Nifty

:

18114.90

Sensex

:

60821.62

-63.20 (-0.35%)
-101.88 (-0.17%)

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Nifty
Sensex

:
:

18114.90
60821.62

-63.20 (-0.35%)
-101.88 (-0.17%)

Whirlpool Of India Ltd.

Consumer Durables - Domestic Appliances

Rating :

56/99

BSE: 500238 | NSE: WHIRLPOOL

Watchlist

NSE BSE

2180.05

22-Oct-2021

Open
High
Low
Previous Close

2200.05
2254.75
2145.00
2199.55

Volume
Traded Value (lacs)
52 Week High
52 Week Low

122522
2681.71
2787.00
1971.15

Stock Summary

Market Cap(Crs)
Stock P:E
Face Value

27,680.90
77.36
10

Enterprise Value(Crs)
Dividend Yield
Price:Book Value

25,617.72
0.23%
9.90

Chart

Price | P:E | P:BV | EV:EBITDA | MCap:Sales | EPS

Revenue CAGR (%)

10 Years
5 Years
3 Years

8.30
8.41
3.01

EBITDA CAGR (%)

10 Years
5 Years
3 Years

8.81
1.20
-4.17

PAT CAGR (%)

10 Years
5 Years
3 Years

10.42
1.43
-6.45

P:E (Median)

8 Years
5 Years
3 Years

-
77.59
77.59

P:BV (Average)

8 Years
5 Years
3 Years

4.61
10.62
10.62

EV:EBITDA (Average)

8 Years
5 Years
3 Years

17.52
40.49
40.49

Quarterly Results

Consolidated Figures in Rs. Crores /

Standalone

Description Jun 21 Jun 20 Var% Mar 21 Mar 20 Var% Dec 20 Dec 19 Var% Sep 20 Sep 19 Var%
Net Sales 1,340.61 1,027.05 30.53% 1,779.39 1,353.62 31.45% 1,493.98 1,271.24 17.52% 1,599.47 1,393.46 14.78%
Expenses 1,285.14 980.41 31.08% 1,589.74 1,216.64 30.67% 1,393.38 1,181.57 17.93% 1,418.31 1,251.72 13.31%
EBITDA 55.47 46.64 18.93% 189.65 136.98 38.45% 100.60 89.67 12.19% 181.16 141.74 27.81%
EBIDTM 4.14% 4.54% 10.66% 10.12% 6.73% 7.05% 11.33% 10.17%
Other Income 14.00 14.19 -1.34% 13.15 25.65 -48.73% 28.36 39.45 -28.11% 34.84 38.69 -9.95%
Interest 3.68 7.36 -50.00% 0.23 7.96 -97.11% 6.80 3.09 120.06% 0.95 4.33 -78.06%
Depreciation 33.10 28.35 16.75% 36.23 35.74 1.37% 35.11 29.35 19.63% 42.41 33.72 25.77%
PBT 32.69 25.12 30.14% 166.34 118.93 39.86% 87.05 96.68 -9.96% 172.64 142.38 21.25%
Tax 9.35 8.65 8.09% 42.52 31.52 34.90% 22.68 23.46 -3.32% 44.02 17.55 150.83%
PAT 23.34 16.47 41.71% 123.82 87.41 41.65% 64.37 73.22 -12.09% 128.62 124.83 3.04%
PATM 1.74% 1.60% 6.96% 6.46% 4.31% 5.76% 8.04% 8.96%
EPS 1.84 1.30 41.54% 9.76 6.89 41.65% 5.07 5.77 -12.13% 10.14 9.84 3.05%

