores (31 March 2024 - ₹ 88.35 crores) from the amounts
st 1,884.46 1,965.18
included under advance received from customers at the beginning of the year. Total Cost of Materials Consumed 13,238.32 13,450.17

Note 24B : Purchases of Stock-in-Trade 3,733.99 3,654.08

Note 23 : Other Income
(₹ in Crores) Note 24C : Changes in inventories of Finished Goods, Stock-in-Trade and
Year Year Work-in-Progress
2024-25 2023-24
Stock at the beginning of the year
(a) Interest Income
Finished Goods 2,073.32 2,399.84
Investments in debt instruments measured at FVTOCI 28.01 23.28
Work-in-Progress 167.47 167.89
Other financial assets carried at amortised cost 127.31 113.06
Stock-in-trade- acquired for trading (including goods-in-transit) 866.30 907.00
155.32 136.34
Total 3,107.09 3,474.73
(b) Dividend Income
Stock at the end of the year
Dividends from quoted equity investments measured at FVTOCI* 20.64 20.16
Finished Goods 2,187.20 2,073.32
Dividends from subsidiary and associate companies (Refer note 37) 125.60 122.60
Work-in-Progress 190.23 167.47
146.24 142.76
Stock-in-trade- acquired for trading (including goods-in-transit) 910.13 866.30
(c) Other non-operating income
Total 3,287.56 3,107.09
Insurance claims received 1.23 0.95
Changes In Inventories of Finished Goods, Stock-in-Trade and Work-in-Progress (180.47) 367.64
Royalty received from subsidiary and associate companies (Refer note 37) 97.88 83.14
Net gain arising on financial assets measured at FVTPL^ 174.07 222.29
Reversal of provision for expected credit loss on government grants 1.78 10.90
Others ** 167.78 204.97
Note 25 : Employee Benefits Expense
442.74 522.25 (₹ in Crores)
(d) Other gains and losses Year Year
2024-25 2023-24
Net foreign exchange gain 21.04 14.57
Net gain on disposal of property, plant and equipment and other intangible assets 2.91 2.00 Salaries and wages 1,782.91 1,598.49

Net gain on modification/ termination of leases 1.90 4.00 Contribution to provident and other funds (Refer note 34(1) and 34(2)) 83.01 76.25

25.85 20.57 Staff welfare expenses 129.43 122.08

Total 770.15 821.92 Share based payment expenses (Refer note 34(3)) 18.23 19.37
Total 2,013.58 1,816.19
* Relates to investments held at the end of reporting period
^ Includes gain on sale of financial assets measured at FVTPL for ₹ 33.54 crores (Previous year - ₹ 15.84 crores).
** Includes fair valuation gain on derivatives towards acquisition of further stake in subsidiary companies amounting to ₹ 13.27 crores (Previous year
- ₹ 49.73 crores) (Refer note 36(B)).

394 Asian Paints Limited Integrated Annual Report 2024-25 395

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

Note 26 : Other Expenses Note 27 : Finance Costs

(₹ in Crores)
(₹ in Crores)
Year Year
Year Year 2024-25 2023-24
2024-25 2023-24
Interest on bank borrowings 8.65 7.85
Consumption of stores, spares and consumables 66.51 73.92
Interest on bill discounting 31.56 29.91
Power and fuel 132.73 114.93
Interest on loan from State Governments 3.63 4.08
Processing charges* 173.53 173.08
Interest on lease liabilities (net)* 91.84 78.17
Repairs and maintenance :
Other interest expense 7.59 3.31
Buildings 20.18 20.87
Interest on income tax 0.50 0.77
Machinery 60.43 49.48
Total 143.77 124.09
Other assets 95.32 82.72
*The amount of expenditure recognised in CWIP in the course of construction is ₹ 1.54 crores (Previous Year - ₹ 0.08 crores).
175.93 153.07
Rates and taxes 16.56 12.75
Corporate social responsibility expenses (Refer note 39) 108.75 90.81 Note 28 : Depreciation And Amortisation Expense
Commission to Non Executive Directors 4.66 5.35 (₹ in Crores)
Directors' sitting fees 2.56 1.97 Year Year
Auditors' Remuneration (Refer note below) 2.80 2.38 2024-25 2023-24

Freight and handling charges 2,079.07 2,044.22 Depreciation of Property, Plant and Equipment (Refer note 2A) 563.79 432.86
Advertisement and Sales Promotion expenses 1,143.40 1,163.86 Depreciation of Right-of-Use Assets (net) (Refer note 2B)* 314.26 290.10
Bad debts written off (net) 1.78 1.23 Amortisation of Other Intangible Assets (Refer note 4(B)) 23.80 19.97
Allowance for expected credit lossess on receivables ( trade and others) and advances (net) 244.30 84.67 Total 901.85 742.93
Insurance 22.64 21.98 *The amount of expenditure recognised in CWIP in the course of construction is ₹ 4.44 crores (Previous Year - ₹ 2.69 crores).
Travelling expenses 231.01 212.89
Miscellaneous expenses^ 788.72 737.97 Note 29(A) : Category-Wise Classification of Financial Instruments
Total 5,194.95 4,895.08
(₹ in Crores )
*Includes variable lease payments (Refer note 15). Non-Current Current
Refer
^ Previous year includes fair valuation loss on earn out and derivatives towards acquisition of further stake in subsidiary companies amounting Financial Assets/ Financial Liabilities As at As at As at As at
note
to ₹ 0.48 crores. 31.03.2025 31.03.2024 31.03.2025 31.03.2024
No donation has been made by the Company to any political party or any other organizations linked to any political party (GRI 415 - Public Policy).
Financial assets measured at FVTPL
Designated upon initial recognition
Note : Auditors’ Remuneration (excluding GST) Investments in unquoted equity shares 5(I)(A)(a) 1.92 1.92 - -
(₹ in Crores) (iii)
Year Year
Mandatory
2024-25 2023-24
Investments in quoted mutual funds 5(II)(B) - - 2,899.26 2,891.72
Statutory audit fee 1.87 1.87
Foreign currency forward exchange contract (net) 6 - - - 0.03
Taxation matters 0.20 0.20
Derivative asset towards further stake acquisition in 6 - 36.54 4.61 5.02
Certification fees and other services 0.61 0.28
subsidiary companies
For reimbursement of expenses 0.12 0.03
1.92 38.46 2,903.87 2,896.77
Total 2.80 2.38
Financial assets measured at FVTOCI
Designated upon initial recognition
Investments in quoted equity shares * 5(I)(A)(b) 867.39 594.08 - -
Investments in unquoted debentures or bonds 5(I)(C)(b) 2.00 2.00 0.50 -
& 5(II)(A)
(b)
Investments in quoted debentures or bonds 5(I)(C)(a) - 202.03 213.91 216.78
& 5(II)(A)(a)
869.39 798.11 214.41 216.78

396 Asian Paints Limited Integrated Annual Report 2024-25 397

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

Note 29(A) : Category-Wise Classification of Financial Instruments (Contd.) Note 29(A) : Category-Wise Classification of Financial Instruments (Contd.)
(₹ in Crores ) Income, Expenses, Gains or Losses recognised on Financial Instruments in the
Refer
Non-Current Current Statement of Profit and Loss are as follows :
Financial Assets/ Financial Liabilities As at As at As at As at
note
31.03.2025 31.03.2024 31.03.2025 31.03.2024 (₹ in Crores )

Financial assets measured at amortised cost Refer Year Year

Income, (Expenses), Gains or (losses) on Financial Instruments
note 2024-25 2023-24
Investments in unquoted government securities 5(I)(B) # # - -
Financial assets measured at FVTPL
Security deposits 6 71.00 64.54 11.39 12.45
Royalty receivable from subsidiary and associate companies 6 - - 77.46 106.90 Mandatory
Fair value gain on quoted mutual funds 23 174.07 222.29
Due from subsidiary companies 6 - - 31.89 24.26
Due from associate companies 6 - - 3.91 2.62 Fair value (loss)/gain on derivative assets towards acquisition of further 23, 26 & 40 (1.66) 44.40
stake in subsidiary companies (net)
Dividend receivable from subsidiary companies 6 - - 6.40 -
Subsidy receivable from state governments (net) 6 324.19 275.33 176.46 178.88 172.41 266.69

Term deposits held as margin money against bank 6 0.33 0.33 - - Financial assets measured at amortised cost
guarantee and other commitments Interest income 23 127.31 113.06
Term deposits with more than 12 months original 6 455.72 243.15 710.60 1,191.58 Reversal of provision for expected credit loss on government grants 23 1.78 10.90
maturity Allowance for expected credit lossess on receivables (trade and others) and 26 (244.30) (84.67)
Interest accrued on investments in debentures or bonds 6 - - 20.14 17.53 advances (net)
measured at FVTOCI
Bad debts written off (net) 26 (1.78) (1.23)
Quantity discount receivable 6 - - 216.58 212.47
(116.99) 38.06
Retention monies receivable from Customers 6 3.15 2.14 0.59 0.18
Financial assets measured at FVTOCI
Other receivables 6 - - 5.24 18.61
Trade Receivables 10 7.35 - 3,197.55 3,699.84 Designated upon initial recognition

Cash and Cash Equivalents 11(A) - - 176.19 326.34 Interest income on investments in debt instruments 23 28.01 23.28
Other Bank Balances 11(B) - - 26.09 23.84 Dividend income from quoted equity investments 23 20.64 20.16
861.74 585.49 4,660.49 5,815.50 Net fair value gain on investments in debt instruments 3.67 16.20
Financial liabilities measured at FVTPL Net fair value gain on investments in equity instruments 273.30 7.77
Mandatory 325.62 67.41
Derivative liability towards further stake acquisition in 16 7.00 12.10 132.67 - Financial liabilities measured at FVTPL
subsidiary companies
Mandatory
Foreign currency forward exchange contract (net) 16 - - 11.41 -
Fair value (loss) on Gross obligation towards earnout 26 - (0.48)
7.00 12.10 144.08 -
Fair value (loss)/ gain on Derivative liability towards further stake 23, 26 & 40 (162.86) 5.33
Financial liabilities measured at amortised cost
acquisition in subsidiary companies (net)
Loan from State of Haryana 14 3.04 4.03 1.96 17.86
(162.86) 4.85
Loan from State of Karnataka 14 34.21 31.55 - -
Financial liabilities measured at amortised cost
Loan repayable on demand from banks 14 - - 0.19 60.41
Interest expense on lease liabilities 27 (91.84) (78.17)
Term loans - from banks or financial institutions 14 - - - 39.00
Interest expense on bank borrowings 27 (8.65) (7.85)
Lease Liabilities 15 900.80 893.87 258.62 233.51
Interest on bill discounting and loan from State Governments 27 (35.19) (33.99)
Unpaid/Unclaimed dividend 16 - - 26.09 23.84
(135.68) (120.01)
Retention monies 16 32.47 16.59 43.78 85.41
Net Gain on foreign currency transactions of Financial Asset and Financial 23 & 26 21.04 14.57
Deposits Received (including Trade Deposits) 16 2.00 0.11 - 0.01
Liabilities measured at amortised cost
Payable towards capital expenditure 16 - - 99.62 295.93
Payable towards services received 16 - - 790.82 691.84
Payable towards stores, spares and consumables 16 - - 16.23 14.15
Payable to employees 16 - - 206.04 271.78
Payable towards other expenses 16 - - 978.20 865.67
Trade payables (including Acceptances) 20 - - 3,123.69 3,255.14
972.52 946.15 5,545.24 5,854.55
* Investments in these equity instruments are not held for trading. Upon application of Ind AS 109 - Financial Instruments, the Company has chosen
to measure these investments in equity instruments at FVTOCI irrevocably as the management believes that presenting fair value gains or losses
relating to these investments in the Statement of Profit and Loss may not be indicative of the performance of the Company.

