Whirlpool’s share price remained wobbly in early trade on Thursday as the company reported its earnings for the March quarter.
What Happened: The company’s consolidated revenue from operations dipped 2% to ₹1,672.7 crore in the March quarter as against ₹1,706.9 crore. The company acknowledged the weak numbers and said that market growth in the quarter ended March has been muted especially in refrigerators and air conditioners.
Net profits for the period slumped over 25% to ₹62.68 crore from ₹83.82 crore in the same quarter last year. Earnings per share for the quarter stood at ₹4.94. The consumer durables company also announced a ₹5/share final dividend for the year ended March 2023.
However, domestic brokerage firm ICICI Securities is still positive on the company. The firm maintained its ‘buy’ rating for the stock with a price target of ₹1,600. The analysts noted that while the company missed its estimates for the quarter but did show sequential recovery in gross margins. The firm added in its latest research report that it remains positive on Whirlpool due to its established competitive advantages and growth opportunities.
Price Action: Whirlpool’s share price was up 0.21% to trade at ₹1,351 shortly after the markets opened on Thursday.
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