Whirlpool Q3FY21 Result Update - Others

Whirlpool of India
India Equity Research | Consumer Durables

February 4, 2021
Result Update Emkay
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Refer to important disclosures at the end of this report

CMP Target Price
Margin performance unsatisfactory! Rs 2,445

as of (February 4, 2021)
Rs 2,428 (▲)
12 months
Rating Upside
HOLD () (0.7) %
 Q3 EBITDA print was impacted by one-offs, i.e., special items and timing impact, to the Change in Estimates
tune of Rs264mn. Adjusted EBITDA was up 41.6% yoy to Rs1.3bn but missed Emkay EPS Chg FY21E/FY22E (%) (1.0)/(2.6)
Target Price change (%) 10.4
estimate by 10%, while adj. EBITDA margins rose 145bps yoy to 8.5%.
Target Period (Months) 12
 The 18% revenue growth was driven by market share gains, strong festive demand and Previous Reco HOLD
recovery in Metros and large towns. In our view, product mix change towards increased Emkay vs Consensus
premiumization has impacted gross margins in addition to commodity price inflation. EPS Estimates
 We expect revenue momentum to sustain going forward as demand recovery has been FY21E FY22E
stronger than expected. However, the demand impact of price hikes - to pass on input cost Emkay 29.3 43.7
inflation - will be the key monitorable. Consensus - -
Mean Consensus TP (12M) Rs 1,963
 The lower-than-expected margin print has led to FY21-22E EPS cut of 1-3%, while we
Stock Details
keep FY23E unchanged. We are penciling gradual margin recovery over FY22-23 from the
Bloomberg Code WHIRL IN
lows of FY21. Hold with a revised TP of Rs2,428 (45x FY23E EPS).
Face Value (Rs) 10
Shares outstanding (mn) 127
Continued margin disappointment: Q3 revenue stood at Rs14.9bn (+17.5% yoy, -6.6%
52 Week H/L 2,787 / 1,343
qoq) in line with estimates. Adjusting for one-off item of Rs264mn, EBITDA rose 41.6% yoy
M Cap (Rs bn/USD bn) 310 / 4.25
to Rs1.3bn, with EBITDA margin of 8.5% (up 145bps yoy). Reported gross margin contracted
Daily Avg Volume (nos.) 1,27,295
292bps yoy/122 qoq, expected to be on account of adverse product mix and commodity
Daily Avg Turnover (US$ mn) 4.1
inflation. Employee expenses grew 14.3% and other expenses grew 4.7% yoy. Adj. PAT grew
14.8% yoy to Rs841mn, partly restricted by higher ETR, lower other income and higher Shareholding Pattern Dec '20
depreciation charge. Promoters 75.0%
FIIs 3.4%
Outlook: Q3 saw demand recovery in metros and large towns along with sustained
DIIs 11.3%
momentum in Tier-2/3 cities. Management continues to see robust demand for appliances.
The company’s focus on expanding reach and fast-paced new product launches have been Public and Others 10.4%
working in favor of the company with market share gains and in turn leading to strong revenue Price Performance
growth. Although the premium product strategy has resulted in improving the counter share, (%) 1M 3M 6M 12M
it has adversely impacted gross margins, in our view. Revenue growth is expected to continue, Absolute (6) 18 17 1
driven by sustained demand and favorable base, while the effect of the recent pricing action Rel. to Nifty (11) (5) (13) (19)
will be closely watched out to gauge demand impact. After aggressive distribution expansion,
Relative price chart
Whirlpool has now started to focus on product refreshment at shorter intervals. This should
2700 Rs % 10
help in sustaining market share with rising competitive intensity. The company has a strong
presence on e-commerce platforms and it is getting enhanced further with differentiated 2490 2
product offerings. Key risks: prolonged macro-slowdown; commodity and INR volatility; 2280 -6
market share losses; and margin erosion due to heightened competition. 2070 -14
Please see our sector model portfolio (Emkay Alpha Portfolio): Consumer Durables (page 8) 1860 -22
1650 -30
Feb-20Apr-20 Jun-20Aug-20 Oct-20 Dec-20Feb-21
Financial Snapshot (Consolidated) Whirlpool of India (LHS) Rel to Nifty (RHS)
(Rs mn) FY19 FY20 FY21E FY22E FY23E Source: Bloomberg

