The 7 reports from 3 analysts offering long term price targets
for Whirlpool of India Ltd. have an average target of 2185.00. The consensus estimate
represents an upside of 5.28%
from the last price of 2075.35.
Revenues in line; Lower scale impacts margins Whirlpool of India (WIL) posted revenue of Rs10.3bn in 1QFY21, down 48% YoY, as the production and sales in the quarter were impacted due to COVID-19 lockdown. The topline was in line with our estimate but 7% below consensus. Gross margin fell 150bps YoY to 36%. WIL has not resorted to any aggressive cost-cutting measures as indicated by (a) 2% YoY rise in staff costs (to Rs1.5bn) and (b) other expenses decline of 40% YoY (to Rs1.7bn), which is lower than the sales decline of 48% YoY. Consequently, EBITDA fell 85% YoY to Rs466mn due to lack of operating leverage. EBITDA margin fell 1,080bps YoY to 4.5%, below our/consensus estimate of...
FY20 consumer durable industry overview - Indian consumer durables industry started the financial year on a strong note with a good summer combined with increased access to the category with e-commerce expansion into larger delivery footprints. However, sentiments declined in the later quarters with slowdown in the economy along with the direct impact of the liquidity crisis on retail financing. Early themes emerging due to COVID-19 - Change in media consumption habits, increased digital marketplace adoptions, contactless solutions, importance of hygiene are clear immediate behaviors. Long term implications are on convenience of home chores with...
Whirlpool of India (WIL) posted revenue of Rs13.5bn in 4QFY20, flat YoY as the production and sales in the last 10 days of March 2020 were halted due to COVID-19 lockdown. The topline was 3%/2% above our/consensus estimates. Gross margin rose 50bps YoY to 38.1%, likely to be aided by benign commodity costs and premiumisation of product portfolio. EBITDA fell 20% YoY to Rs1.4bn due to lack of operating leverage. EBITDA margin fell 250bps YoY to 10.1%, below our/consensus estimate of 11.2%/10.4%. Lower operating profit and higher interest cost led to 26% YoY decline in PBT to Rs1.2bn. Aided by lower tax rate at 26.5% (vs. 35.5% YoY), decline in PAT was restricted to 16% YoY to Rs874mn. The bottomline was below our/consensus estimate...
Whirlpool of India (WIL) posted a softer revenue growth of 5% YoY to Rs12.7bn in 3QFY20, 7%/8% below our/consensus estimates. The softer growth was likely on account of a higher base (3QFY19 sales had grown by 26% YoY) and non-seasonal quarter for the main product category of refrigerator (~60% of total sales), which is a summer season product. Gross margin improved 280bps YoY to 39.6%, likely aided by benign commodity costs and premiumisation of product portfolio. EBITDA fell by 8% YoY to Rs897mn due to lower operating leverage. EBITDA margin fell by 90bps YoY to 7.1%, below our/consensus estimate of 9.5%/9.4%, respectively. Higher other income (up 47% YoY to Rs395mn) led to 3% YoY increase in PBT to Rs967mn. Aided by...
Whirlpool of India (WIL) posted a healthy 18% YoY growth in revenues to Rs13.9bn in 2QFY20, 8%/4% above our/consensus estimates. Gross margin improved 390bps YoY to 41.9%, likely to be aided by benign commodity costs and premiumisation of product portfolio. EBITDA grew 32% YoY to Rs1.4bn, translating into operating margin of 10.2%, up 110bps YoY. EBITDA margin was above our/consensus estimate of 9.3%/9.8%. While PBT was up 18% YoY to Rs1.4bn, lower tax rate at 12.3% (due to adoption of the concessional tax regime) led to 59% YoY jump in PAT to Rs1.2bn. The bottom-line was above our/consensus estimates of Rs872mn/Rs967mn. The share of profit from Elica JV was healthy at Rs39mn. The expansion in margin, despite high...
the industry and gain market share as it continues to 1) Refresh product portfolio 2) Increase distribution and brand investments 3) increased focus on emerging categories like water purifier, AC and Kitchen Hoods and Hobs and 4) capacity expansion across categories. WHIRL is focused on profitable growth and expects demand to bounce back led by 1) low penetration level across categories 2) rising electrification and 3) increasing consumer affordability. WHIRL is investing to create next legs of growth by increasing presence in Air Conditioners/Water Purifiers/Elica JV. We believe new...
Whirlpool of India (WIL) posted 8% YoY growth in net revenues to Rs13.5bn in 4QFY19, 5% below our and consensus estimate. The growth is decent considering the high base effect (4QFY18 sales had grown 24% YoY) as well as a delayed summer season (which is likely to have impacted air-conditioner and refrigerator sales). Gross margin expanded 110bps YoY and 70bps QoQ to 37.6%. EBITDA grew 23% YoY to Rs1.7bn, translating to an operating margin of 12.6%, up 150bps YoY. EBITDA margin was above our/consensus estimate of 11.4%/11.1%, respectively, led by higher gross margin and flat other expenses. PAT grew 14% YoY to Rs1.04bn, broadly on expected lines. The expansion in margin, despite high competition and moderate demand...
