WHIRLPOOL

Feb 4 (Reuters) - Whirlpool of India Ltd WHIR.NS:

• WHIRLPOOL OF INDIA Q3 CONSOL NET PROFIT 439.6 MILLION RUPEES; IBES EST. 476.2 MILLION RUPEES

• WHIRLPOOL OF INDIA Q3 CONSOL REVENUE FROM OPERATIONS 17.05 BILLION RUPEES; IBES EST. 17.21 BILLION RUPEES

Source text: [ID:]

Further company coverage: WHIR.NS

(([email protected];))

** Whirlpool of India WHIR.NS up 3.7% at 1219.95 rupees

** Jefferies raises to 'hold' from 'underperform', saying budget's income tax cuts is positive for consumer durables demand

** Says WHIR's valuation is better after sharp ~35% slide as parent Whirlpool WHR.N cuts stake; adds that could give WHIR more autonomy

** Raises FY26-27 EPS estimates by 5-8%, with FY25-27 profit CAGR at +22%

** Stock rated 'buy' on avg by 12 analysts, mean PT of 2032 implies a ~67% upside -LSEG

(Reporting by Ananta Agarwal in Bengaluru)

(([email protected]))

Jan 30 (Reuters) - Home appliances maker Whirlpool of India WHIR.NS said on Thursday its parent Whirlpool Corp WHR.N intends to reduce its stake in the company to about 20% in 2025 via market sale.

Whirlpool Corp currently has a 51% stake in its India unit.

(Reporting by Ashish Chandra in Bengaluru; Editing by Subhranshu Sahu)

(([email protected]; +91 7982114624;))

** PG Electroplast PGEL.NS rises as much as 5.3% at 1,001 rupees

** Consumer electronics maker and Whirlpool of India WHIR.NS sign deal to contract manufacture select Whirlpool-branded semi-automatic washing machines at PGEL's Roorkee plant

** No financial details have been disclosed yet

** Stock set to gain for second straight month; added 38.1% so far in December

** PGEL rated "buy" on avg; median PT is 679.5 rupees - LSEG

** Stock last up 4.9%, extending YTD gains to 320%

(Reporting by Meenakshi Maidas in Bengaluru)

(([email protected];))

Dec 23 (Reuters) - PG Electroplast Ltd PGEL.NS:

• PG ELECTROPLAST LTD - TO MANUFACTURE WHIRLPOOL SKUS AT ROORKEE FACTORY

• PG ELECTROPLAST LTD - WHIRLPOOL, PG ELECTROPLAST JOIN HANDS

Source text: ID:nNSEbl3hNZ

Further company coverage: PGEL.NS

(([email protected];))

Corrects paragraph 5 of Dec. 6 story to say foreign investors turned net "buyers", not "sellers"

By Manvi Pant and Hritam Mukherjee

Dec 6 (Reuters) - The Indian unit of South Korea's LG Electronics 066570.KS filed for an initial public offering on Friday to cash in on the country's growing demand for consumer durables amid higher appetite for IPOs.

The Indian firm said its parent company will sell 101.8 million shares as part of the offering. No new shares will be issued for sale.

The IPO for LG Electronics India, which sells washing machines and refrigerators, is valued at 152.37 billion rupees ($1.80 billion), as per a Moneycontrol report, ranking it among the top five in the country this year.

About 298 companies listed on the Indian bourses have raised $16.65 billion in 2024, as per data compiled by S&P Global Market Intelligence - more than double the amount raised last year.

However, Indian stock markets, which saw a recent downtrend, have since moderated as foreign investors turned net buyers last month. This volatility in market conditions poses some risk for the IPO's listing, said Mahesh Ojha, research analyst at Hensex Securities.

"LG faces increasing competition against its rivals and the focus would now be on pricing for the IPO," Ojha added.

India's appliances and electronics market is projected to grow about 12% in the next five years, as per LG's analysis, which cited Bangalore-based consultancy firm RedSeer.

