ICICI Securities: Whirlpool India - FY21 Likely To Be More Challenging Than Peers

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..Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint. .Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

ICICI Securities: Whirlpool India - FY21 Likely To Be More Challenging Than Peers

ICICI Securities: Whirlpool India - FY21 Likely To Be More Challenging Than Peers

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