Name: Snigdha Kumar

Roll No.: 2117

Assignment: ASIAN PAINTS LIMITED ANALYSIS & VALUATION
Sector: Paints & Varnishes
Subject: Corporate Valuation
Submission To: Prof. Sunny Mondal
Submission Date: 29.10.2022
Institute: MET Asian Management Development Centre, Mumbai
YSIS & VALUATION

ment Centre, Mumbai

 Table of Contents Please Note:
1
Sr. No.: Contents: Links:
2

1 Company Annual Report FY 2016-17

2 Company Annual Report FY 2017-18

3 Company Annual Report FY 2018-19

4 Company Annual Report FY 2019-20

5 Company Annual Report FY 2020-21

6 Company Annual Report FY 2021-22

7 Balance Sheet Balance Sheet'!A1

8 Balance Sheet - Common Size Analysis BS - Common Size'!A1
9 Balance Sheet - Comparative Analysis BS - Comparative'!A1
10 Balance Sheet - Trend Analysis BS - Trend'!A1
11 Statement of Profit & Loss (SOPAL) SOPAL!A1
12 SOPAL - Common Size Analysis SOPAL - Common Size'!A1
13 SOPAL - Comparative Analysis SOPAL - Comparative'!A1
14 SOPAL - Trend Analysis SOPAL - Trend'!A1
15 Cash Flow Statement Cash Flows'!A1
16 Beta Calculation Beta!A1
17 Weighted Average Cost of Capital (WACC) WACC!A1
18 Important Terms Terms!A1
19 Ratio Analysis Ratios!A1
20 Financial Ratios Peer Group Comparison Peer Ratios'!A1
21 DuPont Analysis & Comparison DuPont!A1
22 Working Capital Schedule WC Schedule'!A1
23 Asset Schedule Asset Schedule'!A1
24 Debt Schedule Debt Schedule'!A1
25 Discounted Cash Flow (DCF) Valuation DCF Valuation'!A1
26 Relative Valuation (FY 2021-22) Relative Valuation'!A1
Please Note:
The Company Logo in the Subsequent Sheets is hyperlinked with this Index Sheet
Clicking on Icons in the Subsequent Sheets will direct you to the Respective Financial Statement
 Asian Paints Limited

Consolidated Balance Sheet

Actual
As at As at As at
Particulars (INR in crores): Notes:
31.03.2018 31.03.2019 31.03.2020
ASSETS
Non-Current Assets
Property, Plant and Equipment 2A 2,899.53 5,030.44 4,764.76
Right of Use Assets 2B 721.05 871.12 920.09
Capital work-in-progress 3 1,405.11 209.67 140.24
Goodwill 4A 327.26 321.30 319.99
Other Intangible Assets 4B 286.51 273.70 267.47
Investments in Associates 5 364.87 405.83 456.63
Financial Assets
Investments 5 718.15 988.22 1,049.74
Trade Receivables 6 6.43 6.09 4.21
Loans 81.47 78.60 68.24
Other Financial Assets 7 151.28 226.79 248.31
Deferred Tax Assets (Net) 21C 20.28 29.26 16.80
Current Tax Assets (Net) 9 68.30 158.87 253.09
Other Non-Current Assets 10 309.51 51.26 65.09
Total Non-Current Assets 7,359.75 8,651.15 8,574.66
Current Assets
Inventories 11 2,658.31 3,149.86 3,389.81
Financial Assets
Investments 5 1,056.67 1,174.53 512.48
Trade Receivables 6 1,730.63 1,907.33 1,795.22
Cash and Cash Equivalents 8A 312.12 275.97 563.83
Other Balances with Banks 8B 92.53 168.91 219.00
Loans 12.81 15.59 18.67
Other Financial Assets 7 580.78 525.97 781.65
Other Current Assets 455.23 393.86 285.59
Assets Classified as Held for Sale 12 15.00 14.93 13.86
Total Current Assets 6,914.08 7,626.95 7,580.11
Total Assets 14,273.83 16,278.10 16,154.77
EQUITY AND LIABILITIES
EQUITY
Equity Share Capital 13 95.92 95.92 95.92
Other Equity 14 8,268.84 9,374.63 10,034.24
Equity Attributable to Owners of the Company 8,364.76 9,470.55 10,130.16
Non-controlling Interests 14 326.21 361.25 403.53
Total Equity 8,690.97 9,831.80 10,533.69
LIABILITIES
Non-Current Liabilities
Financial Liabilities
Borrowings 15 27.90 19.06 18.63
Lease Liabilities 16 392.54 541.64 589.94
Other Financial Liabilities 17 4.99 3.65 2.94
Provisions 18 140.12 155.59 180.75
Deferred Tax Liabilities (Net) 21C 394.41 543.27 443.80
Other Non-Current Liabilities 19 3.24 2.99 4.64
Total Non-Current Liabilities 963.20 1,266.20 1,240.70
Current Liabilities
Financial Liabilities
Borrowings 15 492.42 596.53 321.48
Lease Liabilities 16 168.65 151.38 173.87
Trade Payables
Total Outstanding Dues of MSEs 20 39.88 61.37 60.72
Total Outstanding Dues of Creditors except MSEs 20 2,120.07 2,332.92 2,075.85
Other Financial Liabilities 17 1,363.68 1,651.34 1,374.34
Other Current Liabilities 19 282.89 163.87 131.61
Provisions 18 56.60 76.21 62.46
Current Tax Liabilities (Net) 22 95.47 146.48 180.05
Total Current Liabilities 4,619.66 5,180.10 4,380.38
Total Equity and Liabilities 14,273.83 16,278.10 16,154.77

Assumptions
Opening Net Fixed Assets
Add: CapEx 141.03 2,530.78 2,403.59
Less: Depreciation & Amortization
Ending Net Fixed Assets (INR in crores)
CapEx (as % of Sales) 0.81% 12.99% 11.72%
Depreciation & Amortization (as% of Sales) 2.06% 3.19% 3.80%
Total Debt (INR in crores) 520.32 615.59 340.11
Average Debt 567.95 477.85
Interest Expense 39.49 39.49 65.71
Interest Cost % 6.95% 13.75%

Notes to Accounts
Particulars: Notes: Change Reason(s) for the Trend
Observed:
ASSETS
Non-Current Assets
Property, Plant and Equipment 2A Decreased Due to decrease in carrying value of plant & equip
related to scientific research.
Right of Use Assets 2B Increased Due to increase in net carrying value & depreciatio
building, office equipments & vehicles.
Capital work-in-progress 3 Increased Due to increase in the cost of projects in progress
Schedule) & completion of expansion project in Ba
year.

Goodwill 4A Decreased Due to decrease in translational difference in the G

Consolidation (Gross Carrying Value) & increase in
Other Intangible Assets 4B Decreased Due to considerable decrease in cost of 'Brand'. Th
acquired pursuant to acquisition of subsidiaries. Th
useful life as the registration of these brands can b
management assessed that they will continue to g
flows for the Group indefinite & accordingly is not

Investments in Associates 5 Increased Due to investors taking more shares in associates.

Financial Assets
Investments 5 Decreased Due to decrease in total quoted equity shares, tota
Trade Receivables 6 Decreased Due to decrease in unsecured, considered goods.
Other Financial Assets 7 Decreased Due to decrease in security deposits, subsidy recei
government & zero credit loss.
Due to increase in difference between written dow
progress of fixed assets as per the books of accoun
increase in provision for expense allowed for tax p
(net); increase in remeasurement of the defined b
Deferred Tax Assets (Net) 21C Increased increase in capital losses carried forward under inc
difference between Right of use, lease liabilities &
particulars.

Current Tax Assets (Net) 9 Increased Due to increase in advance payment of Income Ta
Other Non-Current Assets 10 Increased Due to increase in capital advances & advances ot
advances.
Current Assets
Inventories 11 Increased Due to increase in Raw Materials-in-transit; Finishe
Stock-in-trade-in-transit.
Financial Assets
Investments 5 Decreased Due to decrease in total quoted equity shares, tota
Trade Receivables 6 Increased Due to increase in secured as well as unsecured, co
Cash and Cash Equivalents 8A Increased Due to almost 3X increase in sum of balances with
on hand; & cash on-hand.
Other Balances with Banks 8B Decreased Due to decrease in term deposit (between 3-12 m
Other Financial Assets 7 Increased Due to increase in royalty receivable, term deposit
subsidy receivable from state government & zero c
Assets Classified as Held for Sale 12 Decreased Due to decrease in freehold land.
EQUITY AND LIABILITIES
EQUITY
Equity Share Capital 13 Unchanged -
Other Equity 14 Increased Due to overall increase in Reserves & Surplus (sligh
slight rise in Statutory Reserve, increased Retained
Share of Reserves in Associates) & overall increase
(increased Equity & Debt instruments).

Due to creation on acquisition of additional stake o

controlling shareholder of Sleek International Pvt.
Non-controlling Interests 14 Decreased of 1.71% effected through buyback done by Asian

LIABILITIES
Non-Current Liabilities
Financial Liabilities
Borrowings 15 Increased Due to increase in Loan from Haryana & increase i
from Banks & other Financial Institutions.
Lease Liabilities 16 Increased Due to changes in the future payments (> 1 year) d
inflationary rate.
Other Financial Liabilities 17 Decreased Due to decrease in Trade deposits from customers
to employees including the MD.
Provisions 18 Increased Due to increase in Provision for Employee Benefits
Due to decrease in Difference between written do
progress of fixed assets as per the books of accoun
decrease in Provision for expense allowed for tax p
basis (net), decrease in Remeasurement of the defi
through OCI, decrease in Difference between carry
Deferred Tax Liabilities (Net) 21C Decreased investments in debt instruments measured at FVT
Difference between carrying value & tax base of in
instruments at FVTOCI, & decrease in Difference b
tax base of investments measured at FVTPL.

Other Non-Current Liabilities 19 Decreased Due to decrease in Deferred Income arising from G
Revenue received from customers.
Current Liabilities
Financial Liabilities
Borrowings 15 Increased Due to approximately 4X increase in Short-term Lo
Fis, increase in Secured & Unsecured Loan repayab
Credit/Overdraft Accounts, approximately 3X incre
Banks & Financial Institutions.

Lease Liabilities 16 Increased Due to changes in the future payments (< 1 year) d
inflationary rate.
Trade Payables
Total Outstanding Dues of MSEs 20 Decreased Indicates that the company settles the debts owed
MSEs more rapidly than it purchases new goods or
Total Outstanding Dues of Creditors except MSEs 20 Increased Indicates that the company is purchasing more goo
enterprises other than the MSEs on credit than it i
Other Financial Liabilities 17 Increased Due to increase in Trade deposits from customers,
towards CapEx, increase in Payables towards servi
Payables to employees, increase in Payables to oth
in Forward exchange contract (net).

Other Current Liabilities 19 Increased Due to increase in Revenue received from custome
Statutory dues payable.
Provisions 18 Decreased Due to decrease in Provision for Employee Benefit
warranties & other statutory liabilities.
Current Tax Liabilities (Net) 22 Increased As per the Corporate tax rate of 25.168% payable
India on taxable profits under Indian Tax Law.
sian Paints Limited

solidated Balance Sheet

Actual Forecasted
As at As at As at As at As at As at As at
31.03.2021 31.03.2022 31.03.2023 31.03.2024 31.03.2025 31.03.2026 31.03.2027

4,476.35 4,184.46 5,334.23 6,828.93 8,772.04 11,298.09 14,581.95

845.55 905.75
182.98 426.43
302.63 242.86 242.86 242.86 242.86 242.86 242.86
233.99 185.99 185.99 185.99 185.99 185.99 185.99
483.90 515.47 515.47 515.47 515.47 515.47 515.47

985.78 551.36 551.36 551.36 551.36 551.36 551.36

2.89 2.40 2.40 2.40 2.40 2.40 2.40
61.89 - - - - - -
532.17 486.05 486.05 486.05 486.05 486.05 486.05
14.28 26.02 26.02 26.02 26.02 26.02 26.02
152.23 172.46 172.46 172.46 172.46 172.46 172.46
68.38 132.87 132.87 132.87 132.87 132.87 132.87
8,343.02 7,832.12 7,649.71 9,144.41 11,087.52 13,613.57 16,897.43

3,798.60 6,152.98 6,510.11 8,463.15 11,002.09 14,302.72 18,593.54

3,267.12 2,180.70 2,180.70 2,180.70 2,180.70 2,180.70 2,180.70

2,602.17 3,871.44 4,200.07 5,460.10 7,098.13 9,227.56 11,995.83
346.39 621.72 1,380.38 4,340.91 8,212.16 13,267.36 19,861.68
264.36 242.61 242.61 242.61 242.61 242.61 242.61
17.59 - - - - - -
1,179.65 1,533.50 1,992.94 2,590.82 3,368.06 4,378.48 5,692.02
537.23 541.25 689.86 896.82 1,165.87 1,515.63 1,970.32
13.49 8.13 8.13 8.13 8.13 8.13 8.13
12,026.60 15,152.33 17,204.81 24,183.23 33,277.75 45,123.19 60,544.83
20,369.62 22,984.45 24,854.52 33,327.64 44,365.27 58,736.76 77,442.26

95.92 95.92 95.92 95.92 95.92 95.92 95.92

12,710.37 13,715.64 13,948.85 19,915.75 27,694.05 37,827.16 51,021.53
12,806.29 13,811.56 14,044.77 20,011.67 27,789.97 37,923.08 51,117.45
422.86 387.53 498.37 643.70 833.88 1,082.34 1,406.59
13,229.15 14,199.09 14,543.14 20,655.37 28,623.84 39,005.42 52,524.04
 14.53 44.54 44.54 44.54 44.54 44.54 44.54
561.36 598.37 598.37 598.37 598.37 598.37 598.37
3.38 2.18 2.18 2.18 2.18 2.18 2.18
215.21 218.32 218.32 218.32 218.32 218.32 218.32
415.59 348.85 348.85 348.85 348.85 348.85 348.85
4.54 2.11 2.11 2.11 2.11 2.11 2.11
1,214.61 1,214.37 1,214.37 1,214.37 1,214.37 1,214.37 1,214.37

325.70 731.12 731.12 731.12 731.12 731.12 731.12

183.18 212.85 212.85 212.85 212.85 212.85 212.85

91.53 83.58 83.58 83.58 83.58 83.58 83.58

3,287.19 4,080.72 4,935.09 6,415.61 8,340.30 10,842.39 14,095.10
1,603.02 1,886.81 2,446.83 3,180.89 4,135.15 5,375.70 6,988.41
229.58 376.09 487.72 634.03 824.24 1,071.52 1,392.97
84.43 69.70 69.70 69.70 69.70 69.70 69.70
121.23 130.12 130.12 130.12 130.12 130.12 130.12
5,925.86 7,570.99 9,097.01 11,457.90 14,527.06 18,516.97 23,703.85
20,369.62 22,984.45 24,854.52 33,327.64 44,365.27 58,736.76 77,442.26

4,184.46 5,334.23 6,828.93 8,772.04 11,298.09

2,126.92 1,868.93 2,299.54 2,989.40 3,886.22 5,052.09 6,567.72
1,149.77 1,494.70 1,943.11 2,526.05 3,283.86
4,184.46 5,334.23 6,828.93 8,772.04 11,298.09 14,581.95
9.66% 6.34% 6.00% 6.00% 6.00% 6.00% 6.00%
3.59% 2.77% 3.00% 3.00% 3.00% 3.00% 3.00%
340.23 775.66 775.66 775.66 775.66 775.66 775.66
340.17 557.94 775.66 775.66 775.66 775.66 775.66
67.32 92.72 131.86 131.86 131.86 131.86 131.86
19.79% 16.62% 17.00% 17.00% 17.00% 17.00% 17.00%

Reason(s) for the Trend:

n carrying value of plant & equipments particularly
c research.
net carrying value & depreciation of leasehold land,
uipments & vehicles.
the cost of projects in progress (as per the CWIP Ageing
letion of expansion project in Bangladesh in less than a

n translational difference in the Goodwill on

oss Carrying Value) & increase in impairment cost.
le decrease in cost of 'Brand'. This includes Brands
t to acquisition of subsidiaries. These have indefinite
egistration of these brands can be renewed indefinitely &
ssed that they will continue to generate future cash
p indefinite & accordingly is not amortised.

aking more shares in associates.

n total quoted equity shares, total debentures & bonds.

n unsecured, considered goods.
n security deposits, subsidy receivable from state
o credit loss.
difference between written down value/capital work in
assets as per the books of accounts & income tax;
on for expense allowed for tax purpose on payment basis
emeasurement of the defined benefit plans through OCI;
losses carried forward under income tax; increase in
n Right of use, lease liabilities & increase in other

advance payment of Income Tax (net).

capital advances & advances other than capital

Raw Materials-in-transit; Finished goods-in-transit &

transit.

n total quoted equity shares, total debentures & bonds.

secured as well as unsecured, considered goods.
ncrease in sum of balances with banks, cheques & drafts
n-hand.
n term deposit (between 3-12 months).
royalty receivable, term deposits, security deposits,
e from state government & zero credit loss.
n freehold land.
rease in Reserves & Surplus (slight dip in Capital Reserve,
tory Reserve, increased Retained Earnings, increased
in Associates) & overall increase in Items of OCI
& Debt instruments).

n acquisition of additional stake of 49% from non-

older of Sleek International Pvt. Ltd. & increase in stake
through buyback done by Asian Paints (Nepal) Pvt. Ltd.

Loan from Haryana & increase in Unsecured Term Loan

er Financial Institutions.
the future payments (> 1 year) due to changes in the

n Trade deposits from customers & decrease in Payables

uding the MD.
Provision for Employee Benefits.
n Difference between written down value/capital work in
assets as per the books of accounts & income tax,
ion for expense allowed for tax purpose on payment
ase in Remeasurement of the defined benefit plans
ease in Difference between carrying value & tax base of
bt instruments measured at FVTOCI, decrease in
en carrying value & tax base of investments in equity
TOCI, & decrease in Difference between carrying value &
ments measured at FVTPL.

n Deferred Income arising from Govt. grant & there is no

from customers.

tely 4X increase in Short-term Loans from Banks & other

cured & Unsecured Loan repayable on Cash
Accounts, approximately 3X increase in Term Loan from
Institutions.

the future payments (< 1 year) due to changes in the

company settles the debts owed to the suppliers from

y than it purchases new goods or services on credit.
company is purchasing more goods & services from
than the MSEs on credit than it is paying off.
 Trade deposits from customers, increase in Payables
crease in Payables towards services received, increase in
oyees, increase in Payables to other expenses & increase
nge contract (net).