The growth in the sector is expected to unfold on the back of increasing penetration of appliances and electronics in both urban and rural areas, the draft prospectus showed.

LG Electronics India competes with Whirlpool of India WHIR.NS, Samsung's 005930.KS India unit among others in the domestic market, and reported a profit of 15.11 billion rupees in the last fiscal, 12% higher than fiscal 2023.

Morgan Stanley, J.P. Morgan, BofA Securities and Citi are among the IPO's lead book-running managers.

($1 = 84.6650 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Shailesh Kuber and Janane Venkatraman)

(([email protected]; +918447554364;))

Nov 8 (Reuters) - Whirlpool of India Ltd WHIR.NS:

• SEPT-QUARTER CONSOL NET PROFIT 520.2 MILLION RUPEES

• SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 17.13 BILLION RUPEES

Source text: ID:nNSE9sg0XV

Further company coverage: WHIR.NS

(([email protected];;))

Sept 19 (Reuters) - Elica SpA ELC.MI:

• SELLS 4.78% STAKE IN ELICA PB INDIA TO WHIRLPOOL OF INDIA FOR EUR 8.2 MILLION

• ELICA AND GROUP OF OTHER INDIAN MINORITY SHAREHOLDERS TO KEEP STAKE OF AROUND 1.59 % EACH

• DISTRIBUTION OF BRAND IN INDIA, NEPAL, BANGLADESH MANAGED BY WHIRLPOOL OF INDIA UNTIL 2038, WITH ROYALTY MECHANISM BOOSTING ELICA EPS

Further company coverage: ELC.MI

(Gdansk Newsroom)

(([email protected]; +48 58 769 66 00;))

** India's small- and mid-cap firms in Jefferies' coverage universe post 36% EPS growth in June-qtr, with over 50% beating expectations

** Says top performers were electronics makers like Kaynes KAYN.NS, Amber Enterprises AMBE.NS and Dixon DIXO.NS

** Second-best were summer beneficiaries Voltas VOLT.NS, Blue Star BLUS.NS, Whirlpool of India WHIR.NS, Crompton Greaves CROP.NS, Havells HVEL.NS and V Guard VGUA.NS

** Third-best were capex and housing-linked firms like Polycab POLC.NS, Supreme Industries SUPI.NS, Pidilite PIDI.NS

** Says its top picks are V Guard, Supreme Industries, Amber Industries

** Has "buy" ratings on Voltas, Blue Star and Finolex Cables FNXC.NS

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

July 29 (Reuters) - Whirlpool of India Ltd WHIR.NS:

• WHIRLPOOL OF INDIA Q1 CONSOL NET PROFIT 1.44 BILLION RUPEES; IBES EST. 1.27 BILLION RUPEES

• WHIRLPOOL OF INDIA Q1 CONSOL REVENUE FROM OPERATIONS 24.97 BILLION RUPEES; IBES EST. 23.06 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: WHIR.NS

(([email protected];))

June 27 (Reuters) - Whirlpool of India Ltd WHIR.NS:

• CLARIFICATION ON "BOSCH WEIGHS OFFER FOR APPLIANCE MAKER WHIRLPOOL, SAY SOURCES"

• SAID NEWS ARTICLE RELATES TO OUR ULTIMATE HOLDING COMPANY I.E. WHIRLPOOL CORPORATION, US AND NOT WHIRLPOOL OF INDIA

• WE DO NOT COMMENT ON MARKET RUMORS OR SPECULATION

Further company coverage: WHIR.NS

(([email protected];))

** Shares of Whirlpool of India Ltd WHIR.NS rise as much as 2.8% to 1,837.80 rupees, hitting its highest since Sept. 8, 2022

** Home appliances maker says, it has entered into a joint marketing agreement with Hindustan Unilever Ltd HLL.NS for developing joint marketing programs, product sampling, advertorials etc

