MANAGEMENT DISCUSSION AND ANALYSIS
INDIAN ECONOMY OVERVIEW
India's economy has seen growth in the Financial
Year 2024-25, owing to domestic demand and the rapid expansion of various industries. The
country has made significant strides in using technology to improve knowledge sharing,
boost manufacturing, and increase export competitiveness. The government's continued focus
on infrastructure investment, coupled with efforts to stimulate key sectors such as
manufacturing, agriculture, and technology, provided a foundation for growth. This was
bolstered by increased public spending and policy measures aimed at boosting consumer
demand and investor confidence. However, the economy also witnessed inflationary
pressures, fueled by volatile commodity prices and supply chain disruptions. Geopolitical
tensions like continuation of the global conflicts in various geographies and global
economic uncertainties on account of the tariff announcements further contributed to the
complexity of the situation. These challenges are expected to continue into the next
fiscal as well. The manufacturing sector's strong performance has played a major role in
driving GDP growth for financial year 2024-25, boosting the overall economy. In addition,
going forward, increased government tax breaks and other welfare benefits are expected to
drive economic growth by boosting consumer spending.
INDUSTRY OVERVIEW
The refrigerator and washing machine industry is estimated to have
grown mid single digit volumes in FY 2024-25, driven by a hotter than normal summer which
fueled growth in refrigerators, and a stable economy. Air conditioners and frost free
refrigerators which are low penetration categories grew at a double digit pace, while
single door refrigerators and laundry subcategories grew mid single digits. The focus on
premium products - such as appliances with advanced technologies, larger capacities, and
energy-efficient features - is propelling revenue growth for the industry.
This period also saw a continuation in regulatory changes especially on
components as the country builds on its aspiration of Make-in-India for the world. This
required detailed planning to ensure operational excellence and business continuity.
India's resilience, diverse economic base, demographic advantages
coupled with exponential benefits of the digital revolution continue to underpin its
long-term growth prospects. India is on track to becoming the third largest economy by
2030 and the trickle down effect of prosperity will fuel the durables industry over the
long term.
COMPANY OVERVIEW
The Company has maintained a strong position in the Indian consumer
durables industry. The Company offers an extensive product portfolio, including various
categories like refrigerators, washing machines, air conditioners, and cooking appliances.
Whirlpool is a highly recognised brand in India, known for its quality
and extensive reach across the country. The Company has established a strong presence
across the country and serves a diverse customer base that represents a wide range of
income levels.
Key Business Strengths
Diversified Product Portfolio with Strong Innovations
Whirlpool began with direct-cool refrigerators and semi-automatic
washing machines, but over the years as the aspirations of the Indian consumers evolved,
it expanded its product range to include premium frost-free refrigerators, top-load
washing machines, air conditioners and microwave ovens. Recently, in the second half of
2022, the Company also began manufacturing front-load washing machines in India, thereby
further widening its product portfolio. With a deep understanding of the Indian consumer,
we have brought meaningful innovations alive - Auto Defrost in single door refrigerators,
"Ozone Refresh front load washers, Bloomwash top loaders and Dynamix Technology
in semi-automatic washing machines for example amongst several other innovations.
Manufacturing Excellence and Innovation
Whirlpool operates facilities in Faridabad for refrigerators and
semi-automatic washing machines, Pune for frost-free and direct-cool refrigerators, and
Puducherry in southern India for washing machines. Whirlpool facilities exemplify modern
manufacturing they are a hallmark of innovation, technology and individuals
dedicated to being the benchmark for manufacturing excellence. Through our operations, we
deliver best-in-class manufactured products at a competitive cost and create a sustainable
advantage for our Company. These outcomes are driven by World Class Manufacturing (WCM), a
comprehensive methodology for improving productivity and quality, as well as reducing
losses in production systems.
Strong Pan-India Distribution
Whirlpool has a comprehensive Pan-India sales, distribution, and
service network with extensive reach across the country. The network's strength lies not
just in the number of billing points and service partners, but also in the lasting
relationships with customers built over decades. This relationship- focused approach,
combined with strategic investments in retail demand generation, has been instrumental in
creating persistent value for the Company's brand.
Commitment to Superior Service
Whirlpool's strength lies in offering value beyond high-quality
products, with a focus on unique service experiences that enhance life at home. The
Company understands the importance of aftersales support and
continually improves its service offerings to build brand loyalty. Whirlpool has enhanced
after-sales service by expanding its network, opening in-house service centers, training
technicians, and integrating technology to increase efficiency and reduce consumer effort.
In the last few years, the Company has also implemented the Net Promoter Score (N PS), a
widely-used metric for gauging consumer loyalty and satisfaction. NPS has helped us
understand the needs of our consumers, curate consumer relevant service solutions and
foster stronger consumer relationships. Whirlpool's commitment to superior after-sales
support demonstrates its aim to provide value throughout the entire product journey.
Strong Brand Equity
Whirlpool over the years has built strong trust with both consumers and
customers alike. Our consistent product quality, product lineup which has evolved with
changing consumer preferences and strong brand image have resulted in the brand Whirlpool
consistently featuring in top considered brands in the large appliances space.
Business Performance in FY 2024-25
Whirlpool's commitment to improving life at home has been central to
its business, with a brand ethos focused on providing exceptional care. In a rapidly
evolving digital world, the Company has emphasised purposeful innovations and intuitive
technologies to cater to ever evolving consumer needs. Over the last 12 months, the
Company has continued its focus towards premiumization, with a keen focus on scaling up
new offerings in the premium segments, enhancing existing mass-premium products, and
integrating cutting-edge 6th Sense intuitive technology across its product lines. Drawing
upon the extensive 110+ years of global expertise of the Parent Company, coupled with the
innovation hubs worldwide and a profound understanding of Indian consumer preferences, the
Company has been continuously investing in unveiling a series of pioneering and
award-winning products.
During the financial year, the Company invested to increase its retail
executive presence, launched new products, provided stronger warranties on some categories
selectively, increased feet on street, adjusted pricing to stay competitive in the market
and aggressively drove a cost takeout program while navigating significant regulatory
changes in both components and finished products. These interventions together will ensure
the Company's long-term competitiveness and set a strong foundation for future growth.
Based on the consumer pain point of formation of detergent patches on
clothes, the Company launched the new ACE XL range of semi-automatic machines. Powered by
the revolutionary Dynamix Detergent Dispenser Technology*, this range delivered the
market- first benefit of 'Zero Detergent Patches'*.
