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ICICI Securities Report
Whirlpool of India Ltd. reported decade low return ratios in FY22, as its profit after tax margin suffered a blow from input material inflation. The premium and mid-premium segments did well but entry-level products were impacted due to high inflationary period.
The company initiated cost-saving measures and also cut ad-spend as % of sales to protect Ebitda margins. It continued to launch new range of innovative products in refrigerators and microwaves.
The company also invested in digital platforms for building the capability to deliver orders in 48 hours. Net working capital days increased from -1 in FY21 to 12 in FY22 leading to weak free cash flow generation.
Exports remained impacted due to steep decline in Sri Lanka sales. We remain structurally positive on Whirlpool of India given its strong brand, established competitive advantages, and steady launch of premium products.
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