Whirlpool: 2030 Stock

 

  • Whirlpool: 2030 Stock

  • Whirlpool was incorporated as Kelvinator of India Ltd in 1960 and got its present name in 1994, when it entered into a strategic alliance with Whirlpool Corp. In 1995, the company launched refrigerators under the Whirlpool brand. It also manufactures washing machines and deals in air-conditioners, microwave ovens and deep freezers. 

  • In 2022, the company has entered into the premium Front Load washing machines category by launching the XpertCare range.

  • The liquidity remains adequate, with cash and equivalent of Rs 2,241 crore as on March 31, 2024, which is further supported by unutilised working capital limit. The company paid dividend of Rs 63.44 crore in fiscal 2024. Despite this, liquidity is expected to remain strong over the medium term.

  • Key Rating Drivers & Detailed Description

    Strengths:

    • Established market position: Whirlpool has a strong market position in the refrigerator and washing machine segments, which together account for a majority of its revenue. The company has maintained its market position, backed by its strong brand, established distribution network, new product launches and investment in R&D (research and development), and will likely sustain its position over the medium term.

     

    • Strong financial risk profile: The financial risk profile remains strong because of large networth of Rs 3,389 crore against nil debt as on March 31, 2024. Total outside liabilities to tangible networth (TOLTNW) ratio was comfortable at 0.7 time. The debt protection metrics remained robust, with interest coverage ratio of above 15 times in fiscal 2024. The liquidity remains adequate, with cash and equivalent of Rs 2,241 crore as on March 31, 2024.

     

    • Technical support from the parent: Whirlpool Corp is one of the world’s largest manufacturers of home appliances. The company benefits from the parent's strong international brand and robust technical capability and gets healthy credit for procurement of raw materials and traded goods, given its established brand and longstanding relationships with suppliers. Considering India's large market, low penetration, increasing domestic demand and rising disposable income, Whirlpool will remain strategically important to its parent over the medium term.

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