Whirlpool India Q4 Review - Strong Operating Performance; Balance Sheet Strengthens: Motilal Oswal
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Motilal Oswal Report
Whirlpool of India Ltd.'s revenue was up 32% YoY in Q4 FY21 and was 9% ahead of our estimate, with two-year compound annual growth rate at 15%.
Operating leverage led to Ebitda margin expansion of 60 basis point YoY to 10.7%.
Adjusted profit after tax grew 42% to Rs 1.2 billion and was 6% ahead of our estimate.
Strong pent-up demand post the first lockdown enabled the company to end FY21 with broadly flat revenue.
The management commentary suggests market share gains across all categories.
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