Your Directors have pleasure in presenting the 59th Annual Report on thebusiness and operations of the Company together with the audited accounts for thefinancial year ended 31st March 2020.
| || || || ||(INR in lacs) |
|Particulars || |
Standalone For the year ended
Consolidated For the year ended
| ||31st March ||31st March ||31st March ||31st March |
| ||2020 ||2019 ||2020 ||2019 |
|Revenue from Operations ||599252 ||539765 ||599252 ||539765 |
|Other Income ||12871 ||10470 ||12871 ||10470 |
|Profit/loss before Depreciation Finance Costs Exceptional items and ||80206 ||74687 ||80206 ||74687 |
|Tax Expense || || || || |
|Less: Depreciation/ Amortization/ Impairment ||12932 ||11131 ||12932 ||11131 |
|Profit /loss before Finance Costs Exceptional items and Tax Expense ||67274 ||63556 ||67274 ||63556 |
|Less: Finance Costs ||1985 ||909 ||1985 ||909 |
|Profit /loss before Exceptional items and Tax Expense ||65289 ||62647 ||65289 ||62647 |
|Add/(less): Exceptional items ||- ||- ||- ||- |
|Profit before share of profit of Joint Venture and tax ||65289 ||62647 ||65289 ||62647 |
|Share of profit/(loss) of a Joint Venture ||- ||- ||1390 ||269 |
|Profit before tax ||65289 ||62647 ||66679 ||62916 |
|Less: Tax Expense (Current & Deferred) ||17660 ||21942 ||17660 ||21942 |
|Profit /loss for the year (1) ||47629 ||40705 ||49019 ||40974 |
|Total Comprehensive Income/loss (2) ||(237) ||(518) ||(238) ||(516) |
|Total (1+2) ||47392 ||40187 ||48781 ||40458 |
|Balance of profit /loss for earlier years ||180242 ||146174 ||180513 ||146174 |
|Less: Transfer to Debenture Redemption Reserve ||- ||- ||- ||- |
|Less: Transfer to Reserves ||- ||- ||- ||- |
|Less: Dividend paid on Equity Shares ||6344 ||5076 ||6344 ||5076 |
|Less: Dividend paid on Preference Shares ||- ||- ||- ||- |
|Less: Dividend Distribution Tax ||1304 ||1043 ||1304 ||1043 |
|Balance carried forward ||219986 ||180242 ||221646 ||180513 |
Performance of the Company
The year 2019-20 was another year of improved operating performance & financialgrowth. The Company had a strong revenue growth driven by both internal and externalfactors. Strong macroeconomic indicators drove the overall durable industry growth. Inaddition our continuous focus on product leadership channel expansion and salesexecution helped us grow ahead of industry. The Company's performance has been veryencouraging with 11.02% increase in Revenue from operations and 4.2% increase in Profitbefore Tax vs. previous year. The Company significantly scaled up its investment in fixedassets. Cost management continued to be a high focus area for the Company.
Key Financial Ratios
|Particular ||31 March 2020 ||31 March 2019 |
|Debtor Turnover ratio ||22.3 ||21.8 |
|Inventory Turnover ratio ||3.5 ||4.0 |
|Interest coverage ratio ||- ||- |
|Current Ratio ||2.09 ||1.80 |
|Debt Equity Ratio ||- ||- |
|Operating Profit margin ||9.08 ||9.84 |
|Net Profit Margin ||7.95 ||7.54 |
|Return on Net Worth ||18.70 ||19.00 |
No significant changes were reported in the above key financial ratios from previousyear.
Dividend & Transfer to Reserves
Your Directors at its meeting held on 18th June 2020 as per the DividendDistribution Policy of the Company recommend the payment of a final dividend at the rateof INR 5 per share for the year ended 31st March 2020 (previous year INR 5/-per equity share) on 126871830 equity shares of INR 10/- each. During the financialyear there was no amount proposed to be transferred to the Reserves.
In view of the changes made under the Income-tax Act 1961 by the Finance Act 2020dividends paid or distributed by the Company shall be taxable in the hands of theShareholders and accordingly payment will be made after deduction of tax at source. Thedividend recommended is in line with the Company's Dividend Distribution Policy. TheDividend Distribution Policy of the Company is disclosed in the Corporate GovernanceReport and is also available at the website of the Company at https://www.whirlpoolindia.com/dam/images/discover-whirlpool/investors/dividend-distribution-policy-pdf/Dividend%20Distribution%20Policy.pdf.
The paid up capital of the Company as on 31st March 2020 was INR 12687.18lacs. During the year under review the Company did not issue any class or category ofshares employee stock options convertible securities and consequently there is no changein the capital structure since previous year.
Subsidiaries Joint Ventures or Associate Companies
The Company does not have any subsidiary during the period of reporting.
Joint Venture/Associate Company
During the year the Company held 49% shareholding of Elica PB India Private Limited(Elica India) consisting of 2368997 equity shares of INR 10 each. Elica India is in thebusiness of manufacturing and selling kitchen equipment such as kitchen hoods hobs builtin ovens refrigerators built in microwave ovens dishwashers barbecue fryers kitchensinks and waste disposers. The investment is aligned with the Company's strategy ofexpanding cooking and built-in business.
Business Performance of Joint Venture - Elica PB India Private Limited
The year 2019-20 was another year of improved operating performance & financialgrowth. The revenue from operations during the financial year 2019-20 increased by 15.6%over previous year.
During the year under review the Company enhanced its Refrigerator manufacturingcapacity at Pune plant by adding a new line and also increased the Refrigeratormanufacturing capacity at Faridabad plant. The said expansion will help the Company tomaintain and strengthen its product portfolio.