398 Asian Paints Limited Integrated Annual Report 2024-25 399

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

Note 29(B) : Fair Value Measurements Note 29(B) : Fair Value Measurements (Contd.)
(i) The following table provides the fair value measurement hierarchy of the Company’s (ii) Financial Instrument measured at Amortised Cost
financial assets and liabilities : The carrying amount of financial assets and financial liabilities measured at amortised cost in the Financial
As at 31 March 2025
st Statements are a reasonable approximation of their fair values since the Company does not anticipate that the
carrying amounts would be significantly different from the values that would eventually be received or settled.
(₹ in Crores )
Fair value Fair value hierarchy (iii) Invesments in debentures or bonds measured at FVTOCI
Financial Assets/ Financial Liabilities Quoted prices in Significant Significant
As at
active markets observable un-observable
The debentures or bonds are fair valued using various market observable inputs.
31.03.2025
(Level 1) inputs (Level 2) inputs (Level 3)
Financial assets measured at FVTOCI (iv) S
 ignificant techniques and unobservable inputs used for Level 3 fair valuation
Investments in quoted equity shares (Refer note 5(I)(A)(b)) 867.39 867.39 - - measurement
Investments in quoted debentures or bonds 213.91 - 213.91 - Sensitivity of input to fair value measurement
Valuation Significant
(Refer note 5(I)(C)(a) & 5(II)(A)(a)) As at 31st March 2025
techniques Unobservable Inputs Increase of volatility by 5% Decrease of volatility by 5%
Investments in unquoted debentures or bonds 2.50 - 2.50 -
Fair Value of Derivatives asset/ Monte Carlo Forecast EBITDA Net increase in derivative by Net decrease in derivative by
(Refer note 5(I)(C)(b)) & 5(II)(A)(b))
liability for further acquisition Simulation ₹ 0.14 crores ₹ 0.14 crores
Financial assets measured at FVTPL in subsidiaries (Weatherseal
Equity Value Net increase in derivative by Net decrease in derivative by
Investments in quoted mutual funds (Refer note 5(II)(B)) 2,899.26 2,899.26 - - Fenestration Private Limited,
₹ 0.10 crores ₹ 0.10 crores
Investments in unquoted equity shares 1.92 - - 1.92 Harind Chemicals and
Increase of WACC by 1% Decrease of WACC by 1%
(Refer note 5(I)(A)(a)(iii)) Pharmaceuticals Private
Limited and Obgenix Software Weighted Average Net increase in derivative by Net decrease in derivative by
Derivative asset towards further stake acquisition in 4.61 - - 4.61
Private Limited. Cost of Capital ₹ 15.94 crores ₹ 19.35 crores
subsidiary companies (Refer note 6)
(WACC)
Financial liabilities measured at FVTPL
Foreign currency forward exchange contract (net) 11.41 - 11.41 - As at 31st March 2025, fair value of gross obligation towards earnout and further stake acquisition of 40% in Obgenix Software Private
(Refer note 16) Limited is computed basis actual Revenue and EBITDA in accordance with the Share Purchase Agreement.

Derivative liability towards further stake acquisition in 139.67 - - 139.67 Sensitivity of input to fair value measurement
Valuation Significant
subsidiary companies (Refer note 16) As at 31st March 2024
techniques Unobservable Inputs Increase of volatility by 5% Decrease of volatility by 5%
Fair Value of Derivatives asset/ Monte Carlo Forecast Revenue Net decrease in derivative Net increase in derivative by
As at 31st March 2024 liability for further acquisition Simulation by ₹ 3.39 crores ₹ 3.55 crores
(₹ in Crores ) in subsidiaries (Weatherseal Forecast EBITDA Net increase in derivative by Net decrease in derivative by
Fair value Fair value hierarchy Fenestration Private Limited, ₹ 0.19 crores ₹ 0.18 crores
Quoted prices in Significant Significant Harind Chemicals and
Financial Assets/ Financial Liabilities As at Equity Value Net increase in derivative by Net decrease in derivative by
active markets observable un-observable Pharmaceuticals Private
31.03.2024
(Level 1) inputs (Level 2) inputs (Level 3)
₹ 1.04 crores ₹ 0.88 crores
Limited and Obgenix Software
Increase of WACC by 1% Decrease of WACC by 1%
Financial assets measured at FVTOCI Private Limited)
Investments in quoted equity shares (Refer note 5(I)(A)(b)) 594.08 594.08 - - Weighted Average Net decrease in derivative Net increase in derivative by
Cost of Capital by ₹ 28.68 crores ₹ 33.77 crores
Investments in quoted debentures or bonds 418.81 - 418.81 -
(WACC)
(Refer note 5(I)(C)(a) & 5(II)(A)(a))
Investments in unquoted debentures or bonds 2.00 - 2.00 -
(Refer note 5(I)(C)(b)) & 5(II)(A)(b))
(v) Reconciliation of Level 3 fair value measurements of financial assets and financial
Financial assets measured at FVTPL liabilities is given below :
(₹ in Crores )
Investments in quoted mutual funds (Refer note 5(II)(B)) 2,891.72 2,891.72 - -
Year Year
Investments in unquoted equity shares 1.92 - - 1.92 Movement in Level 3 valuations
2024-25 2023-24
(Refer note 5(I)(A)(a)(iii))
Balance as at 1st April 31.38 (63.15)
Derivative asset towards further stake acquisition in 41.56 - - 41.56
Additions during the year - (11.90)
subsidiary companies (Refer note 6)
Settled / Payments during the year - 56.70
Foreign currency forward exchange contract (net) 0.03 - 0.03 -
(Refer note 6) Fair value (loss) / gain recorded in Standalone Statement of Profit and Loss (164.52) 49.73
Financial liabilities measured at FVTPL Balance as at 31 March
st
(133.14) 31.38
Derivative liability towards further stake acquisition in 12.10 - - 12.10
subsidiary companies (Refer note 16)

400 Asian Paints Limited Integrated Annual Report 2024-25 401

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

Note 29(C) : Financial Risk Management - Objectives and Policies Note 29(C) : Financial Risk Management - Objectives and Policies (Contd.)
The Company’s financial assets comprise mainly of investments, cash and cash equivalents, other balances with banks, 1) Market Risk ( Contd.)
trade receivables and other receivables and financial liabilities comprise mainly of borrowings, trade payables and
other payables. b) Foreign Currency Risk (Contd.)
The carrying amounts of the Company’s foreign currency denominated monetary items are as follows :
The Company is exposed to Market risk, Credit risk and Liquidity risk. The Board of Directors (‘Board’) oversee the (in millions FC)
management of these financial risks through its Risk Management Committee. The Risk Management Policy of the
Liabilities Assets
Company formulated by the Risk Management Committee and approved by the Board, states the Company’s approach Currency As at As at As at As at
to address uncertainties in its endeavour to achieve its stated and implicit objectives. It prescribes the roles and 31.03.2025 31.03.2024 31.03.2025 31.03.2024
responsibilities of the Company’s management, the structure for managing risks and the framework for risk USD 99.52 101.84 13.41 16.85
management. The framework seeks to identify, assess and mitigate financial risks in order to minimize potential adverse
EUR 12.36 19.16 1.18 9.53
effects on the Company’s financial performance. The Board has taken all necessary actions to mitigate the risks identified
SGD 0.22 0.11 2.11 1.80
basis the information and situation present.
GBP 0.29 1.24 0.18 0.13
The following disclosures summarize the Company’s exposure to financial risks and information regarding use of SEK 0.20 0.20 - -
derivatives employed to manage exposures to such risks. Quantitative sensitivity analyses have been provided to reflect JPY 113.08 215.61 281.43 10.30
the impact of reasonably possible changes in market rates on the financial results, cash flows and financial position of
Others 0.76 5.68 8,031.83 9,682.60
the Company.

1) Market Risk (₹ in Crores)

Liabilities Assets
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
Currency As at As at As at As at
changes in market prices. Market risk comprises three types of risks: interest rate risk, currency risk and other
31.03.2025 31.03.2024 31.03.2025 31.03.2024
price risk. Financial instruments affected by market risk include borrowings, investments, trade payables, trade
USD 863.48 850.37 114.60 143.37
receivables and derivative financial instruments.
EUR 114.54 172.87 10.93 86.02
a) Interest Rate Risk SGD 1.43 0.70 13.44 11.10
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate GBP 3.22 13.10 2.02 1.37
because of changes in market interest rates. Since the Company has insignificant interest bearing borrowings, SEK 0.17 0.16 - -
the exposure to risk of changes in market interest rates is minimal. The Company has not used any interest rate JPY 6.43 11.86 16.01 0.57
derivatives. Others 1.02 12.64 42.60 91.42
The Exposure of Company’s financial assets and liabilities to interest rate risk is as follows : Total 990.29 1,061.70 199.60 333.85

(₹ in Crores)
The above table represents total exposure of the Company towards foreign exchange denominated monetary
As at Non- interest
31.03.2025
Floating rate Fixed rate
bearing
items.
Financial assets 9,511.82 18.78 2,022.73 7,470.31
Out of the above, the details of exposures hedged using forward exchange contracts are given below :
Financial liabilities 6,668.84 0.19 1,198.63 5,470.02

Indian Rupee
Number of Buy Amount
(₹ in Crores) Currency Equivalent
Contracts (USD in mn.)
(₹ in Crores)
As at Non- interest
Floating rate Fixed rate
31.03.2024 bearing Forward contract to buy USD - As at 31.03.2025 39 67.41 589.00
Financial Assets 10,351.11 12.22 2,494.89 7,844.00 Forward contract to buy USD - As at 31.03.2024 3 4.26 35.52
Financial Liabilities 6,812.80 99.41 1,180.82 5,532.57

b) Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate due to
changes in foreign exchange rates. The Company enters into forward exchange contracts for crystalised foreign
exchange and firm commitment exposure falling due in next 90 days in accordance with foreign exchange risk
management policy approved by the Board. The Company does not enter into any derivative instruments for
trading or speculative purposes.

402 Asian Paints Limited Integrated Annual Report 2024-25 403

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

Note 29(C) : Financial Risk Management - Objectives and Policies (Contd.) Note 29(C) : Financial Risk Management - Objectives and Policies (Contd.)
1) Market Risk ( Contd.) 2) Credit Risk (Contd.)
b) Foreign Currency Risk (Contd.) Credit risk refers to risk that a counterparty will default on its contractual obligations resulting in financial loss to
the Company. Credit risk arises primarily from financial assets such as trade receivables, investment in mutual funds,
The Company is mainly exposed to changes in USD and EUR . The below table demonstrates the sensitivity to a
derivative financial instruments, other balances with banks and other receivables. The Company’s exposure to credit
5% increase or decrease in the USD and EUR as against INR, with all other variables held constant. The sensitivity
risk is disclosed in note 5 (except equity shares, bonds and debentures) 6, 10,11A and 11B.
analysis is prepared on the net unhedged exposure of the Company as at the reporting date. 5% represents
management’s assessment of reasonably possible change in foreign exchange rate. The Company has adopted a policy of only dealing with counterparties that have sufficiently high credit rating. The
(₹ in Crores ) Company’s exposure and credit ratings of its counterparties are continuously monitored and the aggregate value of
Effect on profit after tax Effect on total equity transactions is reasonably spread amongst the counterparties.
Change in USD Rate Year Year Year Year Credit risk arising from investment in mutual funds, derivative financial instruments, term deposits and other
2024-25 2023-24 2024-25 2023-24
balances with banks is limited and there is no collateral held against these because the counterparties are banks and
+5% (5.85) (25.50) (5.85) (25.50)
recognised financial institutions with high credit ratings assigned by the international credit rating agencies.
-5% 5.85 25.50 5.85 25.50
(₹ in Crores )
The average credit period is upto 45 days on sales of products. Credit risk arising from trade receivables is managed
in accordance with the Company’s established policy, procedures and control relating to customer credit risk
Effect on profit after tax Effect on total equity
Change in EUR Rate
management. Credit quality of a customer is assessed based on a detailed study of credit worthiness and accordingly
Year Year Year Year
2024-25 2023-24 2024-25 2023-24 individual credit limits are defined/modified. The concentration of credit risk is limited due to the fact that the
+5% (3.79) (3.30) (3.79) (3.30) customer base is large. There is no customer representing more than 5% of the total balance of trade receivables.
-5% 3.79 3.30 3.79 3.30 For trade receivables, as a practical expedient, the Company computes credit loss allowance based on a provision
matrix. The provision matrix is prepared based on historically observed default rates over the expected life of trade
c) Other Price Risk receivables and is adjusted for forward-looking estimates. The provision matrix followed is given below.
i) Equity / Investment Risk % Collection to gross
Net Outstanding > 365 days Credit loss allowance
Equity / Investment risk is the risk that the fair value of a financial instrument will fluctuate due to changes outstanding in current year