In the refrigerator category, the Company reinforced its product
leadership by upgrading the IntelliFresh Pro series of top-mount refrigerators with the
performance superiority claim of "India's fastest convertible* refrigerator"
which converts its freezer into a fridge in just about 10 minutes. This range with 10
different convertible modes offers consumers unmatched flexibility to meet their diverse
storage needs.
To cater to the fast growing community of second time single door
refrigerator buyers, the Company expanded its product portfolio with the extremely
relevant "AutoDefrost" solution while continuously focusing on expanding its
presence.
The Company introduced a new range of single door refrigerators with
exquisite glass door designs. Inspired by the arts and crafts of Indian artisans, this
range caters to the aspirational tastes of middle India.
For the modern Indian consumer who takes great pride in our traditions
and heritage, the Company introduced "Kalakriti", a range of glass door designs
in both the Frost Free and Single Door category.
In 2024-25, the Company strategically expanded the 3 star frost-free
range and 5 star single door range, strengthening the premium portfolio with energy-
efficient, high-performance models aligned with contemporary consumer expectations.
To expand its presence in the extremely competitive front load
category, the Company launched a best in class 5 years comprehensive warranty on the
range. Combined with innovations like Ozone Air Refresh Technology, 6th Sense Soft Move,
and Steam Wash, this range stands out within the competitive set.
To showcase our superior stain fighting capability, the Company
collaborated with Hindustan Unilever's Surf Excel to create a co-branded campaign.
The Company continued to elevate everyday comfort with the introduction
of its 2025 range of Air Conditioners, aligned with its vision of delivering meaningful
innovation through everyday care. Powered by 6th Sense Technology, the new range offers
intelligent cooling at the press of a buttonsensing and adapting to ambient
conditions to deliver optimal comfort and enhanced user experience. Further strengthening
its differentiated 3D Cool proposition, the Company unveiled a completely refreshed design
language that seamlessly reflects the core philosophy of rapid and effective cooling.
Equipped with uniquely designed 3D air vents, the new models ensure swift expulsion of hot
air, enabling powerful cooling performance even at ambient temperatures as high as 55?C.
The range also introduces the 3D Air System featuring three distinct air draft modes,
allowing consumers to personalize their cooling experience based on varied comfort needs.
^Relevant statements in above paragraphs are based on lab tests done on
select models under standard test conditions and may vary depending on testing conditions
and programs.
Along with strengthening our product portfolio, significant
enhancements have been made across the organization to accelerate our journey towards
executional excellence and premiumization.
Investments were made to enhance both the quality and quantity of
retail executives, use of generative artificial intelligence to improve hiring and scale
up training, revamping of measurement systems along with a major re-engineering of Field
Sales Rewards programs and focusing disproportionately on higher margin products to name a
few. These changes have set a strong foundation for driving long term, profitable growth.
The key focus to take these investment decisions has always been an ROI
(return on investment) mindset so that in the long term the growth is profitable as well
as sustainable.
Product interventions combined with a mindset of execution excellence
have led to the Company growing market shares substantially in both refrigerators and
laundry.
The Company revamped its robust program called P4G (Productivity for
Growth), leading to cost productivity improvements in the fiscal year that further
supported better profitability and allowed reinvestment into market share and revenue
growth.
Overall, the Company's coordinated efforts led to a strong performance
in FY 2024-25 while gaining market shares year on year in both refrigerators and washing
machines. The Company delivered a 16% growth in topline while improving profitability by ~
62%.
FINANCIAL OVERVIEW
Financial Results and State of Company's Affairs
(INR in Lacs)
Particulars |
Standalone For the year
ended |
Consolidated For the year
ended |
|
2024-25 |
2023-24 |
2024-25 |
2023-24 |
Total Income |
759,416 |
648,477 |
811,016 |
699,359 |
Profit for the year after meeting all
expenses but before exceptional items, interest and depreciation |
64,884 |
46,425 |
74,111 |
56,679 |
Finance Cost |
4,183 |
2,776 |
4,482 |
3,023 |
Depreciation and amortization |
18,939 |
18,637 |
21,317 |
21,032 |
Profit before exceptional items, share of
profit/(loss) of a Joint Ventures and associates and tax |
41,762 |
25,012 |
48,312 |
32,624 |
Exceptional items Gain / (expense) |
700 |
(1,891) |
700 |
(1,891) |
Share of profit/(loss) of joint ventures and
associates |
- |
- |
- |
- |
Profit before tax |
42,462 |
23,121 |
49,012 |
30,733 |
Tax expenses |
11,125 |
6,384 |
12,734 |
8,303 |
Profit after tax |
31,337 |
16,737 |
36,278 |
22,430 |
Other comprehensive income/ (expense) (net) |
147 |
(7) |
140 |
(2) |
Total Comprehensive Income |
31,484 |
16,730 |
36,418 |
22,428 |
Financial Performance
Your Company delivered a strong financial performance in FY 2024-25,
building on the growth momentum from the second half of the previous year. Consolidated
revenue from operations grew by a robust 16% year- on-year, with double-digit revenue
growth recorded across all four quarters of the financial year.
This performance stands out despite muted industry growth in both
refrigerators and washers, which remained in the low- to mid-single digits. Our
outperformance was driven by significant market share gains across all categories, along
with accelerated growth in our premium product portfolio and air conditioner business.
Throughout the year, the Company took decisive actions to strengthen
its market position. These included enhancing executional excellence, expanding retail
executive presence and tactical pricing adjustments to remain competitive. Product
innovation remained a strategic priority, resulting in several key launches including the
revolutionary Dynamix Detergent Dispenser Technology in semi-automatic washers, upgraded
Inte11iFresh Pro series of top-mount refrigerators, featuring the performance-leading
claim of "India's fastest convertible refrigerator", a new range of single-door
refrigerators with exquisite glass door designs.
On the profitability front, the Company achieved outstanding results.
The consolidated Profit Before Tax (PBT) (before exceptional items) for FY 2024-25
increased by 48% over the previous year and consolidated PBT (before exceptional items)
margins improved to 6.1%, up from 4.8% in previous year. The consolidated Profit After Tax
(PAT) for FY 2024-25 increased by 62% over the previous year and consolidated PAT margins
improved to 4.6%, up from 3.3% in previous year. This was after accounting for provision
of additional price upcharge of Rs. 41 Cr vs last year on account of new E-Waste
regulations. The improvement in profits was fuelled by strong revenue growth, productivity
led gross margin improvement and premiumisation of product mix. Our cost productivity
program continues to yield substantial benefits across the P&L, with material costs
reduced by 1%, despite absorbing regulatory cost increases.
We believe our ongoing focus on consumer insights, product innovation,
execution excellence, premiumization, and cost productivity will provide a strong
foundation for sustainable growth and enhanced market competitiveness.