** Adds, marketing agreement will initially be in force for 3 years, which may be renewed on terms mutually

** Stock on track to gain for 7th straight day

** More than 369,000 shares traded as of 11:44 a.m. IST, ~28% over their 30-day moving avg of 288,049 shares

** Mean rating of 12 analysts rating the stock is "hold"; their median PT is 1,470 rupees, 25% lesser than today's high - LSEG data

** WHIR last up 1.8%, adding to YTD gains of 33.2%

(Reporting by Meenakshi Maidas in Bengaluru)

(([email protected];))

June 12 (Reuters) - Hindustan Unilever Ltd HLL.NS:

• ENTERED INTO A JOINT MARKETING AGREEMENT WITH HINDUSTAN UNILEVER

• HUL AND CO WILL ROLL OUT JOINT MARKETING PROGRAMS, ADVERTORIALS, PRODUCT SAMPLING IN CONSULTATION WITH EACH OTHER

Source text for Eikon: [ID:]

Further company coverage: HLL.NS

(([email protected];))

** Shares of Whirlpool of India WHIR.NS up 2.6% to 1,619.9 rupees

** Co's Q4 EBITDA margin increases 200bps YoY to 8.3%; consolidated net profit up 24% YoY

** Net profit impacted by one-time item of 189.1 mln rupees due to losses from a fire at co's warehouse in Delhi

** Rivals Havells India HVEL.NS and Blue Star BLUS.NS report rise in Q4 profit, Voltas VOLT.NS profit down

** BLUS only "buy"-rated stock among the four, rest rated "hold" - LSEG data

** WHIR up ~18% YTD; HVEL, BLUS, VOlT up between ~33% and ~68%

(Reporting by Varun Vyas in Bengaluru)

(([email protected]))

BENGALURU, May 20 (Reuters) - Appliances maker Whirlpool of India WHIR.NS reported a smaller-than-expected fourth-quarter profit on Monday, hurt by stiff competition and higher input costs, while demand remained steady for its cooling appliances.

Consolidated net profit rose nearly 24% to 775.9 million rupees ($9.3 million) in the three months ended March 31, missing analysts' estimates of 899.6 million rupees, according to LSEG data.

Revenue from operations in the Indian unit of NYSE-listed Whirlpool Corp WHR.N rose nearly 4% to 17.34 billion rupees.

Expenses surged 2.2%, led by a nearly 31% rise in input costs.

For further results highlights, click [here]

KEY CONTEXT

Record high temperatures in India have led to a surge in demand for cooling products like air conditioners and refrigerators, resulting in higher sales for home appliance makers such as Whirlpool India.

However, analysts said Whirlpool's Indian arm is dealing with fierce competition from new players, premium brands diversifying into mass markets and multi-brand retailers promoting private labels.

In February, parent company Whirlpool Corporation sold 24% of its stake in the India unit for about $468 million, aiming to reduce its debt.

Rival air conditioner makers Havells India HVEL.NS and Blue Star BLUS.NS reported a rise in quarterly profit, while Voltas VOLT.NS missed quarterly profit estimates due to surging expenses.

PEER COMPARISON

* Mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** Ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

JANUARY-MARCH STOCK PERFORMANCE

-- All data from LSEG

-- $1 = 83.2810 Indian rupees

(Reporting by Navamya Ganesh Acharya in Bengaluru, Additional reporting by Manvi Pant; Editing by Ravi Prakash Kumar)

(([email protected]))

March 26 (Reuters) - Whirlpool of India Ltd WHIR.NS:

• FIRE BROKE OUT IN THE ALIPUR AREA OF DELHI THAT ALSO SPREAD TO A WAREHOUSE

• NO HUMAN INJURIES OR CASUALTIES

• NOT EXPECTED TO HAVE ANY MATERIAL BEARING ON THE OPERATIONS

• HAS ADEQUATE INSURANCE COVERAGE FOR INVENTORY DAMAGE

• FIRE SPREAD TO A WAREHOUSE WHERE CO’S PRODUCTS WERE STORED

Source text for Eikon: ID:nBSE3CNcsQ

Further company coverage: WHIR.NS

(([email protected];))

