Whirlpool India Q4 Review - Market Leading Revenue Growth: ICICI Securities
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ICICI Securities Report
Three points from Whirlpool of India Ltd.'s Q4 FY21:
Strong consumer off-take continued from Q3 FY21, likely higher revenue from e-commerce and rural markets and selective pricing actions were chief reasons for 31.5% revenue growth YoY.
There is double-digit volume-led growth across segments and company reported higher growth than market.
While gross margin declined 250 basis points, Ebitda margin was up 50 basis points due to cost saving initiatives and lower ad-spend (our view).
We remain positive on the company due to its established competitive advantages.
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