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ICICI Securities Report
Takeaways:
Whirlpool of India Ltd. has gained market share in its core business segments – refrigerators and washers. We believe, its strategic investments in distribution/product portfolio expansion may have primarily resulted in market share gains.
Ebitda margin expanded to 8.4% (plus 240 basis points YoY) led by cost-saving initiatives, premiumisation of product portfolio and operating leverage.
Elica (subsidiary) reported muted performance, largely due to weak consumer demand and unfavourable base, in our view.
We reckon the benefits of strategic initiatives have started to kick-in for Whirlpool, evident in its Q1 FY25 numbers. These benefits will likely improve through FY25E–26E.
We raise our FY25E/26E earning per share by 15.7%/11% to factor in the strong Q1 FY25 result. With the stock price surging ~61% in the last six months, we revise our rating to 'Hold' (from Add) with a discounted cash flow-based revised target price of Rs 2,075.
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