First Cut- Whirlpool India
RAJESH DESAI
Dear Sir/Madam,
Whirlpool India announced its Q4 FY12 and annual results on 08 May 2012. The company’s Net sales increased by 6% YOY to INR629 crore and its EBITDA decreased by 2% YOY to INR60 crore. EBITDA Margin of the company decreased from 10.1% to 9.3% YOY. PAT decreased by 21% YOY to INR37 crore.
On a yearly basis, its net sales decreased by 2% to INR2564 crore and PAT decreased by 25% to INR124 crore resulting into an EPS of INR9.62 for FY12. At the CMP of INR209, the stock discounts its FY12 EPS by 21.7x and FY13E EPS of INR11.0 by 19x. We remain Neutral on the Stock.
|
DESCRIPTION |
Mar-12 |
Dec-11 |
Mar-11 |
QOQ |
YOY |
|
Net Sales |
629 |
593 |
594 |
6% |
6% |
|
Other operating income |
20 |
26 |
18 |
|
|
|
Total Income |
649 |
619 |
611 |
5% |
6% |
|
Total Expenditure |
589 |
578 |
549 |
|
|
|
EBIDTA (Excl OI) |
60 |
41 |
62 |
48% |
-2% |
|
EBITDA (%) |
9.3% |
6.6% |
10.1% |
|
|
|
Other Income |
3 |
2 |
13 |
|
|
|
Operating Profit |
64 |
43 |
75 |
|
|
|
Interest |
1 |
1 |
3 |
|
|
|
Exceptional Items |
0 |
0 |
0 |
|
|
|
PBDT |
63 |
42 |
72 |
|
|
|
Depreciation |
14 |
12 |
12 |
|
|
|
PBT |
48 |
30 |
60 |
62% |
-19% |
|
Tax |
11 |
9 |
13 |
|
|
|
Profit After Tax |
37 |
21 |
47 |
77% |
-21% |
|
PAT (%) |
5.7% |
3.4% |
7.7% |
|
|
|
Equity Capital |
126.87 |
126.87 |
126.87 |
|
|
|
Face Value (In Rs) |
10 |
10 |
10.00 |
|
|
|
No. of shares |
12.687 |
12.687 |
12.69 |
|
|
|
|
|
|
|
|
|
|
EPS |
2.93 |
1.66 |
3.72 |
77% |
-21% |
Regards,
Team Microsec Research
Microsec Capital Limited
Tel: 91 33 30512100
Fax: 91 33 30512020
--
CA. Rajesh Desai