Performance of Subsidiary
Elica PB Whirlpool Kitchen Appliances Private Limited ("Elica PB
Whirlpool") is the only subsidiary of the Company. During the current year, the
Company has acquired additional shareholding of 9.56% in Elica PB Whirlpool taking its
total shareholding to 96.81%. Elica PB Whirlpool is engaged in the business of
manufacturing and distribution of kitchen appliances.
In FY 2024-25, Elica PB Whirlpool revenue growth was flat to last year
while volume grew in single digit. Elica PB Whirlpool maintained robust profitability,
delivering a strong Profit Before Tax (PBT) margin of 15.7%, underscoring continued
operational efficiency and cost management.
The Policy for determining Material Subsidiaries, in accordance with
the requirements of the Companies Act, 2013 ('the Act') and the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
('Listing Regulations'), can be accessed on the Company's website at
www.whirlpoolindia.com.
A statement containing the salient features of the financial
statements, in accordance with the provision of Section 129(3) of the Act, is provided in
Form AOC-1 attached to the Company's financial statements. The financial statements of the
Company, along with relevant documents pertaining to its subsidiaries, are available on
the Company's website at www.whirlpoolindia.com.
Other Financial Disclosures
There were no material changes and commitments affecting the financial
position of the Company which occurred between the end of the financial year (FY) to which
this financial statement relates to and as on the date of this Annual Report. During the
Financial Year 2024-25, there was no amount proposed to be transferred to the Reserves.
Standalone Key Financial Ratios
Particulars |
March 31, 2025 |
March 31, 2024 |
Debtor Turnover ratio |
19.83 |
18.34 |
Inventory Turnover ratio |
4.13 |
3.34 |
Interest coverage ratio |
- |
- |
Current Ratio |
2.01 |
2.17 |
Debt Equity Ratio* |
0.08 |
0.07 |
Operating Profit margin |
3.86 |
1.99 |
Net Profit Margin |
4.22 |
2.64 |
Return on equity ratio |
9.34 |
5.29 |
* For debt-equity ratio lease is considered
as debt |
|
|
Outlook & Opportunities
The Company's strategic imperatives have been a key driver of the
business results in FY 2024-25. The Company is confident that these strategic imperatives,
which are inspired by our brands, will continue to help it deliver sustainable and
profitable growth over the long term.
Inspire with our Brands: The Company will continue to focus
on gaining superior consumer insights to fuel consumer relevant innovation as well as best
in class communication. Our consumer immersions showed us the inconvenience of detergent
patches for Semi Automatic Washer users and inspired us to develop the Dynamix Detergent
Dispenser that ensures zero detergent patches in the AceXL range of washers. From our
consumer interactions we also learnt that while consumers purchase a
"convertible" frost free refrigerator, usage at home is low since conversion
took hours. This insight has been used to upgrade our frost-free proposition to
"India's fastest convertible refrigerator" which converts from freezer to fridge
in just over 10 mins.
Product Leadership: Through product leadership, the Company
will continue to overdrive premiumization and bridge gaps in core product categories. Our
consumer home visits have also shown us how proudly refrigerator owners showcase its
presence in their living rooms leading us to develop a glass door range for single door
refrigerators and expand the range in frost free to greater than 300L.
Resilient Supply Chain: The management believes that a
resilient supply chain is also absolutely imperative for its future profitable and
sustainable growth and therefore it will continue to drive the quality of its products
through WCM as well as drive P4G cost saving initiatives.
Execution Excellence: Continued focus on driving reach and
extraction through best in class sales execution, incentivisation and retail executive
program.
Grow Consumer Direct Business: Grow the consumer direct
business ahead of the industry. The Company is confident that the above approach will
continue to drive profitable growth in the long term.
RISK MANAGEMENT
The Company has a comprehensive Risk Management Framework to integrate
risk management into daily operations. This includes established Business Risk Assessment
procedures for self-evaluation of business risks, operational controls, and adherence to
Corporate Policies. The risk assessment framework aims to offer guidance to the management
in proactive thinking and value-added review to map and maintain an acceptable risk
profile for the organisation as a whole. This is a continuous process that monitors the
evolution of risks and the execution of mitigation plans. The risks evaluated by the Risk
Management Committee are then presented to the Audit Committee and thereafter to the Board
of Directors for assessing the effectiveness of the internal control and risk management
system.
Post the Anticipated Sell Down announced by Whirlpool Corporation on
January 30, 2025, the Company engaged renowned legal firm M/s. AZB & Partners to
assist the Company in this connection. Additionally, the Board of Directors of the
Company, have constituted a transition committee comprising of: (a) Mr. Rahul Bhatnagar,
Independent Director - Chairman (b) Ms. Harita Gupta, Independent Director - Member (c)
Mr. Anil Berera, NonExecutive Director - Member and (d) Mr. Narasimhan Eswar, Managing
Director - Member to review, in consultation with the management team of the Company and
the appointed legal and other advisors, the actions to be taken by the Company in its best
interests, in the backdrop of this development, and make recommendations in this regard.
The Transition Committee is actively reviewing significant aspects of the transition
resulting from the Anticipated Sell Down and maintains close collaboration with the
Management. Based on Whirlpool Corporation's current statement of intent and current
available facts, the Management anticipates that the Anticipated Sell Down is unlikely to
exert a material long-term impact on the Company's ability to continue as a going concern.
Risk and Mitigation Strategies Transition Risk of IT Systems
The Company leveraged various tools, applications and infrastructure
support given by Whirlpool Corporation. Now due to the proposed Anticipated Sell Down the
Company will have to ensure that there is data segregation and limited accessibility and
will have to build in proper firewalls to address this risk. The Company has done a
detailed engagement with Whirlpool Corporation to identify such overlaps and
de-entanglements along with external expertise, wherever required. Further, the
Company is also building on in-house competency and redesigning the IT
organisation structure for seamless transition.
Increased Competition
Increased competition in the consumer durables sector, driven by new
and expanding manufacturers, presents ongoing challenges. To stay competitive and maintain
market presence, the Company maintains and cultivates strong relationships with key trade
players. Leveraging its strong Indian brand reputation, the Company mitigates these risks
by developing innovative products with competitive pricing and margins. Furthermore, the
Company proactively manages and minimizes risk through accelerated product introductions,
cost-cutting initiatives, and utilizing its extensive geographical footprint.
