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ICICI Securities Report
Whirlpool of India Ltd. has reported down 11/down 34% change in nine months FY21 sales/Ebitda compared to peers and we maintain our rating stance considering -
1. increasing competition expected in refrigerator segment, main growth driver for the company;
2. relatively low growth in washing machine (washer), room AC and service revenues; and
3. high valuation (FY22E/23E price to earning stands 48 times/40 times) considering the Ebitda growth of 11.3/15% in last three to five years.
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