Whirlpool of India (WIL) posted a strong 26% YoY rise in net revenues to Rs12.1bn in 3QFY19, 8% above our estimate. Robust growth is likely to have been aided by festive season sales (Diwali and Dussehra), which was in the third quarter of FY19 versus the second quarter last year. However, the margins declined YoY and were below estimates, just like other consumer durable and electrical peers, owing to volatility in commodity prices and currency rates. Gross margin fell 450bps YoY to 36.8% (FY18 gross margin was 37.9%). EBITDA grew 11% YoY to Rs975mn, translating to EBITDA margin of 8%, down 110bps YoY. The margin was below our estimate of 9.6%. PAT grew 14% YoY to Rs606mn, below our estimate of Rs777mn. While the...
Headquartered in Gurugram, Whirlpool of India Limited (WIL) is one of Indias leading manufacturer and marketers of major home appliances like Refrigerators (57% of revenues), Washing machines (21% of revenues), Air Conditioners (9% of revenues) and Microwave ovens.
Whirlpool of India (WIL) had a muted performance in 2QFY19 with flattish sales along with lower margins. Revenues were up only 2% YoY at Rs11.8bn, 10% below our estimate. Sales were impacted by headwinds such as (a) Floods in Kerala which is an important market for WIL, accounting for 15% to 18% of 2Q revenues owing to Onam festive sales. (b) Truckers' strike for 10 days. Besides, the sales relating to festive season of Diwali and Dussehra will be booked in the third quarter of FY19 compared to the second quarter last year. Sales growth is lower owing to the high-base effect as 2QFY18 had witnessed 42% YoY growth owing to re-stocking post GST implementation. Gross margin fell 140bps YoY to 38%, in line with FY18 gross margin level of...
and aims to increase its revenue to $1bn with close to double digit EBIT margins by 1) Revitalizing the brand 2) Refreshing the Product Portfolio 3) Creating growth opportunities and 4) Strengthening its foundation. WHIRL is trying to fill in product gaps in large categories like Refrigerators and washing machines and developing new segments like Air-conditioners and premium kitchen/appliances. Strong manufacturing base, 25% increase in distribution YoY, technology support of parent and 49% stake in Elica India should enable it to sustain growth (15% sales and 30% PAT CAGR over FY14-18). The stock...
Whirlpool of India Ltd Q2FY19 results Comment Revenue decreased by 28.44% to Rs. 1181.5 Cr in Q2FY19 when compared to the previous quarter. On the other hand, it grew by 1.88% when compared with Q2FY18.
We attended the annual general meeting (AGM) of Whirlpool of India (WIL) held on 17 September 2018. The management expects healthy growth momentum of the consumer durable market in India to continue while it was optimistic about outpacing industry growth aided by distribution expansion, strengthening product portfolio as well as inorganic growth. WIL is enhancing its capacity in refrigerators and washing machines to meet the rising demand and aims to launch new models/variants regularly in every two months. WIL is also upbeat about the growth prospects of the cooking...
Whirlpool of India (WIL) posted healthy revenue growth of 13% YoY at Rs16.5bn in 1QFY19, broadly in line with our estimate. Sales growth is likely to be aided by distribution network expansion, focused execution on the shop floor through innovative product launches and filling up of product portfolio gap. Gross margin expanded 170bps YoY to 37.6% on a low base (FY18 gross margin was 37.9%). Other expenses (up 26% YoY at Rs2.6bn) rose 170bps YoY as a percentage of sales at 15.6%. EBITDA margin expanded 40bps YoY to 14.8%, translating to 16% YoY rise in EBITDA to Rs2.4bn, 5% above our estimate. Aided by higher other income (up 63% YoY at Rs357mn), PAT grew 23% YoY to Rs1.6bn. The bottom-line was 10% above our estimate...
Whirlpool of India (WIL) plans to enter into a strategic joint venture with Elica by acquiring a 49% equity stake in Elica PB India Pvt Ltd (Elica India). As part of the JV, Elica India will manufacture and distribute cooking and built-in appliances portfolio...
Interest cost stood at `7lacs vs. `63lacs. in the corresponding quarter, last year and `2.19crs. in Q1. Depreciation stood at `23.37crs Vs.`24.84crsdecreased by 6% yoy. Whirlpool India is looking to double its business from the built-in appliances space. This...
Whirlpool of India (WIL) posted a strong surge in net revenues by 24% YoY to Rs12.6bn in 4QFY18, 5% above our estimate of Rs12bn. Aided by distribution network expansion, focused execution on shopfloor through innovative product launches and market share gains, WIL had a strong FY18 with 22.6% YoY growth in revenues. With commodity cost inflation and rising share of traded goods (at 25.4% of 4QFY18 sales versus 23.8% YoY, mainly comprising of airconditioners), gross margin fell 510bps YoY to 36.4% in 4QFY18 and 340bps YoY to 37.9% in FY18 (FY18 gross margin was also impacted by rise in inventories worth Rs1.1bn versus a decline in inventory worth Rs1.9bn in FY17). Consequently, EBITDA margin fell 110bps YoY to 11.2% leading to a 13% YoY rise in EBITDA to Rs1.4bn, in line with our estimate. PAT was up...
