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.

March 2018 quarter results

For the quarter ended March 2018, net sales grew 24% to Rs 1257.74 crore. OPM fell 110 basis points to 11.2% which saw OP grow 13% to Rs 140.62 crore.

Other income grew 39% to Rs 23.39 crore and interest cost went down 89% to Rs 7 lakh. As depreciation fell 6% to Rs 23.37 crore, PBT grew 21% to Rs 140.57 crore.

As tax jumped 18% to Rs 49.192 crore (tax incidence fell from 35.8% to 35.0%), PAT grew 23% to Rs 91.38 crore.

FY 2018 results

For FY 2018, net sales grew 23% to Rs 4831.91 crore. OPM fell 80 basis points to 11.6% which saw OP rise 15% to Rs 560.00 crore.

Other income grew 19% to Rs 86.72 crore and interest cost went down 25% to Rs 4.39 crore. As depreciation grew 16% to Rs 101.51 crore, PBT grew 15% to Rs 540.82 crore.

As tax jumped 20% to Rs 190.15 crore (tax incidence grew from 33.7% to 35.2%), PAT went up 13% to Rs 350.67 crore.

Other details

During the year, the company purchased notes worth Rs 320.30 crore issued by its fellow subsidiary Whirlpool SA, Brazil on 14 September 2018 having a maturity period of 3 years and lock-in of 1 year.

The board declared final dividend of Rs 4 per share.

Valuation

The share price trades at Rs 1550.