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Nirmal Bang Report
As per our recent channel check, Whirlpool of India Ltd. has lost some market share to competition in last six months. The market share loss has come after the company had taken two consecutive price hikes in last 12 months whereas market leaders like LG/Samsung did not take price hikes.
Our channel check suggests that competition has also started taking price hikes now (particularly LG). Going forward, pricing will also stabilise due to stabilisation of raw material prices. This will lead to market share stabilisation.
Whirlpool of India has also launched dealer schemes pan-India in order to correct prices. Although it is lagging against key competitors like LG/Samsung in premium products, we believe it will be able to ramp-up its positioning in premium products after import of higher end products was adversely impacted due to Covid-19 situation.
Recent acquisition of remaining stake in Elica is in-line with the strategy of increasing focus in premium products.
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