Access to Brand and Technology
The Company is reliant on Whirlpool Corporation for the brand name,
intellectual property, and takes the needed Whirlpool Corporation's support for technology
assistance, engineering assistance, innovation pipeline, product developments,
improvements, product related regulatory changes, etc. Due to the Anticipated Sell Down
the Company could potentially face in the future, if unaddressed, lesser visibility on new
product developments/ innovations etc along with timely deployment and delivery of
specific projects. In order to mitigate this risk, the Company's management is negotiating
a long term Brand License Agreement (BLA), Technology License Agreement (TLA) &
Transition Services Agreements (TSA) with Whirlpool Corporation to ensure that long term
brand license is granted to the Company on reasonable terms, engineering support for
current technology is maintained and Company continues to have access to relevant
technology in the future. Further, all the negotiations are discussed with the Transition
Committee of the Board before placing them before Whirlpool Corporation.
Emerging Product Regulations
The Company's operations are governed by numerous laws and regulations,
potentially necessitating alterations to production methods, product lines, or the
implementation of expensive compliance strategies. To mitigate compliance-
related risks, the Product Organisation diligently tracks these
regulations and implements proactive, cost-efficient adaptations to regulatory changes.
Further, the Company will continue to implement structures and standardized processes for
proactive monitoring and implementation of regulatory changes.
Talent Acquisition and Retention
The Company's human resource plays a crucial role in delivering the
business results of the organisation and its success hinges on attracting, developing, and
retaining skilled personnel, especially key executives and senior management. The company
utilizes organizational effectiveness practices to ensure optimal organizational design,
processes, and governance. Employees have access to learning opportunities for skill
development, preparing them for current and future success. Whirlpool Group's core values
of respect, integrity, inclusion & diversity, teamwork and a spirit of winning foster
a respectful and nurturing culture where employees feel valued and heard. The "One
Whirlpool" ethos supports the strategy of creating a highly desirable workplace.
Further information on employee initiatives is detailed in the Business Responsibility and
Sustainability Report.
OPERATIONS
Strong Resilience & Operational Excellence: The
Integrated supply chain demonstrated its strong reslience and
operational excellence in overcoming the special headwinds faced this year. We faced
freight cost increase, BIS changes, slow moving inventory and demand fluctuations to name
a few headwinds. Our three manufacturing sites at Faridabad, Pune and Puducherry rallied
and generated sufficent cost savings to offset the cost increases due to inflation. Our
logistics and warehousing team focused on maximising delivery to our customers on time and
in full.
World class manufacturing (WCM): WCM remains our corner stone
strategy. It is a structured approach to identify and eliminate losses, improve
efficiency, and foster a culture of continuous improvement. The aim is to optimize all
aspects of a manufacturing process, including quality, cost, delivery, safety, and
employee engagement. During the year our Pune Plant progressed to a new level of WCM. The
external Audit conducted by international experts certified our Pune operations to be
operating at the silver level. Our Faridabad and
Puducherry plants achieved their Bronze level certifications.
Employee Growth: The Company remains committed to fostering the
growth of its employees by investing in their training and development programs. The
Company launched the I-shine program, tailored to the supply chain managers to build their
skills on strategic thinking, change management and stakeholder management. The career
craft program helped all our employees deliberate on their career plans for the future and
helped strengthen the engagement for our employees across the levels.
Sustainability: Our sustainability efforts of continuously reducing
our water and energy usage per unit produced is delivering superior results. The Company
has significantly reduced the water and energy intensity over the past years. The Company
further reduced the E-waste generation by strengthening our quality processes in all the
manufacturing sites.
INFORMATION SYSTEMS
The Company uses information technology to improve the effectiveness of
its operations, to interface with our customers, consumers and employees, to maintain the
continuity of its manufacturing operations and to maintain financial accuracy and
efficiency. Further collection of data and processing of confidential or sensitive data is
also done through proper systems and softwares with security checks. The Company continued
focusing on increased adoption and ROI of IT investments, enhanced business productivity
and efficiencies by building better system controls and automations and invested in IT
infrastructure for better resilience and reliability. The Company continuously endeavors
to improve IT Security and Infrastructure.
SOURCING AND SUPPLY CHAIN
The Company utilizes a vast network of global suppliers to source the
diverse materials and components required for its production process. The Company has
navigated a complex and dynamic operational environment quite effectively. Many proactive
measures have been taken to build resilience within the supply chain. Your Company focuses
on:
Robust compliance framework: Demonstrates a strong
commitment to ethical sourcing and risk mitigation. The Company is agile and ensures
complete adherence to compliance.
Extensive due diligence and audits: Provides a thorough
approach to ensuring supplier adherence to the standards. We maintain high ethical
standards for our vendors and trade partners by conducting due diligence and audits. This
is achieved through our Supplier Code of Conduct (SCoC) auditing program, Third Party Due
Diligence (TPDD) screening, and conflict minerals tracking initiative.
Strategic dual sourcing with localization: This has clearly
paid off in reducing reliance on imports and enhancing cost efficiency. The Company has a
clearly defined review process to identify its dependencies on any single import country
or vendor for key components used in manufacturing. Through close monitoring and a drive
for excellence, steps have been taken to diversify procurement from alternative sources,
mitigating risk. Geo political status remain an important input element in deciding the
sourcing strategy.
Effective mitigation of supply chain disruptions:
Shows agility and adaptability in the face of ongoing challenges.
Exhibits a remarkable ability to acclimate and adjust strategies, approaches, and actions
swiftly and effectively in the face of unforeseen obstacles, shifting priorities, and
dynamic circumstances.
While the continued volatility of certain electronic components and
global commodity prices presents ongoing hurdles, the overall decrease in volatility
compared to the previous year is a positive indicator.
HUMAN RESOURCE MANAGEMENT
Whirlpool's success is driven by its people, focusing on three pillars:
Organization & Capability, Best Talent & Leadership and Winning Culture. The
Company has developed a framework for Organizational Effectiveness, targeting key areas
like processes, structure, talent, and culture, to build an agile and effective
organization. This framework ensures alignment with business strategy and optimizes
performance, guiding resource allocation across business functions. Whirlpool supports
employee growth by offering learning opportunities through LinkedIn Learning via WeLEARN,
enabling employees to access a range of professional and leadership development resources.
