NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Takeaways:
Whirlpool of India Ltd. has gained market share in its core business segments – refrigerators and washers. We believe, its strategic investments in distribution/product portfolio expansion may have primarily resulted in market share gains.
Ebitda margin expanded to 8.4% (plus 240 basis points YoY) led by cost-saving initiatives, premiumisation of product portfolio and operating leverage.
Elica (subsidiary) reported muted performance, largely due to weak consumer demand and unfavourable base, in our view.
We reckon the benefits of strategic initiatives have started to kick-in for Whirlpool, evident in its Q1 FY25 numbers. These benefits will likely improve through FY25E–26E.
We raise our FY25E/26E earning per share by 15.7%/11% to factor in the strong Q1 FY25 result. With the stock price surging ~61% in the last six months, we revise our rating to 'Hold' (from Add) with a discounted cash flow-based revised target price of Rs 2,075.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.