Revenue received from customers & increase in

yable.
n Provision for Employee Benefits & Provisions for taxes,
r statutory liabilities.
ate tax rate of 25.168% payable by Corporate entities in
rofits under Indian Tax Law.
 Asian Paints Limited

Consolidated Balance Sheet Analysis

₹ in crores %
Particulars: FY 2022 Common Size Analysis
Current Assets 15,152.33 65.92%
Non-Current Assets 7,832.12 34.08%
Total Assets 22,984.45 100.00%
Total Equity 14,199.09 61.78%
Current Liabilities 7,570.99 32.94%
Non-Current Liabilities 1,214.37 5.28%
Total Liabilities 8,785.36 38.22%
Total Equity and Liabilities 22,984.45 100.00%
 Asian Paints Limited

Consolidated Balance Sheet : Comparative Analysis

₹ in crores ₹ in crores ₹ in crores %
Particulars: FY 2022 FY 2021 Difference % Difference
Current Assets 15,152.33 12,026.60 3,125.73 25.99%
Non-Current Assets 7,832.12 8,343.02 (510.90) -6.12%
Total Assets 22,984.45 20,369.62 2,614.83 12.84%
Total Equity 14,199.09 13,229.15 969.94 7.33%
Current Liabilities 7,570.99 5,925.86 1,645.13 27.76%
Non-Current Liabilities 1,214.37 1,214.61 (0.24) -0.02%
Total Liabilities 8,785.36 7,140.47 1,644.89 23.04%
Total Equity and Liabilities 22,984.45 20,369.62 2,614.83 12.84%
 Asian Paints Limited

Consolidated Balance Sheet : Trend Analysis

₹ in crores ₹ in crores ₹ in crores ₹ in crores ₹ in crores
Particulars: FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
Current Assets 6,914.08 7,626.95 7,580.11 12,026.60 15,152.33
Non-Current Assets 7,359.75 8,651.15 8,574.66 8,343.02 7,832.12
Total Assets 14,273.83 16,278.10 16,154.77 20,369.62 22,984.45
Total Equity 8,690.97 9,831.80 10,533.69 13,229.15 14,199.09
Current Liabilities 4,619.66 5,180.10 4,380.38 5,925.86 7,570.99
Non-Current Liabilities 963.20 1,266.20 1,240.70 1,214.61 1,214.37
Total Liabilities 5,582.86 6,446.30 5,621.08 7,140.47 8,785.36
Total Equity and Liabilities 14,273.83 16,278.10 16,154.77 20,369.62 22,984.45
ts Limited

Sheet : Trend Analysis

% % % % %
Base FY 2019 FY 2020 FY 2021 FY 2022 Trend
100.00% 110.31% 109.63% 173.94% 219.15%
100.00% 117.55% 116.51% 113.36% 106.42%
100.00% 114.04% 113.18% 142.71% 161.03%
100.00% 113.13% 121.20% 152.22% 163.38%
100.00% 112.13% 94.82% 128.27% 163.89%
100.00% 131.46% 128.81% 126.10% 126.08%
100.00% 115.47% 100.68% 127.90% 157.36%
100.00% 114.04% 113.18% 142.71% 161.03%
 Asian Paints Limited

Consolidated Statement of Profit & L

CAGR = 1.11
Actual
Particulars (INR in crores): Notes: FY 2017-18 FY 2018-19 FY 2019-20
REVENUE FROM OPERATIONS
Revenue from Sale of Products 23A 16,963.35 19,027.55 20,025.96
Revenue from Sale of Services 23A 74.91 43.15 22.36
Other Operating Revenue 23A 223.97 177.75 162.93
Other Income 24 220.62 233.04 304.31
Total Income (I) 17,482.85 19,481.49 20,515.56
EXPENSES
Cost of Materials Consumed 25A 8,585.41 10,319.25 10,091.78
Purchases of Stock-in-trade 25B 963.62 1,238.58 1,530.83
Changes in Inventories of Finished goods, Stock-in-trade & 25C
142.13 (293.26) (239.15)
Work-in-progress
Employee Benefits Expenses 26 1,115.48 1,236.83 1,366.09
Other Expenses 27 2,820.30 2,973.19 3,299.93
Total Expenses (II) 13,626.94 15,474.59 16,049.48
EBITDA (I-II) 3,418.23 3,998.58 4,466.08
Finance Costs 28 35.07 105.27 102.33
Depreciation & Amortization Expenses 29 360.47 622.14 780.50
PROFIT BEFORE SHARE OF PROFIT IN ASSOCIATE 3,022.69 3,271.17 3,583.25
SHARE OF PROFIT IN ASSOCIATE 34 45.79 40.73 50.74
PROFIT BEFORE TAX 3,068.48 3,311.90 3,633.99
Tax Expense 21
(1) Current Tax 1,041.30 940.35 944.65
(2) Short tax provision for earlier years (0.63) 2.40 5.48
(3) Deferred Tax (0.47) 155.31 (95.28)
Total Tax Expense 1,040.20 1,098.06 854.85
PROFIT FROM CONTINUING OPERATIONS 2,027.52 2,213.84 2,779.14
(Loss)/Profit before tax from discounted operations 70.59 (7.28) (5.73)
Tax (benefit)/expense of discontinued operations (0.59) (1.48) (0.78)
(LOSS)/PROFIT FROM DISCONTINUED OPERATIONS 70.00 (5.80) (4.95)
PROFIT FOR THE YEAR 2,097.52 2,208.04 2,774.19
OTHER COMPREHENSIVE INCOME (OCI)
(A) Items that will not be reclassified to Profit/Loss
(a) (i) Remeasurement of the defined benefit plans 32 13.17 (39.61) (11.61)
(a) (ii) Income tax benefit relating to remeasurement of
(4.58) 14.07 1.19
defined benefit plans
(b) (i) Net fair value gain on investments in equity
(9.36) 9.35 66.44
intruments through OCI
(b) (ii) Income tax (expense) on net fair value gain on
- - (8.71)
investments in equity instruments through OCI
(c) Share of OCI in associate 0.26 0.24 0.06
(B) Items that will be reclassified to Profit/Loss
(a) (i) Net fair value gain on investment in debt instruments
(0.31) (1.32) 2.81
through OCI
(a) (ii) Income tax (expense) on net fair value gain on
(2.30) 0.15 (0.32)
investments in debt instruments through OCI
(b) Exchange difference arising on translation of foreign
(31.68) 3.36 8.45
operations
Total Other Comprehensive Income (A+B) (34.80) (13.76) 58.31
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 2,062.72 2,194.28 2,832.50
PROFIT FOR THE YEAR ATTRIBUTABLE TO:
(a) Owners of the Company 2,038.93 2,155.92 2,705.17
(b) Non-Controlling Interests 58.59 52.12 69.02
Total Profit for the Year Attributable 2,091.52 2,208.04 2,774.19
OTHER COMPREHENSIVE INCOME FOR THE YEAR
ATTRIBUTABLE TO:
(a) Owners of the Company (29.45) (22.95) 50.44
(b) Non-Controlling Interests (5.35) 9.19 7.87
Total OCI for the Year Attributable (34.80) (13.76) 58.31
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
ATTRIBUTABLE TO:
(a) Owners of the Company 2,009.48 2,132.97 2,755.61
(b) Non-Controlling Interests 53.24 61.31 76.89
Total Comprehensive Income for the Year 2,062.72 2,194.28 2,832.50
EARNINGS PER EQUITY SHARE (Face Value of INR 1 each) 41
(1) Basic & diluted EPS from continuing operations 20.53 22.54 28.25
(2) Basic & diluted EPS from discontinued operations 0.73 (0.06) (0.05)
Basic & diluted EPS from continuing & discontinued
21.26 22.48 28.20
operations

Assumptions:
Sales (Y-o-Y Growth) 11.43% 5.31%
Cost of Materials Consumed (as % of Sales) 49.11% 52.97% 49.19%
Purchases of Stock-in-trade (as % of Sales) 5.51% 6.36% 7.46%
Changes in Inventories of Finished goods, Stock-in-trade &
0.81% -1.51% -1.17%
Work-in-progress (as % of Sales)
Employee Benefits Expenses (as % of Sales) 6.38% 6.35% 6.66%
Other Expenses (as % of Sales) 16.13% 15.26% 16.09%
Other Income (Y-o-Y Growth) 5.63% 30.58%
Other Income (as % of Sales) 1.26% 1.20% 1.48%
Effective Tax Rate 33.90% 33.15% 23.52%
Non-Controlling Interest (as % of PAT) 2.54% 2.78% 2.77%

Notes to Accounts
Particulars: Notes: Change Reason(s) for the Ch
Observed:
REVENUE FROM OPERATIONS
Revenue from Sale of Products 23A Increased
Due to continuation of post COVID-19 reco
infrastructure (home market as well as exp
Revenue from Sale of Services 23A Increased
The manufacturing facilities in Maharashtr
eligible to receive incentives from respecti
(under Industrial Promotion Schemes & th
the form of refund of SGST, stamp duty &
payment of electricity duty. The amount is
Other Operating Revenue 23A Decreased heading in the SOPAL. The Company is con
realisation of the dues from the respective

Due to increased interest income, gain on

measured at FVTPL, approximately 4X incr
exchange gains, approximately 2X increase
Other Income 24 Increased property, plant & equipments, & increase
modification/termination of leases.

EXPENSES
Cost of Materials Consumed 25A Increased Due to increase in consumption of raw ma
materials so as to keep up with the increas

Purchases of Stock-in-trade 25B Increased Due to increase in purchases of finished go

conduct its business by meeting the rising
well as industrial segments.
Changes in Inventories of Finished goods, Stock-in-trade & 25C Decreased Stocks at the beginning of the year <<< sto
Work-in-progress due to rise in product demand in the mark
Due to increase in salaries & wages, increa
provident & other funds, & increase in staff
Employee Benefits Expenses 26 Increased reward the employees & workers for their
Company's consistent top performance.

Due to inflation, there was increase in exp

of power & fuel. There was also increase in
spares & consumables, increase in process
Other Expenses 27 Increased repairs & maintenance of assets, increase
in freight & handling charges, increase in n
debts, insurance & travelling expenses.

EBITDA (I-II)
Finance Costs 28 Increased Due to increase in interest expense on fina
amortised cost for business continuation &
Due to increase in depreciation of propert
(increases expense thereby reducing net in
Depreciation & Amortization Expenses 29 Increased depreciation of Right-of-Use assets (as we
additions/adjustments).

The Associate - PPG Asian Paints Pvt. Ltd. (

listed on any stock exchanges) & its subsid
observed is due to increase in equity, incre
SHARE OF PROFIT IN ASSOCIATE 34 Increased decrease in COGS & depreciation/amortiza
also decrease in estimated amount of cont
executed on capital account & not provide

Tax Expense 21 Increased As per the Corporate tax rate of 25.168% p

entities in India on taxable profits under In
OTHER COMPREHENSIVE INCOME (OCI)
(A) Items that will not be reclassified to Profit/Loss
Due to increase in salaries & wages, increa
provident & other funds, & increase in staff
(a) (i) Remeasurement of the defined benefit plans 32 Increased reward the employees & workers for their
Company's consistent top performance.

EPS is calculated by dividing profit for the y

owners of the Parent Group by the weight
equity shares O/s for the year. The denom
EARNINGS PER EQUITY SHARE (Face Value of INR 1 each) 41 Decreased average shares held by ESOP trust as treas
made available before & hence the value o
under consideration is less than the previo
Paints Limited

atement of Profit & Loss

Actual Forecasted
FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24 FY 2024-25 FY 2025-26 FY 2026-27

21,440.24 28,830.02 37,479.03 48,722.73 63,339.55 82,341.42 107,043.85

44.96 93.46 121.50 157.95 205.33 266.93 347.01
227.59 177.80 231.14 300.48 390.63 507.81 660.16
303.05 380.01 494.01 642.22 834.88 1,085.35 1,410.95
22,015.84 29,481.29 38,325.68 49,823.38 64,770.39 84,201.51 109,461.97

10,317.09 16,254.59 21,079.12 27,402.86 35,623.72 46,310.83 60,204.08

1,872.59 3,371.13 4,215.82 5,480.57 7,124.74 9,262.17 12,040.82
(92.45) (1,324.97) (1,916.28) (2,491.17) (3,238.52) (4,210.08) (5,473.10)
1,540.75 1,786.67 2,299.54 2,989.40 3,886.22 5,052.09 6,567.72
3,219.21 4,210.25 5,365.59 6,975.27 9,067.86 11,788.21 15,324.68
16,857.19 24,297.67 31,043.80 40,356.94 52,464.02 68,203.23 88,664.19
5,158.65 5,183.62 7,281.88 9,466.44 12,306.37 15,998.29 20,797.77
91.63 95.41 131.86 131.86 131.86 131.86 131.86
791.27 816.36 1,149.77 1,494.70 1,943.11 2,526.05 3,283.86
4,275.75 4,271.85 6,000.25 7,839.88 10,231.40 13,340.38 17,382.05
28.60 31.57 31.57 31.57 31.57 31.57 31.57
4,304.35 4,303.42 6,031.82 7,871.45 10,262.97 13,371.95 17,413.62

1,114.02 1,161.53 1,507.95 1,967.86 2,565.74 3,342.99 4,353.41

7.74 2.82 - - - - -
(24.16) (61.44) - - - - -
1,097.60 1,102.91 1,507.95 1,967.86 2,565.74 3,342.99 4,353.41
3,206.75 3,084.81 4,523.86 5,903.59 7,697.23 10,028.96 13,060.22
- - - - - - -
- - - - - - -
- - - - - - -
3,206.75 3,084.81 4,523.86 5,903.59 7,697.23 10,028.96 13,060.22

(6.24) 4.59 4.59 4.59 4.59 4.59 4.59

1.79 (0.96) (0.96) (0.96) (0.96) (0.96) (0.96)

57.26 (82.31) (82.31) (82.31) (82.31) (82.31) (82.31)

 (4.88) 9.59 9.59 9.59 9.59 9.59 9.59

0.73 (0.05) (0.05) (0.05) (0.05) (0.05) (0.05)

2.41 (3.26) (3.26) (3.26) (3.26) (3.26) (3.26)

(0.28) 0.39 0.39 0.39 0.39 0.39 0.39

(56.47) (153.65) (153.65) (153.65) (153.65) (153.65) (153.65)

(5.68) (225.66) (225.66) (225.66) (225.66) (225.66) (225.66)

3,201.07 2,859.15 4,298.20 5,677.93 7,471.57 9,803.30 12,834.56

3,139.29 3,030.57 4,456.00 5,815.03 7,581.77 9,878.53 12,864.31

67.46 54.24 67.86 88.55 115.46 150.43 195.90
3,206.75 3,084.81 4,523.86 5,903.59 7,697.23 10,028.96 13,060.22

4.13 (212.31) (212.31) (212.31) (212.31) (212.31) (212.31)

(9.81) (13.35) (13.35) (13.35) (13.35) (13.35) (13.35)
(5.68) (225.66) (225.66) (225.66) (225.66) (225.66) (225.66)

3,143.42 2,818.26 4,255.22 5,621.15 7,396.85 9,705.27 12,706.21

57.65 40.89 42.98 56.78 74.72 98.03 128.35
3,201.07 2,859.15 4,298.20 5,677.93 7,471.57 9,803.30 12,834.56

32.73 31.59
- -

32.73 31.59

7.31% 33.91% 30.00% 30.00% 30.00% 30.00% 30.00%

46.86% 55.14% 55.00% 55.00% 55.00% 55.00% 55.00%
8.51% 11.43% 11.00% 11.00% 11.00% 11.00% 11.00%

-0.42% -4.49% -5.00% -5.00% -5.00% -5.00% -5.00%

7.00% 6.06% 6.00% 6.00% 6.00% 6.00% 6.00%

14.62% 14.28% 14.00% 14.00% 14.00% 14.00% 14.00%
-0.41% 25.40% - - - - -
1.38% 1.29% 1.00% 1.00% 1.00% 1.00% 1.00%
25.50% 25.63% 25.00% 25.00% 25.00% 25.00% 25.00%
 1.80% 1.33% 1.50% 1.50% 1.50% 1.50% 1.50%

Reason(s) for the Change:

ation of post COVID-19 recovery and boom in

home market as well as exports).

ring facilities in Maharashtra & Andhra Pradesh are

ve incentives from respective State Governments
al Promotion Schemes & the signed State MoU) in
und of SGST, stamp duty & refund/exemption from
ctricity duty. The amount is accrued under this
SOPAL. The Company is confident about the ultimate
e dues from the respective State Governments.

d interest income, gain on sale of financial assets

TPL, approximately 4X increase in net foreign
, approximately 2X increase in net gain on sale of
& equipments, & increase in net gain on
rmination of leases.

in consumption of raw materials & packing

to keep up with the increase in demand of products.

in purchases of finished goods so as to efficiently

ness by meeting the rising demand in decorative as
al segments.
eginning of the year <<< stock at the end of the year
oduct demand in the market.
in salaries & wages, increase in contribution to
her funds, & increase in staff welfare expenses to
ployees & workers for their contribution in
sistent top performance.

, there was increase in expenses observed in terms

. There was also increase in consumption of stores,
mables, increase in processing charges, increase in
enance of assets, increase in CSR expenses, increase
dling charges, increase in net allowances of doubtful
e & travelling expenses.
 in interest expense on financial liabilities carried at
for business continuation & expansion.
in depreciation of property, plant & equipment
nse thereby reducing net income), & increase in
Right-of-Use assets (as well as increase in
tments).

PPG Asian Paints Pvt. Ltd. (a private entity that is not

ock exchanges) & its subsidiaries. The change
to increase in equity, increase in revenue &
GS & depreciation/amortization expenses. There was
n estimated amount of contracts remaining to be
pital account & not provided for.

orate tax rate of 25.168% payable by Corporate

on taxable profits under Indian Tax Law.

in salaries & wages, increase in contribution to

her funds, & increase in staff welfare expenses to
ployees & workers for their contribution in
sistent top performance.

d by dividing profit for the year attributable to the

arent Group by the weighted average number of
/s for the year. The denominator excludes weighted
held by ESOP trust as treasury shares which wasn't
before & hence the value observed in the current FY
ation is less than the previous FY.
 Asian Paints Limited

Consolidated Statement of Profit & Loss Analysis

₹ in crores %
Particulars: FY 2021-22 Common Size Analysis
Total Income 29,481.29 100.00%
Less: Total Expenses 24,297.67 82.42%
EBITDA 5,183.62 17.58%
Less: Finance Cost 95.41 0.32%
Less: Depreciation & Amortization 816.36 2.77%
Add: Share of Profit in Associate 31.57 0.11%
EBIT 4,303.42 14.60%
Less: Interest 92.72 0.31%
EBT 4,210.70 14.28%
Less: Taxes 1,102.91 3.74%
PAT 3,107.79 10.54%
 Asian Paints Limited

Consolidated Statement of Profit & Loss : Comparative Analysis

₹ in crores ₹ in crores ₹ in crores %
Particulars: FY 2021-22 FY 2020-21 Difference % Difference
Total Income 29,481.29 22,015.84 7,465.45 33.91%
Less: Total Expenses 24,297.67 16,857.19 7,440.48 44.14%
EBITDA 5,183.62 5,158.65 24.97 0.48%
Less: Finance Cost 95.41 91.63 3.78 4.13%
Less: Depreciation & Amortization 816.36 791.27 25.09 3.17%
Add: Share of Profit in Associate 31.57 28.60 2.97 10.38%
EBIT 4,303.42 4,304.35 (0.93) -0.02%
Less: Interest 92.72 (67.32) 160.04 -237.73%
EBT 4,210.70 4,371.67 (160.97) -3.68%
Less: Taxes 1,102.91 1,097.60 5.31 0.48%
PAT 3,107.79 3,274.07 (166.28) -5.08%
 Asian Paints Limited

Consolidated Statement of Profit & Loss : Trend A

₹ in crores ₹ in crores ₹ in crores ₹ in crores ₹ in crores
Particulars: FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21 FY 2021-22
Total Income 17,482.85 19,481.49 20,515.56 22,015.84 29,481.29
Less: Total Expenses 13,626.94 15,474.59 16,049.48 16,857.19 24,297.67
EBITDA 3,855.91 4,006.90 4,466.08 5,158.65 5,183.62
Less: Finance Cost 35.07 105.27 102.33 91.63 95.41
Less: Depreciation & Amortization 360.47 622.14 780.50 791.27 816.36
Add: Share of Profit in Associate 45.79 40.73 50.74 28.60 31.57
EBIT 3,506.16 3,320.22 3,633.99 4,304.35 4,303.42
Less: Interest 39.49 39.49 65.71 67.32 92.72
EBT 3,466.67 3,280.73 3,568.28 4,237.03 4,210.70
Less: Taxes 1,040.20 1,098.06 854.85 1,097.60 1,102.91
PAT 2,426.47 2,182.67 2,713.43 3,139.43 3,107.79
s Limited

ofit & Loss : Trend Analysis

% % % % %
Base FY 2018-19 FY 2019-20 FY 2020-21 FY 2021-22 Trend
100.00% 111.43% 117.35% 125.93% 168.63%
100.00% 113.56% 117.78% 123.70% 178.31%
100.00% 103.92% 115.82% 133.79% 134.43%
100.00% 300.17% 291.79% 261.28% 272.06%
100.00% 172.59% 216.52% 219.51% 226.47%
100.00% 88.95% 110.81% 62.46% 68.95%
100.00% 94.70% 103.65% 122.77% 122.74%
100.00% 100.00% 166.40% 170.47% 234.79%
100.00% 94.64% 102.93% 122.22% 121.46%
100.00% 105.56% 82.18% 105.52% 106.03%
100.00% 89.95% 111.83% 129.38% 128.08%
 Asian Paints Limited
Consolidated Cash Flow Statement
(Prepared under Indirect Method as set out in the Ind AS-7 - S
Actual
Particulars (INR in crores): FY 2017-18 FY 2018-19 FY 2019-20
(A) CASH FLOW FROM OPERATING ACTIVITIES
Profit/(Loss) before tax from:
Continuing operations 3,068.48 3,310.73 3,633.99
Discontinued operations 70.59 - (5.73)
Adjustments for:
Depreciation & amortization expense 360.47 430.67 781.94
(Gain) on sale of property, plant & equipment (Net) (0.47) (14.18) (14.25)
Net gain on modification/termination of leases - - (1.19)
Finance costs 35.07 51.00 102.48
Allowances for doubtful debts & advances 10.63 28.64 32.60
Bad debts written off 4.95 3.28 6.28
Interest expense 39.49 39.49 65.71
Dividend income (37.76) (39.69) (27.13)
Share in profit of associate (45.79) (40.82) (50.74)
Impairment loss on Goodwill in Causway Lanka - - -
Loss on sale of disposal of subsidiaries (67.47) - 2.24
Other non-cash adjustment - - 8.52
Net gain arising on financial assets measured at FVTPL (49.60) (52.76) (76.09)
Share based payment expense (Net) - - -
Provision for expected credit loss - - -
Deferred income arising from government grant (1.05) (1.09) (1.64)
Net unrealised foregin exchange (gain)/loss (9.26) 5.99 39.75
Effect of exchange rates on translation of operating cashflows (25.47) (18.61) 14.42
Operating Profit before Working Capital Changes 3,273.83 3,623.67 4,379.74
Adjustments for:
(Increase) in inventories (39.49) (491.54) (250.53)
(Increase)/Decrease in trade & other receivables (482.66) (223.13) 160.44
Increase/(Decrease) in trade & other payables 442.50 287.27 (240.75)
Increase/(Decrease) in financial assests - - -
Increase/(Decrease) in other assets - - -
Increase/(Decrease) in other financial liabilities - - -
Increase/(Decrease) in other liabilities and provisions - - -
Cash generated from Operating activities 3,194.18 3,196.27 4,048.90
Income Tax paid (net of refund) (1,080.74) (982.00) (1,010.75)
Net Cash generated from Operating Activities 2,113.44 2,214.27 3,038.15
(B) CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Property, plant & equipment (1,425.98) (1,150.79) (403.54)
Sale of Property, plant & equipment (including advances) 17.20 17.24 36.60
Payment for acquiring right of use of assets (524.99) - (10.15)
Purchase of non-current investments (319.52) (572.66) (24.94)
Sale of non-current investments 262.75 363.42 85.50
Sale/(Purchase) of current investments (Net) 99.39 369.39 32.08
Net investment in bank/TDs (having original maturity > 3 months) 74.42 (29.80) (346.24)
Proceeds form disposal of subsidiaries (Net) 140.67 - 16.82
Interest received 39.02 39.79 65.32
Dividend received 37.76 39.69 27.13
Net Cash (used in) Investing Activities (1,599.28) (923.72) (521.42)
(C) CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from non-current borrowings 10.18 14.75 17.91
Repayment of non-current borrowings (26.92) (25.86) (10.49)
Proceeds from/(Repayment of) current borrowings (Net) (27.24) 74.19 (268.79)
Acceptances (Net) (32.08) 153.88 (203.13)
Repayment of lease liabilities - - (179.07)
Transactions with non-controlling interest (50.13) - (6.29)
Finance costs paid (35.20) (51.22) (100.89)
Purchase of Treasury Shares by ESOP Trust (Net) - - -
Dividend & Dividend tax paid (including dividend paid to non-controlling
shareholders) (1,217.75) (1,048.70) (2,120.71)
Net Cash (used in) Financing Activities (1,379.14) (882.96) (2,871.46)
(D) NET INCREASE/(DECREASE) IN CASH & CASH EQUIVALENTS [A+B+C] (864.98) 407.59 (354.73)
Add: Cash & cash equivalents as at 1 st April 1,667.52 845.68 1,279.97
Net effect of exchange gain on cash & cash equivalents 43.14 26.70 3.51
Cash & Cash Equivalents as at 31st March 845.68 1,279.97 928.75
nts Limited
sh Flow Statement
ut in the Ind AS-7 - Statement of Cash Flows)
Actual Forecasted
FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24 FY 2024-25 FY 2025-26 FY 2026-27