Our Development Programs nurtures high-potential employees through mentoring and coaching
from senior leaders, using the "Leaders Teaching Leaders" concept. At Whirlpool,
the passion our people carry to improve life at home, moves us forward. Being committed to
nurture leadership roles from within, the Company continued to augment its flagship
program, 'Aarohan' for high-potential individuals. This initiative helps accelerate the
employees readiness for future leadership roles thereby fostering holistic career
progression within the organization. We continued to focus on our flagship Sales
organization-wide initiative, iGrow. The initiative identified talent for first-level
leadership roles through a rigorous set of assessments conducted in-house. Many
participants progressed to higher roles postprogram completion. We also initiated Career
Craft which was designed to ensure employees have a line of sight to their aspirational
roles and enabling tools to pursue that journey. The Company also has a longstanding
tradition of listening to its employees and seeking feedback. All employees of the Company
are eligible to participate in these Quarterly Pulse Surveys. We also have Lets Connect
and functional townhalls in addition to People leader connects to understand the pulse of
the organization. To strengthen Whirlpool's Leadership Model behaviours, the Company
embarked on a journey of empowering all its leaders. The senior leaders of the Company
shared examples of how they personally role-model these behaviours and encouraged the
teams to integrate them into their daily lives. At the heart of our culture lie enduring
values, particularly emphasizing inclusion and diversity. To bolster diversity, 'Growing
Together', a mentoring program for women in mid-managerial roles was launched wherein they
were paired with senior leaders to facilitate personal and professional growth. The
Company's commitment to inclusion and diversity is also evident in its I&D Learning
Initiatives like Empower which is designed to develop high-potential women talent.
Ensuring the health and well-being of employees is a top priority at Whirlpool. That's why
it has implemented the Be* Well strategy, which revolves around six key pillars: Be
healthy, Be you, Be balanced, Be curious, Be prepared, and Be connected. These pillars are
designed to empower and support employees in every aspect of their lives, enabling them to
thrive and "Be Well" both at work and beyond. The Employee Assistance Program
continues to stand testament to this commitment, providing comprehensive support from
professionals not only to our employees but also extending assistance to their families.
The Company recognizes that a healthy and supported workforce is essential for sustained
success and growth, and thus, it continues to invest in programs that promote physical,
mental, and emotional well-being. In summary, throughout the past year the organization
focused on cultivating a dynamic learning culture that is finely attuned to the evolving
needs of a forward-thinking organization. By prioritizing agility in its operations,
nurturing its talented workforce, and fostering a culture of success and excellence, the
Company is not only preparing for the challenges of tomorrow but also ensuring that it
thrives in an ever-changing landscape.
CONSUMER SERVICE
Elevating Customer Experience Through Service Excellence
Whirlpool's strength lies not only in its high-quality, innovative home
appliances but also in its unwavering commitment to delivering value that extends far
beyond the point of sale. The Company places a strong emphasis on crafting unique service
experiences that enrich life at home for its customers.
Recognizing that the true measure of customer satisfaction often hinges
on after-sales support, Whirlpool India has built one of the most extensive and responsive
service networks in the country. Its Pan-India presence ensures that every
customerregardless of their locationhas access to timely, professional
assistance. To make support even more accessible, Whirlpool offers multiple customer
service channels including phone, email, WhatsApp, and SMS. These options allow customers
to connect through the medium most convenient to them, ensuring ease and responsiveness at
every interaction.
In its pursuit of service excellence, Whirlpool has also established
dedicated in-house service centers. These centers operate under the direct supervision of
the Company, enabling standardized, high-quality service and greater control over the
customer experience.
To better understand and anticipate customer needs, Whirlpool leverages
the Net Promoter Score (NPS)a globally recognized metric for gauging consumer
loyalty and satisfaction. NPS has become a strategic tool, providing actionable insights
into consumer sentiment across various touchpoints. These insights empower the Company to
develop consumer-relevant service solutions and foster deeper, more meaningful customer
relationships.
Through these strategic initiativesexpanding its network,
leveraging technologies, training its technicians, and applying data-driven
insightsthe Company reinforces its commitment to a seamless, dependable, and
customer-centric after-sales experience. This service-first philosophy continues to be a
key pillar of Whirlpool's brand promise and longstanding consumer trust.
INTERNAL CONTROL SYSTEMS AND ADEQUACY
The Company maintains an internal financial control framework tailored
to its business scale and complexity, meeting the statutory requirements. This framework
encompasses detailed policies and procedures for all financial and operational activities,
subject to regular assessment by internal and statutory auditors, and management.
The Company's internal control systems are commensurate with the nature
of its business and the size and complexity of its operations. These are routinely tested
and certified by Statutory as well as Internal Auditors and cover all offices, factories
and key business areas. Significant audit observations and follow up actions thereon are
reported to the Audit Committee. The Audit Committee reviews adequacy and effectiveness of
the Company's internal controls environment and monitors the implementation of audit
recommendations, including those relating to strengthening of the Company's risk
management policies and systems. The Audit Committee also consults with the statutory
auditors regarding the sufficiency of internal control systems and regularly reports
significant findings to the Board of Directors. This continuous communication helps to
ensure robust and effective internal controls.
CAUTIONARY STATEMENT
This Annual Report contains forward-looking statements regarding the
Company's objectives, expectations, and projections, as defined under applicable laws and
regulations. These statements are predicated upon contemporary assessments of operations,
industry dynamics, financial status, and liquidity. It is hereby clarified that these
statements do not constitute guarantees and are inherently subject to risks,
uncertainties, and assumptions which are inherently complex and challenging to anticipate.
Consequently, actual outcomes may diverge materially from these forward-looking
statements.
DIVIDEND
Your Board of Directors are pleased to recommend a Final Dividend of
INR 5/- per equity share of face value of INR 10/- each for the financial year ended March
31, 2025. The Final Dividend, subject to the approval of Members at the ensuing Annual
General Meeting, will be paid on or before October 11,2025, to the Members whose names
appear in the Register of Members, as on the Record date, i.e. August 29, 2025. The total
dividend for the Financial year to be paid to the members will amount to INR 63.44 Crores.
In view of the changes made under the Income Tax Act, 1961, by the Finance Act, 2020,
dividend paid or distributed by the Company shall be taxable in the hands of the
Shareholders. The Company shall, accordingly, make the payment of the Final Dividend after
deduction of tax at source.
Further, the Members are informed that pursuant to guidance given by
SEBI to Registrar and Share Transfer Agent dated January 23, 2024 and SEBI circular dated
November 03, 2021 (subsequently amended by circulars dated December 14, 2021, March 16,
2023 and November 17, 2023), the Company will be making the payment of dividend through
electronic mode only. Therefore all the Members whose folios are in physical mode are
requested to register or update their KYC along with bank details with the
Company/Registrar and Share Transfer Agent at the earliest.
The dividend recommendation is in accordance with the Dividend
Distribution Policy of the Company which is disclosed and is available on the Company's
website at www.whirlpoolindia.com.