Description Jun 21 Jun 20 Var% Mar 21 Mar 20 Var% Dec 20 Dec 19 Var% Sep 20 Sep 19 Var%
Net Sales 1,340.61 1,027.05 30.53% 1,779.39 1,353.62 31.45% 1,493.98 1,271.24 17.52% 1,599.47 1,393.46 14.78%
Expenses 1,285.14 980.41 31.08% 1,589.74 1,216.64 30.67% 1,393.38 1,181.57 17.93% 1,418.31 1,251.72 13.31%
EBITDA 55.47 46.64 18.93% 189.65 136.98 38.45% 100.60 89.67 12.19% 181.16 141.74 27.81%
EBIDTM 4.14% 4.54% 10.66% 10.12% 6.73% 7.05% 11.33% 10.17%
Other Income 14.00 14.19 -1.34% 13.15 25.65 -48.73% 28.36 39.45 -28.11% 34.84 38.69 -9.95%
Interest 3.68 7.36 -50.00% 0.23 7.96 -97.11% 6.80 3.09 120.06% 0.95 4.33 -78.06%
Depreciation 33.10 28.35 16.75% 36.23 35.74 1.37% 35.11 29.35 19.63% 42.41 33.72 25.77%
PBT 32.69 25.12 30.14% 166.34 118.93 39.86% 87.05 96.68 -9.96% 172.64 142.38 21.25%
Tax 9.35 8.65 8.09% 42.52 31.52 34.90% 22.68 23.46 -3.32% 44.02 17.55 150.83%
PAT 23.34 16.47 41.71% 123.82 87.41 41.65% 64.37 73.22 -12.09% 128.62 124.83 3.04%
PATM 1.74% 1.60% 6.96% 6.46% 4.31% 5.76% 8.04% 8.96%
EPS 2.01 1.24 62.10% 10.25 7.28 40.80% 5.62 6.03 -6.80% 10.61 10.14 4.64%

Annual Results

Standalone Figures in Rs. Crores /

Consolidated

Right to Left

Description TTM Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16 Mar 15 Mar 14 Mar 13 Mar 12
Net Sales 6,213.45 5,899.89 5,992.52 5,397.65 4,831.91 3,940.77 3,439.94 3,293.78 2,834.64 2,772.73 2,657.94 Net Sales Growth 23.15% -1.55% 11.02% 11.71% 22.61% 14.56% 4.44% 16.20% 2.23% 4.32% Cost Of Goods Sold 3,984.32 3,743.95 3,649.90 3,374.53 2,977.86 2,321.69 2,042.26 1,988.19 1,788.14 1,749.14 1,684.95 Gross Profit 2,229.13 2,155.94 2,342.62 2,023.12 1,854.05 1,619.08 1,397.68 1,305.59 1,046.50 1,023.59 972.98 GP Margin 35.88% 36.54% 39.09% 37.48% 38.37% 41.09% 40.63% 39.64% 36.92% 36.92% 36.61% Total Expenditure 5,686.57 5,380.91 5,319.17 4,755.48 4,271.91 3,451.93 3,056.41 2,962.49 2,623.11 2,556.58 2,434.85 Power & Fuel Cost - 34.77 42.14 37.15 31.40 30.50 30.05 28.13 22.93 24.74 19.67 % Of Sales - 0.59% 0.70% 0.69% 0.65% 0.77% 0.87% 0.85% 0.81% 0.89% 0.74% Employee Cost - 629.89 589.63 493.05 455.25 411.63 382.66 315.26 263.13 242.75 213.44 % Of Sales - 10.68% 9.84% 9.13% 9.42% 10.45% 11.12% 9.57% 9.28% 8.75% 8.03% Manufacturing Exp. - 251.00 267.56 224.28 230.54 191.41 166.18 171.28 154.86 158.59 168.98 % Of Sales - 4.25% 4.46% 4.16% 4.77% 4.86% 4.83% 5.20% 5.46% 5.72% 6.36% General & Admin Exp. - 151.13 178.39 156.48 138.91 140.08 122.24 113.78 114.76 99.16 88.32 % Of Sales - 2.56% 2.98% 2.90% 2.87% 3.55% 3.55% 3.45% 4.05% 3.58% 3.32% Selling & Distn. Exp. - 487.51 489.51 396.22 366.79 281.00 251.14 293.43 228.98 230.83 226.75 % Of Sales - 8.26% 8.17% 7.34% 7.59% 7.13% 7.30% 8.91% 8.08% 8.33% 8.53% Miscellaneous Exp. - 82.66 102.04 73.77 71.16 75.62 61.88 52.42 50.30 51.37 226.75 % Of Sales - 1.40% 1.70% 1.37% 1.47% 1.92% 1.80% 1.59% 1.77% 1.85% 1.23% EBITDA 526.88 518.98 673.35 642.17 560.00 488.84 383.53 331.29 211.53 216.15 223.09 EBITDA Margin 8.48% 8.80% 11.24% 11.90% 11.59% 12.40% 11.15% 10.06% 7.46% 7.80% 8.39% Other Income 90.35 89.60 128.71 104.70 86.72 72.99 55.33 38.00 27.93 26.34 12.30 Interest 11.66 15.34 19.85 9.09 4.39 5.89 5.18 0.64 1.42 3.00 4.38 Depreciation 146.85 142.10 129.32 111.31 101.51 87.46 76.93 68.13 63.83 60.32 49.70 PBT 458.72 451.14 652.89 626.47 540.82 468.48 356.75 300.52 174.21 179.17 181.31 Tax 118.57 117.87 176.60 219.42 190.15 157.99 115.93 90.01 51.29 51.42 57.58 Tax Rate 25.85% 26.13% 27.05% 35.02% 35.16% 33.72% 32.57% 29.95% 29.44% 28.70% 31.76% PAT 340.15 333.27 476.29 407.05 350.67 310.49 240.02 210.51 122.91 127.75 123.73 PAT before Minority Interest 340.15 333.27 476.29 407.05 350.67 310.49 240.02 210.51 122.91 127.75 123.73 Minority Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 PAT Margin 5.47% 5.65% 7.95% 7.54% 7.26% 7.88% 6.98% 6.39% 4.34% 4.61% 4.66% PAT Growth 12.66% -30.03% 17.01% 16.08% 12.94% 29.36% 14.02% 71.27% -3.79% 3.25% EPS 26.80 26.26 37.53 32.08 27.63 24.47 18.91 16.59 9.69 10.07 9.75