4,304.35 4,187.72 6,031.82 7,871.45 10,262.97 13,371.95 17,413.62

- - - - - - -

791.27 816.36 1,149.77 1,494.70 1,943.11 2,526.05 3,283.86

(18.33) (44.36) - - - - -
(3.20) (4.27) - - - - -
91.63 95.41 - - - - -
33.43 57.56 - - - - -
3.42 2.15 - - - - -
67.32 (92.72) 131.86 131.86 131.86 131.86 131.86
(7.81) (15.16) - - - - -
(28.60) (31.57) - - - - -
- 13.47 - - - - -
- - - - - - -
- - - - - - -
(92.28) (76.09) - - - - -
- 10.94 - - - - -
- 53.73 - - - - -
(2.28) (1.76) - - - - -
(12.31) 57.60 - - - - -
(22.44) (71.61) - - - - -
4,969.53 4,957.40 7,313.45 9,498.01 12,337.94 16,029.86 20,829.34

(408.79) (2,354.38) (357.13) (1,953.03) (2,538.94) (3,300.63) (4,290.82)

(1,341.51) (1,326.48) (328.63) (1,260.02) (1,638.03) (2,129.44) (2,768.27)
1,543.84 644.02 854.37 1,480.53 1,924.68 2,502.09 3,252.72
- (130.62) - - - - -
- (21.21) - - - - -
- 237.19 - - - - -
- 156.26 - - - - -
4,763.07 2,162.18 7,144.85 11,230.54 14,590.23 18,957.83 24,635.71
(1,079.72) (1,175.69) (1,507.95) (1,967.86) (2,565.74) (3,342.99) (4,353.41)
3,683.35 986.49 5,636.90 9,262.68 12,024.49 15,614.85 20,282.31

(281.87) (538.24) (2,299.54) (2,989.40) (3,886.22) (5,052.09) (6,567.72)

27.61 39.58 - - - - -
(6.84) (12.46) - - - - -
 (0.50) - - - - - -
272.32 146.46 - - - - -
(139.34) 61.03 - - - - -
(500.33) (110.21) - - - - -
- - - - - - -
73.35 76.99 - - - - -
7.81 15.16 - - - - -
(547.79) (321.69) (2,299.54) (2,989.40) (3,886.22) (5,052.09) (6,567.72)

2.14 39.87 - - - - -
(14.21) (7.89) - - - - -
37.78 292.68 - - - - -
115.50 85.35 - - - - -
(202.95) (221.40) - - - - -
- (64.91) - - - - -
(89.31) (93.56) (131.86) (131.86) (131.86) (131.86) (131.86)
- (74.95) - - - - -

(499.35) (1,762.80) (2,446.83) (3,180.89) (4,135.15) (5,375.70) (6,988.41)

