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Whirlpool of India has reported a flat (up 0%) sales of Rs 1353.62 crore for the quarter ended Mar 2020 impacted by COVID lockdown in March 2020. But with operating profit margin contract by 250 bps to 10.1%, the operating profit was down by 20% to Rs 136.98 crore. But the PBIDT was down by 17% to Rs 162.63 crore as other income stand higher by marginal 1% to Rs 25.65 crore. However dragged higher interest and depreciation cost, the PBT stood lower by 26% to Rs 118.93 crore. But with taxation stand lower by 45% to Rs 31.52 crore, the fall at PAT level was restricted at 16% to Rs 87.41 crore.
Yearly performance
Sales for the period was up by 11% to Rs 5992.52 crore. With OPM contract by 70 bps to 11.2%, the operating profit was up by 5% to Rs 673.35 crore. The other income was up by 23% to Rs 128.71 crore and thus the PBIDT was up by 7% to Rs 802.06 crore. The PBT was up by 4% to Rs 652.89 crore hit by higher interest and depreciation. With taxation down by 20% to Rs 176.60 crore, the net profit was eventually up by 17% to Rs 476.29 crore.
Management comment
Arvind Uppal, Chairman Whirlpool of India said, "As expected, the lockdown has adversely impacted what was expected to be a very healthy quarter. On a full year basis, Whirlpool has had an outstanding year as we continued to perform well on key financial levers. While the full extent of this pandemic still remains uncertain, given the nature of home appliance industry, we remain optimistic that our business will bounce back sooner rather than later."
Vishal Bhola, Managing Director Whlrlpool of lndia said, "Q4 was impacted due to the lockdown announced in March. Both topline and bottom-line were significantly impacted as we were not able to produce or sell in the last 10 days of March. Pre lockdown we had a very strong momentum going our way. Our new launches in the quarter were well accepted in the market. These are uncertain times however we feel confident that Whirlpool is well placed to tide over this crisis and continue to provide value to our consumers."
Final dividend
To pay a final dividend of Rs 5 per equity share of Rs 10 face value for 2019-20 subject to approval of shareholders in the ensuing AGM of the company.
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