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Results
20-Nov-21
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Analysis
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Whirlpool of India
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Standalone PAT down 39% largely on weak operating show
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Standalone net sales
(including other operating income) of Whirlpool of India for the quarter ended
Sep 2021 has increased 0.48% to Rs 1,607.10 crore. Operating profit
margin has declined from 11.33% to 8.05%, leading to 28.57% decline in
operating profit to Rs 129.40 crore. Raw material cost as a % of
total sales (net of stock adjustments) decreased from 57.71% to 55.57%.
Purchase of finished goods cost rose from 3.59% to 9.27%.
Employee cost increased from 9.60% to 9.73%. Other
expenses fell from 17.53% to 16.92%. Lower OP was largely due to supply chain volatility, unprecedented
cost and fuel inflation, which was partially mitigated by price increase and
cost productivity actions. Other income fell 47.96% to Rs 18.13 crore. PBIDT fell
31.70% to Rs 147.53 crore. Provision for interest up 522.11% to Rs
5.91 crore. PBDT fell 34.15% to Rs 141.62
crore. Provision for depreciation down 23.04% to Rs 32.64
crore. Profit before tax down 36.87% to Rs 108.98
crore. Provision for tax was expense of Rs 28.38 crore, compared to
Rs 44.02 crore. Effective tax rate was 26.56% compared to 25.50%. Profit
after tax fell 38.98% to Rs 78.49 crore.
Consolidated net
sales (including other operating income) of Whirlpool of India has increased
0.48% to Rs 1607.1 crore. Operating profit margin has declined from
11.33% to 8.05%, leading to 28.57% decline in operating profit to Rs 129.40
crore. Other income fell 47.96% to Rs 18.13 crore. PBIDT
fell 31.70% to Rs 147.53 crore. Provision for interest rose 522.11%
to Rs 5.91 crore. PBDT fell 34.15% to Rs 141.62
crore. Provision for depreciation fell 23.04% to Rs 32.64
crore. Profit before tax down 36.87% to Rs 108.98
crore. Share of profit/loss was 32.23% higher at Rs 8
crore. Provision for tax was expense of Rs 28.38 crore, compared to
Rs 44.02 crore. Effective tax rate was 6.43% compared to 24.63%. Minority
interest was nil in both the periods. Net profit attributable to
owners of the company increased 206.82% to Rs 413.19 crore.
During
the current quarter, Company has acquired additional shareholding of 38.25% in
Elica PB India Private Limited (“ Elica India”) for a consideration of Rs 424.8
Cr Lacs 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 crore in the Statement of Profit
and Loss of consolidated financial statements, resulting in consolidated PAT
growth of 206.8% over same period last year.
Half-yearly performance
Standalone net sales (including other operating income) of Whirlpool of India
has increased 12.23% to Rs 2,947.71 crore. Operating profit margin
has declined from 8.67% to 6.27%, leading to 18.85% decline in operating profit
to Rs 184.87 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 51.99% to 56.43%. Purchase of
finished goods cost rose from 5.76% to 10.01%. Employee cost
decreased from 12.95% to 10.49%. Other expenses fell from 19.43% to
16.72%. Other income fell 34.47% to Rs 32.13
crore. PBIDT fell 21.61% to Rs 217 crore. Provision for
interest up 15.40% to Rs 9.59 crore. PBDT fell 22.76%
to Rs 207.41 crore. Provision for depreciation down 7.09% to Rs
65.74 crore. Profit before tax down 28.36% to Rs 141.67 crore. Provision
for tax was expense of Rs 37.73 crore, compared to Rs 52.67
crore. Effective tax rate was 27.03% compared to 26.63%. Profit after tax fell 29.82% to Rs 101.83
crore.
Consolidated net sales (including other operating income) of Whirlpool
of India has increased 12.23% to Rs 2947.71 crore. Operating profit
margin has declined from 8.67% to 6.27%, leading to 18.85% decline in operating
profit to Rs 184.87 crore. Other income fell 34.47% to Rs 32.13
crore. PBIDT fell 21.61% to Rs 217 crore. Provision for
interest rose 15.40% to Rs 9.59 crore. PBDT fell 22.76% to Rs 207.41
crore. Provision for depreciation fell 7.09% to Rs 65.74
crore. Profit before tax down 28.36% to Rs 141.67 crore. Share
of profit/loss was 90.81% higher at Rs 10.17 crore. Provision for
tax was expense of Rs 37.73 crore, compared to Rs 52.67
crore. Effective tax rate was 7.92% compared to 25.93%. Minority
interest was nil in both the periods. Net profit attributable to
owners of the company increased 191.65% to Rs 438.70 crore.