Description TTM Mar 21 Mar 20 Mar 19 Mar 18
Net Sales 6,213.45 5,899.89 5,992.52 5,397.65 4,831.91 Net Sales Growth 23.15% -1.55% 11.02% 11.71% Cost Of Goods Sold 3,984.32 3,743.95 3,649.90 3,374.53 2,977.86 Gross Profit 2,229.13 2,155.94 2,342.62 2,023.12 1,854.05 GP Margin 35.88% 36.54% 39.09% 37.48% 38.37% Total Expenditure 5,686.57 5,380.91 5,319.17 4,755.48 4,271.91 Power & Fuel Cost - 34.77 42.14 37.15 31.40 % Of Sales - 0.59% 0.70% 0.69% 0.65% Employee Cost - 629.89 589.63 493.05 455.25 % Of Sales - 10.68% 9.84% 9.13% 9.42% Manufacturing Exp. - 251.00 267.56 224.28 230.54 % Of Sales - 4.25% 4.46% 4.16% 4.77% General & Admin Exp. - 151.13 178.39 156.48 138.91 % Of Sales - 2.56% 2.98% 2.90% 2.87% Selling & Distn. Exp. - 487.51 489.51 396.22 366.79 % Of Sales - 8.26% 8.17% 7.34% 7.59% Miscellaneous Exp. - 82.66 102.04 73.77 71.16 % Of Sales - 1.40% 1.70% 1.37% 1.47% EBITDA 526.88 518.98 673.35 642.17 560.00 EBITDA Margin 8.48% 8.80% 11.24% 11.90% 11.59% Other Income 90.35 89.60 128.71 104.70 86.72 Interest 11.66 15.34 19.85 9.09 4.39 Depreciation 146.85 142.10 129.32 111.31 101.51 PBT 458.72 451.14 652.89 626.47 540.82 Tax 118.57 117.87 176.60 219.42 190.15 Tax Rate 25.85% 26.13% 27.05% 35.02% 35.16% PAT 340.15 333.27 476.29 407.05 350.67 PAT before Minority Interest 340.15 333.27 476.29 407.05 350.67 Minority Interest 0.00 0.00 0.00 0.00 0.00 PAT Margin 5.47% 5.65% 7.95% 7.54% 7.26% PAT Growth 12.66% -30.03% 17.01% 16.08% EPS 26.80 26.26 37.53 32.08 27.63