Transfer to Investor Education and Protection Fund
(IEPF)
During the financial year under review, unclaimed dividend amounting to
approx INR 21 Lakhs and 3.89 Lakh unclaimed shares have been transferred to the Investor
Education and Protection Fund (IEPF) pursuant to the provisions of Section 124 and 125 of
the Act read with the provisions of Investor Education and Protection Fund (Accounting,
Audit, Transfer and Refund) Rules, 2016 and Investor Education and Protection Fund
(Awareness and Protection of Investors) Rules, 2001 as amended from time to time
("IEPF Rules"). Pursuant to the provisions of Section 124 of the Companies Act,
2013, and IEPF Rules, the amount of dividend remaining unpaid or unclaimed for a period of
seven years from the date of transfer to unpaid dividend account shall be transferred to
the Investor Education and Protection Fund ("IEPF") constituted by the Central
Government. Attention of the members is also drawn to the provisions of section 124(6) of
the Act, which requires a
Company to transfer all the shares in respect of which dividend has not
been paid or claimed for seven (7) consecutive years or more in the name of IEPF
authority.
In terms of the provisions mentioned above, the Company will be
transferring the unpaid/unclaimed dividend and corresponding shares for the financial year
2017-18 to the IEPF within the statutory timelines i.e. by October 19, 2025 ("Due
Date"). Members are requested to take appropriate steps, if required, in this regard.
In accordance with the aforesaid provision of the Act read with IEPF Rules, the Company
has already taken necessary action for transfer to IEPF of unclaimed/ unpaid dividend
pertaining to financial year 2016-17 and shares for which dividend has not been paid or
claimed by the shareholders for seven (7) consecutive years or more.
The shareholders who have not yet encashed their dividend warrant(s)
for financial year 2017-18 and subsequent years may send their request for the same to the
Company/Registrar and Share Transfer Agent well before the Due Date of transfer to IEPF.
The shareholders are also encouraged to complete their KYC and keep the same updated at
all times.
The details of the Nodal Officer and Deputy Nodal Officer appointed
under the provisions of IEPF are available on the website of the Company at
www.whirlpoolindia.com.
SHARE CAPITAL
As on March 31,2025 the paid up capital of the Company was INR
12,687.18 lacs. During the year under review, the Company did not issue any class or
category of shares, employee stock options, convertible securities and consequently there
is no change in the capital structure since the previous year.
During the previous financial year in February 2024, the Holding
Company i.e., Whirlpool Mauritius Limited, sold 24% of its ownership interest in the
Company, while retaining a controlling interest. As on date of this report, the Holding
Company holds 51% of the equity share capital of the Company.
Whirlpool Corporation on January 30, 2025 announced its intention to
sell down its ownership interest in the Company to approximately 20% by mid to late 2025
("Anticipated Sell-Down"). The Company filed the said intimation to the stock
exchanges.
Subsidiaries, Joint Ventures or Associate Company
Apart from Elica PB Whirlpool Kitchen Appliances Private
Limited ("Elica PB Whirlpool"), the Company does not have any
Joint Venture or Associate Company. During the Financial year 2024-25 the Company further
acquired 9.56% shares in Elica PB Whirlpool and thereby increased its stake in the
subsidiary from 87.25% to 96.81%. The other details regarding Elica PB Whirlpool have
already been captured above.
BOARD MEETINGS
During the financial year 2024-25, the Board met 6 (six) times on May
20, 2024; July 29, 2024; September 19, 2024; November 08, 2024; February 04, 2025 and
March 13, 2025. Details of Board Meetings including the attendance of the Directors can be
referred to in the 'Meetings of the Board of Directors' in the Corporate Governance Report
annexed to this Annual Report.
Board of Directors and Key Managerial Personnel
Change in Director
The Board of Directors based on the recommendations of the Nomination
and Remuneration Committee of the Company and pursuant to the approval of the shareholders
of the Company in the 63rd AGM, appointed Mr. Anuj Lall (DIN: 09308110) as an Executive
Director on the Board of the Company for the period from September 01, 2024 till February
29, 2028.
On August 31,2024, Mr. Arumalla Hari Bhavanarayana Reddy (DIN:
08060227) retired from the Company and ceased to be an Executive Director of the Company.
The Board of Directors places on record its deep appreciation for the
invaluable contributions and exemplary leadership of Mr. Reddy during his tenure. The
Board is grateful for his service and wishes him continued success in all his future
endeavors.
Re-appointment of Directors
During the financial year 2024-25, at the 63rd AGM of the Company held
on August 09, 2024, Mr. Arumalla Hari Bhavanarayana Reddy (DIN: 08060227), Director
retiring by rotation was re-appointed. However, Mr. Reddy retired from the Company with
effect from August 31,2024.
During the financial year, Mr. Rahul Bhatnagar (DIN: 07268064) and Mr.
Pradeep Jyoti Banerjee (DIN: 02985965) were re-appointed for second term as Independent
Directors of the Company with effect from June 19, 2024 upto February 29, 2028 and
September 30, 2028 respectively. The said re-appointment was approved by the shareholders
through Postal Ballot dated January 27, 2024.
Key Managerial Personnel
As on the date of this report, as per the provisions of the Act, below
are the Company's Key Managerial Personnel:
(a) Mr. Narasimhan Eswar - Managing Director
(b) Mr. Anuj Lall - Executive Director
(c) Mr. Aditya Jain - Chief Financial Officer
(d) Ms. Roopali Singh - VP-Legal and Company Secretary
As on the date of this report, the Board noted the resignation of Ms.
Roopali Singh as Company Secretary and Compliance Officer of the Company with effect from
June 30, 2025 to pursue professional opportunities outside the Company.
Further, in accordance with the provisions of the Act and the Article
115 of Articles of Association of the Company at the forthcoming Annual General Meeting of
the Company, Mr. Narasimhan Eswar (DIN: 08065594) retiring by rotation and being eligible,
offers himself for re-appointment. The resolution seeking shareholders' approval for his
re-appointment along with other required details forms part of the AGM Notice.
Declaration from Independent Directors
The Company has received the below set out declarations and
confirmation from all the Independent Directors:
(a) that they meet the criteria of independence as prescribed under the
provisions of the Act, read with the Rules made thereunder, and the Listing Regulations;
(b) there has been no change in the circumstances affecting their
status as Independent Directors of the Company;
(c) that they have complied with the Code for Independent Directors
prescribed under Schedule IV to the Act; and
(d) that they have registered themselves with the Independent Directors
Database maintained by the Indian Institute of Corporate Affairs.
All the Independent Directors of the Company have given the
declarations confirming compliance with the provisions of the Act, read with the Rules
made thereunder and Listing Regulations including criteria of independence, Code of
Conduct for Independent Directors and registration in Director's Database maintained by
the Indian Institute of Corporate Affairs (IICA). Further, there has been no change in the
circumstances affecting their status as Independent Directors of the Company.
