Whirlpool of India Q3 PAT falls 38% YoY to Rs 44 cr

Whirlpool of India's consolidated net profit skid 38.07% to Rs 44.19 crore on a 3.21% increase in revenue from operations to Rs 1541.95 crore in Q3 December 2021 over Q3 December 2020.

Consolidated PAT declined over past year due to lower industry demand, unprecedented cost inflation and one time amortisation of inventory step up gain on acquisition, the impact of which was substantially mitigated by price increase and cost productivity actions.

Consolidated profit before tax (PBT) tanked 35.01% to Rs 61.11 crore in Q3 FY22 from Rs 94.04 crore in Q3 FY21. EBITDA fell 18.2% to Rs 83.2 crore in Q3 FY22 as against Q3 FY21.

During the financial year, Whirlpool of India had acquired additional shareholding of 38.25% in Elica PB India for a consideration of Rs 424.8 crore, taking its total shareholding in Elica India to 87.25%.

Upon the acquisition, Elica India had become a subsidiary of the company. As per requirements of Ind AS, Whirlpool of India has fair valued its existing interest in Elica India and recognised a gain of Rs 324.6 crore in the statement of profit and loss of its consolidated financial statements.

Vishal Bhola, the managing director (MD) of Whirlpool of India, has said, "Our results this quarter showed a topline growth of 3.2% with volumes getting impacted by a muted industry demand against a high comparator the previous year. We faced unprecedented cost inflation, the impact of which was substantially mitigated by calibrated price increases and cost productivity actions. Top line growth should recover through the year as the economy opens up."

On a standalone basis, net profit dropped 35.54% to Rs 41.49 crore on a 3.94% fall in revenue from operations to Rs 1,435.06 crore in Q3 December 2021 over Q3 December 2020.

Shares of Whirlpool of India added 0.76% to close at Rs 1,790.30 on BSE. Whirlpool of India is one of the leading manufacturers and marketers of major home appliances in the country.

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