Management
Comment
Arvind
Uppal, Chairman Whirlpool of India Limited said, "Our results this quarter
were positively impacted by the acquisition of a majority stake in Elica India
a brand leader in the premium cooking space. This is one of our key strategic
pillars for driving future growth and profitability.The quarter saw headwinds
on the cost and supply chain side. Growth is impacted by a high base effect and
should recover as the economy opens up."
Vishal
Bhola, Managing Director Whirlpool of India Limited said, “With COVID replated
disruptions abating, we saw sequential QoQ revenue growth of ~20%. YoY growth
was ~1% as the last year benefitted from the pent up demand. Demand came back
stronger in the mid and premium segment which was however impacted most with
supply side volatility. Unprecedented cost and fuel inflation put pressure on
our margins which was mitigated partially through cost led price increases and
productivity actions. In line with our ambition to accelerate profitable growth,
we acquired additional 38% share holdinging in Elica PB India Private Limited
(Elica India) for a consideration of Rs 424.8 crore. taking our total
shareholding to about 87%. The acquisition resulted in a one off gain of Rs 324
crore due to fair valuation of existing assets.”
Other developments
Equity capital stood at Rs 126.87 crore as of 30 September 2021 to Rs
126.87 crore as of 30 September 2020. Per share face Value remained
same at Rs 10.00.
Promoters’ stake was 75.00% as of 30 September 2021 ,compared to 75.00%
as of 30 September 2020 .
Standalone Loan funds remained nil. Inventories rose to Rs
1,277.27 crore as of 30 September 2021 from Rs 794.05 crore as of 30 September
2020. Sundry debtors were higher at Rs 331.55 crore as of 30 September
2021 compared to Rs 211.86 crore as of 30 September 2020. Cash and
bank balance declined from Rs 1,948.53 crore as of 30 September 2020 to Rs
1,188.10 crore as of 30 September 2021. Investments rose to Rs
597.06 crore as of 30 September 2021 from Rs 172.22 crore as of 30 September
2020 . Fixed assets increased to Rs 736.71 crore as of 30 September
2021 from Rs 717.65 crore as of 30 September 2020. Intangible assets
increased from Rs 4.06 crore to Rs 11.96 crore.
Whirlpool
of India: Results
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2109
(3)
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2009
(3)
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Var.(%)
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2109
(6)
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2009
(6)
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Var.
(%)
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2103
(12)
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2003
(12)
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Var.(%)
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Sales
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1607.10
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1599.47
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0
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2947.71
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2626.52
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12
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5899.89
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5992.52
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-2
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OPM (%)
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8.1
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11.3
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6.3
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8.7
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8.8
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11.2
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OP
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129.40
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181.16
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-29
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184.87
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227.80
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-19
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518.98
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673.35
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-23
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Other
inc.
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18.13
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34.84
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-48
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32.13
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49.03
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-34
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89.60
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128.71
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-30
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PBIDT
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147.53
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216.00
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-32
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217.00
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276.83
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-22
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608.58
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802.06
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-24
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Interest
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5.91
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0.95
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522
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9.59
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8.31
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15
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15.34
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19.85
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-23
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PBDT
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141.62
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215.05
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-34
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207.41
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268.52
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-23
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593.24
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782.21
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-24
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Dep.
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32.64
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42.41
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-23
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65.74
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70.76
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-7
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142.10
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129.32
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10
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PBT
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108.98
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172.64
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-37
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141.67
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197.76
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-28
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451.14
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652.89
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-31
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EO
Income
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-2.11
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0.00
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-2.11
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0.00
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0.00
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0.00
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PBT
after EO
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106.87
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172.64
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-38
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139.56
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197.76
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-29
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451.14
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652.89
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Taxation
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28.38
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44.02
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-36
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37.73
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52.67
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-28
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117.87
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176.60
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-33
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PAT
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78.49
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128.62
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-39
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101.83
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145.09
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-30
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333.27
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476.29
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-30
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EPS
(Rs)*
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#
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#
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#
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#
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26.3
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37.5
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*
Annualized On Current Equity Of Rs 126.87 Crore. Face Value: Rs 10
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# 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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