in market traded price. Equity / Investment risk arises from financial assets such as investments in equity Yes < 25% Yes, to the extent of lifetime expected credit losses outstanding as
instruments and bonds. The Company is exposed to Equity risk arising mainly from investments in equity at reporting date.
instruments recognised at FVTOCI. As at 31st March 2025, the carrying value of such equity instruments Yes > 25% Yes, to the extent of lifetime expected credit losses pertaining to
recognised at FVTOCI amounts to ₹ 867.39 crores (Previous year - ₹ 594.08 crores). The details of such balances outstanding for more than one year.
investments in equity instruments are given in Note 5(I)(A)(b). Additional allowance is made where default rate changes as per the performance of the receivables.
The Company is also exposed to Investment risk arising from investments in bonds and debentures (₹ in Crores)

recognised at FVTOCI. As at 31st March 2025, the carrying value of such instruments recognised at FVTOCI Year Year
Movement in expected credit loss allowance on trade receivables
2024-25 2023-24
amounts to ₹ 216.41 crores (Previous year - ₹ 420.81 crores). These being debt instruments, the exposure to
Balance as at 1st April 215.86 127.83
risk of changes in market rates is minimal. The details of such investments in bonds and debentures are given in
Note 5(I)(C) & 5(II)(A). Loss allowance measured at lifetime expected credit losses 233.07 88.03
Balance as at 31st March 448.93 215.86
The Company is mainly exposed to change in market rates of its investments in equity investments
recognised at FVTOCI. A sensitivity analysis demonstrating the impact of change in market prices of these In accordance with Ind AS 109 – Financial Instruments, the Company has re-assessed expected timing of cashflow
instruments from the prices existing as at the reporting date is given below : towards subsidy receivable from the State Governments. The Company is confident about the ultimate realisation
of the dues from the State governments. There is no credit risk attached to these receivables.
If the equity prices had been higher/lower by 10% from the market prices existing as at 31st March 2025,
Other Comprehensive Income for the year ended 31st March 2025 would increase by ₹ 74.33 crores (Previous (₹ in Crores)
year - ₹ 52.61 crores) and decrease by ₹ 74.33 crores (Previous year - ₹ 52.61 crores) respectively with a Movement in expected credit loss allowance on subsidy receivable from State Governments
Year Year
2024-25 2023-24
corresponding increase/decrease in Total Equity of the Company as at 31st March 2025. 10% represents
management’s assessment of reasonably possible change in equity prices. Balance as at 1st April 15.25 26.15
Additions - -
ii) Commodity rate risk Unwinding of interest resulting in reversal of expected credit losses (1.78) (10.90)
Material cost is the largest cost component for the Company, thus exposing it to the risk of price fluctions Balance as at 31st March 13.47 15.25
based on the supply and demand conditions of those materials. Commodity price risk exposure is evaluated
and managed through operating procedures and sourcing policies. The Company has put in place a mix of
long-term and short-term mitigation plans. During the year ended 31st March 2025 and 31st March 2024, the
Company had not entered into any derivative contracts to hedge exposure to fluctuations in commodity
prices.

404 Asian Paints Limited Integrated Annual Report 2024-25 405

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

Note 29(C) : Financial Risk Management - Objectives and Policies (Contd.) Note 29(D) : Capital Management
For the purpose of the Company’s capital management, capital includes issued capital and all other equity reserves
3) Liquidity Risk attributable to the equity shareholders of the Company. The primary objective of the Company when managing capital
Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meet commitments associated is to safeguard its ability to continue as a going concern and to maintain an optimal capital structure so as to maximize
with financial instruments that are settled by delivering cash or another financial asset. Liquidity risk may result from shareholder value.
an inability to sell a financial asset quickly at close to its fair value.
As at 31st March 2025 and 31st March 2024, the Company has only one class of equity shares and has low debt.
The Company has an established liquidity risk management framework for managing its short term, medium term Consequent to such capital structure, there are no externally imposed capital requirements. In order to maintain or
and long term funding and liquidity management requirements. The Company’s exposure to liquidity risk arises achieve an optimal capital structure, the Company allocates its capital for distribution as dividend or re-investment into
primarily from mismatches of the maturities of financial assets and liabilities. The Company manages the liquidity business based on its long term financial plans.
risk by maintaining adequate funds in cash and cash equivalents. The Company also has adequate credit facilities
agreed with banks to ensure that there is sufficient cash to meet all its normal operating commitments in a timely
Note 30 : Key Financial Ratios
and cost-effective manner.
Sr.
Ratios Numerator Denominator FY 2024-25 FY 2023-24 % Variance
The Company believes that its liquidity position (₹ 4478.65 crores as at 31st March 2025 (Previous Year- ₹ 5091.46 No.
Crores)), anticipated future internally generated funds from operations, and its fully available revolving undrawn 1 Current ratio Current Assets Current Liabilities 2.30 2.30 -0.01%
credit facility will enable it to meet its future known obligations in the ordinary course of business. However, if 2 Debt-equity ratio* Total Debt (Borrowings) Total Equity 0.004 0.010 -62.93%
liquidity needs were to arise, the Company believes it has access to financing arrangements, value of unencumbered
3 Debt service coverage ratio Earning available for debt Finance Costs (excluding cost 84.13 95.61 -12.00%
assets, which should enable it to meet its ongoing capital, operating, and other liquidity requirements. service @ pertaining to lease liabilities) +
Repayment of borrowings
The liquidity position of the Company mentioned above, includes :
4 Return on Equity ^ Profits after tax Average Total Equity 19.24% 31.50% -38.94%
i) Cash and cash equivalents and Other Balances with Banks (excluding earmarked balances) 5 Inventory turnover ratio Cost of goods sold Average Inventory 3.05 3.30 -7.64%

ii) Current/ Non-Current term deposits as disclosed in Other Financial Assets 6 Trade receivables turnover ratio Revenue from Sale of Average Trade receivables 8.52 8.61 -1.08%
Products and Services
iii) Investments in debentures or bonds (including interest accured on the same) and mutual funds 7 Trade payables turnover ratio Net Purchases of raw Average Trade payables 5.48 5.46 0.39%
material, packing material
The Company’s liquidity management process as monitored by the Management, includes - and stock-in-trade
8 Net capital turnover ratio Revenue from Operations Working Capital (Current Assets - 3.66 3.76 -2.53%
- Day to day funding, managed by monitoring future cash flows to ensure that requirements can be met;
Current Liabilities)
- Maintaining rolling forecasts of the Company’s liquidity position on the basis of expected cash flows; 9 Net profit ratio ^ Profit after tax Revenue from Operations 12.13% 17.02% -28.73%
- Maintaining diversified credit lines. 10 Return on capital employed^ Profit before interest Average Capital Employed [Total 28.39% 41.52% -31.63%
(excluding interest on lease Equity + Total Debt (Borrowings)]
The table below analyses financial liabilities of the Company into relevant maturity groupings based on the liabilities), exceptional items
remaining period from the reporting date to the contractual maturity date. The amounts disclosed in the table are and tax
the contractual undiscounted cash flows. 11 Return on investment Income during the year Time weighted average of
investment
(₹ in Crores)
a Return on Mutual Funds & 7.71% 7.35% 4.95%
Less than Between 1 - 5 More than Carrying
Total
1 year years 5 years Value b Return on Fixed Deposits 7.35% 7.44% -1.20%
As at 31st March 2025 c Return on Bonds & 8.77% 13.05% -32.77%
Borrowings (Refer note 14) 2.15 3.62 70.62 76.39 39.40 d Return on quoted equity 50.32% 4.83% 941.77%
Lease Liabilities (Refer note 15) 340.45 833.79 372.75 1,546.99 1,159.42 investment &
Other financial liabilities (Refer note 16) 2,304.86 41.47 - 2,346.33 2,346.33 *
Repayment of short term loans and overdrafts of Sleek business has led to reduction in outstanding debt.
Trade Payables (Refer note 20) 3,123.69 - - 3,123.69 3,123.69 ^ Muted demand conditions coupled with downtrading impacted revenues leading to lower profit for the year.

As at 31st March 2024

&
Impact of market dynamics
@
Earning available for Debt Service: Profit after tax + Depreciation and Amortisation Expense + Finance costs (excluding interest on lease
Borrowings (Refer note 14) 117.27 5.58 70.62 193.47 152.85 liabilities)- Net gain on sale of property, plant and equipment - Net gain on modification/ termination of leases.
Lease Liabilities (Refer note 15) 313.73 824.50 380.56 1,518.79 1,127.38
Other financial liabilities (Refer note 16) 2,248.63 28.80 - 2,277.43 2,277.43
Trade Payables (Refer note 20) 3,255.14 - - 3,255.14 3,255.14

406 Asian Paints Limited Integrated Annual Report 2024-25 407

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

Note 31 : Earnings Per Share Note 32 : Contingent Liabilities and Commitment (Contd.)
Year Year
2024-2025 2023-2024 b. Commitments
Basic earnings per share in rupees (face value – ₹1 per share) (In ₹) 37.39 55.43 (₹ in Crores)
Diluted earnings per share in rupees (face value – ₹1 per share) (In ₹) 37.39 55.42 As at As at
31.03.2025 31.03.2024
Profit used as Numerator
Profit after tax as per Statement of Profit and Loss (₹ in crores) 3,584.88 5,315.01 A. Estimated amount of contracts remaining to be executed on capital account and
not provided for
Weighted Average Number of Shares used as Denominator
i. Towards Property, Plant and Equipment 280.30 563.51
Basic EPS 95,87,21,421 95,88,41,696
ii. Towards Intangible Assets 4.75 18.12
Diluted EPS 95,88,73,609 95,89,86,355
B. Letters of Credit and Bank guarantees issued by bankers towards procurement 62.63 102.95
Reconciliation of Weighted Average Number of Shares Outstanding
of goods and services and outstanding as at year end
Number of equity shares outstanding during the year 95,91,97,790 95,91,97,790
Less : Weighted average shares held by ESOP trust as treasury shares (4,76,369) (3,56,094)
Weighted average number of equity shares outstanding during the year used for 95,87,21,421 95,88,41,696 Note 33 : Disclosure under the Micro, Small and Medium Enterprises Development
computing Basic EPS Act, 2006
Add : Options granted to employees* 1,52,188 1,44,659
The disclosures under the Micro, Small and Medium Enterprises Development Act, 2006 are provided to the extent the
Weighted average number of equity shares outstanding during the year used for 95,88,73,609 95,89,86,355
Company has received intimation from the “Suppliers” regarding their status thereunder.
computing Diluted EPS
(₹ in Crores)
*Represents the dilutive impact of Employee Stock Option Plan.
As at As at
31.03.2025 31.03.2024
Note 32 : Contingent Liabilities and Commitment (i) Principal amount and the interest due thereon remaining unpaid to each supplier at the
end of each accounting year.
a. Contingent Liabilities
Principal amount due to micro and small enterprise* 493.13 509.93
(₹ in Crores)
As at As at Interest due on above - -
31.03.2025 31.03.2024 (ii) Interest paid by the Company in terms of Section 16 of the Micro, Small and Medium - -
A. Claims against the Company not acknowledged as debts^ Enterprises Development Act, 2006, along-with the amount of the payment made to the
i. Tax matters in dispute under appeal supplier beyond the appointed day during the period
- Income Tax 112.99 349.64 (iii) Interest due and payable for the period of delay in making payment (which have been - -
- Value Added Tax, Goods & Service Tax, Sales Tax, Entry Tax, Octroi & Trade Tax 208.89 173.44 paid but beyond the appointed day during the period) but without adding interest
- Excise, Service Tax & Customs 15.63 15.36 specified under the Micro, Small and Medium Enterprises Act, 2006
ii. Labour related disputes 22.79 32.32 (iv) The amount of interest accrued and remaining unpaid at the end of each accounting year - -
iii. Disputes relating to property matters - 24.87 (v) Interest remaining due and payable even in the succeeding years, until such date when - -
iv. Others (includes disputes on matters pertaining to rent deposits, electricity, 23.67 19.61 the interest dues as above are actually paid to the small enterprises
consumer cases, etc)
B. Other monies for which the Company is Contingently Liable* 59.64 43.37 *Includes ₹ 313.00 crores (Previous year - ₹ 308.79 crores) payable towards other financial liabilities.