** India's HDFC Bank HDBK.NS was the top buy for Indian mutual funds in Feb, with purchases worth 82.8 bln rupees (~$999 mln), Nuvama says in a note

** That came after HDFC Bank's shares slid 14% in Jan and 4% in Feb following dissappointing Q3 results

** Mutual funds sold 22.9 bln rupees worth Sun Pharma SUN.NS shares in Feb and 6.5 bln rupees of Bandhan Bank BANH.NS, Nuvama Alternative & Quantitative Research says

** Adds fund houses bought 30.7 bln rupees of Whirlpool of India shares WHIR.NS; US-based Whirlpool WHR.N sold a chunk of its stake in its India unit in Feb

** TCS TCS.NS, Bharat Petroleum BPCL.NS, Axis Bank AXBK.NS and Maruti Suzuki MRTI.NS were among top additions in large caps, Nuvama says

** Top reductions included Bajaj Finance BJFN.NS, Mahindra and Mahindra MAHM.NS, Infosys INFY.NS, says Nuvama

($1 = 82.8900 Indian rupees)

(Reporting by Sethuraman NR in Bengaluru)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

** Shares of home appliances maker Whirlpool of India WHIR.NS fall 2% to 1,235.1 rupees, lowest level since mid-2017

** Jefferies analyst Sonali Salgaonkar downgrades stock to "underperform" from "hold"

** Flags hyper-competitive market for consumer durables in India, higher price elasticity amid weak demand

** Slashes PT to 1,125 rupees from 1,265 rupees, which is ~17% below median of 1,360 rupees from 12 analysts, including Jefferies - LSEG

** Salgaonkar is the top rated among 12 analysts for recommendations on PT, according to LSEG data

** WHIR has declined 21.5% since parent Whirlpool WHR.N in Nov said it would sell 24% stake

** Analysts' median PT on co has been declining for three straight months since then

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

Adds names of buyers in paragraph 3

Feb 20 (Reuters) - Whirlpool WHR.N said on Tuesday it has executed a sale of 24% of its stake in its India unit for about $468 million.

Whirlpool conducted the sale through its subsidiary in Mauritius, reducing its stake in the entity from 75% to 51%.

SBI Mutual Fund, Societe Generale and Nippon India Mutual Fund were among the six buyers who picked up a stake in Whirlpool of India WHIR.NS at 1,277 rupees apiece, according to bulk deal data from the BSE.

Whirlpool expects the settlement of the share sale to occur on Wednesday and plans to use the proceeds to reduce its debt.

The sale was first reported by Reuters on Monday. Goldman Sachs is advising the company on the deal, the report said citing a term sheet.

(Reporting by Shivansh Tiwary and Kashish Tandon in Bengaluru; Editing by Shilpi Majumdar)

(([email protected]; +91 9708363192;))

Feb 19 (Reuters) - Whirlpool of India Ltd WHIR.NS:

• WHIRLPOOL TO SELL UP TO 24% STAKE WORTH $451 MILLION IN INDIA UNIT VIA BLOCK DEAL - TERM SHEET

• WHIRLPOOL TO SELL INDIA STAKE AT 1,230 RUPEESPER SHARE, A 7.6% DISCOUNT TO MONDAY'S CLOSE - TERM SHEET

• GOLDMAN SACHS ADVISING ON WHIRLPOOL INDIA STAKE SALE - TERM SHEET

• WHIRLPOOL INDIA DEAL TO CLOSE TUESDAY, SETTLEMENT BY WEDNESDAY- TERM SHEET

Source text for Eikon: [ID:]

Further company coverage: WHIR.NS

(([email protected];))

Feb 2 (Reuters) - Whirlpool of India Ltd WHIR.NS:

• WHIRLPOOL OF INDIA DEC-QUARTER CONSOL NET PROFIT 279.9 MILLION RUPEES VERSUS PROFIT 246.9 MILLION RUPEES

• WHIRLPOOL OF INDIA DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 15.36 BILLION RUPEES VERSUS 13.02 BILLION RUPEES