(650.40) (1,807.61) (2,578.70) (3,312.75) (4,267.01) (5,507.56) (7,120.27)
2,485.16 (1,142.81) 758.66 2,960.53 3,871.26 5,055.20 6,594.32
928.75 3,421.16 621.72 1,380.38 4,340.91 8,212.16 13,267.36
7.25 4.94
3,421.16 2,283.29 1,380.38 4,340.91 8,212.16 13,267.36 19,861.68
 Asian Paints Limited
5Y Historical Price Data
Asian Paints Limited Nifty50 Index
[Link]. Date: Closing Price: Daily Returns: Date: Closing Price: Daily Returns:
1 3/30/2022 3081.55 3/30/2022 17498.25
2 3/29/2022 3042.60 -1.2720% 3/29/2022 17325.30 -0.9933%
3 3/28/2022 3027.45 -0.4992% 3/28/2022 17222.00 -0.5980%
4 3/25/2022 3046.95 0.6420% 3/25/2022 17153.00 -0.4015%
5 3/24/2022 3025.35 -0.7114% 3/24/2022 17222.75 0.4058%
6 3/23/2022 3016.80 -0.2830% 3/23/2022 17245.65 0.1329%
7 3/22/2022 3051.15 1.1322% 3/22/2022 17315.50 0.4042%
8 3/21/2022 3045.75 -0.1771% 3/21/2022 17117.60 -1.1495%
9 3/17/2022 3136.60 2.9392% 3/17/2022 17287.05 0.9851%
10 3/16/2022 3042.00 -3.0624% 3/16/2022 16975.35 -1.8195%
11 3/15/2022 2987.15 -1.8195% 3/15/2022 16663.00 -1.8572%
12 3/14/2022 2962.80 -0.8185% 3/14/2022 16871.30 1.2423%
13 3/11/2022 2932.00 -1.0450% 3/11/2022 16630.45 -1.4379%
14 3/10/2022 2912.80 -0.6570% 3/10/2022 16594.90 -0.2140%
15 3/9/2022 2874.95 -1.3080% 3/9/2022 16345.35 -1.5152%
16 3/8/2022 2723.40 -5.4154% 3/8/2022 16013.45 -2.0514%
17 3/7/2022 2708.45 -0.5505% 3/7/2022 15863.15 -0.9430%
18 3/4/2022 2738.15 1.0906% 3/4/2022 16245.35 2.3808%
19 3/3/2022 2871.90 4.7691% 3/3/2022 16498.05 1.5436%
20 3/2/2022 3028.95 5.3242% 3/2/2022 16605.95 0.6519%
21 2/28/2022 3174.65 4.6981% 2/28/2022 16793.90 1.1255%
22 2/25/2022 3119.20 -1.7621% 2/25/2022 16658.40 -0.8101%
23 2/24/2022 3069.05 -1.6208% 2/24/2022 16247.95 -2.4948%
24 2/23/2022 3237.20 5.3341% 2/23/2022 17063.25 4.8960%
25 2/22/2022 3227.15 -0.3109% 2/22/2022 17092.20 0.1695%
26 2/21/2022 3251.65 0.7563% 2/21/2022 17206.65 0.6674%
27 2/18/2022 3258.45 0.2089% 2/18/2022 17276.30 0.4040%
28 2/17/2022 3265.85 0.2268% 2/17/2022 17304.60 0.1637%
29 2/16/2022 3252.85 -0.3989% 2/16/2022 17322.20 0.1017%
30 2/15/2022 3264.60 0.3606% 2/15/2022 17352.45 0.1745%
31 2/14/2022 3143.45 -3.7816% 2/14/2022 16842.80 -2.9810%
32 2/11/2022 3216.30 2.2911% 2/11/2022 17374.75 3.1095%
33 2/10/2022 3238.75 0.6956% 2/10/2022 17605.85 1.3213%
34 2/9/2022 3228.35 -0.3216% 2/9/2022 17463.80 -0.8101%
35 2/8/2022 3216.35 -0.3724% 2/8/2022 17266.75 -1.1348%
36 2/7/2022 3174.70 -1.3034% 2/7/2022 17213.60 -0.3083%
37 2/4/2022 3236.65 1.9326% 2/4/2022 17516.30 1.7432%
38 2/3/2022 3203.00 -1.0451% 2/3/2022 17560.20 0.2503%
39 2/2/2022 3197.70 -0.1656% 2/2/2022 17780.00 1.2439%
40 2/1/2022 3196.25 -0.0454% 2/1/2022 17576.85 -1.1492%
41 1/31/2022 3152.25 -1.3862% 1/31/2022 17339.85 -1.3575%
42 1/28/2022 3110.85 -1.3220% 1/28/2022 17101.95 -1.3815%
43 1/27/2022 3116.95 0.1959% 1/27/2022 17110.15 0.0479%
44 1/25/2022 3147.10 0.9626% 1/25/2022 17277.95 0.9759%
45 1/24/2022 3155.15 0.2555% 1/24/2022 17149.10 -0.7485%
46 1/21/2022 3274.85 3.7236% 1/21/2022 17617.15 2.6927%
47 1/20/2022 3306.40 0.9588% 1/20/2022 17757.00 0.7907%
48 1/19/2022 3280.40 -0.7895% 1/19/2022 17938.40 1.0164%
49 1/18/2022 3373.70 2.8045% 1/18/2022 18113.05 0.9689%
50 1/17/2022 3378.65 0.1466% 1/17/2022 18308.10 1.0711%
51 1/14/2022 3364.40 -0.4227% 1/14/2022 18255.75 -0.2863%
52 1/13/2022 3456.25 2.6935% 1/13/2022 18257.80 0.0112%
53 1/12/2022 3543.80 2.5015% 1/12/2022 18212.35 -0.2493%
54 1/11/2022 3538.75 -0.1426% 1/11/2022 18055.75 -0.8636%
55 1/10/2022 3553.50 0.4159% 1/10/2022 18003.30 -0.2909%
56 1/7/2022 3576.30 0.6396% 1/7/2022 17812.70 -1.0643%
57 1/6/2022 3514.65 -1.7389% 1/6/2022 17745.90 -0.3757%
58 1/5/2022 3526.80 0.3451% 1/5/2022 17925.25 1.0056%
59 1/4/2022 3459.30 -1.9325% 1/4/2022 17805.25 -0.6717%
60 1/3/2022 3422.40 -1.0724% 1/3/2022 17625.70 -1.0135%
61 12/31/2021 3382.95 -1.1594% 12/31/2021 17354.05 -1.5532%
62 12/30/2021 3365.70 -0.5112% 12/30/2021 17203.95 -0.8687%
63 12/29/2021 3367.45 0.0520% 12/29/2021 17213.60 0.0561%
64 12/28/2021 3368.20 0.0223% 12/28/2021 17233.25 0.1141%
65 12/27/2021 3272.40 -2.8855% 12/27/2021 17086.25 -0.8567%
66 12/24/2021 3284.80 0.3782% 12/24/2021 17003.75 -0.4840%
67 12/23/2021 3267.90 -0.5158% 12/23/2021 17072.60 0.4041%
68 12/22/2021 3280.10 0.3726% 12/22/2021 16955.45 -0.6886%
69 12/21/2021 3271.35 -0.2671% 12/21/2021 16770.85 -1.0947%
70 12/20/2021 3239.45 -0.9799% 12/20/2021 16614.20 -0.9385%
71 12/17/2021 3243.70 0.1311% 12/17/2021 16985.20 2.2085%
72 12/16/2021 3298.60 1.6784% 12/16/2021 17248.40 1.5377%
73 12/15/2021 3301.95 0.1015% 12/15/2021 17221.40 -0.1567%
74 12/14/2021 3297.50 -0.1349% 12/14/2021 17324.90 0.5992%
75 12/13/2021 3279.85 -0.5367% 12/13/2021 17368.25 0.2499%
76 12/10/2021 3283.15 0.1006% 12/10/2021 17511.30 0.8203%
77 12/9/2021 3178.70 -3.2331% 12/9/2021 17516.85 0.0317%
78 12/8/2021 3108.50 -2.2332% 12/8/2021 17469.75 -0.2692%
79 12/7/2021 3030.35 -2.5462% 12/7/2021 17176.70 -1.6917%
80 12/6/2021 3038.30 0.2620% 12/6/2021 16912.25 -1.5516%
81 12/3/2021 3110.45 2.3469% 12/3/2021 17196.70 1.6679%
82 12/2/2021 3180.60 2.2302% 12/2/2021 17401.65 1.1848%
83 12/1/2021 3138.15 -1.3436% 12/1/2021 17166.90 -1.3582%
84 11/30/2021 3143.65 0.1751% 11/30/2021 16983.20 -1.0759%
85 11/29/2021 3144.30 0.0207% 11/29/2021 17053.95 0.4157%
 86 11/26/2021 3143.10 -0.0382% 11/26/2021 17026.45 -0.1614%
87 11/25/2021 3144.25 0.0366% 11/25/2021 17536.25 2.9502%
88 11/24/2021 3157.00 0.4047% 11/24/2021 17415.05 -0.6935%
89 11/23/2021 3185.55 0.9003% 11/23/2021 17503.35 0.5057%
90 11/22/2021 3261.25 2.3486% 11/22/2021 17416.55 -0.4971%
91 11/18/2021 3226.85 -1.0604% 11/18/2021 17764.80 1.9798%
92 11/17/2021 3230.25 0.1053% 11/17/2021 17898.65 0.7506%
93 11/16/2021 3151.70 -2.4618% 11/16/2021 17999.20 0.5602%
94 11/15/2021 3168.70 0.5379% 11/15/2021 18109.45 0.6107%
95 11/12/2021 3122.90 -1.4559% 11/12/2021 18102.75 -0.0370%
96 11/11/2021 3063.50 -1.9204% 11/11/2021 17873.60 -1.2739%
97 11/10/2021 3108.30 1.4518% 11/10/2021 18017.20 0.8002%
98 11/9/2021 3145.15 1.1786% 11/9/2021 18044.25 0.1500%
99 11/8/2021 3138.00 -0.2276% 11/8/2021 18068.55 0.1346%
100 11/4/2021 3159.25 0.6749% 11/4/2021 17916.80 -0.8434%
101 11/3/2021 3170.65 0.3602% 11/3/2021 17829.20 -0.4901%
102 11/2/2021 3103.35 -2.1454% 11/2/2021 17888.95 0.3346%
103 11/1/2021 3121.80 0.5928% 11/1/2021 17929.65 0.2273%
104 10/29/2021 3100.10 -0.6975% 10/29/2021 17671.65 -1.4494%
105 10/28/2021 3116.30 0.5212% 10/28/2021 17857.25 1.0448%
106 10/27/2021 3094.65 -0.6972% 10/27/2021 18210.95 1.9613%
107 10/26/2021 2969.80 -4.1180% 10/26/2021 18268.40 0.3150%
108 10/25/2021 2918.05 -1.7579% 10/25/2021 18125.40 -0.7859%
109 10/22/2021 2982.40 2.1813% 10/22/2021 18114.90 -0.0579%
110 10/21/2021 3002.00 0.6550% 10/21/2021 18178.10 0.3483%
111 10/20/2021 3169.60 5.4327% 10/20/2021 18266.60 0.4857%
112 10/19/2021 3183.75 0.4454% 10/19/2021 18418.75 0.8295%
113 10/18/2021 3241.50 1.7976% 10/18/2021 18477.05 0.3160%
114 10/14/2021 3297.80 1.7219% 10/14/2021 18338.55 -0.7524%
115 10/13/2021 3323.50 0.7763% 10/13/2021 18161.75 -0.9688%
116 10/12/2021 3323.25 -0.0075% 10/12/2021 17991.95 -0.9393%
117 10/11/2021 3306.05 -0.5189% 10/11/2021 17945.95 -0.2560%
118 10/8/2021 3306.90 0.0257% 10/8/2021 17895.20 -0.2832%
119 10/7/2021 3290.85 -0.4865% 10/7/2021 17790.35 -0.5876%
120 10/6/2021 3212.25 -2.4174% 10/6/2021 17646.00 -0.8147%
121 10/5/2021 3254.75 1.3144% 10/5/2021 17822.30 0.9941%
122 10/4/2021 3201.60 -1.6465% 10/4/2021 17691.25 -0.7380%
123 10/1/2021 3177.85 -0.7446% 10/1/2021 17532.05 -0.9039%
124 9/30/2021 3244.65 2.0803% 9/30/2021 17618.15 0.4899%
125 9/29/2021 3323.05 2.3876% 9/29/2021 17711.30 0.5273%
126 9/28/2021 3379.70 1.6904% 9/28/2021 17748.60 0.2104%
127 9/27/2021 3430.65 1.4963% 9/27/2021 17855.10 0.5983%
128 9/24/2021 3448.60 0.5219% 9/24/2021 17853.20 -0.0106%
129 9/23/2021 3320.65 -3.7808% 9/23/2021 17822.95 -0.1696%
130 9/22/2021 3317.50 -0.0949% 9/22/2021 17546.65 -1.5624%
131 9/21/2021 3309.20 -0.2505% 9/21/2021 17562.00 0.0874%
132 9/20/2021 3271.55 -1.1443% 9/20/2021 17396.90 -0.9445%
133 9/17/2021 3303.05 0.9582% 9/17/2021 17585.15 1.0763%
134 9/16/2021 3342.10 1.1753% 9/16/2021 17629.50 0.2519%
135 9/15/2021 3352.30 0.3047% 9/15/2021 17519.45 -0.6262%
136 9/14/2021 3362.50 0.3038% 9/14/2021 17380.00 -0.7992%
137 9/13/2021 3367.05 0.1352% 9/13/2021 17355.30 -0.1422%
138 9/9/2021 3346.35 -0.6167% 9/9/2021 17369.25 0.0803%
139 9/8/2021 3336.60 -0.2918% 9/8/2021 17353.50 -0.0907%
140 9/7/2021 3336.25 -0.0105% 9/7/2021 17362.10 0.0495%
141 9/6/2021 3315.55 -0.6224% 9/6/2021 17377.80 0.0904%
142 9/3/2021 3338.80 0.6988% 9/3/2021 17323.60 -0.3124%
143 9/2/2021 3301.60 -1.1204% 9/2/2021 17234.15 -0.5177%
144 9/1/2021 3302.75 0.0348% 9/1/2021 17076.25 -0.9204%
145 8/31/2021 3201.35 -3.1183% 8/31/2021 17132.20 0.3271%
146 8/30/2021 3108.75 -2.9352% 8/30/2021 16931.05 -1.1810%
147 8/27/2021 3036.80 -2.3416% 8/27/2021 16705.20 -1.3429%
148 8/26/2021 3039.65 0.0938% 8/26/2021 16636.90 -0.4097%
149 8/25/2021 3038.05 -0.0526% 8/25/2021 16634.65 -0.0135%
150 8/24/2021 3045.95 0.2597% 8/24/2021 16624.60 -0.0604%
151 8/23/2021 3077.45 1.0288% 8/23/2021 16496.45 -0.7738%
152 8/20/2021 3112.95 1.1469% 8/20/2021 16450.50 -0.2789%
153 8/18/2021 3001.55 -3.6442% 8/18/2021 16568.85 0.7169%
154 8/17/2021 3015.30 0.4571% 8/17/2021 16614.60 0.2757%
155 8/16/2021 2971.40 -1.4666% 8/16/2021 16563.05 -0.3107%
156 8/13/2021 2988.70 0.5805% 8/13/2021 16529.10 -0.2052%
157 8/12/2021 2975.50 -0.4426% 8/12/2021 16364.40 -1.0014%
158 8/11/2021 2972.60 -0.0975% 8/11/2021 16282.25 -0.5033%
159 8/10/2021 2977.15 0.1529% 8/10/2021 16280.10 -0.0132%
160 8/9/2021 2992.55 0.5159% 8/9/2021 16258.25 -0.1343%
161 8/6/2021 2966.45 -0.8760% 8/6/2021 16238.20 -0.1234%
162 8/5/2021 2988.40 0.7372% 8/5/2021 16294.60 0.3467%
163 8/4/2021 3018.60 1.0055% 8/4/2021 16258.80 -0.2199%
164 8/3/2021 3027.00 0.2779% 8/3/2021 16130.75 -0.7907%
165 8/2/2021 2974.05 -1.7647% 8/2/2021 15885.15 -1.5343%
166 7/30/2021 2958.45 -0.5259% 7/30/2021 15763.05 -0.7716%
167 7/29/2021 2997.45 1.3096% 7/29/2021 15778.45 0.0977%
168 7/28/2021 3004.10 0.2216% 7/28/2021 15709.40 -0.4386%
169 7/27/2021 3028.65 0.8139% 7/27/2021 15746.45 0.2356%
170 7/26/2021 3061.20 1.0690% 7/26/2021 15824.45 0.4941%
171 7/23/2021 3083.75 0.7339% 7/23/2021 15856.05 0.1995%
172 7/22/2021 3106.75 0.7431% 7/22/2021 15824.05 -0.2020%
173 7/20/2021 3159.05 1.6694% 7/20/2021 15632.10 -1.2204%
174 7/19/2021 2981.95 -5.7694% 7/19/2021 15752.40 0.7666%
175 7/16/2021 2989.30 0.2462% 7/16/2021 15923.40 1.0797%
176 7/15/2021 2983.60 -0.1909% 7/15/2021 15924.20 0.0050%
177 7/14/2021 3001.95 0.6131% 7/14/2021 15853.95 -0.4421%
178 7/13/2021 2993.85 -0.2702% 7/13/2021 15812.35 -0.2627%
179 7/12/2021 2999.40 0.1852% 7/12/2021 15692.60 -0.7602%
180 7/9/2021 3010.60 0.3727% 7/9/2021 15689.80 -0.0178%
181 7/8/2021 3028.30 0.5862% 7/8/2021 15727.90 0.2425%
182 7/7/2021 3040.10 0.3889% 7/7/2021 15879.65 0.9602%
183 7/6/2021 3002.50 -1.2445% 7/6/2021 15818.25 -0.3874%
184 7/5/2021 3014.80 0.4088% 7/5/2021 15834.35 0.1017%
185 7/2/2021 3005.00 -0.3256% 7/2/2021 15722.20 -0.7108%
186 7/1/2021 3021.60 0.5509% 7/1/2021 15680.00 -0.2688%
187 6/30/2021 2992.70 -0.9611% 6/30/2021 15721.50 0.2643%
188 6/29/2021 3001.50 0.2936% 6/29/2021 15748.45 0.1713%
189 6/28/2021 2982.95 -0.6199% 6/28/2021 15814.70 0.4198%
190 6/25/2021 3003.90 0.6999% 6/25/2021 15860.35 0.2882%
191 6/24/2021 3043.25 1.3015% 6/24/2021 15790.45 -0.4417%
192 6/23/2021 2987.35 -1.8539% 6/23/2021 15686.95 -0.6576%
193 6/22/2021 3010.80 0.7819% 6/22/2021 15772.75 0.5455%
194 6/21/2021 3068.55 1.8999% 6/21/2021 15746.50 -0.1666%
195 6/18/2021 3047.20 -0.6982% 6/18/2021 15683.35 -0.4019%
196 6/17/2021 3060.30 0.4290% 6/17/2021 15691.40 0.0513%
197 6/16/2021 3018.70 -1.3687% 6/16/2021 15767.55 0.4841%
198 6/15/2021 3042.20 0.7755% 6/15/2021 15869.25 0.6429%
199 6/14/2021 2949.90 -3.0810% 6/14/2021 15811.85 -0.3624%
200 6/11/2021 2956.25 0.2150% 6/11/2021 15799.35 -0.0791%
201 6/10/2021 2950.60 -0.1913% 6/10/2021 15737.75 -0.3906%
202 6/9/2021 2943.55 -0.2392% 6/9/2021 15635.35 -0.6528%
203 6/8/2021 2926.25 -0.5895% 6/8/2021 15740.10 0.6677%
204 6/7/2021 2933.10 0.2338% 6/7/2021 15751.65 0.0734%
205 6/4/2021 2924.90 -0.2800% 6/4/2021 15670.25 -0.5181%
206 6/3/2021 2935.35 0.3566% 6/3/2021 15690.35 0.1282%
207 6/2/2021 2903.70 -1.0841% 6/2/2021 15576.20 -0.7302%
208 6/1/2021 2931.00 0.9358% 6/1/2021 15574.85 -0.0087%
209 5/31/2021 2977.50 1.5740% 5/31/2021 15582.80 0.0510%
210 5/28/2021 2940.70 -1.2436% 5/28/2021 15435.65 -0.9488%
211 5/27/2021 2949.35 0.2937% 5/27/2021 15337.85 -0.6356%
212 5/26/2021 2941.60 -0.2631% 5/26/2021 15301.45 -0.2376%
213 5/25/2021 2914.40 -0.9290% 5/25/2021 15208.45 -0.6096%
214 5/24/2021 2819.20 -3.3211% 5/24/2021 15197.70 -0.0707%
215 5/21/2021 2832.50 0.4707% 5/21/2021 15175.30 -0.1475%
216 5/20/2021 2794.10 -1.3650% 5/20/2021 14906.05 -1.7902%
217 5/19/2021 2815.85 0.7754% 5/19/2021 15030.15 0.8291%
218 5/18/2021 2821.80 0.2111% 5/18/2021 15108.10 0.5173%
219 5/17/2021 2782.75 -1.3935% 5/17/2021 14923.15 -1.2317%
220 5/14/2021 2774.50 -0.2969% 5/14/2021 14677.80 -1.6578%
221 5/12/2021 2556.20 -8.1949% 5/12/2021 14696.50 0.1273%
222 5/11/2021 2556.25 0.0020% 5/11/2021 14850.75 1.0441%
223 5/10/2021 2556.95 0.0274% 5/10/2021 14942.35 0.6149%
224 5/7/2021 2551.65 -0.2075% 5/7/2021 14823.15 -0.8009%
225 5/6/2021 2549.05 -0.1019% 5/6/2021 14724.80 -0.6657%
226 5/5/2021 2567.65 0.7270% 5/5/2021 14617.85 -0.7290%
227 5/4/2021 2587.15 0.7566% 5/4/2021 14496.50 -0.8336%
228 5/3/2021 2582.15 -0.1934% 5/3/2021 14634.15 0.9451%
229 4/30/2021 2536.40 -1.7877% 4/30/2021 14631.10 -0.0208%
230 4/29/2021 2613.45 2.9925% 4/29/2021 14894.90 1.7870%
231 4/28/2021 2614.55 0.0421% 4/28/2021 14864.55 -0.2040%
232 4/27/2021 2574.35 -1.5495% 4/27/2021 14653.05 -1.4331%
233 4/26/2021 2557.90 -0.6411% 4/26/2021 14485.00 -1.1535%
234 4/23/2021 2517.95 -1.5742% 4/23/2021 14341.35 -0.9967%
235 4/22/2021 2511.25 -0.2664% 4/22/2021 14406.15 0.4508%
236 4/20/2021 2553.65 1.6743% 4/20/2021 14296.40 -0.7647%
237 4/19/2021 2571.90 0.7121% 4/19/2021 14359.45 0.4400%
238 4/16/2021 2663.70 3.5071% 4/16/2021 14617.85 1.7835%
239 4/15/2021 2587.70 -2.8947% 4/15/2021 14581.45 -0.2493%
240 4/13/2021 2570.70 -0.6591% 4/13/2021 14504.80 -0.5271%
241 4/12/2021 2602.20 1.2179% 4/12/2021 14310.80 -1.3465%
242 4/9/2021 2630.80 1.0931% 4/9/2021 14834.85 3.5965%
243 4/8/2021 2650.65 0.7517% 4/8/2021 14873.80 0.2622%
244 4/7/2021 2628.60 -0.8353% 4/7/2021 14819.05 -0.3688%
245 4/6/2021 2611.60 -0.6488% 4/6/2021 14683.50 -0.9189%
246 4/5/2021 2510.65 -3.9421% 4/5/2021 14637.80 -0.3117%
247 4/1/2021 2551.75 1.6238% 4/1/2021 14867.35 1.5560%
248 3/31/2021 2537.40 -0.5640% 3/31/2021 14690.70 -1.1953%
249 3/30/2021 2578.05 1.5893% 3/30/2021 14845.10 1.0455%
250 3/26/2021 2505.15 -2.8685% 3/26/2021 14507.30 -2.3018%
251 3/25/2021 2402.20 -4.1964% 3/25/2021 14324.90 -1.2653%
252 3/24/2021 2443.55 1.7067% 3/24/2021 14549.40 1.5550%
253 3/23/2021 2410.30 -1.3701% 3/23/2021 14814.75 1.8074%
254 3/22/2021 2425.70 0.6369% 3/22/2021 14736.40 -0.5303%
255 3/19/2021 2411.25 -0.5975% 3/19/2021 14744.00 0.0516%
256 3/18/2021 2404.55 -0.2782% 3/18/2021 14557.85 -1.2706%
257 3/17/2021 2422.95 0.7623% 3/17/2021 14721.30 1.1165%
258 3/16/2021 2468.60 1.8665% 3/16/2021 14910.45 1.2767%
259 3/15/2021 2355.00 -4.7111% 3/15/2021 14929.50 0.1277%
260 3/12/2021 2401.35 1.9490% 3/12/2021 15030.95 0.6772%
261 3/10/2021 2431.95 1.2662% 3/10/2021 15174.80 0.9525%
262 3/9/2021 2422.70 -0.3811% 3/9/2021 15098.40 -0.5047%
263 3/8/2021 2382.70 -1.6648% 3/8/2021 14956.20 -0.9463%
264 3/5/2021 2387.10 0.1845% 3/5/2021 14938.10 -0.1211%
265 3/4/2021 2417.10 1.2489% 3/4/2021 15080.75 0.9504%
266 3/3/2021 2402.10 -0.6225% 3/3/2021 15245.60 1.0872%
267 3/2/2021 2390.40 -0.4883% 3/2/2021 14919.10 -2.1649%
268 3/1/2021 2362.30 -1.1825% 3/1/2021 14761.55 -1.0616%
269 2/26/2021 2277.20 -3.6689% 2/26/2021 14529.15 -1.5869%
270 2/25/2021 2373.75 4.1524% 2/25/2021 15097.35 3.8362%
271 2/24/2021 2361.35 -0.5237% 2/24/2021 14982.00 -0.7670%
272 2/23/2021 2372.20 0.4584% 2/23/2021 14707.80 -1.8472%
273 2/22/2021 2387.05 0.6241% 2/22/2021 14675.70 -0.2185%
274 2/19/2021 2416.45 1.2241% 2/19/2021 14981.75 2.0640%
275 2/18/2021 2470.75 2.2222% 2/18/2021 15118.95 0.9116%
276 2/17/2021 2388.15 -3.4003% 2/17/2021 15208.90 0.5932%
277 2/16/2021 2450.25 2.5671% 2/16/2021 15313.45 0.6851%
278 2/15/2021 2456.75 0.2649% 2/15/2021 15314.70 0.0082%
279 2/12/2021 2486.10 1.1876% 2/12/2021 15163.30 -0.9935%
280 2/11/2021 2505.50 0.7773% 2/11/2021 15173.30 0.0659%
281 2/10/2021 2510.60 0.2033% 2/10/2021 15106.50 -0.4412%
282 2/9/2021 2506.85 -0.1495% 2/9/2021 15109.30 0.0185%
283 2/8/2021 2416.85 -3.6562% 2/8/2021 15115.80 0.0430%
284 2/5/2021 2376.75 -1.6731% 2/5/2021 14924.25 -1.2753%
285 2/4/2021 2401.80 1.0484% 2/4/2021 14895.65 -0.1918%
286 2/3/2021 2453.65 2.1358% 2/3/2021 14789.95 -0.7121%
287 2/2/2021 2463.65 0.4067% 2/2/2021 14647.85 -0.9654%
288 2/1/2021 2447.80 -0.6454% 2/1/2021 14281.20 -2.5350%
289 1/29/2021 2407.35 -1.6663% 1/29/2021 13634.60 -4.6333%
290 1/28/2021 2441.70 1.4168% 1/28/2021 13817.55 1.3329%
291 1/27/2021 2436.60 -0.2091% 1/27/2021 13967.50 1.0794%
292 1/25/2021 2513.95 3.1252% 1/25/2021 14238.90 1.9244%
293 1/22/2021 2596.65 3.2367% 1/22/2021 14371.90 0.9297%
294 1/21/2021 2716.35 4.5067% 1/21/2021 14590.35 1.5085%
295 1/20/2021 2697.25 -0.7056% 1/20/2021 14644.70 0.3718%
296 1/19/2021 2645.05 -1.9543% 1/19/2021 14521.15 -0.8472%
297 1/18/2021 2588.20 -2.1727% 1/18/2021 14281.30 -1.6655%
298 1/15/2021 2590.90 0.1043% 1/15/2021 14433.70 1.0615%
299 1/14/2021 2663.90 2.7786% 1/14/2021 14595.60 1.1154%
300 1/13/2021 2703.70 1.4830% 1/13/2021 14564.85 -0.2109%
301 1/12/2021 2720.55 0.6213% 1/12/2021 14563.45 -0.0096%
302 1/11/2021 2849.30 4.6239% 1/11/2021 14484.75 -0.5419%
303 1/8/2021 2844.70 -0.1616% 1/8/2021 14347.25 -0.9538%
304 1/7/2021 2792.25 -1.8610% 1/7/2021 14137.35 -1.4738%
305 1/6/2021 2805.35 0.4681% 1/6/2021 14146.25 0.0629%
306 1/5/2021 2793.85 -0.4108% 1/5/2021 14199.50 0.3757%
307 1/4/2021 2753.70 -1.4475% 1/4/2021 14132.90 -0.4701%
308 1/1/2021 2775.55 0.7903% 1/1/2021 14018.50 -0.8128%
309 12/31/2020 2764.50 -0.3989% 12/31/2020 13981.75 -0.2625%
310 12/30/2020 2734.40 -1.0948% 12/30/2020 13981.95 0.0014%
311 12/29/2020 2696.80 -1.3846% 12/29/2020 13932.60 -0.3536%
312 12/28/2020 2683.90 -0.4795% 12/28/2020 13873.20 -0.4272%
313 12/24/2020 2648.25 -1.3372% 12/24/2020 13749.25 -0.8975%
314 12/23/2020 2642.55 -0.2155% 12/23/2020 13601.10 -1.0834%
315 12/22/2020 2600.80 -1.5925% 12/22/2020 13466.30 -0.9960%
316 12/21/2020 2554.65 -1.7904% 12/21/2020 13328.40 -1.0293%
317 12/18/2020 2601.50 1.8173% 12/18/2020 13760.55 3.1909%
318 12/17/2020 2575.05 -1.0219% 12/17/2020 13740.70 -0.1444%
319 12/16/2020 2582.45 0.2870% 12/16/2020 13682.70 -0.4230%
320 12/15/2020 2527.45 -2.1528% 12/15/2020 13567.85 -0.8429%
321 12/14/2020 2548.15 0.8157% 12/14/2020 13558.15 -0.0715%
322 12/11/2020 2520.95 -1.0732% 12/11/2020 13513.85 -0.3273%
323 12/10/2020 2526.05 0.2021% 12/10/2020 13478.30 -0.2634%
324 12/9/2020 2522.30 -0.1486% 12/9/2020 13529.10 0.3762%
325 12/8/2020 2438.90 -3.3624% 12/8/2020 13392.95 -1.0114%
