Markets will remain closed on May 01, 2024 on account of Maharashtra Day.

WHIRLPOOL OF INDIA 2022-23 Annual Report Analysis

Wed, 16 Aug

WHIRLPOOL OF INDIA has announced its results for the year ended March 2023. Let us have a look at the detailed performance review of the company during FY22-23.

WHIRLPOOL OF INDIA Income Statement Analysis

• Operating income during the year rose 7.6% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 50.6% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 5.6% in FY23 as against 12.1% in FY22.
• Depreciation charges increased by 25.7% and finance costs decreased by 5.4% YoY, respectively.
• Other income grew by 101.1% YoY.
• Net profit for the year declined by 60.5% YoY.
• Net profit margins during the year declined from 9.2% in FY22 to 3.4% in FY23.

WHIRLPOOL OF INDIA Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	61,966	66,677	7.6%
Other income	Rs m	633	1,273	101.1%
Total Revenues	Rs m	62,599	67,950	8.5%
Gross profit	Rs m	7,504	3,703	-50.6%
Depreciation	Rs m	1,475	1,854	25.7%
Interest	Rs m	159	150	-5.4%
Profit before tax	Rs m	6,504	2,972	-54.3%
Tax	Rs m	830	732	-11.8%
Profit after tax	Rs m	5,674	2,240	-60.5%
Gross profit margin	%	12.1	5.6
Effective tax rate	%	12.8	24.6
Net profit margin	%	9.2	3.4

WATCH NOW: Top-5 Stocks in India's $10 Trillion Rally

WHIRLPOOL OF INDIA Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 19 billion as compared to Rs 18 billion in FY22, thereby witnessing an increase of 8.1%.
• Current assets rose 8% and stood at Rs 39 billion, while fixed assets fell 1% and stood at Rs 20 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 59 billion as against Rs 56 billion during FY22, thereby witnessing a growth of 5%.

WHIRLPOOL OF INDIA Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	32,976	34,525	4.7
Current Liabilities	Rs m	17,556	18,975	8.1
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	56,337	58,973	4.7
Current assets	Rs m	35,894	38,733	7.9
Fixed Assets	Rs m	20,444	20,240	-1.0
Total Assets	Rs m	56,337	58,973	4.7

WHIRLPOOL OF INDIA Cash Flow Statement Analysis

• WHIRLPOOL OF INDIA's cash flow from operating activities (CFO) during FY23 stood at Rs 3 billion, an improvement of 175.8% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -1 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -1 billion on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 676 million from the Rs -5 billion net cash flows seen during FY22.

WHIRLPOOL OF INDIA Cash Flow Statement 2022-23

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-22	Mar-23
Cash Flow from Operating Activities	Rs m	978	2,696	175.8%
Cash Flow from Investing Activities	Rs m	-4,689	-1,014	-
Cash Flow from Financing Activities	Rs m	-886	-1,007	-
Net Cash Flow	Rs m	-4,503	676	-

Current Valuations for WHIRLPOOL OF INDIA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 17.7, an decline from the EPS of Rs 44.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,558.4, stands at 91.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 5.7 times, while the price to sales ratio stands at 3.0 times.
• The company's price to cash flow (P/CF) ratio stood at 48.4 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*
Sales per share (Unadj.)	Rs	488.4	525.5
TTM Earnings per share	Rs	44.7	17.7
Diluted earnings per share	Rs	44.7	17.7
Price to Cash Flow	x	27.9	48.4
TTM P/E ratio	x	35.8	91.5
Price / Book Value ratio	x	7.8	5.7
Market Cap	Rs m	258,720	198,129
Dividends per share (Unadj.)	Rs	5.0	5.0

Ratio Analysis for WHIRLPOOL OF INDIA

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 2.0x during FY23, from 2.0x during FY22. 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 20.8x during FY23, from 42.0x during FY22. 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 6.5% during FY23, from 17.2% during FY23. 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 9.0% during FY23, from 20.2% during FY22. 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 declined and down at 4.1% during FY23, from 10.4% during FY22. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*
Current ratio	x	2.0	2.0
Debtors’ Days	Days	253	237
Interest coverage	x	42.0	20.8
Debt to equity ratio	x	0.0	0.0
Return on assets	%	10.4	4.1
Return on equity	%	17.2	6.5
Return on capital employed	%	20.2	9.0

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 down from Rs 1,790.5 to Rs 1,558.4, registering a loss of Rs 232.1 or around 13.0%.

Meanwhile, the S&P BSE CONSUMER DURABLES Index is trading at Rs 42,980.5 (down 0.5%). Over the last one year it has moved up from 41,047.4 to 42,980.5, a gain of 1,933 points (up 4.7%).

Overall, the S&P BSE SENSEX is up 10.2% over the year.

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