In the opinion of the Board, all Independent Directors possess
requisite qualifications, experience, expertise and hold high standards of integrity
required to discharge their duties and give an independent judgment without any external
influence. List of key skills, expertise and core competencies of the Board, including the
Independent Directors, forms a part of the Corporate Governance Report.
The details of the familiarisation programmes for the Independent
Directors are available on the website of the Company at www.whirlpoolindia.com.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 134(5) of the Act, the Board of
Directors, to the best of its knowledge and ability, confirm that:
a. In the preparation of the annual accounts for the Financial Year
ended March 31,2025, the applicable accounting standards have been followed along with
proper explanation relating to material departures made from the same;
b. They have selected such accounting policies and applied them
consistently and made judgements and estimates that are reasonable and prudent so as to
give a true and fair view of the state of affairs of the Company at the end of the
Financial Year and of the profit and loss of the Company for that period;
c. They have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding
the assets of the Company and for preventing and detecting fraud and other irregularities;
d. They have prepared the annual accounts for the Financial Year ended
March 31, 2025, on a going concern basis;
e. They have laid down internal financial controls to be followed by
the Company and such internal financial controls are adequate and operating effectively;
and
f. They have devised proper systems to ensure compliance with the
provisions of all applicable laws
and that such systems were adequate and operating effectively.
POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION
The Nomination and Remuneration Committee considers the Remuneration
Policy and its charter for considering the attributes for Director's appointment and
his/her remuneration. These attributes include qualifications, positive attributes,
independence, expertise etc. of Directors and other matters relating to appointment and
payment of remuneration to Directors and Key Managerial Personnel and other employees of
the Company. The said policy is reviewed periodically by the Nomination and Remuneration
Committee and is available on the website of the Company at www.whirlpoolindia.com.
PERFORMANCE EVALUATION OF DIRECTORS
Details of the annual Board evaluation process carried out as per the
terms of the requirement of the Act and the Listing Regulations are provided in the
Corporate Governance Report.
RELATED PARTY DISCLOSURES
In line with the requirements of the Act and the Listing Regulations,
the Company has a Policy on Materiality of Related Party Transaction (RPT) & Dealing
with RPT which is also available on the Company's website at www.whirlpoolindia.com. The
Audit Committee and Board approves the related party transactions in line with this
Policy. All Related Party Transactions, repetitive in nature, in the ordinary course of
business and at arm's length are given prior approval by way of omnibus approval for the
financial year by the Audit Committee. Any subsequent material modifications are placed
before the Audit Committee for its review and approval.
During the financial year, all RPTs were in ordinary course of business
and at arms' length except one, the disclosure for which is given in AOC-2 annexed with
this report as Annexure-C. There was no material RPT as per the RPT policy.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
The details of loans, guarantees or investments made by the Company
under Section 186 of the Act, during the financial year 2024-25 forms part of the notes to
the financial statements provided in this Annual Report.
AUDIT COMMITTEE
As of March 31,2025, the Audit Committee comprises 5 (Five) Members,
wherein there are four Independent Directors and one Non-Executive Director. The details
regarding meetings, roles and responsibilities of the Committee can be referred to in the
Corporate Governance Report. During the year under review, all the recommendations made by
the Audit Committee were accepted by the Board of Directors.
CORPORATE SOCIAL RESPONSIBILITY (CSR) COMMITTEE
In line with the values of the Company, your Company has over the years
built a culture where CSR has been deeply integrated with our business philosophy. Your
Company has formulated a CSR Policy in terms of Section 135 of the Act read with Companies
(Corporate Social Responsibility Policy) Rules, 2014 as amended ("CSR Rules'').
During the Financial Year 2024-25, in terms of Section 135 of the Act read with CSR Rules,
your Company has spent over two percent of the average net profits of your Company during
the three preceding financial years in accordance with the CSR Policy and the Annual
Action Plan approved by the Board of Directors, from time to time on the recommendation of
the CSR Committee.
During the financial year, considering environmental sustainability as
a focal point the Company changed its CSR strategy and commenced an ongoing project
towards water initiatives. The details of the project forms part of the CSR report annexed
as Annexure-D of this Annual Report and is also available on the website of the
Company at www.whirlpoolindia.com.
RISK MANAGEMENT COMMITTEE
The roles and responsibilities of the Risk Management Committee are as
prescribed under Regulation 21 of the Listing Regulations and includes formulating a
detailed Risk Management Policy, monitoring and reviewing of risk management plan and
reporting the same to the Board of Directors periodically as it may deem fit, in addition
to any other terms as may be referred by the Board of Directors from time to time. The
Company's management identifies the risks as per the framework provided in the Risk
Management Policy and provides to the Committee detailed information regarding the
identified risks and the mitigating actions. The Committee reviews the same every half
year and makes its recommendations to the Board. This structured approach helps ensure
that potential threats are identified early and appropriate measures are in place to
mitigate them effectively.
The details of the Risk Management Committee are included in the
Corporate Governance Report which forms part of this Annual Report.
VIGIL MECHANISM/WHISTLE BLOWER POLICY
The Company has adopted a Code of Conduct/ Integrity Manual which lays
down the principles for vigil mechanism for Directors, Employees and all stakeholders of
the Company enabling them to report genuine concerns about unethical behaviour, actual or
suspected fraud or actions that can adversely impact Company's operations, performance or
reputation. These principles are derived from the core values of the Company and any
grievances or concerns relating to violation of Company's Code of Conduct/ Integrity
Manual can be reported by the employees and other stakeholders. The Code of Conduct/
Integrity Manual provides for adequate safeguards against victimization of director(s)/
employee(s) who avail of the mechanism. The complaints, if any, are reported to the Audit
Committee and it is affirmed that, no personnel has been denied access to the Audit
Committee. The Company has scheduled various training sessions and certification courses
during the year for its employees and workers to sensitize them on the availability and
accessibility of the mechanism. Further information on the subject can be referred to in
the Corporate Governance Report.
The Integrity Manual is available on the Company's website and can be
accessed at www.whirlpoolindia.com.
AUDITORS AND AUDITORS' REPORT Statutory Auditors
and Auditors' Report
As per Section 139 of the Act, read with the Companies (Audit and
Auditors) Rules, 2014, the members of the Company re-appointed M/s. S.R. Batliboi &
Co. LLP, Chartered Accountants (Firm Registration No.: 301003E/ E300005) as the Statutory
Auditors of the Company, for a term of five consecutive years, at the 61st Annual General
Meeting (AGM) of the Company held on July 15, 2022, to hold office till the conclusion of
66th AGM of the Company.