326 12/7/2020 2472.55 1.3703% 12/7/2020 13355.75 -0.2781%
327 12/4/2020 2438.75 -1.3764% 12/4/2020 13258.55 -0.7304%
328 12/3/2020 2411.40 -1.1278% 12/3/2020 13133.90 -0.9446%
329 12/2/2020 2315.85 -4.0431% 12/2/2020 13113.75 -0.1535%
330 12/1/2020 2230.05 -3.7753% 12/1/2020 13109.05 -0.0358%
331 11/27/2020 2215.30 -0.6636% 11/27/2020 12968.95 -1.0745%
332 11/26/2020 2155.30 -2.7458% 11/26/2020 12987.00 0.1391%
333 11/25/2020 2154.30 -0.0464% 11/25/2020 12858.40 -0.9952%
334 11/24/2020 2207.90 2.4576% 11/24/2020 13055.15 1.5185%
335 11/23/2020 2186.25 -0.9854% 11/23/2020 12926.45 -0.9907%
336 11/20/2020 2166.55 -0.9052% 11/20/2020 12859.05 -0.5228%
337 11/19/2020 2161.70 -0.2241% 11/19/2020 12771.70 -0.6816%
338 11/18/2020 2195.75 1.5629% 11/18/2020 12938.25 1.2956%
339 11/17/2020 2187.65 -0.3696% 11/17/2020 12874.20 -0.4963%
341 11/13/2020 2179.95 -0.3526% 11/13/2020 12719.95 -1.2054%
342 11/12/2020 2171.80 -0.3746% 11/12/2020 12690.80 -0.2294%
343 11/11/2020 2181.70 0.4548% 11/11/2020 12749.15 0.4587%
344 11/10/2020 2199.75 0.8239% 11/10/2020 12631.10 -0.9303%
345 11/9/2020 2225.20 1.1503% 11/9/2020 12461.05 -1.3554%
346 11/6/2020 2209.05 -0.7284% 11/6/2020 12263.55 -1.5976%
347 11/5/2020 2238.30 1.3154% 11/5/2020 12120.30 -1.1750%
348 11/4/2020 2169.45 -3.1243% 11/4/2020 11908.50 -1.7629%
349 11/3/2020 2154.65 -0.6845% 11/3/2020 11813.50 -0.8009%
350 11/2/2020 2172.85 0.8411% 11/2/2020 11669.15 -1.2294%
351 10/30/2020 2211.50 1.7631% 10/30/2020 11642.40 -0.2295%
352 10/29/2020 2225.45 0.6288% 10/29/2020 11670.80 0.2436%
353 10/28/2020 2159.55 -3.0059% 10/28/2020 11729.60 0.5026%
354 10/27/2020 2197.80 1.7557% 10/27/2020 11889.40 1.3532%
355 10/26/2020 2080.45 -5.4873% 10/26/2020 11767.75 -1.0285%
356 10/23/2020 2120.25 1.8950% 10/23/2020 11930.35 1.3723%
357 10/22/2020 2099.90 -0.9644% 10/22/2020 11896.45 -0.2845%
358 10/21/2020 2114.30 0.6834% 10/21/2020 11937.65 0.3457%
359 10/20/2020 2118.50 0.1984% 10/20/2020 11896.80 -0.3428%
360 10/19/2020 2070.10 -2.3111% 10/19/2020 11873.05 -0.1998%
361 10/16/2020 2061.20 -0.4309% 10/16/2020 11762.45 -0.9359%
362 10/15/2020 2090.45 1.4091% 10/15/2020 11680.35 -0.7004%
363 10/14/2020 2071.35 -0.9179% 10/14/2020 11971.05 2.4583%
364 10/13/2020 2064.65 -0.3240% 10/13/2020 11934.50 -0.3058%
365 10/12/2020 2077.85 0.6373% 10/12/2020 11930.95 -0.0297%
366 10/9/2020 2050.60 -1.3201% 10/9/2020 11914.20 -0.1405%
367 10/8/2020 2088.65 1.8385% 10/8/2020 11834.60 -0.6704%
368 10/7/2020 2105.00 0.7798% 10/7/2020 11738.85 -0.8124%
369 10/6/2020 2090.00 -0.7151% 10/6/2020 11662.40 -0.6534%
370 10/5/2020 2028.00 -3.0114% 10/5/2020 11503.35 -1.3732%
371 10/1/2020 2040.45 0.6120% 10/1/2020 11416.95 -0.7539%
372 9/30/2020 1986.40 -2.6846% 9/30/2020 11247.55 -1.4949%
373 9/29/2020 1959.95 -1.3405% 9/29/2020 11222.40 -0.2238%
374 9/28/2020 1945.60 -0.7349% 9/28/2020 11227.55 0.0459%
375 9/25/2020 1925.60 -1.0333% 9/25/2020 11050.25 -1.5918%
376 9/24/2020 1918.35 -0.3772% 9/24/2020 10805.55 -2.2393%
377 9/23/2020 1946.55 1.4593% 9/23/2020 11131.85 2.9750%
378 9/22/2020 1937.50 -0.4660% 9/22/2020 11153.65 0.1956%
379 9/21/2020 1972.55 1.7929% 9/21/2020 11250.55 0.8650%
380 9/18/2020 2028.40 2.7920% 9/18/2020 11504.95 2.2360%
381 9/17/2020 2007.95 -1.0133% 9/17/2020 11516.10 0.0969%
382 9/16/2020 2012.10 0.2065% 9/16/2020 11604.55 0.7651%
383 9/15/2020 2017.55 0.2705% 9/15/2020 11521.80 -0.7156%
384 9/14/2020 2031.20 0.6743% 9/14/2020 11440.05 -0.7121%
385 9/11/2020 2035.95 0.2336% 9/11/2020 11464.45 0.2131%
386 9/10/2020 2056.55 1.0067% 9/10/2020 11449.25 -0.1327%
387 9/9/2020 1979.05 -3.8413% 9/9/2020 11278.00 -1.5070%
388 9/8/2020 1960.35 -0.9494% 9/8/2020 11317.35 0.3483%
389 9/7/2020 1982.10 1.1034% 9/7/2020 11355.05 0.3326%
390 9/4/2020 1956.35 -1.3076% 9/4/2020 11333.85 -0.1869%
391 9/3/2020 1978.00 1.1006% 9/3/2020 11527.45 1.6937%
392 9/2/2020 1943.95 -1.7364% 9/2/2020 11535.00 0.0655%
393 9/1/2020 1979.30 1.8021% 9/1/2020 11470.25 -0.5629%
394 8/31/2020 1899.10 -4.1363% 8/31/2020 11387.50 -0.7240%
395 8/28/2020 1958.10 3.0595% 8/28/2020 11647.60 2.2584%
396 8/27/2020 1982.50 1.2384% 8/27/2020 11559.25 -0.7614%
397 8/26/2020 1971.40 -0.5615% 8/26/2020 11549.60 -0.0835%
398 8/25/2020 2000.60 1.4703% 8/25/2020 11472.25 -0.6720%
399 8/24/2020 1962.15 -1.9406% 8/24/2020 11466.45 -0.0506%
400 8/21/2020 1958.00 -0.2117% 8/21/2020 11371.60 -0.8306%
401 8/20/2020 1874.90 -4.3368% 8/20/2020 11312.20 -0.5237%
402 8/19/2020 1885.70 0.5744% 8/19/2020 11408.40 0.8468%
403 8/18/2020 1874.10 -0.6171% 8/18/2020 11385.35 -0.2023%
404 8/17/2020 1836.70 -2.0158% 8/17/2020 11247.10 -1.2217%
405 8/14/2020 1802.55 -1.8768% 8/14/2020 11178.40 -0.6127%
406 8/13/2020 1802.55 0.0000% 8/13/2020 11300.45 1.0859%
407 8/12/2020 1797.25 -0.2945% 8/12/2020 11308.40 0.0703%
408 8/11/2020 1789.55 -0.4293% 8/11/2020 11322.50 0.1246%
409 8/10/2020 1782.35 -0.4032% 8/10/2020 11270.15 -0.4634%
410 8/7/2020 1806.25 1.3320% 8/7/2020 11214.05 -0.4990%
411 8/6/2020 1727.55 -4.4549% 8/6/2020 11200.15 -0.1240%
412 8/5/2020 1716.30 -0.6533% 8/5/2020 11101.65 -0.8833%
413 8/4/2020 1713.95 -0.1370% 8/4/2020 11095.25 -0.0577%
414 8/3/2020 1705.50 -0.4942% 8/3/2020 10891.60 -1.8525%
415 7/31/2020 1715.50 0.5846% 7/31/2020 11073.45 1.6559%
416 7/30/2020 1743.35 1.6104% 7/30/2020 11102.15 0.2588%
417 7/29/2020 1740.15 -0.1837% 7/29/2020 11202.85 0.9029%
418 7/28/2020 1759.65 1.1144% 7/28/2020 11300.55 0.8683%
419 7/27/2020 1778.15 1.0459% 7/27/2020 11131.80 -1.5046%
420 7/24/2020 1712.05 -3.7882% 7/24/2020 11194.15 0.5585%
421 7/23/2020 1727.80 0.9157% 7/23/2020 11215.45 0.1901%
422 7/22/2020 1695.75 -1.8724% 7/22/2020 11132.60 -0.7415%
423 7/21/2020 1724.25 1.6667% 7/21/2020 11162.25 0.2660%
424 7/20/2020 1751.60 1.5737% 7/20/2020 11022.20 -1.2626%
425 7/17/2020 1717.90 -1.9427% 7/17/2020 10901.70 -1.0993%
426 7/16/2020 1693.20 -1.4482% 7/16/2020 10739.95 -1.4948%
427 7/15/2020 1671.65 -1.2809% 7/15/2020 10618.20 -1.1401%
428 7/14/2020 1688.40 0.9970% 7/14/2020 10607.35 -0.1022%
429 7/13/2020 1705.65 1.0165% 7/13/2020 10802.70 1.8249%
430 7/10/2020 1703.50 -0.1261% 7/10/2020 10768.05 -0.3213%
431 7/9/2020 1717.25 0.8039% 7/9/2020 10813.45 0.4207%
432 7/8/2020 1686.25 -1.8217% 7/8/2020 10705.75 -1.0010%
433 7/7/2020 1745.75 3.4677% 7/7/2020 10799.65 0.8733%
434 7/6/2020 1708.85 -2.1364% 7/6/2020 10763.65 -0.3339%
435 7/3/2020 1695.65 -0.7754% 7/3/2020 10607.35 -1.4628%
436 7/2/2020 1686.45 -0.5440% 7/2/2020 10551.70 -0.5260%
437 7/1/2020 1688.00 0.0919% 7/1/2020 10430.05 -1.1596%
438 6/30/2020 1687.45 -0.0326% 6/30/2020 10302.10 -1.2343%
439 6/29/2020 1691.95 0.2663% 6/29/2020 10312.40 0.0999%
440 6/26/2020 1686.75 -0.3078% 6/26/2020 10383.00 0.6823%
441 6/25/2020 1689.00 0.1333% 6/25/2020 10288.90 -0.9104%
442 6/24/2020 1747.25 3.3906% 6/24/2020 10305.30 0.1593%
443 6/23/2020 1683.90 -3.6931% 6/23/2020 10471.00 1.5951%
444 6/22/2020 1652.15 -1.9035% 6/22/2020 10311.20 -1.5379%
445 6/19/2020 1622.50 -1.8109% 6/19/2020 10244.40 -0.6499%
446 6/18/2020 1597.80 -1.5340% 6/18/2020 10091.65 -1.5023%
447 6/17/2020 1595.40 -0.1503% 6/17/2020 9881.15 -2.1079%
448 6/16/2020 1621.70 1.6350% 6/16/2020 9914.00 0.3319%
449 6/15/2020 1618.20 -0.2161% 6/15/2020 9813.70 -1.0169%
450 6/12/2020 1637.35 1.1765% 6/12/2020 9972.90 1.6092%
451 6/11/2020 1610.60 -1.6472% 6/11/2020 9902.00 -0.7135%
452 6/10/2020 1635.95 1.5617% 6/10/2020 10116.15 2.1396%
453 6/9/2020 1642.05 0.3722% 6/9/2020 10046.65 -0.6894%
454 6/8/2020 1634.25 -0.4762% 6/8/2020 10167.45 1.1952%
455 6/5/2020 1638.55 0.2628% 6/5/2020 10142.15 -0.2491%
456 6/4/2020 1633.75 -0.2934% 6/4/2020 10029.10 -1.1209%
457 6/3/2020 1716.55 4.9439% 6/3/2020 10061.55 0.3230%
458 6/2/2020 1709.30 -0.4233% 6/2/2020 9979.10 -0.8228%
459 6/1/2020 1693.25 -0.9434% 6/1/2020 9826.15 -1.5446%
460 5/29/2020 1683.10 -0.6012% 5/29/2020 9580.30 -2.5338%
461 5/28/2020 1643.60 -2.3748% 5/28/2020 9490.10 -0.9460%
462 5/27/2020 1619.45 -1.4802% 5/27/2020 9314.95 -1.8628%
463 5/26/2020 1629.85 0.6401% 5/26/2020 9029.05 -3.1174%
464 5/22/2020 1617.90 -0.7359% 5/22/2020 9039.25 0.1129%
465 5/21/2020 1574.30 -2.7318% 5/21/2020 9106.25 0.7385%
466 5/20/2020 1500.05 -4.8312% 5/20/2020 9066.55 -0.4369%
467 5/19/2020 1503.95 0.2596% 5/19/2020 8879.10 -2.0892%
468 5/18/2020 1501.10 -0.1897% 5/18/2020 8823.25 -0.6310%
469 5/15/2020 1552.95 3.3958% 5/15/2020 9136.85 3.4925%
470 5/14/2020 1522.40 -1.9868% 5/14/2020 9142.75 0.0646%
471 5/13/2020 1563.30 2.6511% 5/13/2020 9383.55 2.5997%
472 5/12/2020 1523.35 -2.5887% 5/12/2020 9196.55 -2.0130%
473 5/11/2020 1569.60 2.9909% 5/11/2020 9239.20 0.4627%
474 5/8/2020 1578.40 0.5591% 5/8/2020 9251.50 0.1330%
475 5/7/2020 1594.30 1.0023% 5/7/2020 9199.05 -0.5686%
476 5/6/2020 1610.65 1.0203% 5/6/2020 9270.90 0.7780%
477 5/5/2020 1619.15 0.5263% 5/5/2020 9205.60 -0.7069%
478 5/4/2020 1676.80 3.4986% 5/4/2020 9293.50 0.9503%
479 4/30/2020 1758.70 4.7688% 4/30/2020 9859.90 5.9161%
480 4/29/2020 1767.50 0.4991% 4/29/2020 9553.35 -3.1584%
481 4/28/2020 1824.40 3.1685% 4/28/2020 9380.90 -1.8216%
482 4/27/2020 1851.35 1.4664% 4/27/2020 9282.30 -1.0566%
483 4/24/2020 1827.55 -1.2939% 4/24/2020 9154.40 -1.3875%
484 4/23/2020 1821.65 -0.3234% 4/23/2020 9313.90 1.7273%
485 4/22/2020 1813.00 -0.4760% 4/22/2020 9187.30 -1.3686%
486 4/21/2020 1726.00 -4.9176% 4/21/2020 8981.45 -2.2661%
487 4/20/2020 1730.45 0.2575% 4/20/2020 9261.85 3.0742%
488 4/17/2020 1756.25 1.4799% 4/17/2020 9266.75 0.0529%
489 4/16/2020 1743.10 -0.7516% 4/16/2020 8992.80 -3.0008%
490 4/15/2020 1718.20 -1.4388% 4/15/2020 8925.30 -0.7534%
491 4/13/2020 1680.85 -2.1978% 4/13/2020 8993.85 0.7651%
492 4/9/2020 1651.35 -1.7706% 4/9/2020 9111.90 1.3040%
493 4/8/2020 1608.95 -2.6011% 4/8/2020 8748.75 -4.0670%
494 4/7/2020 1623.80 0.9187% 4/7/2020 8792.20 0.4954%
495 4/3/2020 1520.90 -6.5467% 4/3/2020 8083.80 -8.4003%
496 4/1/2020 1603.20 5.2699% 4/1/2020 8253.80 2.0812%
497 3/31/2020 1666.50 3.8724% 3/31/2020 8597.75 4.0827%
498 3/30/2020 1594.95 -4.3883% 3/30/2020 8281.10 -3.7525%
499 3/27/2020 1604.15 0.5752% 3/27/2020 8660.25 4.4768%
500 3/26/2020 1616.95 0.7948% 3/26/2020 8641.45 -0.2173%
501 3/25/2020 1593.15 -1.4828% 3/25/2020 8317.85 -3.8167%
502 3/24/2020 1524.85 -4.3817% 3/24/2020 7801.05 -6.4145%
503 3/23/2020 1498.45 -1.7465% 3/23/2020 7610.25 -2.4762%
504 3/20/2020 1742.95 15.1148% 3/20/2020 8745.45 13.9038%
505 3/19/2020 1601.20 -8.4826% 3/19/2020 8263.45 -5.6691%
506 3/18/2020 1618.20 1.0561% 3/18/2020 8468.80 2.4547%
507 3/17/2020 1731.60 6.7731% 3/17/2020 8967.05 5.7168%
508 3/16/2020 1683.40 -2.8230% 3/16/2020 9197.40 2.5364%
509 3/13/2020 1797.70 6.5692% 3/13/2020 9955.20 7.9174%
510 3/12/2020 1843.35 2.5077% 3/12/2020 9590.15 -3.7358%
511 3/11/2020 1882.85 2.1202% 3/11/2020 10458.40 8.6669%
512 3/9/2020 1867.15 -0.8373% 3/9/2020 10451.45 -0.0665%
513 3/6/2020 1877.45 0.5501% 3/6/2020 10989.45 5.0195%
514 3/5/2020 1874.45 -0.1599% 3/5/2020 11269.00 2.5120%
515 3/4/2020 1847.95 -1.4238% 3/4/2020 11251.00 -0.1599%
516 3/3/2020 1800.55 -2.5985% 3/3/2020 11303.30 0.4638%
517 3/2/2020 1786.80 -0.7666% 3/2/2020 11132.75 -1.5203%
518 2/28/2020 1797.95 0.6221% 2/28/2020 11201.75 0.6179%
519 2/27/2020 1843.80 2.5182% 2/27/2020 11633.30 3.7802%
520 2/26/2020 1826.65 -0.9345% 2/26/2020 11678.50 0.3878%
521 2/25/2020 1826.10 -0.0301% 2/25/2020 11797.90 1.0172%
522 2/24/2020 1818.95 -0.3923% 2/24/2020 11829.40 0.2666%
523 2/20/2020 1842.25 1.2728% 2/20/2020 12080.85 2.1034%
524 2/19/2020 1884.90 2.2887% 2/19/2020 12125.90 0.3722%
525 2/18/2020 1863.65 -1.1338% 2/18/2020 11992.50 -1.1062%
526 2/17/2020 1881.40 0.9479% 2/17/2020 12045.80 0.4435%
527 2/14/2020 1877.05 -0.2315% 2/14/2020 12113.45 0.5600%
528 2/13/2020 1874.05 -0.1600% 2/13/2020 12174.65 0.5040%
529 2/12/2020 1893.70 1.0431% 2/12/2020 12201.20 0.2178%
530 2/11/2020 1878.10 -0.8272% 2/11/2020 12107.90 -0.7676%
531 2/10/2020 1869.50 -0.4590% 2/10/2020 12031.50 -0.6330%
532 2/7/2020 1858.70 -0.5794% 2/7/2020 12098.35 0.5541%
533 2/6/2020 1856.80 -0.1023% 2/6/2020 12137.95 0.3268%
534 2/5/2020 1873.50 0.8954% 2/5/2020 12089.15 -0.4029%
535 2/4/2020 1891.30 0.9456% 2/4/2020 11979.65 -0.9099%
536 2/3/2020 1867.65 -1.2583% 2/3/2020 11707.90 -2.2946%
537 1/31/2020 1795.65 -3.9314% 1/31/2020 11962.10 2.1479%
538 1/30/2020 1805.00 0.5194% 1/30/2020 12035.80 0.6142%
539 1/29/2020 1796.95 -0.4470% 1/29/2020 12129.50 0.7755%
540 1/28/2020 1779.10 -0.9983% 1/28/2020 12055.80 -0.6095%
541 1/27/2020 1788.35 0.5186% 1/27/2020 12119.00 0.5229%
542 1/24/2020 1786.80 -0.0867% 1/24/2020 12248.25 1.0609%
543 1/23/2020 1776.10 -0.6006% 1/23/2020 12180.35 -0.5559%
544 1/22/2020 1779.25 0.1772% 1/22/2020 12106.90 -0.6048%
545 1/21/2020 1810.75 1.7549% 1/21/2020 12169.85 0.5186%
546 1/20/2020 1848.75 2.0769% 1/20/2020 12224.55 0.4485%
547 1/17/2020 1830.05 -1.0166% 1/17/2020 12352.35 1.0400%
548 1/16/2020 1835.15 0.2783% 1/16/2020 12355.50 0.0255%
549 1/15/2020 1842.25 0.3861% 1/15/2020 12343.30 -0.0988%
550 1/14/2020 1819.15 -1.2618% 1/14/2020 12362.30 0.1538%
551 1/13/2020 1804.90 -0.7864% 1/13/2020 12329.55 -0.2653%
552 1/10/2020 1792.55 -0.6866% 1/10/2020 12256.80 -0.5918%
553 1/9/2020 1772.55 -1.1220% 1/9/2020 12215.90 -0.3342%
554 1/8/2020 1728.80 -2.4992% 1/8/2020 12025.35 -1.5722%
555 1/7/2020 1724.40 -0.2548% 1/7/2020 12052.95 0.2293%
556 1/6/2020 1707.15 -1.0054% 1/6/2020 11993.05 -0.4982%
557 1/3/2020 1751.40 2.5590% 1/3/2020 12226.65 1.9291%
558 1/2/2020 1790.65 2.2163% 1/2/2020 12282.20 0.4533%
559 1/1/2020 1793.20 0.1423% 1/1/2020 12182.50 -0.8151%
560 12/31/2019 1784.95 -0.4611% 12/31/2019 12168.45 -0.1154%
561 12/30/2019 1802.30 0.9673% 12/30/2019 12255.85 0.7157%
562 12/27/2019 1812.25 0.5506% 12/27/2019 12245.80 -0.0820%
563 12/26/2019 1809.60 -0.1463% 12/26/2019 12126.55 -0.9786%
564 12/24/2019 1803.45 -0.3404% 12/24/2019 12214.55 0.7231%
565 12/23/2019 1807.55 0.2271% 12/23/2019 12262.75 0.3938%
566 12/20/2019 1799.25 -0.4602% 12/20/2019 12271.80 0.0738%
567 12/19/2019 1803.10 0.2137% 12/19/2019 12259.70 -0.0986%
568 12/18/2019 1778.45 -1.3765% 12/18/2019 12221.65 -0.3108%
569 12/17/2019 1745.40 -1.8758% 12/17/2019 12165.00 -0.4646%
570 12/16/2019 1731.45 -0.8025% 12/16/2019 12053.95 -0.9171%
571 12/13/2019 1743.95 0.7193% 12/13/2019 12086.70 0.2713%
572 12/12/2019 1750.65 0.3835% 12/12/2019 11971.80 -0.9552%
573 12/11/2019 1738.20 -0.7137% 12/11/2019 11910.15 -0.5163%
574 12/10/2019 1713.15 -1.4516% 12/10/2019 11856.80 -0.4489%
575 12/9/2019 1726.35 0.7676% 12/9/2019 11937.50 0.6783%
576 12/6/2019 1716.65 -0.5635% 12/6/2019 11921.50 -0.1341%
577 12/5/2019 1715.85 -0.0466% 12/5/2019 12018.40 0.8095%
578 12/4/2019 1720.30 0.2590% 12/4/2019 12043.20 0.2061%
579 12/3/2019 1736.45 0.9344% 12/3/2019 11994.20 -0.4077%
580 12/2/2019 1738.25 0.1036% 12/2/2019 12048.20 0.4492%
581 11/29/2019 1706.15 -1.8639% 11/29/2019 12056.05 0.0651%
582 11/28/2019 1714.60 0.4940% 11/28/2019 12151.15 0.7857%
583 11/27/2019 1715.35 0.0437% 11/27/2019 12100.70 -0.4161%
584 11/26/2019 1710.30 -0.2948% 11/26/2019 12037.70 -0.5220%
585 11/25/2019 1710.70 0.0234% 11/25/2019 12073.75 0.2990%
586 11/22/2019 1682.75 -1.6473% 11/22/2019 11914.40 -1.3286%
587 11/21/2019 1720.35 2.2098% 11/21/2019 11968.40 0.4522%
588 11/20/2019 1723.50 0.1829% 11/20/2019 11999.10 0.2562%
589 11/19/2019 1721.35 -0.1248% 11/19/2019 11940.10 -0.4929%
590 11/18/2019 1739.00 1.0201% 11/18/2019 11884.50 -0.4667%
591 11/15/2019 1760.70 1.2401% 11/15/2019 11895.45 0.0921%
592 11/14/2019 1771.85 0.6313% 11/14/2019 11872.10 -0.1965%
593 11/13/2019 1770.45 -0.0790% 11/13/2019 11840.45 -0.2669%
594 11/11/2019 1773.95 0.1975% 11/11/2019 11913.45 0.6146%
595 11/8/2019 1794.85 1.1713% 11/8/2019 11908.15 -0.0445%
596 11/7/2019 1826.95 1.7726% 11/7/2019 12012.05 0.8687%
597 11/6/2019 1797.60 -1.6195% 11/6/2019 11966.05 -0.3837%
598 11/5/2019 1793.85 -0.2088% 11/5/2019 11917.20 -0.4091%
599 11/4/2019 1785.90 -0.4442% 11/4/2019 11941.30 0.2020%
600 11/1/2019 1766.35 -1.1007% 11/1/2019 11890.60 -0.4255%
601 10/31/2019 1809.60 2.4191% 10/31/2019 11877.45 -0.1106%
602 10/30/2019 1821.30 0.6445% 10/30/2019 11844.10 -0.2812%
603 10/29/2019 1814.25 -0.3878% 10/29/2019 11786.85 -0.4845%
605 10/25/2019 1796.30 -0.9943% 10/25/2019 11583.90 -1.7368%
606 10/24/2019 1790.50 -0.3234% 10/24/2019 11582.60 -0.0112%
607 10/23/2019 1767.40 -1.2985% 10/23/2019 11604.10 0.1855%
608 10/22/2019 1780.20 0.7216% 10/22/2019 11588.35 -0.1358%
609 10/18/2019 1816.75 2.0324% 10/18/2019 11661.85 0.6323%
610 10/17/2019 1812.30 -0.2452% 10/17/2019 11586.35 -0.6495%
611 10/16/2019 1765.70 -2.6050% 10/16/2019 11464.00 -1.0616%
612 10/15/2019 1803.10 2.0960% 10/15/2019 11428.30 -0.3119%
613 10/14/2019 1798.70 -0.2443% 10/14/2019 11341.15 -0.7655%
614 10/11/2019 1790.25 -0.4709% 10/11/2019 11305.05 -0.3188%
615 10/10/2019 1778.60 -0.6529% 10/10/2019 11234.55 -0.6256%
616 10/9/2019 1773.45 -0.2900% 10/9/2019 11313.30 0.6985%
617 10/7/2019 1725.15 -2.7613% 10/7/2019 11126.40 -1.6658%
618 10/4/2019 1724.40 -0.0435% 10/4/2019 11174.75 0.4336%
619 10/3/2019 1748.95 1.4136% 10/3/2019 11314.00 1.2384%
620 10/1/2019 1766.10 0.9758% 10/1/2019 11359.90 0.4049%
621 9/30/2019 1762.15 -0.2239% 9/30/2019 11474.45 1.0033%
622 9/27/2019 1776.30 0.7998% 9/27/2019 11512.40 0.3302%
623 9/26/2019 1770.95 -0.3016% 9/26/2019 11571.20 0.5095%
624 9/25/2019 1751.80 -1.0872% 9/25/2019 11440.20 -1.1386%
625 9/24/2019 1765.90 0.8017% 9/24/2019 11588.20 1.2854%
626 9/23/2019 1802.75 2.0653% 9/23/2019 11600.20 0.1035%
627 9/20/2019 1671.00 -7.5891% 9/20/2019 11274.20 -2.8505%
628 9/19/2019 1553.90 -7.2654% 9/19/2019 10704.80 -5.1825%
629 9/18/2019 1547.75 -0.3966% 9/18/2019 10840.65 1.2611%
630 9/17/2019 1530.90 -1.0946% 9/17/2019 10817.60 -0.2129%
631 9/16/2019 1521.30 -0.6291% 9/16/2019 11003.50 1.7039%
632 9/13/2019 1548.20 1.7528% 9/13/2019 11075.90 0.6558%
633 9/12/2019 1540.30 -0.5116% 9/12/2019 10982.80 -0.8441%
634 9/11/2019 1561.45 1.3638% 9/11/2019 11035.70 0.4805%
635 9/9/2019 1540.60 -1.3443% 9/9/2019 11003.05 -0.2963%
636 9/6/2019 1532.40 -0.5337% 9/6/2019 10946.20 -0.5180%
637 9/5/2019 1519.75 -0.8289% 9/5/2019 10847.90 -0.9021%
638 9/4/2019 1535.15 1.0082% 9/4/2019 10844.65 -0.0300%
639 9/3/2019 1576.75 2.6738% 9/3/2019 10797.90 -0.4320%
640 8/30/2019 1616.20 2.4712% 8/30/2019 11023.25 2.0655%
641 8/29/2019 1615.25 -0.0588% 8/29/2019 10948.30 -0.6823%
642 8/28/2019 1603.15 -0.7519% 8/28/2019 11046.10 0.8893%
643 8/27/2019 1599.45 -0.2311% 8/27/2019 11105.35 0.5350%
644 8/26/2019 1597.55 -0.1189% 8/26/2019 11057.85 -0.4286%
645 8/23/2019 1580.40 -1.0793% 8/23/2019 10829.35 -2.0881%
646 8/22/2019 1570.20 -0.6475% 8/22/2019 10741.35 -0.8159%
647 8/21/2019 1589.15 1.1996% 8/21/2019 10918.70 1.6376%
648 8/20/2019 1595.15 0.3768% 8/20/2019 11017.00 0.8963%
649 8/19/2019 1586.45 -0.5469% 8/19/2019 11053.90 0.3344%
650 8/16/2019 1597.45 0.6910% 8/16/2019 11047.80 -0.0552%
651 8/14/2019 1569.70 -1.7524% 8/14/2019 11029.40 -0.1667%
652 8/13/2019 1573.35 0.2323% 8/13/2019 10925.85 -0.9433%
653 8/9/2019 1575.50 0.1366% 8/9/2019 11109.65 1.6683%
654 8/8/2019 1565.90 -0.6112% 8/8/2019 11032.45 -0.6973%
655 8/7/2019 1559.20 -0.4288% 8/7/2019 10855.50 -1.6169%
656 8/6/2019 1565.85 0.4256% 8/6/2019 10948.25 0.8508%
657 8/5/2019 1525.40 -2.6172% 8/5/2019 10862.60 -0.7854%
