WHIRLPOOL OF INDIA 2023-24 Annual Report Analysis

Thu, 18 Jul

WHIRLPOOL OF INDIA has announced its results for the year ended March 2024. Let us have a look at the detailed performance review of the company during FY23-24.

WHIRLPOOL OF INDIA Income Statement Analysis

• Operating income during the year rose 2.4% on a year-on-year (YoY) basis.
• The company's operating profit increased by 3.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 5.6% in FY24 as against 5.6% in FY23.
• Depreciation charges increased by 13.4% and finance costs increased by 101.4% YoY, respectively.
• Other income grew by 28.7% YoY.
• Net profit for the year grew by 0.1% YoY.
• Net profit margins during the year declined from 3.4% in FY23 to 3.3% in FY24.

WHIRLPOOL OF INDIA Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	66,677	68,298	2.4%
Other income	Rs m	1,273	1,638	28.7%
Total Revenues	Rs m	67,950	69,936	2.9%
Gross profit	Rs m	3,703	3,841	3.7%
Depreciation	Rs m	1,854	2,103	13.4%
Interest	Rs m	150	302	101.4%
Profit before tax	Rs m	2,972	3,073	3.4%
Tax	Rs m	732	830	13.4%
Profit after tax	Rs m	2,240	2,243	0.1%
Gross profit margin	%	5.6	5.6
Effective tax rate	%	24.6	27.0
Net profit margin	%	3.4	3.3

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WHIRLPOOL OF INDIA Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 18 billion as compared to Rs 19 billion in FY23, thereby witnessing an decrease of -6.8%.
• Current assets rose 4% and stood at Rs 40 billion, while fixed assets rose 1% and stood at Rs 20 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 61 billion as against Rs 59 billion during FY23, thereby witnessing a growth of 3%.

WHIRLPOOL OF INDIA Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	34,525	36,061	4.4
Current Liabilities	Rs m	18,975	17,688	-6.8
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	58,973	60,671	2.9
Current assets	Rs m	38,733	40,251	3.9
Fixed Assets	Rs m	20,240	20,421	0.9
Total Assets	Rs m	58,973	60,671	2.9

WHIRLPOOL OF INDIA Cash Flow Statement Analysis

• WHIRLPOOL OF INDIA's cash flow from operating activities (CFO) during FY24 stood at Rs 6 billion, an improvement of 126.3% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs 618 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -1 billion on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 6 billion from the Rs 676 million net cash flows seen during FY23.

WHIRLPOOL OF INDIA Cash Flow Statement 2023-24

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-23	Mar-24
Cash Flow from Operating Activities	Rs m	2,696	6,101	126.3%
Cash Flow from Investing Activities	Rs m	-1,014	618	-
Cash Flow from Financing Activities	Rs m	-1,007	-1,168	-
Net Cash Flow	Rs m	676	5,551	720.9%

Current Valuations for WHIRLPOOL OF INDIA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 17.7, an improvement from the EPS of Rs 17.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 2,036.2, stands at 115.2 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 7.2 times, while the price to sales ratio stands at 3.8 times.
• The company's price to cash flow (P/CF) ratio stood at 42.6 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Sales per share (Unadj.)	Rs	525.5	538.3
TTM Earnings per share	Rs	17.7	17.7
Diluted earnings per share	Rs	17.7	17.7
Price to Cash Flow	x	40.7	42.6
TTM P/E ratio	x	74.4	115.2
Price / Book Value ratio	x	5.7	5.1
Market Cap	Rs m	198,129	185,223
Dividends per share (Unadj.)	Rs	5.0	5.0

Ratio Analysis for WHIRLPOOL OF INDIA

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.3x during FY24, from 2.0x during FY23. 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 11.2x during FY24, from 20.8x during FY23. 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 6.2% during FY24, from 6.5% during FY24. 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 improved and stood at 9.4% during FY24, from 9.0% during FY23. 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 4.2% during FY24, from 4.1% during FY23. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Current ratio	x	2.0	2.3
Debtors’ Days	Days	237	182
Interest coverage	x	20.8	11.2
Debt to equity ratio	x	0.0	0.0
Return on assets	%	4.1	4.2
Return on equity	%	6.5	6.2
Return on capital employed	%	9.0	9.4

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 1,431.4 to Rs 2,036.2, registering a gain of Rs 604.9 or around 42.3%.

Meanwhile, the S&P BSE CONSUMER DURABLES Index is trading at Rs 58,522.5 (down 1.1%). Over the last one year it has moved up from 42,599.9 to 58,522.5, a gain of 15,923 points (up 37.4%).

Overall, the S&P BSE SENSEX is up 21.3% over the year.

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