Whirlpool of India Q4 PAT falls 35% YoY to Rs 84 cr

Whirlpool of India reported 35% slump in consolidated net profit to Rs 84.48 crore on a 4.1% fall in net sales to Rs 1,706.91 crore in Q4 FY22 over Q4 FY21.

Profit before tax in Q4 FY22 stood at Rs 112.85 crore, down by 34.6% from Rs 172.58 crore in Q4 FY21. Whirlpool said significant part of cost inflation was mitigated by price increase and cost take out action across all work streams.

On full year basis, the household appliance manufacturer reported a 61% jump in net profit to Rs 566.37 crore on a 5% rise in revenue from operations to Rs 6,196.57 crore in the financial year ended 31 March 2022 over the financial year ended 31 March 2021.

Arvind Uppal, chairman of Whirlpool of India said, The normalisation of post Covid demand along with high inflation across the board has hurt the durable industry. Growth vs profitability needs to be balanced and recent fiscal actions by the government should help soften the impact. Whilst this turbulent period is not over we have managed to tide over the most difficult part and remain confident about the future.

Vishal Bhola, managing director of Whirlpool of India said, We finished the year with a 5% topline growth and a FY consolidated profit growth of 61% which included a one off gain with the Elica acquisition. The quarter results showed a 4% decline in topline and a 35% decline in profit. Volumes were impacted by soft industry demand in the beginning of the quarter however an early and intense summer saw a strong comeback in March. Inflation headwinds continue to be a concern but have been addressed through both cost-based pricing and cost actions.

The board recommended a final dividend of Rs 5 per equity share for the financial year ended 31 March 2022.

Whirlpool of India is primarily engaged in manufacturing and trading of refrigerators, washing machines, air conditioners, microwave ovens and small appliances and caters to both domestic and international markets.

Shares of Whirlpool of India were trading 0.21% higher at Rs 1500.35 on the BSE.

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