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Results
08-Aug-23
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Analysis
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Whirlpool of India
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Sales down 2%, net down 11%
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Consolidated net sales (including other operating income) of Whirlpool of India for the quarter ended Jun 2023 has declined 2.04% to Rs 2038.59 crore. Operating profit margin has declined from 6.33% to 6.05%, leading to 6.36% decline in operating profit to Rs 123.39 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 59.60% to 59.12%. Purchase of finished goods cost fell from 10.62% to 9.19%. Employee cost increased from 7.84% to 9.17%. Other expenses rose from 15.65% to 16.23%. Other income rose 9.90% to Rs 34.86 crore. PBIDT fell 3.21% to Rs 158.25 crore. Provision for interest rose 179.48% to Rs 7.49 crore. PBDT fell 6.25% to Rs 150.76 crore. Provision for depreciation rose 11.76% to Rs 52.18 crore. Profit before tax down 13.62% to Rs 98.58 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 21.86 crore, compared to Rs 29.54 crore. Effective tax rate was 22.17% compared to 25.89%. Minority interest increased 116.47% to Rs 1.84 crore. Net profit attributable to owners of the company decreased 10.57% to Rs 74.88 crore. Management Comments : Mr Arvind Uppal, Chairman Whirlpool of India Limited said, The quarter was weak overall as we
faced multiple headwinds. We are starting to see the first signs of a momentum change. With a new
Managing Director in place I am confident that we will start to see a much stronger execution and am
optimistic about the future.
Mr Narasimhan Eswar, Managing Director Whirlpool of India Limited said, Despite a relatively weak
summer season for the industry due to unseasonal weather patterns, Whirlpool delivered a +3%
consolidated volume growth for the quarter showing progressive momentum in market shares and
achieving -2% in revenues. We expect the sales momentum to continue as we gain from new
products launched earlier this year and on the back of stronger ROI focused execution. We will
continue our focus on improving profitability in the medium term through portfolio premiumisation
and driving cost reduction programs that have already been put in place. Elica India continues its
stellar run on sales and profits.
Promoters’ stake was 75.00% as of 30 June 2023 ,compared to 75.00% as of 30 June 2022, compared to 75.00% as of 31 March 2023 . | Whirlpool of India : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202306 | 202206 | Var.(%) | 202303 | 202203 | Var.(%) |
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| Net Sales (including other operating income) | 2,038.59 | 2,081.00 | -2.04 | 6,667.65 | 6,196.57 | 7.60 | | OPM (%) | 6.05 | 6.33 | -28 bps | 5.55 | 6.71 | -115 bps | | OP | 123.39 | 131.77 | -6.36 | 370.34 | 415.66 | -10.90 | | Other Inc. | 34.86 | 31.72 | 9.90 | 127.31 | 63.30 | 101.12 | | PBIDT | 158.25 | 163.49 | -3.21 | 497.65 | 478.96 | 3.90 | | Interest | 7.49 | 2.68 | 179.48 | 15.01 | 15.87 | -5.42 | | PBDT | 150.76 | 160.81 | -6.25 | 482.64 | 463.09 | 4.22 | | Depreciation | 52.18 | 46.69 | 11.76 | 185.41 | 147.46 | 25.74 | | PBT | 98.58 | 114.12 | -13.62 | 297.23 | 315.63 | -5.83 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 10.17 | - | | PBT before EO | 98.58 | 114.12 | -13.62 | 297.23 | 325.8 | -8.77 | | EO Income | 0 | 0 | - | 0 | 324.59 | - | | PBT after EO | 98.58 | 114.12 | -13.62 | 297.23 | 650.39 | -54.30 | | Taxation | 21.86 | 29.54 | -26.00 | 73.22 | 83.02 | -11.80 | | PAT | 76.72 | 84.58 | -9.29 | 224.01 | 567.37 | -60.52 | | Minority Interest (MI) | 1.84 | 0.85 | 116.47 | 4.99 | 1 | 399.00 | | Net profit | 74.88 | 83.73 | -10.57 | 219.02 | 566.37 | -61.33 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 74.88 | 83.73 | -10.57 | 219.02 | 566.37 | -61.33 | | EPS (Rs)* | 5.90 | 6.60 | -10.57 | 17.26 | 22.42 | -22.98 | | | * 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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