Diwali 2014 has been a prosperous one for home appliance maker, and with green shoots reappearing in the Indian economy, the company wants to keep the good times going.
America's largest home appliance maker Whirlpool is making all the right noises as it looks to regain market share in India. CNBC-TV18's Zahra Khan and Farah Bookwala Vhora report that armed with a strategy focusing on pushing volumes and developing innovative products, the company is confident it will be the market leader across categories by 2017.
Diwali 2014 has been a prosperous one for home appliance maker, and with green shoots reappearing in the Indian economy, the company wants to keep the good times going.
The company wants to hit a cumulative average growth rate of 25 percent over the next three years. This rate is vital, if it has to achieve its target of doubling its revenues from the current Rs 3,391 crore over that period.
Arvind Uppal, Chairman, Whirlpool India, said: "Our target is that by 2017, we want to achieve the number one position in home appliances industry in India. So we are sitting in the back end of 2014 and we have three years to get there... Roadmap is already there."
The going will not be a cakewalk for the company. Analysts say the consumer goods sector is not completely out of the woods, and a full-blown recovery may not set in before FY16-end. Also, Whirlpool faces stiff competition from both Asian brands like Samsung and LG, and homegrown retailers like Croma who have their own brands in the race. But Whirlpool is confident double-digit growth will be achieved. To this end, even acquisitions are not off the table, though it says current targets are a tad overpriced.
"We're always looking for acquisition opportunities, not only in India but everywhere in the world. And like all sensible businessmen we are looking for a good deal. We will be the first ones in the queue to buy something," Uppal said.
Retail consultancy Technopak says India's USD 13 billion white goods market has grown at 15 percent per annum over the last 5 years, and will continue at this rate till 2020. And Whirlpool says its strategy will help it not only recover lost ground in India, but even set the pace for this aggressive growth.
Whirlpool stock price
On November 05, 2014, Whirlpool of India. closed at Rs 535.30, up Rs 24.65, or 4.83 percent. The 52-week high of the share was Rs 542.90 and the 52-week low was Rs 153.55.
The company's trailing 12-month (TTM) EPS was at Rs 14.23 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 37.62. The latest book value of the company is Rs 58.33 per share. At current value, the price-to-book value of the company is 9.18.
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