Total 443.61 658.61 Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of information collected by
the Management. This has been relied upon by the auditors.
^The above claims are pending before various Appellate Authorities. The management, including its advisors, expect that its position will likely
be upheld on ultimate resolution and will not have a material adverse effect on the Company’s financial statements.
It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the pending resolution of the respective Note 34 : Employee Benefits
proceedings as it is determinable only on receipt of judgements/ decisions pending with various forums/ authorities. The Company does not
expect any reimbursements in respect of the contingent liabilities. (1) Post-employment benefits* :
*Towards custom duty and IGST for capital goods imported under Manufacturing & Other operation in Warehouse Regulation (MOOWR)
scheme against which the Company has executed a bond which is three times of the custom duty calculated at the time of import. The amount (a) Defined benefit gratuity plan (Funded)
and timing of liability towards such custom duty and IGST will crystalize at the time of filing of ex-bond bill of entry at the time of removal of
goods from the bonded warehouse. The Company has defined benefit gratuity plan for its employees, which requires contribution to be made to a
separately administered fund. It is governed by the Payment of Gratuity Act, 1972. Under the Act, all employees
who have completed five years of service are entitled to specific benefit. The level of benefits provided depends
on the member’s length of service and salary at retirement age. There is no separate contribution by the
employee in the fund. The fund has the form of a trust and it is governed by the Board of Trustees. The Board of
Trustees is responsible for the administration of the plan assets including investment of the funds in accordance
with the norms prescribed by the Government of India.

408 Asian Paints Limited Integrated Annual Report 2024-25 409

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

Note 34 : Employee Benefits (Contd.) Note 34 : Employee Benefits (Contd.)

(1) Post-employment benefits* (Contd.): (1) Post-employment benefits (Contd.)
(a) Defined benefit gratuity plan (Funded) (Contd.) The following tables summarise the components of defined benefit expense recognised in the Statement of Profit
Each year, the Board of Trustees and the Company review the level of funding in the Trust. Such a review and Loss/OCI and the funded status and amounts recognised in the Balance Sheet for the respective plans.
includes the asset-liability matching strategy and assessment of the investment risk. The Company (employer) (₹ in Crores)
contributes to the fund based on the results of this annual review and ensures that the trust is adequately Post-Retirement Medical
Gratuity (Funded Plan) Pension (Unfunded Plan)
funded. Generally, it aims to have a portfolio mix of sovereign debt instruments, debt instruments of Corporates (Unfunded Plan)

and equity instruments. The Company aims to keep annual contributions relatively stable at a level such that no As at As at As at As at As at As at
31.03.2025 31.03.2024 31.03.2025 31.03.2024 31.03.2025 31.03.2024
significant plan deficits (based on valuation performed) will arise.
A Opening defined benefit obligation 274.83 250.37 1.30 1.47 0.85 0.83
Every two years an Asset-Liability-Matching study is performed in which the consequences of the investments Current service cost 23.56 21.75 0.03 0.06 - -
are analysed in terms of risk and return profiles. The Board of Trustees, based on the study, take appropriate Interest cost 19.43 18.34 0.09 0.10 0.06 0.06
decisions on the duration of instruments in which investments are done. As per the latest study, there is no Past Service Cost - - - - - -
Asset-Liability-Mismatch. There has been no change in the process used by the Company to manage its risks (Gain) on Curtailments/Settlements - - - - - -
from prior periods. Amount included in Statement of Profit and 42.99 40.09 0.12 0.16 0.06 0.06
Loss
As the plan assets include significant investments in quoted debt and equity instruments, the Company is
Remeasurement (Gains)/Losses
exposed to the risk of impacts arising from fluctuation in interest rates and risks associated with equity market.
Actuarial gain from changes in financial 8.83 4.32 (0.03) 0.02 0.03 0.02
Fair value of the Company’s own transferable financial instruments held as plan assets : NIL assumptions
Actuarial loss from changes in demographic 0.29 - - - - -
assumptions
(b) Defined benefit pension plan (Unfunded)
Experience adjustment (0.45) (3.42) (0.05) (0.09) 0.01 0.02
The Company operates a defined benefit pension plan for certain specified employees and is payable upon the
Amount included in Other Comprehensive 8.67 0.90 (0.08) (0.07) 0.04 0.04
employee satisfying certain conditions, as approved by the board of directors. Income
Inter-Company Transfer (0.67) - - - - -
(c) Defined benefit post-retirement medical benefit plan (Unfunded)
Benefits paid (19.94) (16.53) (0.14) (0.26) (0.07) (0.08)
The Company operates a defined post retirement medical benefit plan for certain specified employees and Closing defined benefit obligation 305.88 274.83 1.20 1.30 0.88 0.85
payable upon the employee satisfying certain conditions. B Opening fair value of plan assets 273.83 243.82 - - - -
Aforesaid post-employment benefit plans typically expose the Company to actuarial risks such as: investment Return on plan assets 19.41 17.83 - - - -
risk, interest rate risk, longevity risk and salary risk. Amount included in Statement of Profit and 19.41 17.83 - - - -
Loss
Investment Risk These Plans invest in long term debt instruments such as Government securities Actuarial Gains/(loss) 5.51 8.78 - - - -
and highly rated corporate bonds. The valuation of such long term debt Amount included in Other Comprehensive 5.51 8.78 - - - -
instrument is inversely proportionate to the interest rate movements. There is risk Income
of volatility in asset values due to market fluctuations and impairment of assets Contributions by employer 23.91 19.93 - - - -
due to credit losses. Benefits paid (19.94) (16.53) - - - -
Interest Risk The present value of the defined benefit liability is calculated using a discount Closing fair value of plan assets 302.72 273.83 - - - -
rate which is determined by reference to market yields at the end of the reporting C Amounts recognised in the Balance Sheet
period on Government securities. A decrease in yields will increase the fund Closing defined benefit obligation 305.88 274.82 1.20 1.30 0.88 0.85
liabilities and vice-versa. Closing fair value of plan assets 302.72 273.83 - - - -
Net Liability Recognised in the Balance Sheet 3.16 0.99 1.20 1.30 0.88 0.85
Longevity Risk The present value of the defined benefit liability is calculated by reference to
the best estimate of the mortality of plan participants both during and after D Expense/(Income) recognised in :
their employment. An increase in the life expectancy of the plan participants will Statement of Profit and Loss 23.58 22.25 0.12 0.16 0.06 0.06
increase the plan's liability. Statement of Other Comprehensive Income 3.16 (7.88) (0.08) (0.07) 0.04 0.04
E Weighted average duration of defined benefit 10.90 10.57 10.90 10.57 10.90 10.57
Salary Risk The present value of the defined benefit liability is calculated by reference to
obligation
the future salaries of plan participants. As such, an increase in salary of the plan
F Maturity profile of defined benefit obligation
participants will increase the plan's liability.
Within the next 12 months 33.35 26.14 0.14 0.15 0.08 0.08
The most recent actuarial valuation of the plan assets and the present value of defined obligation were carried Between 1 and 5 years 87.74 85.88 0.43 0.42 0.29 0.29
out as at 31st March 2025 by M/s Transvalue Consultants. Between 5 and 10 years 175.52 175.00 0.62 0.57 0.31 0.32
*GRI 201-3 - Defined benefit plan obligations and other retirement plans 10 years onwards 349.79 321.86 0.43 0.47 0.88 0.90

410 Asian Paints Limited Integrated Annual Report 2024-25 411

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

Note 34 : Employee Benefits (Contd.) Note 34 : Employee Benefits (Contd.)

(1) Post-employment benefits (Contd.) (1) Post-employment benefits (Contd.)
The major categories of plan assets of the fair value of the total plan assets are as follows : Significant actuarial assumptions for the determination of the defined benefit obligation are discount rate and
expected salary increase. The sensitivity analysis below has been determined based on reasonably possible
(₹ in Crores)
changes of the respective assumptions occurring at the end of the reporting period, while holding all other
Gratuity Gratuity
(Funded Plan) (Funded Plan) assumptions constant.
As at As at (₹ in Crores)
31.03.2025 31.03.2024 Post-Retirement Medical
Gratuity (Funded Plan) Pension (Unfunded Plan)
(Unfunded Plan)
Quoted
As at As at As at As at As at As at
Government of India securities (Central and State) 142.13 127.81 31.03.2025 31.03.2024 31.03.2025 31.03.2024 31.03.2025 31.03.2024
High quality corporate bonds (including Public Sector Bonds) 105.45 102.16 Defined Benefit Obligation - Discount (22.82) (19.91) (0.07) (0.07) (0.06) (0.06)
Equity shares, Equity mutual funds and ETF 41.20 33.16 Rate + 100 basis points

Total (A) 288.78 263.13 Defined Benefit Obligation - Discount 26.46 23.04 0.07 0.08 0.07 0.07
Rate - 100 basis points
Unquoted
Defined Benefit Obligation – Salary 20.39 19.38 - - - -
Cash Balance 1.69 0.28
Escalation Rate + 100 basis points
Others 12.25 10.42 Defined Benefit Obligation - Salary (19.41) (18.52) - - - -
Total (B) 13.94 10.70 Escalation Rate - 100 basis points
Total (A+B) 302.72 273.83
The sensitivity analysis presented above may not be representative of the actual change in the defined benefit
The principal assumptions used in determining gratuity, pension and post-retirement medical benefit obligations obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of
for the Company’s plans are shown below : the assumptions may be correlated. Furthermore, in presenting the above sensitivity analysis, the present
value of the defined benefit obligation has been calculated using the projected unit credit method at the end
i) Financial Assumptions of the reporting period, which is the same as that applied in calculating the defined benefit obligation liability
recognised in the Balance Sheet.
Post-Retirement Medical
Gratuity (Funded Plan) Pension (Unfunded Plan)
(Unfunded Plan) The Company expects to make a contribution of ₹ 28.79 crores (Previous year - ₹ 24.56 crores) to the defined
As at As at As at As at As at As at benefit plans during the next financial year for Gratuity trust.
31.03.2025 31.03.2024 31.03.2025 31.03.2024 31.03.2025 31.03.2024
Discount Rate 6.70% 7.09% 6.70% 7.09% 6.70% 7.09%
(d) Provident Fund
Salary Escalation Rate All Grades- All Grades- - - - -
8% 8% The Provident Fund assets and liabilities are managed by ‘Asian Paints Office Provident Fund’ and ‘Asian Paints
Factory Employees Provident Fund’ in line with The Employees’ Provident Fund and Miscellaneous Provisions
ii) Demographic Assumptions Act, 1952.

Particulars
As at As at The plan guarantees minimum interest at the rate notified by the Provident Fund Authorities. The contribution
31.03.2025 31.03.2024
by the employer and employee together with the interest accumulated thereon are payable to employees at
Withdrawal Rate Upto 34yrs - 10.30%, Upto 34yrs - 10.30%, the time of separation from the Company or retirement, whichever is earlier. The benefit vests immediately on
35-44 yrs - 4.90%, 35-44 yrs - 4.90%, rendering of the services by the employee. In terms of the guidance note issued by the Institute of Actuaries
Above 44yrs-1.80% Above 44yrs-1.80% of India for measurement of provident fund liabilities, the actuary has provided a valuation of provident fund
Mortality Rate IALM ( 2012-2014) IALM ( 2012-2014) liability and based on the assumptions provided below, there is no shortfall as at 31st March 2025.
Ultimate Ultimate
Participation by all employees in provident funds plans is mandatory. Contribution to Provident Fund is made
Retirement Age 58 Years 58 Years @ 12% of salary (computed in accordance with the prevalent regulations) by the employee. Similarly, the
Company also contributes to the Provident Fund specified percentage of salary as per the prevalent regulations.
Employees have the option to voluntarily contribute a higher amount.
The Company contributed ₹ 29.17 crores (Previous Year - ₹ 25.42 crores) towards Asian Paints Office Provident
Fund during the year ended 31st March 2025. The Company contributed ₹ 15.37 crores (Previous Year - ₹ 13.82
crores) towards Asian Paints Factory Employees Provident Fund during the year ended 31st March 2025.