Secretarial Auditors and Secretarial Audit report
As per Section 204 of the Act read with the Companies (Appointment and
Remuneration of Managerial
Personnel) Rules, 2014 and Regulation 24A of the Listing Regulations
and based on the recommendations of the Audit Committee, the Board at its meeting held on
May 20, 2025 recommended the proposal for appointment of Mr. N C Khanna (ICSI Membership
No. 4268 & Certificate of Practice No. 5143), Practicing Company Secretary as the
Secretarial Auditor of the Company to the shareholders for a term of 5 consecutive years,
starting from financial year ending March 31, 2026 till March 31,2030. The detailed terms
of appointment and profile of the proposed Secretarial Auditor is given in the AGM notice.
The Secretarial Audit for the financial year ended March 31, 2025 was
carried out by Mr. N C Khanna (ICSI Membership No. 4268 & Certificate of Practice No.
5143), Practicing Company Secretary. The Report given by the Secretarial Auditor is
annexed as Annexure-E of the Annual Report. The Secretarial Audit Report is
selfexplanatory and does not have any qualifications or adverse remarks.
Cost Records and Cost Audit Report
Your Company is required to maintain cost records for its products in
accordance with the applicable provisions of the Act. Based on the Audit Committee's
recommendation, the Board of Directors appointed M/s. Chandra Wadhwa & Co., Cost
Accountants (Firm Registration No. 000239), as Cost Auditors for the financial year
2024-25. The Cost Auditors have issued a Cost Audit Report for the financial year 2024-25,
which contains no qualifications or adverse remarks. The Cost Audit Report for the
financial year 2024-25, issued by M/s. Chandra Wadhwa & Co., Cost Auditors, covering
various products as prescribed under Cost Audit Rules, was filed with the Ministry of
Corporate Affairs (MCA) during the financial year.
Considering the scale of business, the Audit Committee recommended
re-appointing M/s. Chandra Wadhwa & Co., Cost Accountants (Firm Registration No.
000239), as Cost Auditors for the financial year 2025-26. Your Company has obtained the
necessary consent and declaration from the Cost Auditors. The Board of Directors have
approved the appointment and remuneration of the Cost Auditors for the financial year
2025-26, which now requires ratification by the Members at the ensuing AGM. The necessary
details on the appointment and remuneration are included in the notice of the AGM. In the
Directors' opinion, considering the scope of the audit and the size of the business, the
proposed remuneration for the Cost Auditors is reasonable, fair, and commensurate with the
scope of work they will perform.
In all the above reports, the Auditors have not reported any instance
of fraud committed in the Company by its officers, employees.
COMPLIANCE WITH SECRETARIAL STANDARDS
The Company is in compliance with all the applicable provisions of
Secretarial Standard on Meetings of Board of Directors (SS-1) and Secretarial Standard on
General Meetings (SS-2), respectively issued by The Institute of Company Secretaries of
India.
LISTING OF SHARES
The Company's equity shares are listed on the National Stock Exchange
of India Limited (NSE) and BSE Limited (BSE).
CORPORATE GOVERNANCE
One of the essential fundamentals of the Company is maintaining high
standards of Corporate Governance. A separate report on Corporate Governance, annexed as Annexure-A
of this Report, along with a certificate from Chief Executive Officer and from the
Statutory Auditors of the Company regarding compliance of conditions of Corporate
Governance as required in terms of the Listing Regulations.
PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
Pursuant to the requirements of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition, and Redressal) Act, 2013 (POSH) the Company has
constituted an Internal Complaints Committee (ICC), details of Policy and complaints can
be referred to in the Corporate Governance Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS & OUTGO
The particulars with respect to Conservation of Energy, Technology
Absorption and Foreign Exchange Earnings and Outgo, as prescribed under sub-section (3)(m)
of Section 134 of the Act, read with Rule 8(3) of the Companies (Accounts) Rules, 2014,
are annexed as Annexure -F of this Annual Report.
PARTICULARS OF EMPLOYEES
The Disclosure of Remuneration as required under Section 197 of the Act
and Rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 ('Rules'), is annexed as Annexure-G of
this Report. As per the provisions of Section 136(1) of the Act and Rule 5 of the Rules,
the Report and Financial Statements are being sent to the Members of the Company excluding
the statement of particulars of employees under Rule 5(2) of the Rules. Any Member
interested in obtaining a copy of the said statement may write to the Company Secretary at
the Registered Office of the Company.
ANNUAL RETURN
Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the
Annual Return of the Company in Form MGT- 7 for the financial year 2024-25, will be made
available on the Company's website at www.whirlpoolindia.com.
SIGNIFICANT MATERIAL ORDERS PASSED BY
REGULATORS/COURTS/TRIBUNALS
No significant or material orders were passed by the Regulators or
Courts or Tribunals which impacts the going concern status and Company's operations in
future.
BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
In terms of the requirements of Listing Regulations, a report on
sustainability in the format of Business Responsibility and Sustainability Report forms
part of this Annual Report and is annexed herewith as Annexure- H.
OTHER DISCLOSURES
During the year under review:
No shares with differential voting rights and sweat equity
shares have been issued;
No public deposits have been accepted by the Company;
No proceedings are made or pending under the Insolvency and
Bankruptcy Code, 2016 and there is no instance of One-Statement with any Bank or financial
institution;
There has been no change in the nature of business of the
Company;
During the financial year ending on March 31,2025, no securities
of the Company were suspended from trading;
Neither the Managing Director nor the Whole-time Director of the
Company receive any remuneration or commission from any of its subsidiaries.
ACKNOWLEDGMENT AND APPRECIATION
The Board would like to acknowledge the valuable contribution made by
all its stakeholders in the growth and development of the Company. The Board places on
record appreciation for its employees, value chain partners, distributors, customers,
investors and shareholders for their support and belief in the Company. The Board also
places its appreciation for the continued assistance and support provided by the Business
Partners, Government and Regulatory Authorities, Banks, Stock Exchanges and Industrial
Bodies.
The Board places on record its deep appreciation for the committed
services by all the employees and for their continued commitment, dedication and untiring
efforts which are instrumental for upholding the growth and success of the business.
We endeavour to build and nurture strong relationships across the value
chain which has been built with cooperation, mutual trust and respect. Your Directors and
employees look forward to the future with confidence and stand committed to creating an
even brighter future for all stakeholders.
|
For and on behalf of the Board of
Directors |
|
|
Arvind Uppal |
Narasimhan Eswar |
Place: Gurugram |
Chairman |
Managing Director |
Date: May 20, 2025 |
DIN:00104992 |
DIN:08065594 |
|