Results Balance Sheet

Standalone Figures in Rs. Crores /

Consolidated

Right to Left

Description Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16 Mar 15 Mar 14 Mar 13 Mar 12
Shareholder's Funds 2,823.16 2,546.88 2,142.67 1,796.34 1,483.06 1,165.70 915.78 740.06 617.54 490.19 Share Capital 126.87 126.87 126.87 126.87 126.87 126.87 126.87 126.87 126.87 126.87 Total Reserves 2,640.82 2,369.33 1,971.41 1,630.07 1,326.70 1,038.83 788.91 613.18 490.67 363.32 Non-Current Liabilities 255.92 191.61 164.50 135.75 123.24 95.44 79.32 83.56 88.64 77.27 Secured Loans 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Unsecured Loans 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Long Term Provisions 250.91 207.38 186.36 150.99 125.43 78.25 68.40 52.34 52.33 46.59 Current Liabilities 1,892.53 1,607.76 1,367.47 1,265.82 1,253.91 990.10 853.84 745.45 678.29 619.77 Trade Payables 1,657.06 1,429.15 1,236.22 1,152.98 1,120.80 870.83 719.41 634.24 580.86 513.19 Other Current Liabilities 191.41 140.94 97.74 83.46 107.53 87.86 90.10 63.15 57.50 58.28 Short Term Borrowings 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Short Term Provisions 44.06 37.67 33.51 29.38 25.58 31.41 44.32 48.06 39.92 48.31 Total Liabilities 4,971.61 4,346.25 3,674.64 3,197.91 2,860.21 2,251.24 1,848.94 1,569.07 1,384.47 1,187.23 Net Block 707.22 708.91 508.21 445.92 397.81 366.20 382.70 371.27 388.57 338.60 Gross Block 1,290.18 1,166.72 873.97 711.45 561.65 443.03 1,130.22 1,000.85 964.45 857.68 Accumulated Depreciation 582.96 457.81 365.76 265.53 163.84 76.83 747.52 629.58 575.88 519.08 Non Current Assets 1,025.42 1,024.46 1,210.93 1,049.55 626.97 455.42 446.97 483.27 487.70 474.14 Capital Work in Progress 41.03 44.08 43.33 33.05 29.54 36.67 13.20 53.15 26.29 45.03 Non Current Investment 172.22 172.22 518.00 456.32 129.68 0.00 0.00 0.00 0.00 0.00 Long Term Loans & Adv. 75.20 80.21 101.42 70.08 33.34 23.02 24.51 34.54 43.23 62.62 Other Non Current Assets 29.75 19.04 39.97 44.18 36.60 29.53 26.57 24.31 29.61 27.89 Current Assets 3,946.19 3,321.79 2,463.71 2,148.36 2,233.24 1,795.82 1,401.96 1,085.79 896.77 713.09 Current Investments 0.00 378.33 138.33 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Inventories 1,273.78 1,165.94 888.60 810.12 888.76 683.52 659.01 576.66 522.28 432.29 Sundry Debtors 378.97 321.67 255.62 240.31 204.86 192.63 155.07 169.87 170.91 137.06 Cash & Bank 2,063.18 1,284.01 1,061.00 981.85 1,058.95 856.30 535.68 291.64 155.03 85.90 Other Current Assets 230.26 53.58 13.75 19.66 80.67 63.37 52.20 47.61 48.55 57.85 Short Term Loans & Adv. 159.62 118.26 106.41 96.42 75.83 52.68 42.96 39.95 44.74 47.48 Net Current Assets 2,053.66 1,714.03 1,096.24 882.54 979.33 805.72 548.13 340.34 218.48 93.31 Total Assets 4,971.61 4,346.25 3,674.64 3,197.91 2,860.21 2,251.24 1,848.93 1,569.06 1,384.47 1,187.23

