BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. 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 down 11/down 34% change in nine months FY21 sales/Ebitda compared to peers and we maintain our rating stance considering -
1. increasing competition expected in refrigerator segment, main growth driver for the company;
2. relatively low growth in washing machine (washer), room AC and service revenues; and
3. high valuation (FY22E/23E price to earning stands 48 times/40 times) considering the Ebitda growth of 11.3/15% in last three to five years.
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