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Nirmal Bang Report
Both topline and Ebitda margin were below our estimate by 12.7% and 148 bps respectively.
While the market for both refrigerators and washers was flattish, the management stated that market shares for Q4 FY24 grew significantly on a YoY basis.
Management commentary – “Our strategy of focusing on the consumer, creating product leadership across our categories, delivering cost productivity across every line of the P&L and relentlessly driving executional excellence while always keeping ROI center stage is delivering results for growth and market share”.
While Whirlpool of India commands a good market share in entry level categories like DC Ref & Washers, there is a lot of scope to grow its market share in the Frost Free Ref & FLWM.
We maintain Accumulate with a revised target price target price of Rs 1,460, valuing it at 37 times March-26E EPS. While we draw comfort in the strategies laid out for Whirlpool, we will wait and watch to ascertain the timeframe for market share gains post the new strategic changes.
Any positive surprises in the future (beyond our factored assumptions) will propel us to move our estimates upwards.
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