Description Mar 21 Mar 20 Mar 19 Mar 18
Shareholder's Funds 2,858.31 2,563.48 2,145.38 1,796.34 Share Capital 126.87 126.87 126.87 126.87 Total Reserves 2,675.97 2,385.93 1,974.12 1,630.07 Non-Current Liabilities 255.92 191.61 164.50 135.75 Secured Loans 0.00 0.00 0.00 0.00 Unsecured Loans 0.00 0.00 0.00 0.00 Long Term Provisions 250.91 207.38 186.36 150.99 Current Liabilities 1,892.53 1,607.76 1,367.47 1,265.82 Trade Payables 1,657.06 1,429.15 1,236.22 1,152.98 Other Current Liabilities 191.41 140.94 97.74 83.46 Short Term Borrowings 0.00 0.00 0.00 0.00 Short Term Provisions 44.06 37.67 33.51 29.38 Total Liabilities 5,006.76 4,362.85 3,677.35 3,197.91 Net Block 707.22 708.91 508.21 445.92 Gross Block 1,290.18 1,166.72 873.97 711.45 Accumulated Depreciation 582.96 457.81 365.76 265.53 Non Current Assets 1,060.57 1,041.06 1,213.64 1,049.55 Capital Work in Progress 41.03 44.08 43.33 33.05 Non Current Investment 207.37 188.82 520.71 456.32 Long Term Loans & Adv. 75.20 80.21 101.42 70.08 Other Non Current Assets 29.75 19.04 39.97 44.18 Current Assets 3,946.19 3,321.79 2,463.71 2,148.36 Current Investments 0.00 378.33 138.33 0.00 Inventories 1,273.78 1,165.94 888.60 810.12 Sundry Debtors 378.97 321.67 255.62 240.31 Cash & Bank 2,063.18 1,284.01 1,061.00 981.85 Other Current Assets 230.26 53.58 13.75 19.66 Short Term Loans & Adv. 159.62 118.26 106.41 96.42 Net Current Assets 2,053.66 1,714.03 1,096.24 882.54 Total Assets 5,006.76 4,362.85 3,677.35 3,197.91

Cash Flow

Standalone Figures in Rs. Crores /

Consolidated

Right to Left

Description Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16 Mar 15 Mar 14 Mar 13 Mar 12
Cash From Operating Activity 524.14 380.22 402.48 384.24 383.55 343.77 299.91 203.62 143.97 216.99 PBT 451.14 652.89 626.47 540.82 468.48 355.95 300.52 174.21 179.17 181.31 Adjustment 122.98 45.89 15.27 46.10 43.55 41.11 28.20 41.33 49.06 50.85 Changes in Working Capital 74.96 -112.21 -3.31 1.19 52.01 63.55 55.91 26.75 -46.52 28.64 Cash after chg. in Working capital 649.08 586.57 638.43 588.11 564.04 460.61 384.64 242.29 181.71 260.80 Interest Paid 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Tax Paid -124.94 -206.35 -235.95 -203.87 -180.49 -116.84 -84.73 -38.66 -37.73 -43.80 Other Direct Exp. Paid 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Extra & Other Items 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Cash From Investing Activity 337.59 -71.98 -261.90 -415.12 -180.05 -28.37 -55.27 -66.05 -68.63 -113.94 Net Fixed Assets -120.41 -293.50 -172.80 -153.31 -111.49 663.72 -89.42 -63.26 -88.03 -97.62 Net Investments 378.33 105.78 -200.01 -326.64 -129.68 0.00 0.00 0.00 0.00 0.00 Others 79.67 115.74 110.91 64.83 61.12 -692.09 34.15 -2.79 19.40 -16.32 Cash from Financing Activity -75.43 -87.19 -61.92 -46.48 -1.26 -0.87 -0.62 -0.98 -2.29 -70.08 Net Cash Inflow / Outflow 786.30 221.05 78.66 -77.36 202.24 314.53 244.02 136.60 73.05 32.97 Opening Cash & Equivalents 1,274.16 1,053.11 974.45 1,052.37 850.13 535.60 291.57 154.97 81.92 48.95 Closing Cash & Equivalent 2,060.46 1,274.16 1,053.11 975.01 1,052.37 850.13 535.60 291.57 154.97 81.92

