Whirlpool India hits 5-yr low as Q3 profit slumps

Whirlpool of India

02/02/2023 07:04

** Shares of Whirlpool of India Ltd  WHIR.NS  fall as much
as 6.1% to 1,263.15 rupees, their lowest since Feb. 6, 2018
    ** The home appliance maker on Wednesday reported a 43.7%
slump in Dec-qtr profit and 15.5% rev drop due to muted demand
    ** Kotak Institutional Equities says high-cost inventories
and operative leverage also weighed
    ** Says Co appears to be losing market share and expects
future growth to be subdued; terms stock expensive
    ** ICICI Securities says competition, demand slowdown will
hit near term; keeps "buy", cuts PT to 1,600 rupees from 2,000
rupees
    ** Seven of the 14 analysts covering WHIR rate it "buy" or
"strong buy", four "hold" and three "sell" or "strong sell";
median PT is 1,600 rupees - Refinitiv data
    ** Trading vol of ~343,000 shares at 12:15 p.m. IST is
nearly 3.5x the 30-day avg
    ** Stock down 10.2% so far this year, as of last close
 
 ($1 = 81.8950 Indian rupees)
 (Reporting by Priya Sagar in Bengaluru)
 ((Priya.Sagar@thomsonreuters.com;))