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Results
11-Aug-21
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Analysis
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Whirlpool of India
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PAT up 42% on higher sales and lower tax
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Whirlpool of India
Standalone net sales (including other operating income) of Whirlpool of India for
the quarter ended June 2021 has increased 30.53% to Rs 1,340.61
crore. Operating profit margin has slumped from 4.5% to 4.1%,
leading to 18.93% rise in operating profit to Rs 55.47 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
39.96% to 57.37%. Purchase of finished goods cost rose from 10.33%
to 10.81%. Employee cost decreased from 20.01% to 11.33%.
Other expenses fell from 23.42% to 16.50%. Other income
fell 1.34% to Rs 14 crore. Provision for interest fell 50% to Rs
3.68 crore. Provision for depreciation rose 16.75% to Rs 33.1
crore. Profit before tax grew 30.14% to Rs 32.69
crore. Provision for tax was expense of Rs 9.35 crore, compared to
Rs 8.65 crore. Effective tax rate was 28.60% compared to 34.43%. Profit
after tax rose 41.71% to Rs 23.34 crore.
Consolidated net sales (including other operating income) of Whirlpool
of India has increased 30.53% to Rs 1340.61 crore. Operating profit
margin has slumped from 4.54% to 4.14%, leading to 18.93% rise in operating
profit to Rs 55.47 crore. Eventually the net profit attributable to
owners of the company increased 61.97% to Rs 25.51 crore.
Management comment
Arvind Uppal, Chairman Whirlpool of India Limited
said, "The results have been very good despite the double headwinds of
lockdown and inflation. It was a very challenging quarter, given the severity
of the second wave and the significant supply side disruptions. Our business
continues to be in good health and we feel confident about the future."
Vishal Bhola, Managing Director Whirlpool of India
Limited said, “Despite significant disruptions in Q1, the growth momentum for
us continued. We delivered strong operating results with 31% Revenue growth and
43% growth on Profit. We expect buoyancy in the market with pent up demand and
upcoming festive season fuelling growth. There continue to be headwinds on
commodity and freight costs. Overall, we continue to be optimistic about the
short and medium term prospects for the company. .”
Other developments
Promoters’ stake was 75.00%
as of 30 June 2021, compared to 75.00% as of 30 June 2020.
| Whirlpool of India: Results |
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| |
2106 (3) |
2006 (3) |
Var. (%) |
2103 (12) |
2003 (12) |
Var.(%) |
| Sales |
1340.61 |
1027.05 |
31 |
5899.89 |
5992.52 |
-2 |
| OPM (%) |
4.1 |
4.5 |
|
8.8 |
11.2 |
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| OP |
55.47 |
46.64 |
19 |
518.98 |
673.35 |
-23 |
| Other inc. |
14.00 |
14.19 |
-1 |
89.60 |
128.71 |
-30 |
| PBIDT |
69.47 |
60.83 |
14 |
608.58 |
802.06 |
-24 |
| Interest |
3.68 |
7.36 |
-50 |
15.34 |
19.85 |
-23 |
| PBDT |
65.79 |
53.47 |
23 |
593.24 |
782.21 |
-24 |
| Dep. |
33.10 |
28.35 |
17 |
142.10 |
129.32 |
10 |
| PBT |
32.69 |
25.12 |
30 |
451.14 |
652.89 |
-31 |
| Taxation |
9.35 |
8.65 |
8 |
117.87 |
176.60 |
-33 |
| PAT |
23.34 |
16.47 |
42 |
333.27 |
476.29 |
-30 |
| EPS (Rs)* |
# |
# |
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26.3 |
37.5 |
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| *
Annualized On Current Equity Of Rs 126.87 Crore. Face Value: Rs 10 |
| # EPS is
not annualised due to seasonality of business |
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| Figures in
Rs crore |
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| Source:
Capitaline Corporate Database |
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| Whirlpool of India : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202106 | 202006 | Var.(%) | 202103 | 202003 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,340.61 | 1,027.05 | 30.53 | 5,899.89 | 5,992.52 | -1.55 | | OPM (%) | 4.14 | 4.54 | -40 bps | 8.80 | 11.24 | -244 bps | | OP | 55.47 | 46.64 | 18.93 | 518.98 | 673.35 | -22.93 | | Other Inc. | 14.00 | 14.19 | -1.34 | 89.60 | 128.71 | -30.39 | | PBIDT | 69.47 | 60.83 | 14.20 | 608.58 | 802.06 | -24.12 | | Interest | 3.68 | 7.36 | -50.00 | 15.34 | 19.85 | -22.72 | | PBDT | 65.79 | 53.47 | 23.04 | 593.24 | 782.21 | -24.16 | | Depreciation | 33.1 | 28.35 | 16.75 | 142.1 | 129.32 | 9.88 | | PBT | 32.69 | 25.12 | 30.14 | 451.14 | 652.89 | -30.90 | | Share of Profit/(Loss) from Associates | 2.17 | -0.72 | LP | 18.56 | 13.9 | 33.53 | | PBT before EO | 34.86 | 24.4 | 42.87 | 469.7 | 666.79 | -29.56 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 34.86 | 24.4 | 42.87 | 469.7 | 666.79 | -29.56 | | Taxation | 9.35 | 8.65 | 8.09 | 117.87 | 176.6 | -33.26 | | PAT | 25.51 | 15.75 | 61.97 | 351.83 | 490.19 | -28.23 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 25.51 | 15.75 | 61.97 | 351.83 | 490.19 | -28.23 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 25.51 | 15.75 | 61.97 | 351.83 | 490.19 | -28.23 | | EPS (Rs)* | 2.01 | 1.24 | 61.97 | 27.73 | 38.64 | -28.23 | | | * 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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