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.

December 2017 quarter results

For the quarter ended December 2017, net sales grew 18% to Rs 958.01 crore. OPM fell 140 basis points to 9.3% which saw OP grow 3% to Rs 89.14 crore.

Other income grew 12% to Rs 21.25 crore and interest cost went down 2% to Rs 2.19 crore. As depreciation grew 27% to Rs 24.84 crore, PBT stagnated at Rs 83.36 crore.

As tax jumped 8% to Rs 30.22 crore (tax incidence grew from 33.6% to 36.3%), PAT went down 4% to Rs 53.14 crore.

Nine months results

For the nine months, net sales grew 22% to Rs 3574.17 crore. OPM fell 40 basis points to 12.0% which saw OP rise 18% to Rs 430.65 crore.

Other income grew 13% to Rs 63.33 crore and interest cost went up 6% to Rs 5.59 crore. As depreciation grew 25% to Rs 78.14 crore, PBT grew 16% to Rs 410.25 crore.

As tax jumped 21% to Rs 140.96 crore (tax incidence grew from 33.0% to 34.4%), PAT went up 14% to Rs 269.29 crore.

Valuation

The share price trades at Rs 1480.