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Yes Securities Report
Whirlpool of India Ltd.'s consolidated revenue came in below ours and consensus estimates with, revenue declining 2.0% YoY. This decline is attributed to muted market growth in Q4 especially in refrigerators and air conditioners driven by a weak summer and concomitant declining entry segment markets.
Margins were lower than expected on back of lower sales due to subdued market conditions and calibrated price correction action. We had already flagged off in our channel checks that company has taken price correction to win back the market share.
Gross margins on standalone basis were stable despite lower pricing is a key positive. We expect Whirlpool to post strong revenue growth once industry stabilises. Our channel checks have also suggested Whirlpool has launched new products which can be corroborated from its press release.
Management is confident of the strong leverage of recent product launches in in mid and premium ranges combined with a renewed drive on all aspects of in-market excellence and accelerated cost reduction programs will help Whirlpool grow profitably.
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