WHIRLPOOL OF INDIA 2017-18 Annual Report Analysis

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WHIRLPOOL OF INDIA 2017-18 Annual Report Analysis
Fri, 21 Dec

WHIRLPOOL OF INDIA has announced its results for the year ended March 2018. Let us have a look at the detailed performance review of the company during FY17-18.

WHIRLPOOL OF INDIA Income Statement Analysis

  • Operating income during the year rose 22.6% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 14.6% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 11.6% in FY18 as against 12.4% in FY17.
  • Depreciation charges increased by 16.1% and finance costs decreased by 25.5% YoY, respectively.
  • Other income grew by 18.8% YoY.
  • Net profit for the year grew by 12.9% YoY.
  • Net profit margins during the year declined from 7.7% in FY17 to 7.1% in FY18.

WHIRLPOOL OF INDIA Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 39,408 48,319 22.6%
Other income Rs m 730 867 18.8%
Total Revenues Rs m 40,138 49,186 22.5%
Gross profit Rs m 4,888 5,600 14.6%
Depreciation Rs m 875 1,015 16.1%
Interest Rs m 59 44 -25.5%
Profit before tax Rs m 4,685 5,408 15.4%
Tax Rs m 1,580 1,902 20.4%
Profit after tax Rs m 3,105 3,507 12.9%
Gross profit margin % 12.4 11.6
Effective tax rate % 33.7 35.2
Net profit margin % 7.7 7.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



WHIRLPOOL OF INDIA Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 13 billion as compared to Rs 13 billion in FY17, thereby witnessing an increase of 0.9%.
  • Current assets fell 4% and stood at Rs 21 billion, while fixed assets rose 12% and stood at Rs 5 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 32 billion as against Rs 29 billion during FY17, thereby witnessing a growth of 12%.

WHIRLPOOL OF INDIA Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 14,831 17,963 21.1
 
Current Liabilities Rs m 12,539 12,658 0.9
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 28,761 32,258 12.2
 
Current assets Rs m 22,332 21,484 -3.8
Fixed Assets Rs m 4,274 4,790 12.1
Total Assets Rs m 28,761 32,258 12.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



WHIRLPOOL OF INDIA Cash Flow Statement Analysis

  • WHIRLPOOL OF INDIA's cash flow from operating activities (CFO) during FY18 stood at Rs 4 billion, an improvement of 0.2% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -4 billion, an improvement of 130.6% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -465 million on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -774 million from the Rs 2 billion net cash flows seen during FY17.

WHIRLPOOL OF INDIA Cash Flow Statement 2017-18

Particulars No. of months 12 12 % Change
Year Ending Mar-17 Mar-18
Cash Flow from Operating Activities Rs m 3,836 3,842 0.2%
Cash Flow from Investing Activities Rs m -1,801 -4,151 -
Cash Flow from Financing Activities Rs m -13 -465 -
Net Cash Flow Rs m 2,022 -774 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for WHIRLPOOL OF INDIA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 27.6, an improvement from the EPS of Rs 24.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,370.0, stands at 44.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 9.8 times, while the price to sales ratio stands at 3.6 times.
  • The company's price to cash flow (P/CF) ratio stood at 38.4 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-17* 12 Mar-18*
Sales per share (Unadj.) Rs 310.6 380.9
TTM Earnings per share Rs 24.5 27.6
Diluted earnings per share Rs 24.5 27.6
Price to Cash Flow x 43.7 38.4
TTM P/E ratio x 44.9 44.9
Price / Book Value ratio x 8.4 9.8
Market Cap Rs m 173,812 173,812
Dividends per share (Unadj.) Rs 3.0 4.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for WHIRLPOOL OF INDIA

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.7x during FY18, from 1.8x during FY17. The current ratio measures the company's ability to pay short-term and long-term obligations.

    Interest Coverage Ratio: The company's interest coverage ratio deteriorated and stood at 124.2x during FY18, from 80.5x during FY17. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

  • Profitability Ratios
  • Return on Equity (ROE): The ROE for the company declined and down at 19.5% during FY18, from 20.9% during FY18. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

    Return on Capital Employed (ROCE): The ROCE for the company declined and down at 30.4% during FY18, from 32.0% during FY17. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

    Return on Assets (ROA): The ROA of the company improved and stood at 11.0% during FY18, from 11.0% during FY17. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-17* 12 Mar-18*
Current ratio x 1.8 1.7
Debtors’ Days Days 19 18
Interest coverage x 80.5 124.2
Debt to equity ratio x 0.0 0.0
Return on assets % 11.0 11.0
Return on equity % 20.9 19.5
Return on capital employed % 32.0 30.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how WHIRLPOOL OF INDIA has performed over the last 5 years, please visit here.

WHIRLPOOL OF INDIA Share Price Performance

Over the last one year, WHIRLPOOL OF INDIA share price has moved up from Rs 1,549.7 to Rs 1,370.0, registering a loss of Rs 179.7 or around 11.6%.

Meanwhile, the S&P BSE CONSUMER DURABLES Index is trading at Rs 20,733.4 (down 0.5%). Over the last one year it has moved down from 22,676.9 to 20,733.4, a loss of 1,944 points (down 8.6%).

Overall, the S&P BSE SENSEX is up 7.6% over the year.

(To know more, check out historical annual results for WHIRLPOOL OF INDIA and quarterly results for WHIRLPOOL OF INDIA)

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WHIRLPOOL OF INDIA Announces Quarterly Results (1QFY21); Net Profit Down 91.4% (Quarterly Result Update)

Aug 18, 2020 | Updated on Aug 18, 2020

For the quarter ended June 2020, WHIRLPOOL OF INDIA has posted a net profit of Rs 165 m (down 91.4% YoY). Sales on the other hand came in at Rs 10 bn (down 48.0% YoY). Read on for a complete analysis of WHIRLPOOL OF INDIA's quarterly results.

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For the quarter ended December 2019, WHIRLPOOL OF INDIA has posted a net profit of Rs 732 m (up 20.8% YoY). Sales on the other hand came in at Rs 13 bn (up 4.9% YoY). Read on for a complete analysis of WHIRLPOOL OF INDIA's quarterly results.

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