Consolidated net sales (including other operating income) of Whirlpool of India for the quarter ended Mar 2023 has declined 2.01% to Rs 1672.65 crore. Operating profit margin has declined from 8.64% to 6.31%, leading to 28.42% decline in operating profit to Rs 105.62 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 54.20% to 47.68%. Purchase of finished goods cost rose from 15.35% to 22.58%. Employee cost increased from 8.67% to 9.52%. Other expenses rose from 13.71% to 14.27%. Other income rose 140.79% to Rs 32.29 crore. PBIDT fell 14.33% to Rs 137.91 crore. Provision for interest rose 21.09% to Rs 5.57 crore. Profit before tax down 29.07% to Rs 80.05 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 16.34 crore, compared to Rs 28.37 crore. Effective tax rate was 20.41% compared to 25.14%. Minority interest increased 56.06% to Rs 1.03 crore. Net profit attributable to owners of the company decreased 25.22% to Rs 62.68 crore. Fall in profit is mainly on account of lower sales due to subdued market conditions and calibrated price
correction actions which were partially offset by the cost productivity actions and reduction in
commodity cost.
Full year results analysis.
Net sales (including other operating income) of Whirlpool of India has increased 7.60% to Rs 6667.65 crore. Operating profit margin has declined from 6.71% to 5.55%, leading to 10.90% decline in operating profit to Rs 370.34 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 54.97% to 56.81%. Purchase of finished goods cost rose from 11.31% to 12.56%. Employee cost decreased from 10.21% to 9.52%. Other expenses fell from 16.62% to 15.67%. Other income rose 101.12% to Rs 127.31 crore. PBIDT rose 3.90% to Rs 497.65 crore. Provision for interest fell 5.42% to Rs 15.01 crore. PBDT rose 4.22% to Rs 482.64 crore. Provision for depreciation rose 25.74% to Rs 185.41 crore. Profit before tax down 5.83% to Rs 297.23 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 73.22 crore, compared to Rs 83.02 crore. Effective tax rate was 24.63% compared to 12.76%. Minority interest increased 399% to Rs 4.99 crore. Net profit attributable to owners of the company decreased 61.33% to Rs 219.02 crore.
During the previous financial year, the Company acquired additional shareholding of 38.25% in Elica PB India Private Limited (“Elica India”) for a consideration of Rs 424.8 Cr taking its total shareholding in Elica India to 87.25%. Upon the acquisition, Elica India has become a subsidiary of the Company. As per requirements of Ind AS, the Company has fair valued its existing interest in Elica India and recognised a gain of Rs 324.6 Cr in the Statement of Profit and Loss of LY consolidated financial statements. Management Comments :
Narasimhan Eswar, Managing Director, Whirlpool of India Limited said, “We believe that the strong leverage of our recent product launches especially in mid and premium ranges combined with a renewed drive on all aspects of in-market excellence and accelerated cost reduction programs will help us grow profitably. Our recent portfolio expansion actions in the cooking category are yielding good results with Elica India revenue growing at double digits with healthy margins.” Other Developments The Board of Directors has recommended a Proposed
dividend of Rs 5 per equity share of Rs 10 each, aggregating to Rs 6,344 lacs and this is subject to approval of the shareholders in the ensuing Annual General Meeting of the Company. Equity capital stood at Rs 126.87 crore as of 31 March 2023 to Rs 126.87 crore as of 31 March 2022. Per share face Value remained same at Rs 10.00. Promoters’ stake was 75.00% as of 31 March 2023 ,compared to 75.00% as of 31 March 2022 . Loan funds declined from Rs 31.15 crore as of 31 March 2022 to Rs 29.54 crore as of 31 March 2023. Inventories rose to Rs 1,508.17 crore as of 31 March 2023 from Rs 1,311.46 crore as of 31 March 2022. Sundry debtors were higher at Rs 433.44 crore as of 31 March 2023 compared to Rs 429.79 crore as of 31 March 2022. Cash and bank balance rose to Rs 1,681.35 crore as of 31 March 2023 from Rs 1,616.48 crore as of 31 March 2022. Fixed assets increased to Rs 1,189.07 crore as of 31 March 2023 from Rs 1,131.59 crore as of 31 March 2022. Intangible assets stood at Rs 747.80 crore. PBDT fell 15.37% to Rs 132.34 crore. Provision for depreciation rose 20.15% to Rs 52.29 crore. Cash flow from operating activities increased to Rs 269.64 crore for year ended March 2023 from Rs 97.77 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 180.79 crore, compared to Rs 169.79 crore during the year ended March 2022. | Whirlpool of India : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202303 | 202203 | Var.(%) | 202303 | 202203 | Var.(%) |
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| Net Sales (including other operating income) | 1,672.65 | 1,706.91 | -2.01 | 6,667.65 | 6,196.57 | 7.60 | | OPM (%) | 6.31 | 8.64 | -233 bps | 5.55 | 6.71 | -115 bps | | OP | 105.62 | 147.56 | -28.42 | 370.34 | 415.66 | -10.90 | | Other Inc. | 32.29 | 13.41 | 140.79 | 127.31 | 63.30 | 101.12 | | PBIDT | 137.91 | 160.97 | -14.33 | 497.65 | 478.96 | 3.90 | | Interest | 5.57 | 4.60 | 21.09 | 15.01 | 15.87 | -5.42 | | PBDT | 132.34 | 156.37 | -15.37 | 482.64 | 463.09 | 4.22 | | Depreciation | 52.29 | 43.52 | 20.15 | 185.41 | 147.46 | 25.74 | | PBT | 80.05 | 112.85 | -29.07 | 297.23 | 315.63 | -5.83 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 10.17 | - | | PBT before EO | 80.05 | 112.85 | -29.07 | 297.23 | 325.8 | -8.77 | | EO Income | 0 | 0 | - | 0 | 324.59 | - | | PBT after EO | 80.05 | 112.85 | -29.07 | 297.23 | 650.39 | -54.30 | | Taxation | 16.34 | 28.37 | -42.40 | 73.22 | 83.02 | -11.80 | | PAT | 63.71 | 84.48 | -24.59 | 224.01 | 567.37 | -60.52 | | Minority Interest (MI) | 1.03 | 0.66 | 56.06 | 4.99 | 1 | 399.00 | | Net profit | 62.68 | 83.82 | -25.22 | 219.02 | 566.37 | -61.33 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 62.68 | 83.82 | -25.22 | 219.02 | 566.37 | -61.33 | | EPS (Rs)* | 4.94 | 6.61 | -25.22 | 17.26 | 22.42 | -22.98 | | | * EPS is on current equity of Rs 126.87 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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