Source text for Eikon: ID:nBSE39m5VW

Further company coverage: WHIR.NS

(([email protected];))

Updates share movement

** Shares of Whirlpool of India WHIR.NS closes down 10% at 1,414.95 rupees, logs biggest percentage drop since March 2020

** WHIR hits lowest level since July 28

** Parent Whirlpool WHR.N on Thursday said it will sell up to 24% stake in India business

** While strong balance sheet, lean working capital cycle, robust cash flows are key strengths of WHIR, high competitive intensity will restrict extent of its margin revival, Centrum Broking says, keeps "add" rating

** Five out of 13 analysts tracking stock rate it at "buy" or above, 5 "sell" or below, 3 "hold"; media PT 1,465 rupees - LSEG data

** Sees most active session since March 2022, with about 1.1 mln shares changing hands, ~19x 30 day avg

** Including Friday's losses, WHIR down 5.4% YTD

($1 = 83.3125 Indian rupees)

(Reporting by Sethuraman NR in Bengaluru)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

Nov 30 (Reuters) - Whirlpool Corp WHR.N said on Thursday it will sell up to 24% of its ownership interest in Whirlpool of India Limited in 2024.

The company currently maintains a 75% ownership interest in Whirlpool India through a wholly-owned subsidiary, and will retain a majority interest in Whirlpool India.

(Reporting by Kannaki Deka in Bengaluru; Editing by Devika Syamnath)

(([email protected];))

** Polycab India POLC.NS, Supreme Industries SUPI.NS are the top mid-cap picks for Jefferies, post September quarter earnings season

** Jefferies foresees capex and housing to continue to deliver healthy volume growth

** Brokerage also identifies Amber Enterprises AMBE.NS, Pidilite Industries PIDI.NS, Finolex Cables FNXC.NS among its top mid-cap picks

** Jefferies key earnings per share (EPS) downgrades from mid-cap segment: UPL UPLL.NS, Graphite India GRPH.NS, HEG HEGL.NS, Crompton Greaves Consumer Electricals CROP.NS, Whirlpool of India WHIR.NS

** "Healthy operating margin expansion drove 44% year-on-year profit growth in our small- and mid-cap coverage," says Jefferies

** The Nifty Mid-cap 100 .NIFMDCP100 has gained 33.2% in 2023 so far, while small-caps .NIFSMCP100 have jumped 42.4%, outperforming benchmark Nifty's .NSEI 9.23% rise

** Both mid- and small-caps are at record highs

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

** Shares of Whirlpool of India WHIR.NS fall as much as 3.3% to 1,565 rupees

** Co's Q2 topline declined due to price discounts taken in order to aid competitiveness - Nirmal Bang

** Adds, heightened competitive intensity to affect WHIR primarily because new players such as Volt Beko and Lloyd are gaining market share for similar products

** FY16-20 EBITDA margin level of 11%-12.4% unlikely to be restored and 7%-9% could be a new normal range - Centrum

** While gross margins aided by correction in input prices, benefit is partly offset by higher ad-spends - ICICI Securities

** Co's Q2 profit fell 23.7% YoY; revenue fell 5%

** Mean rating of 12 analysts is "hold"; median PT is 1,430 rupees - LSEG data

** Stock last down 2.7%, trimming YTD gain to 5.2%

(Reporting by Varun Vyas in Bengaluru)

(([email protected]))

Nov 3 (Reuters) - Whirlpool of India Ltd WHIR.NS:

• WHIRLPOOL OF INDIA LTD SEPT-QUARTER CONSOL NET PROFIT 365.8 MILLION RUPEES VERSUS PROFIT 479.3 MILLION RUPEES

• WHIRLPOOL OF INDIA LTD SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 15.22 BILLION RUPEES VERSUS 16.12 BILLION RUPEES

Source text for Eikon: ID:nBSE8H6yTt

Further company coverage: WHIR.NS

(([email protected];))

Aug 7 (Reuters) - Home appliances maker Whirlpool of India Ltd WHIR.NS reported a 10.6% drop in first-quarter profit on Monday, impacted by softer demand.