412 Asian Paints Limited Integrated Annual Report 2024-25 413

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

Note 34 : Employee Benefits (Contd.) Note 34 : Employee Benefits (Contd.) :

(1) Post-employment benefits (Contd.) (3) Employee share based payment plans
(d) Provident Fund (Contd.) During the year ended 31st March 2021, the Company implemented Asian Paints Employee Stock Option Plan
2021 (“2021 Plan”). The plan was approved by the shareholders in the Company’s 75th AGM held on 29th June 2021.
The details of the Asian Paints Office Provident Fund and plan assets position are given below :
The 2021 Plan enables grant of stock options to the eligible employees of the Company and its subsidiaries not
(₹ in Crores)
exceeding 25,00,000 Shares, which is 0.26 % of the paid up equity share capital of the Company as on 12th May 2021.
As at As at
31.03.2025 31.03.2024 Further, the stock options to any single employee under the Plan shall not exceed 5,00,000 Shares of the Company
during the tenure of the Plan, subject to compliance with Applicable Law.
Present value of benefit obligation at period end 579.36 511.90
Plan assets at period end, at fair value, restricted to Asset recognised in Balance Sheet 579.36 511.90 The options granted under 2021 Plan have a maximum vesting period of 4 years. The options granted are based
on the performance of the employees during the year of the grant and their continuing to remain in service over
The details of the Asian Paints Factory Employees Provident Fund and plan assets position are given below: the next 3 years. The process for determining the eligibility of employees for the grant of stock options under
(₹ in Crores) the 2021 Plan shall be determined by the Nomination and Remuneration Committee (Administrator of the 2021
As at As at Plan) in consultation with Managing Director & CEO and based on employee’s grade, performance rating and such
31.03.2025 31.03.2024 other criteria as may be considered appropriate. The employees shall be entitled to receive one equity share of
Present value of benefit obligation at period end 418.24 370.79 the Company on exercise of each stock option, subject to performance of the employees and continuation of
Plan assets at period end, at fair value, restricted to Asset recognised in Balance 418.24 370.79 employment over the vesting period. The exercise price for stock options granted are at a discount of 50% to the
Sheet Reference Share Price (the average of the daily high and low of the volume weighted average prices of the Shares

quoted on a recognised stock exchange during the 22 trading days preceding the day on which the grant is made) of
Assumptions used in determining the present value obligation of the interest rate guarantee under the Projected Unit Credit Method the shares of the Company as defined under 2021 Plan.
(PUCM) :
Further, the 2021 Plan replaced the existing Deferred Incentive Scheme (which provided for deferred cash pay-outs
As at As at
based on performance of the employees and satisfaction of vesting conditions). Pursuant to launch of 2021 Plan,
31.03.2025 31.03.2024
the eligible employees were given option to convert existing deferred incentive benefit for FY 2020-21 into ESOPs.
Discounting Rate 6.70% 7.09%
Accordingly, stock options were granted to those employees opting for ESOPs.
Expected Guaranteed interest rate 8.25%* 8.25%
The Administrator approved secondary purchase of shares equivalent to the options granted in August, 2021
*Rate announced by Central Board of Trustees of Employees Provident Fund Organisation for the FY 2024-25 and the same is used for
through Asian Paints Employees Stock Ownership Trust (“ESOP Trust” or “Trust”) which is shown as treasury shares in
valuation purpose. The Trust had provisionally declared interest rate of 8.40% for FY 2024-25.
the Statement of Changes in Equity.

(2) Other Long term employee benefits : (a) Details of stock options granted :
Annual Leave and Sick Leave assumptions Weighted
Options Options Options Options Options Options
Exercisable Average
The liability towards compensated absences (annual leave and sick leave) for the year ended 31st March 2025 based Grant Date Vesting Date
outstanding at granted exercised forfeited lapsed outstanding
at period remaining
the beginning during during the during the during at the end of
on actuarial valuation carried out by using Projected Accrued Benefit Method resulted in increase in liability by of the year the year year year the year the year
end contractual
life (years)
₹ 28.63 crores (Previous Year- decreased by ₹ 24.51 crores).
Grant 1 16th August 31st March 2024 94,208 - 89,769 119 - 4,320 3,840 0.5
(a) Financial Assumptions 2021

As at As at Grant 2 16th August 31st March 2025 and 1,03,244 - 3,990 - 6,420 92,834 20,470 1
Particulars 2021 1st April 2025
31.03.2025 31.03.2024
Discount Rate 6.70% 7.09% Grant 3 10th February 31st March 2025 and 3,850 - 73 - 84 3,693 - 1
2022 1st April 2025
Salary increases allowing for Price inflation All Grades-8% All Grades-8%
Grant 4 6th June 31st March 2026 and 1,31,083 - 1,121 - 6,903 1,23,059 - 2
2022 1st April 2026
(b) Demographic Assumptions
Grant 5 8th September 31st March 2026 and 5,968 - - - 483 5,485 - 2
As at As at 2022 1st April 2026
Particulars
31.03.2025 31.03.2024
Grant 6 19th January 31st March 2026 and 584 - - - 188 396 - 2
Mortality IALM (2012-14) Ultimate IALM (2012-14) Ultimate
2023 1st April 2026
Employee Turnover Upto 34yrs - 10.30%, Upto 34yrs - 10.30%,
Grant 7 31st March 31st March 2026 and 830 - - - 158 672 - 2
35-44 yrs - 4.90%, 35-44 yrs - 4.90%,
2023 1st April 2026
Above 44yrs-1.80% Above 44yrs-1.80%
Grant 8 27th April 1st April 2027 - 1,90,744 - - 8,963 1,81,781 - 3
Leave Availment Ratio 5% 5%
2024

Weighted average exercise price for respective option series towards all the movement including opening and
closing outstanding options is same as exercise price on grant date.

414 Asian Paints Limited Integrated Annual Report 2024-25 415

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

Note 34 : Employee Benefits (Contd.) NOTE 36(A) : Amalgamation of Sleek International Private Limited and
(3) Employee share based payment plans Maxbhumi Developers Limited
The Hon’ble National Company Law Tribunal, Mumbai (‘NCLT’) approved the Scheme of Amalgamation (‘the Scheme’)
(b) Fair Value of stock options granted : of Maxbhumi Developers Limited (MDL) and Sleek International Private Limited (Sleek), wholly owned subsidiaries of
Fair Value of stock options was calculated using the Black Scholes Model. The key assumptions used for calculating Asian Paints Limited (the Company) with the Company vide order dated 24th January 2025. The Scheme came into effect
the option fair value are as below : from 1st March 2025. The appointed date of the Scheme is 1st April 2024. The comparative periods have been restated in
accordance with Ind AS 103 - Business Combinations.
Risk free Expected Dividend Exercise
Expected life (₹ in Crores)
interest rate volatility Yield price
Market Balance as on 1st April 2023 Sleek MDL
Tenure to vesting Dividend yield price at
Zero Coupon Fair Value
Sovereign
of options and half Based on daily is calculated the time 50% of
Property, Plant and Equipment 39.40 -
Grant Date of exercise period volatility as dividend at Grant
Bond of grant of Reference
assuming even for period paid in last Date (₹) Right-of-Use Asset 8.93 -
Interest Rate the option Share
exercise of options equivalent for FY divided by (₹) Capital work-in-progress 23.67 -
equivalent for Price
during exercise option life current share
option life Goodwill 11.91 -
period price

Grant 1 16 August 2021

th
5.07% 3.12 years 34.67% 0.60% 1,685.13 2,987.55 1,518.70 Other Intangible Assets 30.27 -
Other Financial Assets - Non-current and Current 1.83 5.09
Grant 2 16th August 2021 5.50% 4.12 years 32.17% 0.60% 1,752.87 2,987.55 1,518.70
Income Tax Assets (Net) 1.50 0.12
Grant 3 10th Febuary, 2022 5.57% 3.63 years 33.93% 0.55% 1,884.83 3,228.35 1,632.53 Other Assets - Non-current and Current 13.28 -
Grant 4 6th June 2022 7.17% 4.32 years 33.76% 0.66% 1,768.00 2,886.90 1,478.00 Inventories 97.53 -
Grant 5 8 September 2022
th
7.08% 4.06 years 34.71% 0.56% 2,098.00 3,400.35 1,706.00 Trade Receivables 56.01 -
Cash and Cash Equivalents 0.25 1.73
Grant 6 19th January 2023 7.22% 3.69 years 34.75% 0.65% 1,769.00 2,945.25 1,505.00
Other Balances with Banks - 5.75
Grant 7 31 March 2023
st
7.28% 3.50 years 34.59% 0.69% 1,649.00 2,770.50 1,412.00
Lease Liabilities - Non-current and Current (9.35) -
Grant 8 27th April 2024 7.21% 3.42 years 28.36% 0.93% 1,652.00 2,844.15 1,433.00 Other Financial Liabilities - Non-current and Current (36.36) (0.01)
During the year, the Company has recognized an expense of ₹ 18.23 crores (31st March 2024 - ₹ 19.37 crores). This is net of recoveries from Provisions - Non-current and Current (5.55) -
subsidiaries of ₹ 3.02 crores (31st March 2024 - ₹ 2.47 crores). Deferred Tax Liabilities (Net) - -
Borrowings (88.96) -
Trade Payables (18.34) -
Note 35(A) : Disclosure As Per Regulation 34(3) Of The SEBI (Listing Obligations Other Liabilities - Non-current and Current (21.36) (0.01)
And Disclosure Requirements) Regulations Total Net Assets Acquired (A) 104.66 12.67
Other equity acquired (B) (190.65) (2.88)
There are no loans and advances in the nature of loans given to subsidiaries, associates and others and investment in
Investments in Sleek and MBL by the Company 234.60 12.05
shares of the Company by such parties as at 31st March 2025 and 31st March 2024.
Add: Impairment loss 95.00 3.50
Gross Investment (post adjustment of impairment (C)) 329.60 15.55
Capital Reserve (A-B-C) (34.29) -
Note 35(B) : Disclosure As Per Section 186 of The Companies Act, 2013 The Scheme has no material impact on the Statement of Profit or Loss of the Company for the current year and previous year.
The details of loans, guarantees and investments under Section 186 of the Companies Act, 2013 read with the Companies
(Meetings of Board and its Powers) Rules, 2014 are as follows : NOTE 36(B) : Derivative Contract towards future purchase of stake in subsidiary
(i) Details of Investments made are given in Note 5. companies:
 he Company has entered into agreements for future purchase of stake in subsidiary companies viz., Obgenix Software
T
(ii) There are no guarantees issued or loans given by the Company as at 31st March 2025 and 31st March 2024.
Private Limited, Weatherseal Fenestration Private Limited and Harind Chemicals and Pharmaceuticals Private Limited.
Accordingly, the Company has recognised derivative asset/ (liability) towards these forward contracts. The fair value
of such derivative asset / (liability) as on 31st March 2025 and the impact of changes in fair valuation reccognised in the
Statement of Profit or Loss is detailed below:
(₹ in Crores)
Fair valuation Gain / (Loss) Derivative Asset/(Liability)
Name of subsidiary Company
Year 2024-25 Year 2023-24 As at 31.03.2025 As at 31.03.2024
Obgenix Software Private Limited (167.76) 41.21 (132.67) 35.09
Weatherseal Fenestration Private Limited (1.66) 8.52 4.61 6.27
Harind Chemicals and Pharmaceuticals Private Limited 4.90 - (7.00) (11.90)

416 Asian Paints Limited Integrated Annual Report 2024-25 417

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

Note 37 : Related Party Transactions Note 37 : Related Party Transactions (Contd.)

