Whirlpool of India (500238) Q1 24/25 earnings summary

Executive summary

• Achieved record quarterly revenue and strong profit growth in Q1 FY25, driven by market share gains in refrigerators and washers, premiumization, and robust execution of strategic initiatives.

• FY24 saw a turnaround in H2 with 10% revenue growth offsetting a 4% decline in H1, supported by innovation and disciplined investments.

• Unaudited standalone and consolidated financial results for Q1 FY25 were approved by the Board on July 29, 2024, after review by the Audit Committee and auditors.

• Continued innovation in product offerings, including new launches in direct cool refrigerators and semi-automatic washers, and a strategic partnership with Unilever for laundry solutions.

• Elica subsidiary delivered high single-digit to double-digit revenue growth and strong margins, reinforcing its position as a mass premium cooking brand.

Financial highlights

• Q1 FY25 consolidated revenue reached ₹2,497 crore (₹249,686 lacs), up 22.5% year-over-year, marking the highest ever quarterly revenue.

• Q1 FY25 consolidated net profit was ₹14,525 lacs, nearly doubling year-over-year; PBT margin at 7.8%, up 300 basis points.

• FY24 consolidated revenue was ₹6,860 crore (₹6,830 Cr), up 2.4% year-over-year; EBITDA and PBT grew by 8.8% and 9.8% respectively.

• Cash generation remained strong, with ₹491 crore generated in Q1 FY25 and ₹610 crore in FY24, driven by EBITDA and working capital improvements.

• Exceptional loss of ₹1,891 lacs due to a warehouse fire in March 2024 was recognized, with insurance expected to cover the loss.

Outlook and guidance

• No formal full-year revenue or margin guidance provided; focus remains on profitable market share growth, premiumization, and adapting to market conditions.

• Long-term profit margin guidance remains at high single digits, reflecting increased competition and regulatory pressures.

• Profit improvement expected in the short to medium term, driven by premium segment growth and cost reduction initiatives.

• Insurance claim for warehouse fire is expected to be fully admissible.