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ICICI Securities Report
Whirlpool USA, parent of Whirlpool of India Ltd. has increased its revenue and earnings per share guidance after Q2 CY21 results.
Asia business reported 1% revenue decline in Q2 CY21 due to Whirlpool China divestment and Covid-19 related shutdown in India.
The parent has also indicated that India demand started to recover in June. Considering North America, Europe, Middle East and Africa business reported 22% and 50% revenue growth, YoY, we model India business to also report strong growth in H2 FY22 with receding fear of Covid-19 and lockdown.
We model Whirlpool to report an earnings compound annual growth rate of 44.8% over FY21-FY23E with:
recovery in volume growth and
price hikes in high single digits.
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