Whirlpool Of India Q1 Review - Good Business Passing Through A Rough Phase: ICICI Securities

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ICICI Securities Report

Whirlpool of India Ltd. which has strong competitive advantages such as-

1. established brand,

2. pan-India distribution and

3. strong support of its parent is passing through a rough patch due to loss of key summer season for two consecutive years due to lockdown.

We expect the consumer off-take to normalise with receding Covid-19 cases and model Whirlpool to report revenue and profit after tax compound annual growth rate of 17.2% and 44.8%, respectively over FY21-23.

While there will be short term impact due to steep inflation in input prices, we believe the company is also on track to gain market shares across key segments which is discounted cash flow accretive.

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