BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Whirlpool of India Ltd. has reported 48/85/91% decline in Q1 FY21 sales/Ebitda/profit after tax.
The gross margin has also declined 156/210 basis points on a YoY/QoQ basis. High Q1 revenue share could also lead to higher business impact from Covid-19 crisis.
Q1 share has been 39%/45% of FY19/FY20 revenue for Whirlpool. On a trailing 12 month basis, revenue/Ebitda/PAT is 16/38/37% lower than FY20.
Refrigerator revenue growth has been 13%/15% in FY19/FY20, higher than washers (12.6%/11.7% in FY19/20) and room air conditioners (-28%/11.7% in FY19/20), but is difficult to sustain due to increasing competition.
Services revenue has grown by 10%/8% in FY19/FY20. Trade discounts remain at 18% of gross product revenue (approximately 11.6% in FY14).
Refrigerator/Washers constitute 62/22% of the product mix with refrigeration and air conditioner/others making the remaining 6/10% as of FY20.
Overall revenue growth remains around approximately 12/11% in FY19/FY20.
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