Disclosure on Related Party Transactions as required by Ind AS 24 - Related Party Disclosure on Related Party Transactions as required by Ind AS 24 - Related Party
Disclosures is given below : Disclosures is given below (Contd.):
a) Associates : b) Subsidiaries : (where control exists) (Contd.)
1) PPG Asian Paints Private Limited
ii) Subsidiary of Enterprise Paints Limited :
Wholly owned subsidiaries of PPG Asian Paints Private Limited :
Country of % of Holding % of Holding
a) Revocoat India Private Limited Name of the Company
Incorporation as at 31.03.2025 as at 31.03.2024
b) PPG Asian Paints Lanka Private Limited ** Nirvana Investments Limited Isle of Man, U.K. 100.00 100.00

2) Obgenix Software Private Limited *

iii) Subsidiary of Nirvana Investments Limited :
b) Subsidiaries : (where control exists) Name of the Company
Country of % of Holding % of Holding
Incorporation as at 31.03.2025 as at 31.03.2024
Direct Subsidiaries :
Berger Paints Emirates LLC U.A.E. 100.00 100.00
Country of % of Holding % of Holding
Name of the Company
Incorporation as at 31.03.2025 as at 31.03.2024
Asian Paints Industrial Coatings Limited India 100.00 100.00 iv) Subsidiary of Universal Paints Limited :
Asian Paints International Private Limited (APIPL) Singapore 100.00 100.00
Asian Paints (Polymers) Private Limited India 100.00 100.00 Name of the Company
Country of % of Holding % of Holding
Asian White Cement Holding Limited ^ U.A.E 70.00 70.00 Incorporation as at 31.03.2025 as at 31.03.2024

Obgenix Software Private Limited* India 60.00 60.00 Berger Paints Bahrain W.L.L. Bahrain 100.00 100.00
Asian Paints (Nepal) Private Limited Nepal 52.71 52.71
Weatherseal Fenestration Private Limited India 51.00 51.00 v) Subsidiary of Asian White Cement Holding Limited :
Harind Chemicals and Pharmaceuticals Private Limited# India 51.00 51.00
Asian Paints PPG Private Limited India 50.00 50.00 Country of % of Holding % of Holding
Name of the Company
Incorporation as at 31.03.2025 as at 31.03.2024
^ Subsidiary w.e.f. 2nd May 2023.
* Associate upto 22nd June 2023. On 23rd June 2023, the Company acquired further 11% equity share capital of Obgenix Software Private Asian White Inc. FZE** U.A.E 100.00 100.00
Limited. Accordingly, Obgenix Software Private Limited became a subsidiary of the Company. **Subsidiary w.e.f. 26th June 2023
#
Subsidiary w.e.f. 14th February 2024.
** The Company has ceased its business operations during the year 2022-23 vi) Subsidiary of Harind Chemicals and Pharmaceuticals Private Limited :
Indirect Subsidiaries : Name of the Company
Country of % of Holding % of Holding
Incorporation as at 31.03.2025 as at 31.03.2024
i) Subsidiaries of Asian Paints International Private Limited, Singapore Nova Surface-Care Centre Private Limited*** India 100.00 100.00
% of Holding % of Holding
Name of the Company Country of Incorporation ***Subsidiary w.e.f. from 14th February 2024.
as at 31.03.2025 as at 31.03.2024
Enterprise Paints Limited Isle of Man, U.K. 100.00 100.00
c) Key Managerial Personnel :
Universal Paints Limited Isle of Man, U.K. 100.00 100.00
Asian Paints (Middle East) SPC Sultanate of Oman 100.00 100.00 Name Designation
Asian Paints Doha Trading W.L.L ^ Qatar 100.00 100.00 Amit Syngle Managing Director & CEO
Causeway Paints Lanka (Pvt) Ltd Sri Lanka 99.98 99.98 R J Jeyamurugan CFO & Company Secretary
Asian Paints (Bangladesh) Limited Bangladesh 95.09 95.09
SCIB Chemicals S.A.E.^^ Egypt 85.60 61.31
Non-Executive Directors
Samoa Paints Limited Samoa 80.00 80.00
Asian Paints (S.I) Limited Solomon Islands 75.00 75.00 Amrita Vakil Deepak Satwalekar (Chairman - upto 30th September 2023)
Asian Paints (Vanuatu) Limited Republic of Vanuatu 60.00 60.00 Nehal Vakil R Seshasayee (Chairman - w.e.f. 1st October 2023)
Kadisco Paint and Adhesive Industry Share Company Ethiopia 51.00 51.00 Jigish Choksi (upto 31 March 2025)
st
Soumitra Bhattacharya (w.e.f 26th October 2023)
Asian Paints (South Pacific) Pte Limited Republic of Fiji 54.07 54.07 Malav Dani Pallavi Shroff (upto 31st March 2024)
PT Asian Paints Indonesia ^^^ Indonesia - 100.00
Milind Sarwate Suresh Narayanan (upto 31st March 2024)
PT Asian Paints Color Indonesia ^^^ Indonesia - 100.00
A P International Doha Trading W.L.L ** Qatar - 100.00 Manish Choksi (Vice Chairman) Vibha Paul Rishi (upto 31st March 2024)
^ Subsidiary w.e.f. 5th November 2023. Ireena Vittal (w.e.f 25th July 2023) Gopichand Katragadda (w.e.f 1st April 2024)
^^On 26 May 2024, APIPL completed a buyout of 24.3% stake of certain minority shareholders in SCIB Chemicals S.A.E., Egypt,
th
Late. Ashwin Dani (upto 28 September 2023)
th
Varun Berry (w.e.f 23rd October 2024)
subsidiary of APIPL. .
^^^ Asian Paints International Private Limited, Singapore (‘APIPL’), subsidiary of the Company divested in PT Asian Paints Indonesia
(‘PTAPI’) & PT Asian Paints Color Indonesia (‘PTAPCI’). The said transaction was concluded on 20th March 2025.
** The Company has been voluntarily liquidated on 26th November 2024.

418 Asian Paints Limited Integrated Annual Report 2024-25 419

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

Note 37 : Related Party Transactions (Contd.) Note 37 : Related Party Transactions (Contd.)
Disclosure on Related Party Transactions as required by Ind AS 24 - Related Party Disclosure on Related Party Transactions as required by Ind AS 24 - Related Party
Disclosures is given below (Contd.): Disclosures is given below (Contd.):
d) Names of Close Family Members of Key Managerial Personnel (apart from those who are in g) Other entities where significant influence exist :
employment of the Company) where transactions have taken place during the year : i) Post employment-benefit plan entity :
Aashay Ashish Choksi Ishwara Hasit Dani Rupal Anant Bhat Asian Paints (I) Limited Employees’ Gratuity Fund
ACC AP Trust Jalaj Ashwin Dani$ Rupen Ashwin Choksi
Ami Manish Choksi Late. Abhay Arvind Vakil Sanjay Rishi ii) Other :
Anay Rupen Choksi Late. Amar Arvind Vakil Satyen Ashwin Gandhi
Asian Paints Office Provident Fund (Employee benefit plan)
Late. Asha Subhash Gujarathi Late. Ashwin Suryakant Dani$ Seema S Katragadda
Ashish Ashwin Choksi$ Mahendra Chimanlal Choksi$ Late. Shailesh Chimanlal Choksi$ Asian Paints Factory Employees’ Provident Fund (Employee benefit plan)
Ashwin Ramanlal Gandhi Manish Mahendra Choksi$ Shalinie Syngle Asian Paints Management Cadres’ Superannuation Scheme (Employee benefit plan)
Bhairavi Abhay Vakil Meghna Satyen Gandhi Shubhlakshmi Hasit Dani
Binita Ashish Choksi Mudit Jalaj Dani Smiti Jalaj Dani Terms and conditions of transactions with related parties :
Late. Chandanben Chhotalal Shah Nyra Varun Vakil Urvashi Ashwin Choksi 1. The Company has been entering into transactions with related parties for its business purposes. The process
Dipika Amar Vakil Nysha Rupen Choksi Vaibhavi Hiren Gandhi followed for entering into transactions with related party is same as followed for unrelated party. Vendors are
Druhi Ashish Choksi Prafullika Shailesh Choksi Vishal Shailesh Choksi selected competitively having regard to strict adherence to quality, timely servicing and cost advantage. Further
Hasit Ashwin Dani$ Ragini Varun Vakil Vita Jalaj Dani related party vendors provide additional advantages in terms of :
Hiren Ashwin Gandhi Rhea Manish Choksi Vivek Abhay Vakil$ (a) Supplying products primarily to the Company,
Hrishav Varun Vakil Richa Manish Choksi
(b) Advanced and innovative technology,
Ina Ashwin Dani Rita Mahendra Choksi
(c) Customization of products to suit the Company’s specific requirements, and
$
includes HUF of which he is the karta
(d) Enhancement of the Company’s purchase cycle and assurance of just in time supply with resultant benefits -
e) Close family members of Key Managerial Personnel who are under the employment of the notably on working capital.
Company and with whom transactions have taken place during the year : 2 . The purchases from and sales to related parties are made on terms equivalent to and those applicable to all
Varun Vakil ++ unrelated parties on arm’s length transactions. Outstanding balances payable and receivable at the year-end are
++
includes HUF of which he is the karta unsecured, interest free and will be settled in cash.
3. During the year ended 31st March 2025, the Company has recognised an amount of ₹ 10.79 crores due from its
f) Entities where Key Managerial Personnel / Close family members of Key Managerial Personnel
subsidiaries and associates (Previous year - ₹ 0.09 crores) as provision for doubtful receivables in Statement of
have control/ significant influence and where transactions have taken place or balance is
Profit and Loss. As at 31st March 2025, the provision for doubtful receivables from its subsidiaries and associates
outstanding during the year :
is ₹ 17.78 crores (Previous year - ₹ 6.99 crores). The Company has not recovered any amount out of provision for
Addverb Technologies Ltd. Hitech Specialities Solutions Ltd.^^ Ricinash Renewable Materials Pvt. Ltd.
Ankleshwar Industrial Development Society Hydra Trading Pvt. Ltd. Rupen Investment and Industries Pvt. Ltd. doubtful receivables provided in earlier years (Previous year - ₹ 0.37 crores).
AR Interact^^ Jalaj Trading and Investment Company Pvt. Ltd. Sattva Holding and Trading Pvt. Ltd.
During the year ended 31st March 2025, the Company has written off an amount of ₹ 24,840/- against doubtful
Asteroids Trading and Investments Pvt. Ltd. Jaldhar Investments and Trading Company Pvt. Satyadharma Investments and Trading
receivables (Previous year - ₹ 0.04 crores).
Ltd. Company Pvt. Ltd.
Castle Investment & Industries Pvt. Ltd. Lambodar Investments and Trading Company Shardul Amarchand Mangaldas & Co. ^ The assessment of receivables is undertaken in each financial year through examining the financial position of
Ltd. related parties, the market and regulatory environment in which related parties operate and is in accordance
Centaurus Trading and Investments Pvt. Ltd. Lyon Investment and Industries Pvt. Ltd. Stack Pack Ltd.
Dani Finlease Pvt. Ltd. Murahar Investments and Trading Company Ltd. Smiti Holding and Trading Company Pvt. Ltd.
with the accounting policy of the Company.
Doli Trading and Investments Pvt. Ltd. Navbharat Packaging Industries Pvt. Ltd. Sudhanva Investments and Trading Company
Pvt.Ltd.
Compensation of key managerial personnel of the Company :
Elcid Investments Ltd. Nehal Trading and Investments Pvt. Ltd. Suptaswar Investments and Trading Company (₹ in Crores)
Ltd. Year Year
Particulars
ELF Trading and Chemical Manufacturing Paladin Paints and Chemicals Pvt. Ltd.^^ Tru Trading and Investments Pvt. Ltd. 2024-25 2023-24
Pvt. Ltd. Short-term employee benefits 23.74 30.45
Geetanjali Trading and Investments Pvt. Ltd. Piramal Swasthya Management and Research Unnati Trading and Investments Pvt. Ltd. Post-employment benefits - 0.04
Institute
Other long-term benefits - -
Gujarat Organics Pvt. Ltd. Rayirth Holding and Trading Company Pvt. Ltd. Upnishad Trustee Advisory Services Pvt. Ltd.
Hiren Holdings Pvt. Ltd. Resins and Plastics Ltd. Vikatmev Containers Ltd. Termination benefits - -
Hitech Corporation Ltd. Riash Renewable Materials Pvt. Ltd. Share-based payments - -
^ Related Party upto 31st March 2024. Total compensation paid to key managerial personnel 23.74 30.49
^^ Transactions upto 31st March 2024.

