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Whirlpool of India is a 75% subsidiary of the Whirlpool Corporation, the world's #1 manufacturer and marketer of major home appliances.
Whirlpool of India's ability to leverage on its parent's product and marketing expertise to launch new products / undertake innovations on existing products in the Indian market puts it in an advantageous position.
Quarter results
For the quarter ended June 2019, net sales grew 20% to Rs 1974.20 crore. OPM improved 50 basis points to 15.3% which saw OP rise 24% to Rs 302.45 crore.
Other income fell 23% to Rs 27.43 crore and interest cost went up from Rs 1.76 crore to Rs 4.47 crore. As depreciation grew 12% to Rs 30.51 crore, PBT grew 18% to Rs 294.90 crore.
As tax grew 20% to Rs 104.06 crore (tax incidence grew from 34.7% to 35.3%), PAT grew 17% to Rs 190.84 crore.
FY 2019 results
In FY 2019, net sales grew 12% to Rs 5397.65 crore. OPM fell 30 basis points to 11.4% which saw OP rise 10% to Rs 461.88 crore.
Other income grew 21% to Rs 104.70 crore and interest cost went up 107% to Rs 9.09 crore. As depreciation grew 10% to Rs 111.31 crore, PBT went up 16% to Rs 626.47 crore.
As tax grew 15% to Rs 219.42 crore, PAT went up 16% to Rs 407.05 crore.
Other details
In FY 2019, the company acquired 49% stake in Elica PB Private limited and considering the other terms of investment, Elica is considered as jointly controlled company.
Valuation
The stock trades at Rs 1530.
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