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Whirlpool Creditable performance

Nov 1, 2000

The turnaround is apparent. Whirlpool India has posted a net profit of Rs 193 m for nine months ended September 2000 compared to a loss of Rs 172 m in the respective quarter of the previous year. Operating margins have improved significantly from 5.8% in 3QFY99 to 8.6% in 3QFY00. This could be attributed towards the cost cutting measure initiated by the company as well as better capacity utilisation. Depreciation is lower on account of disposed some of the assets during the year.

(Rs m) 3QFY00 3QFY01 change FY00
(9 months)*
FY01
(9 months)
change
Sales 1,805.6 1,914.0 6.0% 6,638.3 7,299.1 10.0%
Other Income 97.7 108.4 11.0% 127.8 180.6 41.3%
Expenditure 1,760.0 1,832.0 4.1% 6,255.8 6,674.7 6.7%
Operating Profit (EBDIT) 45.6 82.0 79.8% 382.5 624.4 63.2%
Operating Profit Margin (%) 2.5% 4.3%   5.8% 8.6%  
Interest 144.6 126.2 -12.7% 390.9 377.3 -3.5%
Depreciation 98.6 62.5 -36.6% 291.3 239.8 -17.7%
Profit before Tax (99.9) 1.7 - (171.9) 187.9 -209.3%
Other Adjustments - (1.5) - - 4.6 -
Tax (0.3) - - - - -
Profit after Tax/(Loss) (99.6) 0.2 - (171.9) 192.5 -
Net profit margin (%) -5.5% 0.0%   -2.6% 2.6%  
No. of Shares (eoy) (m) 126.9 126.9   126.9 126.9  
Diluted number of shares 126.9 126.9   126.9 126.9  
Earnings per share - - - (1.35) 1.52  
(annualised)            
P/E         13.2  
* January-September

We expect the company to post better results for FY00 given the fact that it has become the market leader in the refrigerator segment. Besides, with the launch of washing machines as well as microwaves, Whirlpool is definitely in a position to extend its leadership position.

The stock is currently trading at Rs 20 at a P/E multiple of 13.2x the 3QFY00 earnings.

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