420 Asian Paints Limited Integrated Annual Report 2024-25 421

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

Note 37 : Related Party Transactions (Contd.) Note 37 : Related Party Transactions (Contd.)
Details of transactions with and balances outstanding of associate companies : Details of transactions with and balances outstanding of subsidiary companies : (Contd.)
(₹ in Crores) (₹ in Crores)
Year 2024-25 Year 2023-24 Year 2024-25 Year 2023-24
Name of the related party Nature of transaction Transaction Outstanding Transaction Outstanding Name of the related party Nature of transaction Transaction Outstanding Transaction Outstanding
value amount value amount value amount value amount
PPG Asian Paints Private Revenue from Sale of Products 2.19 0.34 4.03 1.29 Asian Paints (Polymers) Other Non Operating Income 5.77 0.69 2.82 0.52
Limited Revenue from Sale of Services - (0.03) - - Private Limited Reimbursement of Expenses Received 2.58 0.19 3.43 0.16
Purchase of Goods 1.05 0.14 1.34 0.88
Equity Infusion 500.00 - 100.00 -
Processing Income 1.14 0.21 1.98 1.87
Obgenix Software Private Purchase of Goods 22.29 0.40 20.86 9.04
Royalty Income 3.42 0.32 3.56 0.29
Limited ** Royalty Income 0.30 0.11 0.19 0.04
Other Non Operating Income 4.49 0.94 4.62 (0.14)
Reimbursement of Expenses Received 4.66 2.74 4.66 0.87 Other Non Operating Income 1.05 0.49 2.73 0.29
Reimbursement of Expenses Paid 0.86 0.02 - - Reimbursement of Expenses Received 10.13 6.54 1.19 0.54
Sale of Assets # # 0.18 - Harind Chemicals and Purchase of Goods 10.54 1.71 1.28 1.60
Dividend received 115.50 - 108.37 - Pharmaceutical Private Other Non Operating Income 0.13 0.04 - -
Limited
Revocoat India Private Other Non Operating Income 0.11 0.02 0.05 0.01 Reimbursement of Expenses Received 0.38 0.02 0.05 0.03
Limited Reimbursement of Expenses Received 0.12 0.02 0.06 0.01 Dividend received 3.70 - - -
Obgenix Software Private Purchase of Goods - - 0.03 - Nova Surface Care Centre Services Received 0.01 - - -
Limited * Royalty Income - - 0.03 - Private Limited
Other Non Operating Income - - 0.62 - Asian Paints (Bangladesh) Revenue from sale of products 9.20 3.44 9.99 2.63
Reimbursement of Expenses Received - - 0.26 - Limited Royalty Income 11.08 11.08 12.01 24.38
* The transactions with Obgenix Software Private Limited for FY 23-24 is for the period upto 22nd June 2023 during which it was an Other non operating income 0.02 0.02 - #
associate. Reimbursement of Expenses Received 0.25 0.34 0.21 0.32
Reimbursement of Expenses Paid 0.17 0.32 0.24 0.31
Details of transactions with and balances outstanding of subsidiary companies : Asian Paints (Middle East) Revenue from sale of products 0.99 0.39 1.38 0.25
SPC Royalty Income 7.08 7.08 6.57 6.54
(₹ in Crores)
Year 2024-25 Year 2023-24 Other non operating income # # 0.01 0.01
Name of the related party Nature of transaction Transaction Outstanding Transaction Outstanding Reimbursement of Expenses Received 0.29 0.16 0.30 0.15
value amount value amount Reimbursement of Expenses Paid 0.26 - 0.13 0.13
Asian Paints PPG Private Revenue from Sale of Products 10.06 2.25 11.03 2.85 Asian Paints (Nepal) Private Revenue from sale of products 10.67 3.50 9.35 2.01
Limited Purchase of Goods 7.77 0.66 24.87 1.26 Limited Royalty Income 11.11 18.24 11.00 23.01
Processing Income 39.19 4.48 36.38 4.66 Other non operating income 0.51 0.53 0.36 0.39
Royalty Income 22.72 6.69 20.50 5.69 Reimbursement of Expenses Received 2.95 2.94 2.54 3.14
Other Non Operating Income 6.46 0.67 5.41 0.60 Reimbursement of Expenses Paid 0.08 0.08 0.05 -
Services Received 0.44 0.04 0.56 0.16 Issue of Materials as free sample 0.02 - 0.01 -
Reimbursement of Expenses Received 3.07 1.09 3.57 0.37 Dividend Received 6.40 6.40 14.22 -
Reimbursement of Expenses Paid 0.34 0.04 0.08 - Asian Paints (S.I) Limited Royalty Income 0.40 0.22 0.42 0.41
Sale of Assets - - 0.07 0.07 Asian Paints (South Pacific) Revenue from sale of products 0.22 - 0.34 0.16
Asian Paints Industrial Other Non Operating Income 0.04 0.04 0.04 0.04 Pte Limited Royalty Income 2.86 1.45 2.69 2.66
Coatings Limited Reimbursement of Expenses Received 1.06 0.80 0.65 0.57 Other non operating income 0.01 # 0.01 0.01
Reimbursement of Expenses Paid 2.27 0.79 1.96 0.43 Reimbursement of Expenses Received 0.13 0.02 0.26 0.37
Weatherseal Fenestration Revenue from Sale of Products - - 0.10 - Reimbursement of Expenses Paid - - 0.10 -
Private Limited Purchase of Goods 11.61 (0.11) 7.36 (0.33) Asian Paints (Vanuatu) Royalty Income 0.16 0.07 0.17 0.17
Royalty Income 0.54 0.11 0.11 0.04 Limited
Other Non Operating Income 1.72 0.81 3.63 1.25
Reimbursement of Expenses Received 5.09 1.33 0.30 0.12

422 Asian Paints Limited Integrated Annual Report 2024-25 423

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

Note 37 : Related Party Transactions (Contd.) Note 37 : Related Party Transactions (Contd.)
Details of transactions with and balances outstanding of associate companies: Details of transactions with and balances outstanding of associate companies : (Contd.)
(₹ in Crores) (₹ in Crores)
Year 2024-25 Year 2023-24 Year 2024-25 Year 2023-24
Name of the related party Nature of transaction Transaction Outstanding Transaction Outstanding Name of the related party Nature of transaction Transaction Outstanding Transaction Outstanding
value amount value amount value amount value amount
Asian Paints International Royalty Income 13.44 13.44 11.09 11.10 Asian White Cement Reimbursement of Expenses Received 0.28 0.20 - -
Private Limited Other non operating income 3.79 1.74 4.55 2.11 Holding Limited Reimbursement of Expenses Paid 0.12 0.12 - -
Reimbursement of Expenses Received 6.62 6.13 4.16 3.64 Services Received 0.96 0.60 - -
Reimbursement of Expenses Paid 0.03 - 0.08 0.06 Equity Infusion - - 94.73 -
Sitting Fees Received (from subsidiaries 0.43 0.43 0.41 0.41 Asian Paints Doha Trading Reimbursement of Expenses Received 0.01 0.01 - -
for nominee directors) W.L.L
Equity Infusion 197.94 - - -
Berger Paints Bahrain Revenue from sale of products 0.33 0.19 0.53 0.09 ** The transactions with Obgenix Software Private Limited for FY 23-24 is from the period it became a subsidiary of the Company.
W.L.L. Other non operating income # - - - ***The transanctions reported with PT Asian Paints Indonesia are until 20th March 2025 post which it has ceased to be a related party.
Reimbursement of Expenses Received 0.12 0.03 0.16 0.08 The Company has issued letters of awareness to banks/ financial institutions with respect to loans taken by certain international subsidiary
Reimbursement of Expenses Paid 0.02 - # - companies. There has been no guarantee given or provided to any related party.
Additionally, the Company has issued letter to the Board of APIPL informing its commitment to provide support to the subsidiary to meet its
Berger Paints Emirates LLC Revenue from sale of products 1.83 0.86 2.74 1.91
obligations, as and when they fall due including additional funding that may be necessitated to meet the approved business plan for FY 2024-25.
Other non operating income 0.07 0.07 # #
Services Received 2.97 0.52 2.72 - Details of transactions with and balances outstanding of Key Managerial Personnel /
Reimbursement of Expenses Received 2.83 1.84 2.43 3.01 Close Family Member of Key Managerial Personnel :
Reimbursement of Expenses Paid 0.31 0.13 0.24 0.01 (₹ in Crores)
Causeway Paints Lanka Revenue from sale of products 5.95 1.01 3.15 2.07 Year 2024-25 Year 2023-24
(Pvt) Ltd. Royalty Income 8.66 8.66 6.89 6.89 Name of the related party Nature of transaction Transaction Outstanding Transaction Outstanding
value amount value amount
Other non operating income 0.01 # # #
Amit Syngle Remuneration ^ 11.20 - 18.82 8.82
Services Received 1.19 0.22 0.79 0.50
Dividend paid # - # -
Reimbursement of Expenses Received 0.72 0.44 0.90 0.29
R J Jeyamurugan Remuneration ^^ 5.32 - 4.31 -
Reimbursement of Expenses Paid 0.01 - 0.09 0.04
Dividend paid # - - -
Kadisco Paint and Adhesive Revenue from sale of products 0.01 - - -
Amrita Vakil Remuneration 0.64 0.42 0.56 0.43
Industry Share Company Royalty Income 9.03 - - - Dividend paid 8.32 - 6.78 -
Other non operating income 0.07 - - - Late. Ashwin Dani Retiral benefits - - 0.04 -
Reimbursement of Expenses Received 0.96 - - - Remuneration - - 0.23 0.21
Reimbursement of Expenses Paid (0.15) 0.17 (0.02) 0.34 Dividend paid - - 4.49 -
PT Asian Paints Revenue from sale of products 0.19 - 2.17 1.91 Deepak Satwalekar Remuneration - - 0.27 0.25
Indonesia*** Royalty Income 1.39 - 2.59 4.77 Jigish Choksi Remuneration 0.56 0.42 0.56 0.42
Dividend paid 6.46 - 5.27 -
Reimbursement of Expenses Received 0.75 - 0.57 0.34
Malav Dani Remuneration 0.66 0.44 0.58 0.45
Reimbursement of Expenses Paid 0.11 - 0.03 -
Dividend paid 11.83 - 8.90 -
Purchase of Goods 0.02 - - -
Manish Choksi Remuneration 0.79 0.46 0.63 0.46
Samoa Paints Limited Royalty Income 0.26 0.55 0.29 0.42
Dividend paid 7.74 - 6.31 -
SCIB Chemicals S.A.E. Purchase of Goods - - 0.27 - Milind Sarwate Remuneration 0.73 0.48 0.65 0.48
Royalty Income 9.54 9.44 8.76 20.50 Dividend paid # - # -
Other Non operating income 0.01 - 0.01 0.01 Nehal Vakil Remuneration 0.57 0.42 0.54 0.42
Reimbursement of Expenses Received 0.54 0.24 0.45 0.57 Dividend paid 18.59 - 15.15 -
Reimbursement of Expenses Paid 0.04 0.02 0.44 0.42 Pallavi Shroff Remuneration - - 0.58 0.42
Asian White Inc. FZE Other non operating income 0.04 0.04 0.42 0.43 R Seshasayee Remuneration 0.86 0.50 0.66 0.47

Reimbursement of Expenses Received 0.09 0.06 0.30 0.25 Dividend paid # - # -

Suresh Narayanan Remuneration - - 0.62 0.46
Reimbursement of Expenses Paid # - 0.64 0.64