Description Mar 21 Mar 20 Mar 19 Mar 18
Cash From Operating Activity 524.14 380.22 402.48 384.24 PBT 469.70 666.79 629.16 540.82 Adjustment 104.42 31.99 12.58 46.10 Changes in Working Capital 74.96 -112.21 -3.31 1.19 Cash after chg. in Working capital 649.08 586.57 638.43 588.11 Interest Paid 0.00 0.00 0.00 0.00 Tax Paid -124.94 -206.35 -235.95 -203.87 Other Direct Exp. Paid 0.00 0.00 0.00 0.00 Extra & Other Items 0.00 0.00 0.00 0.00 Cash From Investing Activity 337.59 -71.98 -261.90 -415.12 Net Fixed Assets -120.41 -293.50 -172.80 Net Investments 378.33 105.78 -200.01 Others 79.67 115.74 110.91 Cash from Financing Activity -75.43 -87.19 -61.92 -46.48 Net Cash Inflow / Outflow 786.30 221.05 78.66 -77.36 Opening Cash & Equivalents 1,274.16 1,053.11 974.45 1,052.37 Closing Cash & Equivalent 2,060.46 1,274.16 1,053.11 975.01

Financial Ratios

Standalone /

Consolidated

Right to Left

Description Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16 Mar 15 Mar 14 Mar 13 Mar 12
Book Value (Rs.) 218.15 196.75 165.39 138.48 114.57 91.88 71.15 57.30 47.61 37.54 ROA 7.15% 11.88% 11.85% 11.58% 12.15% 11.71% 12.32% 8.32% 9.93% 9.89% ROE 12.66% 20.73% 21.12% 21.85% 23.71% 23.21% 25.83% 18.47% 23.65% 29.79% ROCE 17.37% 28.69% 32.27% 33.25% 35.82% 34.92% 36.96% 26.39% 33.72% 41.99% Fixed Asset Turnover 6.16 7.19 8.31 9.55 10.34 5.76 3.91 3.56 3.77 3.91 Receivable days 16.89 14.37 13.74 13.36 13.97 13.99 14.22 17.77 16.38 14.26 Inventory Days 58.80 51.13 47.06 51.00 55.27 54.04 54.06 57.31 50.77 62.15 Payable days 104.32 89.95 92.77 101.87 103.47 97.50 83.70 86.02 78.92 86.96 Cash Conversion Cycle -28.64 -24.45 -31.97 -37.50 -34.24 -29.47 -15.42 -10.94 -11.77 -10.55 Total Debt/Equity 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Interest Cover 30.41 33.89 69.92 124.19 80.54 69.72 467.87 123.52 60.70 42.42

Description Mar 21 Mar 20 Mar 19 Mar 18
Book Value (Rs.) 220.92 198.06 165.60 138.48 ROA 7.11% 11.85% 11.84% 10.97% ROE 12.54% 20.65% 21.10% 19.96% ROCE 17.21% 28.57% 32.25% 30.35% Fixed Asset Turnover 6.16 7.19 8.31 8.54 Receivable days 16.89 14.37 13.74 14.43 Inventory Days 58.80 51.13 47.06 48.64 Payable days 104.32 89.95 92.77 103.31 Cash Conversion Cycle -28.64 -24.45 -31.97 -40.24 Total Debt/Equity 0.00 0.00 0.00 0.00 Interest Cover 30.41 33.89 69.92 124.19

Top Investors:

dsp midcap fund aaajd0430b

aditya birla sun life trustee private limited a/c aditya birla sun life flexi cap fund

hdfc life insurance company limited

uti-mid cap fund

Annual Reports:

News Update:

Whirlpool Of India completes acquisition of additional stake in Elica PB India
30th Sep 2021, 11:07 AM

Taking its total shareholding in Elica PB India to 87.25%
Read More
Whirlpool of India inks pact to acquire additional stake in Elica PB India
28th Sep 2021, 09:22 AM

The transaction is expected to close by the end of September 2021
Read More

Source: www.accordfintech.com | DISCLAIMER: Information is provided " as is" and solely for informational purposes, not for trading purposes or advice, and may be delayed.

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