Whirlpool of India (500238) Q3 24/25 earnings summary

Executive summary

• Achieved 17% year-over-year revenue growth and 101% PBT growth for the nine months ended December 2024, driven by market share gains in refrigerators and washers, and supported by new product launches and expanded retail presence.

• Profit before tax more than doubled year-over-year, attributed to volume growth, cost productivity, and premiumization.

• Consistent healthy cash generation and negative working capital position as of September 2024.

• Parent company announced a proposed sell-down to 20% ownership, aiming to provide greater autonomy to the India business while maintaining long-term brand and technology agreements.

• Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2024.

Financial highlights

• Standalone revenue for Apr–Dec 2024-25 reached ₹5,531 Cr, up 17.2% year-over-year; consolidated revenue at ₹5,915 Cr, up 16.1%.

• Standalone Q3 revenue grew 12% year-over-year to ₹1,565 Cr; consolidated Q3 revenue up 11% to ₹1,705 Cr.

• Standalone EBITDA for Apr–Dec 2024-25 was ₹306 Cr (5.5% margin); consolidated EBITDA at ₹367 Cr (6.2% margin).

• Standalone PBT for Apr–Dec 2024-25 was ₹275 Cr (5.0% margin), up 101.2% year-over-year; consolidated PBT at ₹329 Cr (5.6% margin), up 70.1%.

• Standalone net profit for Q3 was INR 2,678 lacs, up from INR 1,468 lacs year-over-year; consolidated net profit for Q3 was INR 4,453 lacs, up from INR 2,993 lacs.

Outlook and guidance

• Long-term goal remains high single-digit revenue growth and high single-digit EBITDA margins, with a multi-year horizon for margin improvement.

• Continued focus on premiumization, cost productivity, and market share gains in core categories.

• Strategic imperatives include brand inspiration, product leadership, execution excellence, resilient supply chain, and growth in direct-to-consumer business.