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Whirlpool India
Demand Trends - Company has witnessed significant demand moderation driven by
weaker consumer sentiments amidst high-inflationary environment during FY12.
Volume growth was down -7.5% in 1HFY12 while value growth declined by -4.8%
in 1HFY12. However, management remains optimistic on the longer term
opportunity in consumer durable space in India. Company would be focusing on
refrigerators, washers, and kitchen appliance categories for future growth.
Working Capital Challenges - Company carries inventory risk for product kept at
dealer’s end. Company has now worked on reducing inventories and receivables
which has resulted in a decline in working capital.
Margins to remain sedate - Company has witnessed softness in margins driven by
higher commodity prices for Steel (+14%) , Copper (+24%) , Plastic resins (+25%),
Oil (+18%) yoy leading to a pressure on margins. Going forward depreciating rupee
will incrementally impact margins in coming quarters.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Whirlpool India
Demand Trends - Company has witnessed significant demand moderation driven by
weaker consumer sentiments amidst high-inflationary environment during FY12.
Volume growth was down -7.5% in 1HFY12 while value growth declined by -4.8%
in 1HFY12. However, management remains optimistic on the longer term
opportunity in consumer durable space in India. Company would be focusing on
refrigerators, washers, and kitchen appliance categories for future growth.
Working Capital Challenges - Company carries inventory risk for product kept at
dealer’s end. Company has now worked on reducing inventories and receivables
which has resulted in a decline in working capital.
Margins to remain sedate - Company has witnessed softness in margins driven by
higher commodity prices for Steel (+14%) , Copper (+24%) , Plastic resins (+25%),
Oil (+18%) yoy leading to a pressure on margins. Going forward depreciating rupee
will incrementally impact margins in coming quarters.
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