658 8/2/2019 1545.20 1.2897% 8/2/2019 10997.35 1.2329%
659 8/1/2019 1504.70 -2.6560% 8/1/2019 10980.00 -0.1579%
660 7/31/2019 1521.10 1.0840% 7/31/2019 11118.00 1.2490%
661 7/30/2019 1508.75 -0.8152% 7/30/2019 11085.40 -0.2936%
662 7/29/2019 1513.25 0.2978% 7/29/2019 11189.20 0.9320%
663 7/26/2019 1526.45 0.8685% 7/26/2019 11284.30 0.8463%
664 7/25/2019 1495.85 -2.0250% 7/25/2019 11252.15 -0.2853%
665 7/24/2019 1483.40 -0.8358% 7/24/2019 11271.30 0.1700%
666 7/23/2019 1429.35 -3.7117% 7/23/2019 11331.05 0.5287%
667 7/22/2019 1404.20 -1.7752% 7/22/2019 11346.20 0.1336%
668 7/19/2019 1369.10 -2.5314% 7/19/2019 11419.25 0.6418%
669 7/18/2019 1384.95 1.1510% 7/18/2019 11596.90 1.5437%
670 7/17/2019 1395.90 0.7875% 7/17/2019 11687.50 0.7782%
671 7/16/2019 1372.30 -1.7051% 7/16/2019 11662.60 -0.2133%
672 7/15/2019 1353.15 -1.4053% 7/15/2019 11588.35 -0.6387%
673 7/12/2019 1361.95 0.6482% 7/12/2019 11552.50 -0.3098%
674 7/11/2019 1332.45 -2.1898% 7/11/2019 11582.90 0.2628%
675 7/10/2019 1322.95 -0.7155% 7/10/2019 11498.90 -0.7278%
676 7/9/2019 1321.00 -0.1475% 7/9/2019 11555.90 0.4945%
677 7/8/2019 1340.25 1.4467% 7/8/2019 11558.60 0.0234%
678 7/5/2019 1358.70 1.3672% 7/5/2019 11811.15 2.1614%
679 7/4/2019 1359.70 0.0736% 7/4/2019 11946.75 1.1415%
680 7/3/2019 1352.00 -0.5679% 7/3/2019 11916.75 -0.2514%
681 7/2/2019 1345.75 -0.4633% 7/2/2019 11910.30 -0.0541%
682 7/1/2019 1353.85 0.6001% 7/1/2019 11865.60 -0.3760%
683 6/28/2019 1358.15 0.3171% 6/28/2019 11788.85 -0.6489%
684 6/27/2019 1361.40 0.2390% 6/27/2019 11841.55 0.4460%
685 6/26/2019 1359.95 -0.1066% 6/26/2019 11847.55 0.0507%
686 6/25/2019 1363.10 0.2314% 6/25/2019 11796.45 -0.4322%
687 6/24/2019 1376.15 0.9528% 6/24/2019 11699.65 -0.8240%
688 6/21/2019 1383.00 0.4965% 6/21/2019 11724.10 0.2088%
689 6/20/2019 1392.05 0.6522% 6/20/2019 11831.75 0.9140%
690 6/19/2019 1381.15 -0.7861% 6/19/2019 11691.45 -1.1929%
691 6/18/2019 1380.05 -0.0797% 6/18/2019 11691.50 0.0004%
692 6/17/2019 1401.95 1.5744% 6/17/2019 11672.15 -0.1656%
693 6/14/2019 1412.75 0.7674% 6/14/2019 11823.30 1.2866%
694 6/13/2019 1429.45 1.1752% 6/13/2019 11914.05 0.7646%
695 6/12/2019 1425.45 -0.2802% 6/12/2019 11906.20 -0.0659%
696 6/11/2019 1425.50 0.0035% 6/11/2019 11965.60 0.4977%
697 6/10/2019 1422.60 -0.2036% 6/10/2019 11922.70 -0.3592%
698 6/7/2019 1418.35 -0.2992% 6/7/2019 11870.65 -0.4375%
699 6/6/2019 1428.55 0.7166% 6/6/2019 11843.75 -0.2269%
700 6/4/2019 1421.50 -0.4947% 6/4/2019 12021.65 1.4909%
701 6/3/2019 1459.25 2.6210% 6/3/2019 12088.55 0.5549%
702 5/31/2019 1407.30 -3.6250% 5/31/2019 11922.80 -1.3806%
703 5/30/2019 1374.60 -2.3510% 5/30/2019 11945.90 0.1936%
704 5/29/2019 1358.25 -1.1966% 5/29/2019 11861.10 -0.7124%
705 5/28/2019 1364.35 0.4481% 5/28/2019 11928.75 0.5687%
706 5/27/2019 1366.85 0.1831% 5/27/2019 11924.75 -0.0335%
707 5/24/2019 1384.50 1.2830% 5/24/2019 11844.10 -0.6786%
708 5/23/2019 1367.75 -1.2172% 5/23/2019 11657.05 -1.5919%
709 5/22/2019 1368.45 0.0512% 5/22/2019 11737.90 0.6912%
710 5/21/2019 1357.75 -0.7850% 5/21/2019 11709.10 -0.2457%
711 5/20/2019 1373.95 1.1861% 5/20/2019 11828.25 1.0124%
712 5/17/2019 1320.00 -4.0058% 5/17/2019 11407.15 -3.6250%
713 5/16/2019 1304.40 -1.1889% 5/16/2019 11257.10 -1.3241%
714 5/15/2019 1305.95 0.1188% 5/15/2019 11157.00 -0.8932%
715 5/14/2019 1320.25 1.0890% 5/14/2019 11222.05 0.5813%
716 5/13/2019 1332.50 0.9236% 5/13/2019 11148.20 -0.6603%
717 5/10/2019 1341.05 0.6396% 5/10/2019 11278.90 1.1656%
718 5/9/2019 1354.20 0.9758% 5/9/2019 11301.80 0.2028%
719 5/8/2019 1385.70 2.2995% 5/8/2019 11359.45 0.5088%
720 5/7/2019 1387.80 0.1514% 5/7/2019 11497.90 1.2114%
721 5/6/2019 1412.80 1.7854% 5/6/2019 11598.25 0.8690%
722 5/3/2019 1438.55 1.8062% 5/3/2019 11712.25 0.9781%
723 5/2/2019 1436.60 -0.1357% 5/2/2019 11724.75 0.1067%
724 4/30/2019 1463.15 1.8312% 4/30/2019 11748.15 0.1994%
725 4/26/2019 1448.75 -0.9891% 4/26/2019 11754.65 0.0553%
726 4/25/2019 1447.95 -0.0552% 4/25/2019 11641.80 -0.9647%
727 4/24/2019 1450.05 0.1449% 4/24/2019 11726.15 0.7219%
728 4/23/2019 1431.00 -1.3225% 4/23/2019 11575.95 -1.2892%
729 4/22/2019 1443.35 0.8593% 4/22/2019 11594.45 0.1597%
730 4/18/2019 1469.60 1.8023% 4/18/2019 11752.80 1.3565%
731 4/16/2019 1459.00 -0.7239% 4/16/2019 11787.15 0.2918%
732 4/15/2019 1431.55 -1.8993% 4/15/2019 11690.35 -0.8246%
733 4/12/2019 1438.65 0.4947% 4/12/2019 11643.45 -0.4020%
734 4/11/2019 1423.15 -1.0832% 4/11/2019 11596.70 -0.4023%
735 4/10/2019 1409.85 -0.9389% 4/10/2019 11584.30 -0.1070%
736 4/9/2019 1444.85 2.4522% 4/9/2019 11671.95 0.7538%
737 4/8/2019 1496.35 3.5023% 4/8/2019 11604.50 -0.5796%
738 4/5/2019 1514.45 1.2024% 4/5/2019 11665.95 0.5281%
739 4/4/2019 1519.00 0.3000% 4/4/2019 11598.00 -0.5842%
740 4/3/2019 1497.60 -1.4188% 4/3/2019 11643.95 0.3954%
741 4/2/2019 1519.30 1.4386% 4/2/2019 11713.20 0.5930%
742 4/1/2019 1492.75 -1.7630% 4/1/2019 11669.15 -0.3768%
743 3/28/2019 1497.00 0.2843% 3/28/2019 11570.00 -0.8533%
744 3/27/2019 1472.05 -1.6807% 3/27/2019 11445.05 -1.0858%
745 3/26/2019 1485.05 0.8792% 3/26/2019 11483.25 0.3332%
746 3/25/2019 1457.55 -1.8691% 3/25/2019 11354.25 -1.1297%
747 3/22/2019 1471.25 0.9355% 3/22/2019 11456.90 0.9000%
748 3/20/2019 1456.15 -1.0316% 3/20/2019 11521.05 0.5584%
749 3/19/2019 1453.90 -0.1546% 3/19/2019 11532.40 0.0985%
750 3/18/2019 1445.60 -0.5725% 3/18/2019 11462.20 -0.6106%
751 3/15/2019 1432.55 -0.9068% 3/15/2019 11426.85 -0.3089%
752 3/14/2019 1434.75 0.1535% 3/14/2019 11343.25 -0.7343%
753 3/13/2019 1428.30 -0.4506% 3/13/2019 11341.70 -0.0137%
754 3/12/2019 1428.10 -0.0140% 3/12/2019 11301.20 -0.3577%
755 3/11/2019 1419.80 -0.5829% 3/11/2019 11168.05 -1.1852%
756 3/8/2019 1382.35 -2.6731% 3/8/2019 11035.40 -1.1949%
757 3/7/2019 1395.45 0.9432% 3/7/2019 11058.20 0.2064%
758 3/6/2019 1393.70 -0.1255% 3/6/2019 11053.00 -0.0470%
759 3/5/2019 1403.85 0.7256% 3/5/2019 10987.45 -0.5948%
760 3/1/2019 1392.35 -0.8225% 3/1/2019 10863.50 -1.1345%
761 2/28/2019 1405.20 0.9187% 2/28/2019 10792.50 -0.6557%
762 2/27/2019 1405.70 0.0356% 2/27/2019 10806.65 0.1310%
763 2/26/2019 1402.00 -0.2636% 2/26/2019 10835.30 0.2648%
764 2/25/2019 1398.25 -0.2678% 2/25/2019 10880.10 0.4126%
765 2/22/2019 1397.80 -0.0322% 2/22/2019 10791.65 -0.8163%
766 2/21/2019 1397.80 0.0000% 2/21/2019 10789.85 -0.0167%
767 2/20/2019 1396.90 -0.0644% 2/20/2019 10735.45 -0.5054%
768 2/19/2019 1377.85 -1.3731% 2/19/2019 10604.35 -1.2287%
769 2/18/2019 1380.05 0.1595% 2/18/2019 10640.95 0.3446%
770 2/15/2019 1393.60 0.9771% 2/15/2019 10724.40 0.7812%
771 2/14/2019 1399.20 0.4010% 2/14/2019 10746.05 0.2017%
772 2/12/2019 1452.10 3.7110% 2/12/2019 10831.40 0.7911%
773 2/11/2019 1437.10 -1.0384% 2/11/2019 10888.80 0.5285%
774 2/8/2019 1448.80 0.8108% 2/8/2019 10943.60 0.5020%
775 2/7/2019 1472.45 1.6192% 2/7/2019 11069.40 1.1430%
776 2/6/2019 1469.40 -0.2073% 2/6/2019 11062.45 -0.0628%
777 2/5/2019 1450.35 -1.3049% 2/5/2019 10934.35 -1.1647%
778 2/4/2019 1446.35 -0.2762% 2/4/2019 10912.25 -0.2023%
779 2/1/2019 1457.20 0.7474% 2/1/2019 10893.65 -0.1706%
780 1/31/2019 1412.60 -3.1085% 1/31/2019 10830.95 -0.5772%
781 1/30/2019 1390.40 -1.5840% 1/30/2019 10651.80 -1.6679%
782 1/29/2019 1393.30 0.2084% 1/29/2019 10652.20 0.0038%
783 1/28/2019 1379.50 -0.9954% 1/28/2019 10661.55 0.0877%
784 1/25/2019 1372.15 -0.5342% 1/25/2019 10780.55 1.1100%
785 1/24/2019 1401.85 2.1414% 1/24/2019 10849.80 0.6403%
786 1/23/2019 1396.55 -0.3788% 1/23/2019 10831.50 -0.1688%
787 1/22/2019 1406.95 0.7419% 1/22/2019 10922.75 0.8389%
788 1/21/2019 1422.10 1.0710% 1/21/2019 10961.85 0.3573%
789 1/18/2019 1400.45 -1.5341% 1/18/2019 10906.95 -0.5021%
790 1/17/2019 1389.60 -0.7778% 1/17/2019 10905.20 -0.0160%
791 1/16/2019 1389.75 0.0108% 1/16/2019 10890.30 -0.1367%
792 1/15/2019 1405.95 1.1589% 1/15/2019 10886.80 -0.0321%
793 1/14/2019 1388.60 -1.2417% 1/14/2019 10737.60 -1.3799%
794 1/11/2019 1403.65 1.0780% 1/11/2019 10794.95 0.5327%
795 1/10/2019 1396.35 -0.5214% 1/10/2019 10821.60 0.2466%
796 1/9/2019 1402.00 0.4038% 1/9/2019 10855.15 0.3096%
797 1/8/2019 1401.25 -0.0535% 1/8/2019 10802.15 -0.4894%
798 1/7/2019 1396.00 -0.3754% 1/7/2019 10771.80 -0.2814%
799 1/4/2019 1385.85 -0.7297% 1/4/2019 10727.35 -0.4135%
800 1/3/2019 1388.30 0.1766% 1/3/2019 10672.25 -0.5150%
801 1/2/2019 1383.30 -0.3608% 1/2/2019 10792.50 1.1205%
803 12/31/2018 1373.05 -0.7437% 12/31/2018 10862.55 0.6470%
804 12/28/2018 1366.00 -0.5148% 12/28/2018 10859.90 -0.0244%
805 12/27/2018 1372.50 0.4747% 12/27/2018 10779.80 -0.7403%
806 12/26/2018 1363.00 -0.6946% 12/26/2018 10729.85 -0.4644%
807 12/24/2018 1357.05 -0.4375% 12/24/2018 10663.50 -0.6203%
808 12/21/2018 1388.20 2.2695% 12/21/2018 10754.00 0.8451%
809 12/20/2018 1425.80 2.6725% 12/20/2018 10951.70 1.8217%
810 12/19/2018 1400.25 -1.8082% 12/19/2018 10967.30 0.1423%
811 12/18/2018 1355.70 -3.2333% 12/18/2018 10908.70 -0.5357%
812 12/17/2018 1335.85 -1.4750% 12/17/2018 10888.35 -0.1867%
813 12/14/2018 1340.95 0.3811% 12/14/2018 10805.45 -0.7643%
814 12/13/2018 1320.20 -1.5595% 12/13/2018 10791.55 -0.1287%
815 12/12/2018 1330.90 0.8072% 12/12/2018 10737.60 -0.5012%
816 12/11/2018 1323.60 -0.5500% 12/11/2018 10549.15 -1.7706%
817 12/10/2018 1274.20 -3.8037% 12/10/2018 10488.45 -0.5771%
818 12/7/2018 1318.65 3.4290% 12/7/2018 10693.70 1.9380%
819 12/6/2018 1295.10 -1.8021% 12/6/2018 10601.15 -0.8692%
820 12/5/2018 1329.50 2.6215% 12/5/2018 10782.90 1.6999%
821 12/4/2018 1329.45 -0.0038% 12/4/2018 10869.50 0.7999%
822 12/3/2018 1338.70 0.6934% 12/3/2018 10883.75 0.1310%
823 11/30/2018 1345.95 0.5401% 11/30/2018 10876.75 -0.0643%
824 11/29/2018 1350.30 0.3227% 11/29/2018 10858.70 -0.1661%
825 11/28/2018 1324.25 -1.9481% 11/28/2018 10728.85 -1.2030%
826 11/27/2018 1339.60 1.1525% 11/27/2018 10685.60 -0.4039%
827 11/26/2018 1349.50 0.7363% 11/26/2018 10628.60 -0.5349%
828 11/22/2018 1314.40 -2.6354% 11/22/2018 10526.75 -0.9629%
829 11/21/2018 1324.20 0.7428% 11/21/2018 10600.05 0.6939%
830 11/20/2018 1306.85 -1.3189% 11/20/2018 10656.20 0.5283%
831 11/19/2018 1312.15 0.4047% 11/19/2018 10763.40 1.0010%
832 11/16/2018 1321.30 0.6949% 11/16/2018 10682.20 -0.7573%
833 11/15/2018 1318.30 -0.2273% 11/15/2018 10616.70 -0.6151%
834 11/14/2018 1320.55 0.1705% 11/14/2018 10576.30 -0.3813%
835 11/13/2018 1284.90 -2.7367% 11/13/2018 10582.50 0.0586%
836 11/12/2018 1278.80 -0.4759% 11/12/2018 10482.20 -0.9523%
837 11/9/2018 1295.60 1.3052% 11/9/2018 10585.20 0.9778%
838 11/7/2018 1250.95 -3.5071% 11/7/2018 10598.40 0.1246%
839 11/6/2018 1238.50 -1.0002% 11/6/2018 10530.00 -0.6475%
840 11/5/2018 1244.05 0.4471% 11/5/2018 10524.00 -0.0570%
841 11/2/2018 1247.00 0.2368% 11/2/2018 10553.00 0.2752%
842 11/1/2018 1217.80 -2.3695% 11/1/2018 10380.45 -1.6486%
843 10/31/2018 1230.40 1.0293% 10/31/2018 10386.60 0.0592%
844 10/30/2018 1196.30 -2.8106% 10/30/2018 10198.40 -1.8286%
845 10/29/2018 1196.05 -0.0209% 10/29/2018 10250.85 0.5130%
846 10/26/2018 1190.30 -0.4819% 10/26/2018 10030.00 -2.1780%
847 10/25/2018 1200.05 0.8158% 10/25/2018 10124.90 0.9417%
848 10/24/2018 1186.90 -1.1018% 10/24/2018 10224.75 0.9813%
849 10/23/2018 1138.45 -4.1677% 10/23/2018 10146.80 -0.7653%
850 10/22/2018 1200.40 5.2987% 10/22/2018 10245.25 0.9656%
851 10/19/2018 1235.40 2.8740% 10/19/2018 10303.55 0.5674%
852 10/17/2018 1259.00 1.8923% 10/17/2018 10453.05 1.4405%
853 10/16/2018 1267.60 0.6808% 10/16/2018 10584.75 1.2521%
854 10/15/2018 1250.30 -1.3742% 10/15/2018 10512.50 -0.6849%
855 10/12/2018 1261.20 0.8680% 10/12/2018 10472.50 -0.3812%
856 10/11/2018 1219.05 -3.3992% 10/11/2018 10234.65 -2.2974%
857 10/10/2018 1225.95 0.5644% 10/10/2018 10460.10 2.1789%
858 10/9/2018 1201.40 -2.0228% 10/9/2018 10301.05 -1.5322%
859 10/8/2018 1247.80 3.7894% 10/8/2018 10348.05 0.4552%
860 10/5/2018 1209.50 -3.1175% 10/5/2018 10316.45 -0.3058%
861 10/4/2018 1224.70 1.2489% 10/4/2018 10599.25 2.7044%
862 10/3/2018 1251.75 2.1847% 10/3/2018 10858.25 2.4142%
863 10/1/2018 1279.80 2.2161% 10/1/2018 11008.30 1.3724%
864 9/28/2018 1293.30 1.0493% 9/28/2018 10930.45 -0.7097%
865 9/27/2018 1287.50 -0.4495% 9/27/2018 10977.55 0.4300%
866 9/26/2018 1282.00 -0.4281% 9/26/2018 11053.80 0.6922%
867 9/25/2018 1289.90 0.6143% 9/25/2018 11067.45 0.1234%
868 9/24/2018 1271.95 -1.4014% 9/24/2018 10967.40 -0.9081%
869 9/21/2018 1304.75 2.5460% 9/21/2018 11143.10 1.5893%
870 9/19/2018 1291.35 -1.0323% 9/19/2018 11234.35 0.8156%
871 9/18/2018 1292.10 0.0581% 9/18/2018 11278.90 0.3958%
872 9/17/2018 1308.65 1.2727% 9/17/2018 11377.75 0.8726%
873 9/14/2018 1333.90 1.9111% 9/14/2018 11515.20 1.2008%
874 9/12/2018 1291.00 -3.2690% 9/12/2018 11369.90 -1.2698%
875 9/11/2018 1297.85 0.5292% 9/11/2018 11287.50 -0.7274%
876 9/10/2018 1293.10 -0.3667% 9/10/2018 11438.10 1.3254%
877 9/7/2018 1316.00 1.7554% 9/7/2018 11589.10 1.3115%
878 9/6/2018 1314.50 -0.1140% 9/6/2018 11536.90 -0.4514%
879 9/5/2018 1321.30 0.5160% 9/5/2018 11476.95 -0.5210%
880 9/4/2018 1311.30 -0.7597% 9/4/2018 11520.30 0.3770%
881 9/3/2018 1361.60 3.7641% 9/3/2018 11582.35 0.5372%
882 8/31/2018 1372.45 0.7937% 8/31/2018 11680.50 0.8438%
883 8/30/2018 1378.70 0.4544% 8/30/2018 11676.80 -0.0317%
884 8/29/2018 1394.00 1.1036% 8/29/2018 11691.90 0.1292%
885 8/28/2018 1407.50 0.9638% 8/28/2018 11738.50 0.3978%
886 8/27/2018 1399.80 -0.5486% 8/27/2018 11691.95 -0.3973%
887 8/24/2018 1393.50 -0.4511% 8/24/2018 11557.10 -1.1601%
888 8/23/2018 1394.75 0.0897% 8/23/2018 11582.75 0.2217%
889 8/21/2018 1403.30 0.6111% 8/21/2018 11570.90 -0.1024%
890 8/20/2018 1409.10 0.4125% 8/20/2018 11551.75 -0.1656%
891 8/17/2018 1400.65 -0.6015% 8/17/2018 11470.75 -0.7037%
892 8/16/2018 1394.80 -0.4185% 8/16/2018 11385.05 -0.7499%
893 8/14/2018 1395.10 0.0215% 8/14/2018 11435.10 0.4386%
894 8/13/2018 1399.25 0.2970% 8/13/2018 11355.75 -0.6963%
895 8/10/2018 1418.60 1.3734% 8/10/2018 11429.50 0.6474%
896 8/9/2018 1417.35 -0.0882% 8/9/2018 11470.70 0.3598%
897 8/8/2018 1425.75 0.5909% 8/8/2018 11450.00 -0.1806%
898 8/7/2018 1424.25 -0.1053% 8/7/2018 11389.45 -0.5302%
899 8/6/2018 1397.40 -1.9032% 8/6/2018 11387.10 -0.0206%
900 8/3/2018 1411.85 1.0287% 8/3/2018 11360.80 -0.2312%
901 8/2/2018 1418.40 0.4629% 8/2/2018 11244.70 -1.0272%
902 8/1/2018 1437.20 1.3167% 8/1/2018 11346.20 0.8986%
903 7/31/2018 1451.40 0.9832% 7/31/2018 11356.50 0.0907%
904 7/30/2018 1430.20 -1.4714% 7/30/2018 11319.55 -0.3259%
905 7/27/2018 1434.85 0.3246% 7/27/2018 11278.35 -0.3646%
906 7/26/2018 1433.85 -0.0697% 7/26/2018 11167.30 -0.9895%
907 7/25/2018 1450.15 1.1304% 7/25/2018 11132.00 -0.3166%
908 7/24/2018 1467.75 1.2064% 7/24/2018 11134.30 0.0207%
909 7/23/2018 1433.20 -2.3821% 7/23/2018 11084.75 -0.4460%
910 7/20/2018 1396.45 -2.5976% 7/20/2018 11010.20 -0.6748%
911 7/19/2018 1403.00 0.4680% 7/19/2018 10957.10 -0.4835%
912 7/18/2018 1393.00 -0.7153% 7/18/2018 10980.45 0.2129%
913 7/17/2018 1376.25 -1.2097% 7/17/2018 11008.05 0.2510%
914 7/16/2018 1359.55 -1.2209% 7/16/2018 10936.85 -0.6489%
915 7/13/2018 1367.80 0.6050% 7/13/2018 11018.90 0.7474%
916 7/12/2018 1357.90 -0.7264% 7/12/2018 11023.20 0.0390%
917 7/11/2018 1359.80 0.1398% 7/11/2018 10948.30 -0.6818%
918 7/10/2018 1370.45 0.7801% 7/10/2018 10947.25 -0.0096%
919 7/9/2018 1363.10 -0.5378% 7/9/2018 10852.90 -0.8656%
920 7/6/2018 1323.15 -2.9746% 7/6/2018 10772.65 -0.7422%
921 7/5/2018 1321.40 -0.1323% 7/5/2018 10749.75 -0.2128%
922 7/4/2018 1289.80 -2.4205% 7/4/2018 10769.90 0.1873%
923 7/3/2018 1291.85 0.1588% 7/3/2018 10699.90 -0.6521%
924 7/2/2018 1293.05 0.0929% 7/2/2018 10657.30 -0.3989%
925 6/29/2018 1264.45 -2.2367% 6/29/2018 10714.30 0.5334%
926 6/28/2018 1268.40 0.3119% 6/28/2018 10589.10 -1.1754%
927 6/27/2018 1267.15 -0.0986% 6/27/2018 10671.40 0.7742%
928 6/26/2018 1274.60 0.5862% 6/26/2018 10769.15 0.9118%
929 6/25/2018 1253.45 -1.6733% 6/25/2018 10762.45 -0.0622%
930 6/22/2018 1267.70 1.1304% 6/22/2018 10821.85 0.5504%
931 6/21/2018 1253.00 -1.1664% 6/21/2018 10741.10 -0.7490%
932 6/20/2018 1271.30 1.4499% 6/20/2018 10772.05 0.2877%
933 6/19/2018 1269.20 -0.1653% 6/19/2018 10710.45 -0.5735%
934 6/18/2018 1282.05 1.0074% 6/18/2018 10799.85 0.8312%
935 6/15/2018 1282.20 0.0117% 6/15/2018 10817.70 0.1651%
936 6/14/2018 1286.10 0.3037% 6/14/2018 10808.05 -0.0892%
937 6/13/2018 1286.40 0.0233% 6/13/2018 10856.70 0.4491%
938 6/12/2018 1287.70 0.1010% 6/12/2018 10842.85 -0.1277%
939 6/11/2018 1283.30 -0.3423% 6/11/2018 10786.95 -0.5169%
940 6/8/2018 1278.85 -0.3474% 6/8/2018 10767.65 -0.1791%
941 6/7/2018 1290.80 0.9301% 6/7/2018 10768.35 0.0065%
942 6/6/2018 1262.80 -2.1931% 6/6/2018 10684.65 -0.7803%
943 6/5/2018 1273.60 0.8516% 6/5/2018 10593.15 -0.8601%
944 6/4/2018 1284.45 0.8483% 6/4/2018 10628.50 0.3331%
945 6/1/2018 1293.05 0.6673% 6/1/2018 10696.20 0.6349%
946 5/31/2018 1304.65 0.8931% 5/31/2018 10736.15 0.3728%
947 5/30/2018 1293.85 -0.8313% 5/30/2018 10614.35 -1.1410%
948 5/29/2018 1299.50 0.4357% 5/29/2018 10633.30 0.1784%
949 5/28/2018 1321.85 1.7053% 5/28/2018 10688.65 0.5192%
950 5/25/2018 1292.35 -2.2570% 5/25/2018 10605.15 -0.7843%
951 5/24/2018 1293.60 0.0967% 5/24/2018 10513.85 -0.8646%
952 5/23/2018 1278.60 -1.1663% 5/23/2018 10430.35 -0.7974%
953 5/22/2018 1286.85 0.6432% 5/22/2018 10536.70 1.0145%
954 5/21/2018 1301.70 1.1474% 5/21/2018 10516.70 -0.1900%
955 5/18/2018 1308.35 0.5096% 5/18/2018 10596.40 0.7550%
956 5/17/2018 1309.45 0.0840% 5/17/2018 10682.70 0.8111%
957 5/16/2018 1323.70 1.0824% 5/16/2018 10741.10 0.5452%
958 5/15/2018 1314.65 -0.6860% 5/15/2018 10801.85 0.5640%
959 5/14/2018 1297.35 -1.3247% 5/14/2018 10806.60 0.0440%
960 5/11/2018 1286.45 -0.8437% 5/11/2018 10806.50 -0.0009%
961 5/10/2018 1217.70 -5.4923% 5/10/2018 10716.55 -0.8359%
962 5/9/2018 1222.55 0.3975% 5/9/2018 10741.70 0.2344%
963 5/8/2018 1209.90 -1.0401% 5/8/2018 10717.80 -0.2227%
964 5/7/2018 1215.25 0.4412% 5/7/2018 10715.50 -0.0215%
965 5/4/2018 1190.45 -2.0618% 5/4/2018 10618.25 -0.9117%
966 5/3/2018 1206.75 1.3599% 5/3/2018 10679.65 0.5766%
967 5/2/2018 1222.30 1.2804% 5/2/2018 10718.05 0.3589%
968 4/30/2018 1201.70 -1.6997% 4/30/2018 10739.35 0.1985%
969 4/27/2018 1181.60 -1.6868% 4/27/2018 10692.30 -0.4391%
970 4/26/2018 1155.70 -2.2163% 4/26/2018 10617.80 -0.6992%
971 4/25/2018 1163.05 0.6340% 4/25/2018 10570.55 -0.4460%
972 4/24/2018 1170.10 0.6043% 4/24/2018 10614.35 0.4135%
973 4/23/2018 1178.70 0.7323% 4/23/2018 10584.70 -0.2797%
974 4/20/2018 1159.35 -1.6553% 4/20/2018 10564.05 -0.1953%
975 4/19/2018 1165.00 0.4862% 4/19/2018 10565.30 0.0118%
976 4/18/2018 1172.30 0.6247% 4/18/2018 10526.20 -0.3708%
977 4/17/2018 1176.00 0.3151% 4/17/2018 10548.70 0.2135%
978 4/16/2018 1178.85 0.2421% 4/16/2018 10528.35 -0.1931%
979 4/13/2018 1162.20 -1.4225% 4/13/2018 10480.60 -0.4546%
980 4/12/2018 1165.20 0.2578% 4/12/2018 10458.65 -0.2096%
981 4/11/2018 1155.85 -0.8057% 4/11/2018 10417.15 -0.3976%
982 4/10/2018 1156.75 0.0778% 4/10/2018 10402.25 -0.1431%
983 4/9/2018 1157.45 0.0605% 4/9/2018 10379.35 -0.2204%
984 4/6/2018 1143.50 -1.2126% 4/6/2018 10331.60 -0.4611%
985 4/5/2018 1142.90 -0.0525% 4/5/2018 10325.15 -0.0624%
986 4/4/2018 1136.00 -0.6056% 4/4/2018 10128.40 -1.9239%
987 4/3/2018 1152.10 1.4073% 4/3/2018 10245.00 1.1446%
988 4/2/2018 1150.15 -0.1694% 4/2/2018 10211.80 -0.3246%
 Using COV/VAR Function Using SLOPE Function
Beta (β) 0.76 Beta (β) 0.76

