ICICI Securities: Whirlpool Of India Posts Weak Margin Performance In H1 FY21
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ICICI Securities Report
Whirlpool of India Ltd. posted weak margin performance in H1 FY21 due to -
- increasing competition (expected) in refrigerator segment, which has been the main growth driver for the company;
- relatively low growth in washing machine (washers), room air conditioner and service revenues; and
- high valuation with the stock trading at a historical high of 54.6 times FY20 price/earning (trailing) considering the Ebitda growth of 11.3%/15% in the last three to five years.
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