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Whirlpool sales grows 14% - Views on News from Equitymaster
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  • Apr 30, 2001

    Whirlpool sales grows 14%

    Whirlpool has posted a 14% growth in sales for the first quarter ended 31st March 2001 to Rs 2,257 m. Against the negative growth witnessed by the durable industry, the company has reported a healthy growth in sales.

    (Rs m) 1QFY00 1QFY01 Change
    Sales 1,984 2,257 13.8%
    Other Income 61 47 -22.6%
    Expenditure 1,789 2,086 16.6%
    Operating Profit (EBDIT) 195 171 -12.5%
    Operating Profit Margin (%) 9.8% 7.6%  
    Interest 131 120 -8.5%
    Depreciation 100 97 -2.9%
    Profit before Tax 25 1 -96.4%
    Tax - -  
    Profit after Tax/(Loss) 25 1 -96.4%
    Net profit margin (%) 1.3% 0.0%  
    No. of Shares (eoy) (m) 126.9 126.9  
    Diluted number of shares 126.9 126.9  
    Earnings per share* 0.8 0.0  

    However, the slow down in sales has taken its toll on realisations of the company, which is reflected in the margins. Operating margins, for the first time in the last three quarters, have dropped sharply by 230 basis points to 7.6% (Whirlpool had reported a sharp growth in margins from 5.7% in FY00 to 6.8% in FY01).

    Net profits have hardly grown despite a 14% growth in sales primarily on account of lower other income and pro-rata charge of the voluntary retirement scheme payments of Rs 6.3 m. Infact, if we were to remove the other income component, the company has actually reported a loss of Rs 46 m. However, lower interest costs and depreciation have prevented the net profits from a huge decline. Interest costs have been on the decline for the last four quarters, as the company has been repaying its debt through the money raised from the rights issue.

    The scrip is currently trading at Rs 19, at a P/E multiple of 11.7x the FY01 earnings.



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