Market Rate of Return (Daily) -0.0545%

Market Rate of Return (Yearly) 12.73%
 Asian Paints Limited
Weighted Average Cost of Capital (WACC)
Particulars (INR in crore): FY 2021-22
Cost of Debt Calculation
Gross Interest Expense 92.72
Total Debt 775.66
Cost of Debt (Kd) 11.95%
Income Tax Expense 1,102.91
Income Before Tax 4,303.42
Effective Tax Rate 25.63%
After Tax Cost of Debt [Kd(1-t)] 8.89%
Cost of Equity Calculation (CAPM)
Risk-free Rate of Return (Rf) 7.23%
Beta (β) 0.76
Market Rate of Return (Rm) 12.73%
Cost of Equity (Ke) 11.41%
Weights Calculation
Total Debt 775.66
Market Capitalization 320,607.00
Total 321,382.66
Weight of Debt (wd) 0.24%
Weight of Equity (we) 99.76%
WACC Calculation 11.40%
Kd = Gross Interest Expense/Total Debt

Ke = Rf + β*(Rm - Rf)

WACC = [wd*Kd(1-t)] + [we*Ke]

 Asian Paints Limited
Important Terms from Consolidated Financial Statements
Financial Terms: FY 2019 FY 2020
Cost of Goods Sold (COGS) (INR in crores) 14,237.76 14,683.39
Revenue or Total Income (INR in crores) 19,481.49 20,515.56
Other Income (INR in crores) 233.04 304.31
Sales (INR in crores) 19,248.45 20,211.25
Total Expenses (INR in crores) 15,474.59 16,049.48
Inventories (INR in crores) 3,149.86 3,389.81
Average Inventory (INR in crores) 2,904.09 3,269.84
Trade Receivables (INR in crores) 1,913.42 1,799.43
Average Trade Receivables (INR in crores) 1,825.24 1,856.43
Trade Payables (INR in crores) 2,394.29 2,136.57
Average Trade Payables (INR in crores) 2,277.12 2,265.43
Current Assets (CA) (INR in crores) 7,626.95 7,580.11
Current Liabilities (CL) (INR in crores) 5,180.10 4,380.38
Working Capital (WC) (INR in crores) 2,446.85 3,199.73
Average Working Capital (INR in crores) 2,370.79 2,823.29
Net Fixed Assets (INR in crores) 5,030.44 4,764.76
Average Net Fixed Assets (INR in crores) 3,964.98 4,897.60
Total Assets (INR in crores) 16,278.10 16,154.77
Average Total Assets (INR in crores) 15,275.97 16,216.44
Total Shareholder's Equity (INR in crores) 9,470.55 10,130.16
Average Shareholder's Equity (INR in crores) 8,917.65 9,800.36
Equity Share Capital or Shares Outstanding (INR in crores) 95.92 95.92
Total Equity (INR in crores) 9,831.80 10,533.69
Short-term Marketable Investments (INR in crores) 1,174.53 512.48
Cash & Cash Equivalents (INR in crores) 275.97 563.83
Total Debt (INR in crores) 615.59 340.11
EBITDA (INR in crores) 4,006.90 4,466.08
EBIT or Operating Profit (INR in crores) 3,345.59 3,694.75
Interest Expenses (INR in crores) 39.49 65.71
Taxes (INR in crores) 1,098.06 854.85
Net Operating Income (INR in crores) 5,243.73 5,832.17
Gross Profit (INR in crores) 5,243.73 5,832.17
Net Income (INR in crores) 2,208.04 2,774.19
Capital Employed (INR in crores) 11,098.00 11,774.39
Non-Controlling Interest (INR in crores) 361.25 403.53
% Change in EBIT 5.30% 10.44%
% Change in Sales 5.00%
% Change in EPS 5.26% 25.64%
Current Market Price (CMP as on 30th March of each FY in INR) 1,497.00 1,594.95
Book Value Per Share (BVPS) 102.50 109.82
Total Dividend Paid (INR) 1,048.70 2,120.71
Dividend Per Share (DPS) (in INR) 10.93 22.11
Earnings Per Share (EPS) (in INR) 23.02 28.92
Market Capitalization (in INR crores) 143,592.24 152,987.60
Enterprise Value (EV) (in INR crores) 144,293.11 153,167.41
Statements Balance Sheet Link
FY 2021 FY 2022 Statement of Profit & Loss Link
15,316.44 22,511.00
22,015.84 29,481.29
303.05 380.01
21,712.79 29,101.28 (Revenue - Other Income)
16,857.19 24,297.67
3,798.60 6,152.98
3,594.21 4,975.79
2,605.06 3,873.84
2,202.25 3,239.45
3,378.72 4,164.30
2,757.65 3,771.51
12,026.60 15,152.33
5,925.86 7,570.99
6,100.74 7,581.34 (CA - CL)
4,650.24 6,841.04
4,476.35 4,184.46
4,620.56 4,330.41
20,369.62 22,984.45
18,262.20 21,677.04
12,806.29 13,811.56
11,468.23 13,308.93
95.92 95.92
13,229.15 14,199.09
3,267.12 2,180.70
346.39 621.72
340.23 775.66
5,158.65 5,183.62 (Total Income - Total Expenses)
4,371.67 4,280.44 (Net Income + Interest + Taxes)
67.32 92.72
1,097.60 1,102.91
6,699.40 6,970.29
6,699.40 6,970.29 (Revenue - COGS)
3,206.75 3,084.81
14,443.76 15,413.46 (Total Assets - CL)
422.86 387.53
18.32% -2.09% ((EBITCurrent Year - EBITPrevious Year)/EBITPrevious Year)*100
7.43% 34.03% ((SalesCurrent Year - SalesPrevious Year)/SalesPrevious Year)*100
15.59% -3.80% ((EPSCurrent Year - EPSPrevious Year)/EPSPrevious Year)*100
2,578.05 3,081.55 (Closing Price)
137.92 148.03 (Total Equity/Shares O/s)
 499.35 1,762.80 (Cash Flow Statement)
5.21 18.38 (Total Dividend Paid/Shares O/s)
33.43 32.16 (Net Income/Shares O/s)
247,286.56 295,582.28 (CMP per Share*Shares O/s)
247,703.26 296,123.75 (Market Cap+Preferred Stock+Outstanding Debt+Minority Interest-Cash and Cash Equivalen
erest-Cash and Cash Equivalent)
 Asian Paints Limited
Financial Ratios from Consolidated Financial Statemen
Financial Ratios:
Activity Ratios
Inventory Turnover Ratio
Days of Inventory On-hand (DIO)
Receivables Turnover Ratio
Days of Sales Outstanding (DSO)
Payables Turnover Ratio
Number of Days of Payables (DPO)
Working Capital Turnover Ratio
Net Fixed Asset Turnover Ratio
Asset Turnover Ratio
Equity Turnover Ratio
Liquidity Ratios
Current Ratio (CR)
Quick Ratio (QR)
Cash Ratio
Solvency Ratios
Leverage Ratios
Debt-to-Equity (D/E) Ratio
Total Asset-to-Debt Ratio
Coverage Ratios
Interest Coverage Ratio (ICR)
Debt Service Coverage Ratio (DSCR)
Profitability Ratios
Margin Ratios
Gross Profit Margin (% GPM)
Net Profit Margin (% NPM)
Operating Profit Margin (% OPM)
Return Ratios
Return on Asset (% ROA)
Return on Equity (% ROE)
Return on Capital Employed (% ROCE)
Return on Owner's Equity (%)
Degrees of Leverages
Degree of Operating Leverage (DOL)
Degree of Financial Leverage (DFL)
Combined Leverage (CL)
Valuation Ratios
Price-to-Earning (P/E) Ratio
Market-to-Book (M/B) Ratio
Price-to-Sales (P/S) Ratio
EV/EBITDA Ratio
Others
Cash Conversion Cycle
Capital Gearing Ratio
Proprietory Ratio
Payout Ratio
Dividend Yield
Earnings Per Share (EPS)
Operating Ratio (OER)
 Asian Paints Limited
Financial Ratios from Consolidated Financial Statements
Formula: FY 2019

COGS/Average Inventory 6.71

365/Inventory Turnover Ratio 54.41
Net Credit Sales/Average Trade Receivables 10.67
365/Receivables Turnover Ratio 34.20
Net Purchases/Average Trade Payables 8.56
365/Payables Turnover Ratio 42.66
Revenue/Average Working Capital 8.22
Revenue/Average Net Fixed Assets 4.91
Revenue/Average Total Assets 1.28
Revenue/Average Shareholders' Equity 2.18

Current Assets/Current Liabilities 1.47

(Current Assets - Inventories)/Current Liabilities 0.86
(Cash & Cash Equivalent + Short-term Makertable Investments)/Current Liabilities 0.28

Total Debt/Total Shareholders' Equity 0.07

Total Assets/Total Debt 26.44

EBIT/Interest Expense 84.72

Net Operating Income/Total Debt Service (or, EBITDA/(Interest + Debt)) 6.12

Gross Profit/Revenue 26.92

Net Income/Revenue 11.33
Operating Profit/Revenue 17.17

Net Income/Average Total Assets 14.45

Net Income/Average Shareholders' Equity 24.76
EBIT/Capital Employed 30.15
(Net Income - Non-controlling Interest)/Average Shareholders' Equity 20.71

% Change in EBIT/% Change in Sales #DIV/0!

% Change in EPS/% Change in EBIT (or, EBIT/EBT) 0.99
% Change in EPS/% Change in Sales (or, DOL * DFL) #DIV/0!

