Result Update Whirlpool of India
Whirlpool of India : PAT Growth Surprises Positively
Reco : Buy Cmp : 250 Target : 311
WhirlpoolⳊQ2FY13 performance was better than our expectations. Revenue was up 10% YoY at Rs 7.1 bn in Q2FY13 vs. our expectation of Rs 6.8 bn, largely driven by realization growth and success of newly launched products. EBITDA margin improved 100 bps YOY to 7%. PAT for the quarter stood at Rs 280 mn (up 98% YoY) vs. our est. of Rs 230 mn, primarily due to lower tax rate.
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