424 Asian Paints Limited Integrated Annual Report 2024-25 425

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

Note 37 : Related Party Transactions (Contd.) Note 37 : Related Party Transactions (Contd.)
Details of transactions with and balances outstanding of Key Managerial Personnel / Details of transactions with and balances outstanding of Entities Controlled/
Close Family Member of Key Managerial Personnel : (Contd.) Significantly Influenced by Key Managerial Personnel / Close Family Members of Key
(₹ in Crores) Managerial Personnel : (Contd.)
Year 2024-25 Year 2023-24 (₹ in Crores)
Name of the related party Nature of transaction Transaction Outstanding Transaction Outstanding
Year 2024-25 Year 2023-24
value amount value amount
Name of the related party Nature of transaction Transaction Outstanding Transaction Outstanding
Vibha Paul Rishi Remuneration - - 0.69 0.45
value amount value amount
Ireena Vittal Remuneration 0.67 0.44 0.43 0.28
Piramal Swasthya Management and Corporate Social 2.76 - 3.51 -
Soumitra Bhattacharya Remuneration 0.88 0.46 0.32 0.18
Research Institute Responsibility Expenses
Gopichand Katragadda Remuneration 0.61 0.44 - -
Resins and Plastics Ltd. Purchase of goods 7.29 0.56 5.87 1.72
Varun Berry Remuneration 0.25 0.18 - -
Ricinash Renewable Materials Pvt. Ltd. Purchase of goods 13.19 0.09 11.63 -
Dividend paid # - - -
Shardul Amarchand Mangaldas & Co. * Services Received - - 0.38 0.31
Varun Vakil (Close Family Remuneration 1.17 - 1.07 -
Members of KMP) Dividend paid 24.13 - 19.66 - Stack Pack Ltd. Purchase of goods 13.81 2.23 12.44 1.08
Rupal Anant Bhat (Close Family Revenue from 0.20 - 0.05 (0.02) Vikatmev Containers Ltd. Purchase of goods 16.20 1.44 17.91 1.59
Members of KMP) sale of products & Dividend paid 0.36 - 0.29 -
services Riash Renewable Materials Pvt. Ltd. Revenue from sale of 1.67 - 0.73 (1.31)
Dividend paid 6.23 - 5.08 - products & services
Others * Dividend paid 244.88 - 195.78 - Sattva Holding and Trading Private Dividend paid 177.52 - 144.64 -
Limited
^ Remuneration does not include :
Stock options (Year 2024-25 - NIL, Year 2023-24 - ₹ 8.82 crores) which will be subject to vesting conditions in accordance with the 2021 plan. Smiti Holding And Trading Company Dividend paid 167.73 - 146.10 -
^^ Remuneration does not include : Private Limited
Stock options (Year 2024-25 - ₹ 0.61 crores, Year 2023-24 - ₹ 0.59 crores) which will be subject to vesting conditions in accordance with the Hydra Trading Private Limited Revenue from sale of 0.08 (0.01) - -
2021 plan. products & services
* Dividend paid to Close Family Members of Key Managerial Personnel has been shown under others, which are less than 10% of overall dividend
Others ** Dividend paid 954.90 - 768.64 -
paid to Related parties.
* Related Party upto 31st March 2024.
** Dividend paid to Entities Controlled/Significantly influenced by Directors/Close Family Members of Directors has been shown under others, which
Details of transactions with and balances outstanding of Entities Controlled/ are less than 10% of overall dividend paid to Related parties.
Significantly Influenced by Key Managerial Personnel / Close Family Members of Key
Managerial Personnel : Details of transactions with and balances outstanding for other entities where
(₹ in Crores)
significant influence exist :
Year 2024-25 Year 2023-24
Year 2024-25 Year 2023-24
Name of the related party Nature of transaction Transaction Outstanding Transaction Outstanding
Name of the related party Nature of transaction Transaction Outstanding Transaction Outstanding value amount value amount
value amount value amount
Asian Paints (I) Limited Employees’ Contributions during the 23.00 - 19.10 -
AR Interact Issue of gift vouchers under - # # # Gratuity Fund * year (includes Employees’
marketing Schemes share and contribution)
Addverb Technologies Ltd. Services Received 0.01 0.03 0.02 0.03 Asian Paints Office Provident Fund** Contributions during the 79.44 6.86 65.72 5.77
Ankleshwar Industrial Development Corporate Social 0.04 - 0.09 (0.01) year (includes Employees'
Society Responsibility Expenses share and contribution)
Services Received 0.15 (0.01) 0.15 - Asian Paints Factory Employees’ Provident Contributions during the 49.26 4.14 42.21 3.68
ELF Trading And Chemical Manufacturing Revenue from sale of - 0.02 1.06 0.03 Fund** year (includes Employees’
Pvt. Ltd. products & services share and contribution)
Dividend paid 6.83 - 5.57 - *The Company pays to the employees on behalf of Trust which is subsequently reimbursed by the Trust.
Hitech Corporation Ltd. Purchase of goods & 428.58 106.96 451.41 110.38 ** In addition to the above, the Company has received `1.98 Crores from Asian Paints Office Provident Fund and `1.61 Crores from Asian Paints
Services Factory Employees’ Provident Fund towards reimbursement of interim distribution from IL&FS Financial Services Limited Bonds.
Hitech Specialities Solutions Ltd. Purchase of goods - - 0.02 - All the amounts reported in Note 37 are inclusive of GST wherever applicable.

Navbharat Packaging Industries Pvt. Ltd. Purchase of goods 4.85 0.27 3.58 0.22
Paladin Paints And Chemicals Pvt. Ltd. Purchase of goods - # - #

426 Asian Paints Limited Integrated Annual Report 2024-25 427

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

Note 38 : Segment Reporting Note 40 : Exceptional Item

The Company is primarily engaged in the business of ‘Paints and Home Decor’. There is no separate reportable segment (₹ in Crores)
as per Ind AS 108 - Operating Segments. As at
31.03.2025
1. Impairment loss on investment in subsidiary companies (Refer note (a)) 201.84
Note 39 : Corporate Social Responsibility Expenses
2. Fair valuation loss on derivative contracts for future stake purchases in subsidiary companies (Refer note (b)) 177.79
A. Gross amount required to be spent by the Company during the year 2024-25 - ₹ 108.75 crores (2023-24 - ₹ 90.81 crores) 379.63
B. Amount spent during the year on : (₹ in Crores)
a) The Company has made an assessment of the recoverable value of investment in its subsidiaries taking into account
Year 2024-25 Year 2023-24
the past business performance, prevailing business conditions and revised expectations of the future performance.
Yet to be Yet to be paid
In cash* Total In cash* Total
paid in cash in cash i. The recoverable value of investment in Obgenix Software Private Limited is the value in use determined as per
i Construction/Acquisition of any assets - - - - - - discounted cash flow method. The discount rate used is 15.1%. Accordingly, an impairment provision of ₹ 188.88
ii Purposes other than (i) above 102.06 6.75 108.81 86.87 4.17 91.04 crores was recognized in the Statement of Profit and loss.
102.06 6.75 108.81 86.87 4.17 91.04 ii. The recoverable value of investment in Weatherseal Fenestration Private Limited is the value in use determined
C. Related party transactions in relation to 2.80 3.60
as per discounted cash flow method. The discount rate used is 19.9%. Accordingly, an impairment provision of
Corporate Social Responsibility : ₹ 12.96 crores was recognized in the Statement of Profit and loss.
D. Provision movement during the year : b) Consequently, the Company has recognized fair valuation loss on derivative contract for future stake purchase in
Opening provision - - White teak and Weatherseal of ₹ 167.76 crores and ₹ 10.03 crores respectively in the Statement of Profit and loss.
Addition during the year - - (Refer Note 36(B)).
Utilised during the year - -
Closing provision - -
Note 41: Additional regulatory information required by Schedule III to the
* Represents actual outflow during the year
Companies Act, 2013
E. Amount earmarked for ongoing project: (i) D
 etails of struck off companies with whom the Company has transaction during the
(₹ in Crores) year or outstanding balance as on Balance Sheet date :
Year 2024-25 Year 2023-24 (₹ in Crores)
In Separate Nature of transactions As at As at
In Separate Name of Struck off Company
With CSR With with struck off Company 31.03.2025 31.03.2024
Total CSR Total
Company Unspent Company
Unspent A/c K.A.S. Housing Private Limited (1) (2) Receivables 0.01 0.01
A/c
Opening balance - - - - 0.88 0.88 Citi Square Modular Industries Private Limited (1) (2) Receivables 0.09 0.09
Amount required to be spent during the year - - - - - - D.R. Retails Private Limited (1) (2)
Receivables 0.01 0.01

Transfer to Separate CSR Unspent A/c - - - - - - Tirupati Suppliers Private Limited (1) (2) Receivables 0.25 0.25
B.F. Fashions Private Limited Receivables 0.12 0.22
Amount spent during the year - - - - (0.88) (0.88)
Vanshika Tours And Travels Private Limited Payables (0.01) (0.01)
Closing balance - - - - - -
Khatushyam Engineers Private Limited (2) Payables (0.01) (0.01)
There is no unspent amount at the end of the year to be deposited in specified fund of Schedule VII under section 135(5) of the Companies Act, 2013.
Swarna Homes Private Limited Payables 0.04 0.04
F. Details of excess amount spent
Cocina 9 International Private Limited Payables - #
(₹ in Crores)
Fairgrowth Investments Limited Unclaimed Dividend # #
Amount required
Amount spent Closing Unicon Fincap Private Limited Unclaimed Dividend # #
Opening Balance to be spent during
during the year Balance
the year Empyrean Consultant Private Limited Unclaimed Dividend 0.01 0.01
Details of excess amount spent 0.45 108.75 108.81 0.51 Fairtrade Securities Limited Unclaimed Dividend # #
Mulraj Holdings & Finance Private Limited Unclaimed Dividend # #

G. Nature of CSR activities undertaken by the Company Fairgrowth Financial Services Limited Unclaimed Dividend 0.01 0.01
The CSR initiatives of the Company aim towards inclusive development of the communities largely around the Kinnari Investments Private Limited Unclaimed Dividend 0.01 0.01
vicinity of its plants and registered office and at the same time ensure environmental protection through a range of Alliance Invest And Finance Private Limited Unclaimed Dividend - #
structured interventions in the areas of : Chinmaya Estates Private Limited Unclaimed Dividend - #
(i) creating employability & enhancing the dignity of the painter/ carpenter/ plumber community Optimist Finvest And Trading Private Limited Unclaimed Dividend - #
(ii) focus on water conservation, replenishment and recharge Safna Consultancy Private Limited (3) Unclaimed Dividend - #

(iii) enabling access to quality primary health care services The Company has made provision for doubtful debts for the balances.
(1)

There were no new transactions with these companies during the year.
(2)
(iv) disaster relief measures.
The Company was struck off in FY 23-24 is now active in FY 24-25
(3)

428 Asian Paints Limited Integrated Annual Report 2024-25 429

 Financial statements

Notes to the Standalone Financial Statements (Contd.)

for the year ended 31st March 2025

Note 41: Additional regulatory information required by Schedule III to the Note 42 :
Companies Act, 2013 (Contd.) A competitor of the Company had filed a complaint with the Competition Commission of India (CCI) alleging the Company
to be hindering its entry in the decorative paints market by virtue of unfair use of the Company’s position of dominance
(i) D
 etails of struck off companies with whom the Company has transaction during the in the market. The CCI had passed a prima facie Order dated 14th January 2020 directing the Director General (“DG”) to
year or outstanding balance as on Balance Sheet date : (Contd.) conduct an investigation against the Company under the provisions of the Competition Act, 2002. The DG submitted a
detailed report to the CCI. Based on the findings of the DG’s report and after hearing both the parties, the CCI passed a
Below struck off companies are shareholders holding equity shares of the Company as on balance favourable order on 8th September 2022 dismissing the allegations relating to abuse of dominance and anti-competitive
sheet date agreements made by the competitor. The competitor has now filed an appeal against CCI’s order before the National
Name of Struck off Company Nature of transactions with struck off Company Company Law Appellate Tribunal. The said appeal is pending for part heard.
Shanti Credit and Holdings Private Limited Shares held by struck off Company
Unicon Fincap Private Limited Shares held by struck off Company Note 43 :
Siddha Papers Private Limited Shares held by struck off Company The Financial Statements are reviewed and recommended by the Audit Committee on 7th May 2025 and subsequently
Fairgrowth Investments Limited Shares held by struck off Company approved by the Board of Directors at their meeting held on 8th May 2025.
Fairgrowth Financial Services Limited Shares held by struck off Company
Empyrean Consultant Private Limited Shares held by struck off Company
Aloke Speciality Machines And Components Private Limited Shares held by struck off Company
Fairtrade Securities Limited Shares held by struck off Company
Safna Consultancy Private Limited (3) Shares held by struck off Company

None of the above mentioned struck off companies are related party of the Company.

(ii) The Company does not have any benami property held in its name. No proceedings have been initiated on or are
pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45
of 1988) and Rules made thereunder.
(iii) The Company has not been declared wilful defaulter by any bank or financial institution or other lender or
government or any government authority.
(iv) The Company has complied with the requirement with respect to number of layers as prescribed under section 2(87)
of the Companies Act, 2013 read with the Companies (Restriction on number of layers) Rules, 2017.
(v) Utilisation of borrowed funds and share premium
I The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including
foreign entities (Intermediaries) with the understanding that the Intermediary shall :
(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Company (Ultimate Beneficiaries) or
(b) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries
II The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding This space has been intentionally left blank
Party) with the understanding (whether recorded in writing or otherwise) that the Company shall :
(a)  irectly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
d
behalf of the Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries
(vi) There is no income surrendered or disclosed as income during the year in tax assessments under the Income Tax
Act, 1961 (such as search or survey), that has not been recorded in the books of account.
(vii) The Company has not traded or invested in crypto currency or virtual currency during the year.
(viii) The Company does not have any charges or satisfaction of charges which is yet to be registered with Registrar of
Companies beyond the statutory period.

430 Asian Paints Limited Integrated Annual Report 2024-25 431