CMP of the Share/EPS 65.03

CMP of the Share/BVPS (or, Common Shareholder's Equity/Market Cap) 14.60
Market Capitalization/Annual Sales 7.37
Enterpise Value/EBITDA 36.01

DIO + DSO - DPO 45.94

Fixed Interest Bearing Debt/Total Equity 0.06
Shareholders' Funds/Total Asset 0.58
DPS/EPS 0.47
Annual Dividend/CMP of the Share 0.70
Net Income/Average Shares Outstanding 23.02
(COGS + Operating Expense)/Net Sales 0.73
FY 2020 FY 2021 FY 2022

6.27 6.13 5.92

58.17 59.59 61.60
11.05 10.00 9.10
33.03 36.51 40.11
9.06 7.98 7.82
40.31 45.72 46.69
7.27 4.73 4.31
4.19 4.76 6.81
1.27 1.21 1.36
2.09 1.92 2.22

1.73 2.03 2.00

0.96 1.39 1.19
0.25 0.61 0.37

0.03 0.03 0.06

47.50 59.87 29.63

56.23 64.94 46.17

11.01 12.66 5.97

28.43 30.43 23.64

13.52 14.57 10.46
18.01 19.86 14.52

17.11 17.56 14.23

28.31 27.96 23.18
31.38 30.27 27.77
24.19 24.27 20.27

2.09 2.47 (0.06)

2.46 0.85 1.82
5.13 2.10 (0.11)

55.15 77.11 95.82

14.52 18.69 20.82
7.46 11.23 10.03
34.30 48.02 57.13

50.90 50.38 55.02

0.03 0.03 0.05
0.63 0.63 0.60
0.76 0.16 0.57
1.33 0.19 0.57
28.92 33.43 32.16
0.72 0.70 0.76
 Asian Paints Limited Peer Group Com

Financial Ratios from FY2021-22 Consolidated Fina

Market Cap (INR Asset Turnover

Company Name: Current Ratio D/E Ratio
in crores) Ratio

Asian Paints Limited 320,607.00 1.36 2.00 0.06

Berger Paints Limited 59,932.25 1.23 1.42 0.17
Kansai Nerolac Paints Limited 26,388.20 1.09 2.44 0.05
Akzo Nobel India Limited 10,044.60 1.23 1.49 -
Indigo Paints Limited 7,132.50 1.05 2.34 -
Shalimar Paints Limited 1,217.94 1.32 1.84 0.39

Market Capitalization (INR in crores)

2%
Asset Turnover Ratio
2% 0%
6% 1.50 1.36
1.23 1.23
Asian Paints Limited
1.20 1.09 1.05
14%
Berger Paints Limited
0.90
Kansai Nerolac Paints Limited 0.60
Akzo Nobel India Limited 0.30
Indigo Paints Limited -
Asian Berger Kansai Akzo Indigo S
75% Shalimar Paints Limited Paints Paints Nerolac Nobel Paints
Limited Limited Paints India Limited L
Limited Limited

Debt-to-Equity (D/E) Ratio

Shalimar Paints Limited 0.39

Indigo Paints Limited -

Akzo Nobel India Limited -

Kansai Nerolac Paints Limited 0.05

Berger Paints Limited 0.17

Asian Paints Limited 0.06

- 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40 0.45

Return on Assets (% ROA) Return on Equity (% R

17.50
25.00
12.50
7.50
2.50 15.00
(2.50) Asian Berger Kansai Akzo Nobel Indigo Shalimar
(7.50) Paints Lim- Paints Lim- Nerolac India Lim- Paints Lim- Paints Lim- 5.00
(12.50) ited ited Paints Lim- ited ited ited
ited Asian Berger Kansai Akzo N
(5.00) Paints Lim- Paints Lim- Nerolac bel Ind
ROA (%) 14.23 11.54 6.28 11.19 9.13 (9.61)
ited ited Paints Lim- Limite
 17.50
25.00
12.50
7.50
2.50 15.00
(2.50) Asian Berger Kansai Akzo Nobel Indigo Shalimar
(7.50) Paints Lim- Paints Lim- Nerolac India Lim- Paints Lim- Paints Lim- 5.00
(12.50) ited ited Paints Lim- ited ited ited
ited Asian Berger Kansai Akzo N
(5.00) Paints Lim- Paints Lim- Nerolac bel Ind
ROA (%) 14.23 11.54 6.28 11.19 9.13 (9.61)
ited ited Paints Lim- Limite
(15.00) ited
ROE (%) 23.18 22.70 8.31 22.78
(25.00)

Price-to-Earning (P/E) Ratio

(22.37) Shalimar Paints Limited

Indigo Paints Limited 77.23

Akzo Nobel India Limited 34.51

Kansai Nerolac Paints Limited 63.08

Berger Paints Limited 70.58

Asian Paints Limited 103.93

(40.00) (20.00) - 20.00 40.00 60.00 80.00 100.00 120.00

mited Peer Group Comparison

021-22 Consolidated Financial Statements

Interest
ROA % ROE % ROCE% P/E Ratio P/B Ratio
Coverage Ratio

46.17 14.23 23.18 27.77 103.93 22.58

27.52 11.54 22.70 27.17 70.58 15.01
23.60 6.28 8.31 12.48 63.08 6.09
31.39 11.19 22.78 29.99 34.51 7.53
110.40 9.13 13.85 19.06 77.23 11.04
(0.81) (9.61) (21.51) (6.27) (22.37) 3.20

sset Turnover Ratio Current Ratio

1.32 Shalimar Paints Limited 1.84
3 1.23
1.09 1.05
Indigo Paints Limited 2.34

Akzo Nobel India Limited 1.49

Kansai Nerolac Paints Limited 2.44

Berger Paints Limited 1.42

er Kansai Akzo Indigo Shalimar
ts Nerolac Nobel Paints Paints Asian Paints Limited 2.00
ed Paints India Limited Limited
Limited Limited - 0.50 1.00 1.50 2.00 2.50 3.00

110.40
Interest Coverage Ratio
120.00
0.39 100.00
80.00
46.17
60.00 27.52 31.39
40.00 23.60
20.00 (0.81)
-
(20.00) d d d d d d
ite ite ite ite ite ite
s Lim s Lim s Lim Lim s Lim s Lim
nt nt nt ia nt nt
i ai ai nd i ai
Pa rP cP lI Pa rP
ia
n e la be g o a
As er
g ro No di im
B Ne zo In al
a i Ak Sh
ns
0 0.35 0.40 0.45 Ka

Return on Equity (% ROE) Return on Capital Employed (% ROCE)

32.50
27.50
22.50
17.50
12.50
7.50
ian Berger Kansai Akzo No- Indigo Shalimar 2.50
s Lim- Paints Lim- Nerolac bel India Paints Lim- Paints Lim-
ed ited Paints Lim- Limited ited ited (2.50) Asian Berger Kansai Akzo Nobel Indigo Shalimar
Paints Lim- Paints Lim- Nerolac India Lim- Paints Lim- Paints Lim-
 32.50
27.50
22.50
17.50
12.50
7.50
ian Berger Kansai Akzo No- Indigo Shalimar 2.50
s Lim- Paints Lim- Nerolac bel India Paints Lim- Paints Lim-
ed ited Paints Lim- Limited ited ited (2.50) Asian Berger Kansai Akzo Nobel Indigo Shalimar
ited (7.50) Paints Lim- Paints Lim- Nerolac India Lim- Paints Lim- Paints Lim-
ited ited Paints Lim- ited ited ited
3.18 22.70 8.31 22.78 13.85 (21.51) ited
ROCE (%) 27.77 27.17 12.48 29.99 19.06 (6.27)

o Price-to-Book Value (P/B) Ratio

Shalimar Paints Limited 3.20

77.23 Indigo Paints Limited 11.04

Akzo Nobel India Limited 7.53

3.08 Kansai Nerolac Paints Limited 6.09

70.58 Berger Paints Limited 15.01

103.93 Asian Paints Limited 22.58

80.00 100.00 120.00 - 5.00 10.00 15.00 20.00 25.00

CE)

ndigo Shalimar
nts Lim- Paints Lim-
ndigo Shalimar
nts Lim- Paints Lim-
ited ited

19.06 (6.27)
 Asian Paints Limited
DuPont Analysis & Comparison
ROE = Profit Margin*Total Assets Turnover*Equity
ROE = (Net Income/Net Sales)*(Net Sales/Total Assets)*(Total Assets/
Particulars: Asian Paints Ltd.: Berger Paints Ltd.: Kansai Nerolac Paints Ltd.:
FY 2021-22 Net Income 3,084.81 Net Income 829.00 Net Income
(Note: Amount is in Net Sales 29,101.28 Net Sales 8,761.00 Net Sales
INR in crores) Total Assets 22,984.45 Total Assets 7,212.00 Total Assets
Average Average Average
Shareholders' 13,308.93 Shareholders' 3,651.93 Shareholders'
Equity Equity Equity
Profit Margin 0.11 Profit Margin 0.09 Profit Margin
Total Assets Total Assets Total Assets
1.27 1.21
Turnover Turnover Turnover
Equity Equity Equity
1.73 1.97
Multiplier Multiplier Multiplier
ROE for FY 2021-22 23.18% 22.70% 8.31%
FY 2020-21 Net Income 3,206.75 Net Income 725.00 Net Income
(Note: Amount is in Sales 21,712.79 Sales 6,817.00 Sales
INR in crores) Total Assets 20,369.62 Total Assets 5,921.00 Total Assets
Average Average Average
Shareholders' 11,468.23 Shareholders' 3,018.50 Shareholders'
Equity Equity Equity

Profit Margin 0.15 Profit Margin 0.11 Profit Margin

Total Assets Total Assets Total Assets

1.07 1.15
Turnover Turnover Turnover
Equity Equity Equity
1.78 1.96
Multiplier Multiplier Multiplier

ROE for FY 2020-21 27.96% 24.02% 13.35%

FY 2019-20 Net Income 2,774.19 Net Income 664.00 Net Income

(Note: Amount is in Sales 20,211.25 Sales 6,365.00 Sales
INR in crores) Total Assets 16,154.77 Total Assets 4,905.00 Total Assets
Average Average Average
Shareholders' 9,800.36 Shareholders' 2,566.42 Shareholders'
Equity Equity Equity

Profit Margin 0.14 Profit Margin 0.10 Profit Margin

Total Assets Total Assets Total Assets

1.25 1.30
Turnover Turnover Turnover
 Equity Equity Equity
1.65 1.91
Multiplier Multiplier Multiplier

ROE for FY 2019-20 28.31% 25.87% 14.28%

FY 2018-19 Net Income 2,208.04 Net Income 498.00 Net Income

(Note: Amount is in Sales 19,248.45 Sales 6,061.00 Sales
INR in crores) Total Assets 16,278.10 Total Assets 4,362.00 Total Assets
Average Average Average
Shareholders' 8,917.66 Shareholders' 2,333.61 Shareholders'
Equity Equity Equity

Profit Margin 0.11 Profit Margin 0.08 Profit Margin

Total Assets Total Assets Total Assets

1.18 1.39
Turnover Turnover Turnover
Equity Equity Equity
1.83 1.87
Multiplier Multiplier Multiplier

ROE for FY 2018-19 24.76% 21.34% 13.65%

4 Years Avg. ROE 26.05% 23.48% 12.40%

 Asian Paints Limited
uPont Analysis & Comparison
argin*Total Assets Turnover*Equity Multiplier
t Sales/Total Assets)*(Total Assets/Average Shareholders' Equity)
ansai Nerolac Paints Ltd.: Akzo Nobel India Ltd.: Indigo Paints Ltd.: Shalimar Paints Ltd.:
343.00 Net Income 290.00 Net Income 84.00 Net Income (64.00)
6,369.00 Net Sales 3,148.00 Net Sales 905.00 Net Sales 358.00
5,709.00 Total Assets 2,591.00 Total Assets 919.00 Total Assets 668.00
Average Average Average
4,125.93 Shareholders' 1,273.20 Shareholders' 606.68 Shareholders' 297.49
Equity Equity Equity
0.05 Profit Margin 0.09 Profit Margin 0.09 Profit Margin (0.18)
Total Assets Total Assets Total Assets
1.12 1.21 0.98 0.54
Turnover Turnover Turnover
Equity Equity Equity
1.38 2.04 1.51 2.25
Multiplier Multiplier Multiplier
8.31% 22.78% 13.85% -21.51%
525.00 Net Income 207.00 Net Income 70.00 Net Income (49.00)
5,074.00 Sales 2,421.00 Sales 723.00 Sales 325.00
5,533.00 Total Assets 2,530.00 Total Assets 811.00 Total Assets 502.00
Average Average Average
3,933.90 Shareholders' 1,262.45 Shareholders' 371.12 Shareholders' 247.97
Equity Equity Equity

0.10 Profit Margin 0.09 Profit Margin 0.10 Profit Margin (0.15)

Total Assets Total Assets Total Assets

0.92 0.96 0.89 0.65
Turnover Turnover Turnover
Equity Equity Equity
1.41 2.00 2.19 2.02
Multiplier Multiplier Multiplier

13.35% 16.40% 18.86% -19.76%

515.00 Net Income 237.00 Net Income 47.00 Net Income (38.00)
5,279.00 Sales 2,661.00 Sales 624.00 Sales 343.00
4,883.00 Total Assets 2,325.00 Total Assets 421.00 Total Assets 536.00
Average Average Average
3,605.67 Shareholders' 1,186.45 Shareholders' 153.96 Shareholders' 289.09
Equity Equity Equity

0.10 Profit Margin 0.09 Profit Margin 0.08 Profit Margin (0.11)

Total Assets Total Assets Total Assets

1.08 1.14 1.48 0.64
Turnover Turnover Turnover
 Equity Equity Equity
1.35 1.96 2.73 1.85
Multiplier Multiplier Multiplier

14.28% 19.98% 30.53% -13.14%

447.00 Net Income 211.00 Net Income 26.00 Net Income (81.00)
5,424.00 Sales 2,918.00 Sales 535.00 Sales 287.00
4,517.00 Total Assets 2,097.00 Total Assets 373.00 Total Assets 592.00
Average Average Average
3,274.79 Shareholders' 1,212.90 Shareholders' 123.69 Shareholders' 221.67
Equity Equity Equity

0.08 Profit Margin 0.07 Profit Margin 0.05 Profit Margin (0.28)

Total Assets Total Assets Total Assets

1.20 1.39 1.43 0.48
Turnover Turnover Turnover
Equity Equity Equity
1.38 1.73 3.02 2.67
Multiplier Multiplier Multiplier

13.65% 17.40% 21.02% -36.54%

12.40% 19.14% 21.06% -22.74%

 Asian Paints Limited

Working Capital Schedule

Actual
Particulars (INR in crores): FY 2017-18 FY 2018-19 FY 2019-20 FY2020-21
Total Income 17,482.85 19,481.49 20,515.56 22,015.84
Cost of Goods Sold 10,806.64 12,501.40 12,749.55 13,637.98
WORKING CAPITAL BALANCE
Trade Receivables 1,730.63 1,907.33 1,795.22 2,602.17
Inventories 2,658.31 3,149.86 3,389.81 3,798.60
Other Current Assets 455.23 393.86 285.59 537.23
Total Non-Cash Current Assets 4,844.17 5,451.05 5,470.62 6,938.00
Trade Payables 2,159.95 2,394.29 2,136.57 3,378.72
Short-term Borrowings 492.42 596.53 321.48 325.70
Other Current Liabilities 282.89 163.87 131.61 229.58
Total Non-Cash Current Liabilities 2,935.26 3,154.69 2,589.66 3,934.00
Net Working Capital 1,908.91 2,296.36 2,880.96 3,004.00
Net Increase/Decrease in Working Capital 387.45 584.60 123.04
Purchases 12,992.95 12,989.50 14,046.77

Note:
Cash Flow from Individual Line Items (INR in crores):
Trade Receivables (176.70) 112.11 (806.95)
Inventories (491.55) (239.95) (408.79)
Other Current Assets 61.37 108.27 (251.64)
Trade Payables 234.34 (257.72) 1,242.15
Short-term Borrowings 104.11 (275.05) 4.22
Other Current Liabilities (119.02) (32.26) 97.97
Increase/Decrease in Working Capital 387.45 584.60 123.04

Check 0.00 0.00 0.00

aints Limited

Capital Schedule
Forecasted
FY 2021-22 FY 2022-23 FY 2023-24 FY 2024-25 FY 2025-26 FY 2026-27
29,481.29 38,325.68 49,823.38 64,770.39 84,201.51 109,461.97
20,087.42 25,678.20 33,381.66 43,396.16 56,415.01 73,339.52

3,871.44 4,200.07 5,460.10 7,098.13 9,227.56 11,995.83

6,152.98 6,510.11 8,463.15 11,002.09 14,302.72 18,593.54
541.25 689.86 896.82 1,165.87 1,515.63 1,970.32
10,565.67 11,400.05 14,820.07 19,266.09 25,045.91 32,559.69
4,164.30 5,018.67 6,499.19 8,423.88 10,925.97 14,178.68
731.12 731.12 731.12 731.12 731.12 731.12
376.09 487.72 634.03 824.24 1,071.52 1,392.97
5,271.51 6,237.50 7,864.35 9,979.24 12,728.60 16,302.77
5,294.16 5,162.55 6,955.72 9,286.85 12,317.31 16,256.91
2,290.16 (131.61) 1,793.17 2,331.13 3,030.46 3,939.60
22,441.80 26,035.34 35,334.70 45,935.11 59,715.64 77,630.33

(1,269.27) (328.63) (1,260.02) (1,638.03) (2,129.44) (2,768.27)

(2,354.38) (357.13) (1,953.03) (2,538.94) (3,300.63) (4,290.82)
(4.02) (148.61) (206.96) (269.05) (349.76) (454.69)
785.58 854.37 1,480.53 1,924.68 2,502.09 3,252.72
405.42 - - - - -
146.51 111.63 146.32 190.21 247.27 321.45
2,290.16 (131.61) 1,793.17 2,331.13 3,030.46 3,939.60

0.00 0.00 0.00 0.00 0.00 0.00

 Asian Paints Limited

Asset Schedule
Particulars (INR in crores): FY 2017-18 FY 2018-19 FY 2019-20
Net Sales 17,482.85 19,481.49 20,515.56
CapEx 141.03 2,530.78 2,403.59
0.81% 12.99% 11.72%
Property, Plant and Equipments (PP&E) 2,899.53 5,030.44 4,764.76
Intangible Assets 613.77 595.00 587.46
Total Fixed Assets 3,513.30 5,625.44 5,352.22
Depreciation and Amortization (D&A) 360.47 622.14 780.50
% of D&A to Total Fixed Assets 10.26% 11.06% 14.58%
% of PP&E to Total Fixed Assets 82.53% 89.42% 89.02%
% of Intangible Assets to Total Fixed Assets 17.47% 10.58% 10.98%
Depreciation 297.50 556.34 694.83
Amortization 62.97 65.80 85.67
FY2020-21 FY 2021-22
22,015.84 29,481.29
2,126.92 1,868.93 CapEx = Current PP&E - Previous PP&E + Current Depreciation
9.66% 6.34%
4,476.35 4,184.46
536.62 428.85
5,012.97 4,613.31
791.27 816.36
15.78% 17.70%
89.30% 90.70%
10.70% 9.30%
706.57 740.47
84.70 75.89
 Asian Paints Limited

Debt Schedule
Particulars (INR in crores): FY 2017-18 FY 2018-19 FY 2019-20 FY2020-21
Secured Borrowings
Deferred Payment Liabilities:
Loan from State of Haryana 27.90 19.06 18.50 14.53
Total Secured Borrowings (A) 27.90 19.06 18.50 14.53
Unsecured Borrowings
Deferred Payment Liabilities:
Loan from State of Maharashtra - - 0.13 -
Total Unsecured Borrowings (B) - - 0.13 -
Long-term Borrowings (A+B) 27.90 19.06 18.63 14.53
Short-term Borrowings 492.42 596.53 321.48 325.70
Total Borrowings 520.32 615.59 340.11 340.23
Interest Expense 39.49 39.49 65.71 67.32
Interest as % of Debt 7.59% 6.41% 19.32% 19.79%

Note:
CAGR of Secured Borrowings 0.10
CAGR of Unsecured Borrowings 0
FY 2021-22

44.54
44.54

-
-
44.54
731.12
775.66
(92.72)
-11.95%
 Asian Paints Limited
Discounted Cash Flow (DCF) Valuation
Actual
Particulars (INR in crores): FY 2017-18 FY 2018-19 FY 2019-20 FY2020-21
Free Cash Flow to Firm (FCFF) / Unlevered Cash Flow Model
Net Income 2,097.52 2,208.04 2,774.19 3,206.75
Add: Depreciation and Amortization 360.47 622.14 780.50 791.27
Add: Interest*(1-Tax Rate) 26.10 26.40 50.25 50.15
Less: Changes in Working Capital 387.45 584.60 123.04
Less: CapEx 141.03 2,530.78 2,403.59 2,126.92
Total FCFF/Unlevered Cash Flow 2,343.07 713.25 1,785.95 2,044.30
Terminal Value (TV)
Valuation Date
Fiscal Year End Date after Valuation Date
Number of Years to Discount
Discount Rate (WACC)
Present Value Factor
Present Value of FCFF
Present Value of Terminal Value
Enterprise Value
Less: Debt
Add: Cash and Cash Equivalent
Equity Value
Number of Shares
Share Price
ints Limited
Flow (DCF) Valuation
Forecasted Balance Sheet Link
FY 2021-22 FY 2022-23 FY 2023-24 FY 2024-25 FY 2025-26 FY 2026-27 Statement of Profit & Loss Link

3,084.81 4,523.86 5,903.59 7,697.23 10,028.96 13,060.22

816.36 1,149.77 1,494.70 1,943.11 2,526.05 3,283.86
(68.96) 98.90 98.90 98.90 98.90 98.90
2,290.16 (131.61) 1,793.17 2,331.13 3,030.46 3,939.60
1,868.93 2,299.54 2,989.40 3,886.22 5,052.09 6,567.72
4,253.44 3,341.38 6,300.96 8,184.14 10,632.28 13,814.86
270,931.34 Perpetual Growth Method: T
24-Oct-22
31-Mar-23
0.44 1.44 2.44 3.44 4.44
11.40%
0.9540 0.8563 0.7687 0.6900 0.6193
3,187.64 5,395.68 6,290.84 7,335.96 8,556.04
167,797.48
198,563.64
3,878.30
47,062.50
241,747.83
95.92
2,520.31
Balance Sheet Link
Statement of Profit & Loss Link

Perpetual Growth Method: TV = (FCFF*(1+g))/(WACC-g)