The company, known for its refrigerators, washing machines and air conditioners, said consolidated net profit for the three months ended June 30 fell to 748.8 million rupees ($9.05 million) from 837.3 million rupees a year earlier.

Revenue fell 2% to 20.39 billion rupees, hurting the company's operating profit metrics.

Intermittent unseasonal rainfall across regions and the continuation of inflationary pressure have affected consumer spending, analysts said.

Parent company Whirlpool Corp WHR.N, which reported results late in July, said its Asia region sales, for which India contributes 73%-79% sales, saw a 13% decline. For the current financial year, it expects Asia sales to grow at a marginal 2%-4% as demand weakness continues.

High competition in the household appliances sector might restrict margin revivals for the company, said analysts.

Rivals Blue Star BLUS.NS and Havells India HVEL.NS reported a rise in first-quarter profit earlier this month.

The stock fell as much as 2.5% on Monday after the results. Whirlpool's shares have risen more than 12% in the April-June quarter against a 13% rise in the consumer durables index .NIFCODU.

($1 = 82.7250 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru; Editing by Sohini Goswami)

(([email protected];))

Aug 2 (Reuters) - Whirlpool of India Ltd WHIR.NS:

• DIRECTORATE OF REVENUE INTELLIGENCE CONDUCTED SEARCH AT PREMISES OF CO SITUATED AT GURUGRAM AND PUDUCHERRY

• INQUIRY INTO POTENTIAL MISCLASSIFICATION OF HSN CODE OF ONE OF THE COMPONENTS OF A PARTICULAR TYPE OF WASHING MACHINE

• HAVE LIMITED INFORMATION AT THIS TIME BUT PRELIMINARY UNDERSTANDING IS THAT ISSUE IS OF LIMITED FINANCIAL MATERIALITY

Source text for Eikon: ID:nBSE8CfKhr

Further company coverage: WHIR.NS

(([email protected];))

May 17 (Reuters) - Home appliances maker Whirlpool of India Ltd WHIR.NS reported a 25% drop in quarterly profit on Wednesday, missing analysts' estimates, as sales were hit by muted demand for its air conditioners.

The company, known for its refrigerators, washing machines and air conditioners, reported consolidated net profit of 626.8 million rupees in the fourth quarter, down from 838.2 million rupees a year ago.

Analysts, on average, had expected profit to rise to 874.25 million rupees, according to Refinitiv IBES.

Revenue fell 2% Y/Y to 16.73 billion rupees, missing analyst estimate of 18.12 billion rupees and logging a second straight quarter of decline.

Unseasonal rains in March and elevated inflation prompted consumers to cut back on discretionary purchases, weighing on Whirlpool's sales of cooling appliances and profitability, analysts said, adding they see the trend continue in the near-term.

Total cost rose 1% to 16.25 billion rupees further hurting the company's operating profit metrics.

Core profit fell 38% to 1.06 billion rupees, while core profit margin contracted to 6.34% from 8.67% in the corresponding quarter a year ago.

Rising competition in the household appliances sector and launch of new products by rival brands during the quarter also weighed on sales and offset the positive impact on margins from price hikes across Whirlpool's product categories, analysts added.

Rival air conditioner makers Blue Star Ltd BLUS.NS and Havells India Ltd HVEL.NS reported a rise in fourth-quarter profit earlier this month.

Whirlpool also approved a final dividend of 5 rupees per share for the financial year 2022-23, subject to shareholders' approval.

The stock fell 1.35% on Wednesday ahead of the results. Whirlpool's shares have fallen over 12% in the January-March quarter against a 5% slide in the consumer durables index .NIFCODU.

($1 = 81.7800 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Eileen Soreng)

(([email protected]; +91 9769003463))