Whirlpool of India has reported 18% growth in sales to Rs 1493.98 crore for the quarter ended Dec 2020 with continued strong demand for appliances. As operating profit margin stand declined by 40 bps to 6.7%, the operating profit was 12% to Rs 100.60 crore. With other income stand lower by 28% to Rs 28.36 crore the PBIDT was flat at Rs 128.96 crore. With interest cost up by 120% to Rs 6.80 crore and depreciation stand higher by 20% to RS 35.11 crore, the PBT was down by 10% to Rs 87.05 crore. The taxation was down by 3% to Rs 22.68 crore and thus the PAT was down by 12% to Rs 64.37 crore.
- According to the press release of the company the Q3FY21 EBITDA, PBT and PAT includes special items and timing impact of approximately Rs 26.4 crore.
Nine month performance
Sales for the period was down by 11% to Rs 4120.50 ccrore and with OPM contract by 260 bps to 8%, the fall at operating profit was down by 39% to Rs 329.33 crore. After accounting for lower OI, higher interest csot and higher depreciation the PBT was down by 47% to Rs 284.80 crore. With taxation stand lower by 48% to Rs 75.35 crore, the PAT was down by 46% to Rs 209.45 crore.
Other developments
BoD has approved expanding manufacturing footprint in North by developing facility for semi-automatic washing machine at its Faridabad Plant with a capacity of 216,000 units per annum financed from internal accruals with a capital investment of Rs 12.4 crores this year.
Management Comment
Arvind Uppal, Chairman Whirlpool of India Limited said, "We are witnessing strong top line growth along with market share gains. The underlying profitability is also very healthy. The reported profits have been impacted by a number of one time items. Overall economic trends are looking positive and we continue to remain very optimistic about our business."
Vishal Bhola, Managing Director Whirlpool of India Limited said, "The strong momentum continued in this quarter and we saw further acceleration with double digit revenue growth and healthy underlying profitability during the festive season. We continue to see a very robust demand for appliances. The quarter saw growth in Metros and large towns coming back while Tier 2/3 cities continued on their rapid growth trajectory. Overall we see a step change in the penetration of the durables category and with a strong pipeline of consumer relevant innovations, we are very optimistic about our short and medium term prospects."
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