This report is solely produced by Emkay Global. The
Revenue 53,977 59,925 58,888 70,492 79,558 following person(s) are responsible for the
production of the recommendation:
EBITDA 6,422 6,734 5,477 7,684 9,070
EBITDA Margin (%) 11.9 11.2 9.3 10.9 11.4 Naval Seth
APAT 4,070 4,763 3,716 5,538 6,849 naval.seth@emkayglobal.com
+91 22 6624 2414
EPS (Rs) 32.1 37.5 29.3 43.7 54.0
EPS (% chg) 16.1 17.0 (22.0) 49.0 23.7 Abhijeet Singh
abhijeet.singh@emkayglobal.com
ROE (%) 20.7 20.3 13.7 17.8 18.8
+91 22 6612 1241
P/E (x) 76.2 65.1 83.5 56.0 45.3
Sonali Shah
EV/EBITDA (x) 45.9 43.6 52.8 36.9 30.5
sonali.shah@emkayglobal.com
P/BV (x) 14.5 12.2 10.8 9.3 7.9 +91 22 6624 2482
Source: Company, Emkay Research
Emkay Research is also available on www.emkayglobal.com and Bloomberg EMKAY<GO>. Please refer to the last page of the report on Restrictions on Distribution. In Singapore, this research report or research analyses may only be distributed to Institutional Investors, Expert Investors or Accredited
Investors as defined in the Securities and Futures Act, Chapter 289 of Singapore.
Whirlpool of India (WHIRL IN) India Equity Research | Result Update
Story in Charts
Exhibit 1: Revenue growth of 17.5% broadly on expected lines Exhibit 2: Revenue expected to post 10% CAGR over FY20-23E
21000 40.0% 90000 25%

20.0% 20%
17000 70000
(Rs mn)
15%
(Rs mn)
0.0%
13000 10%
50000
-20.0% 5%
9000 -40.0% 30000 0%
-5%
5000 -60.0%
10000 -10%
1QFY19
2QFY19
3QFY19
4QFY19
1QFY20
2QFY20
3QFY20
4QFY20
1QFY21
2QFY21
3QFY21
FY14
FY21E
FY22E
FY23E
FY15
FY16
FY17
FY18
FY19
FY20
Revenue Revenue Growth Revenue Revenue Growth
Source: Company, Emkay Research Source: Company, Emkay Research
Exhibit 3: Gross margin contraction took toll on EBITDA growth Exhibit 4: EBITDA is expected to deliver 29% CAGR over FY21-23E
3200 50.0% 11000 80.0%

25.0% 9000 60.0%
(Rs mn)
2200 0.0% (Rs mn) 40.0%

7000
-25.0% 20.0%
1200 -50.0% 5000
0.0%
-75.0% 3000 -20.0%
200 -100.0%
1000 -40.0%
4QFY19
1QFY19
2QFY19
3QFY19
1QFY20
2QFY20
3QFY20
4QFY20
1QFY21
2QFY21
3QFY21
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21E
FY22E
FY23E
EBITDA EBITDA Growth EBITDA EBITDA Growth
Exhibit 5: EBITDA margin saw sharp sequential fall due to one-offs Exhibit 6: We estimate EBITDA margin improvement from lows of FY21
53% 42% 40%

38% 37% 38% 38% 38% 36% 38% 37% 41%
43% 45% 38% 37% 39% 37% 39% 39%
33% 35%
23% 13% 15% 10% 10% 11%
9% 8% 7% 7% 25%
13% 5%
12% 12% 12% 11% 11% 11%
3% 15% 9%
2QFY19
3QFY19
4QFY19
1QFY20
2QFY20
3QFY20
4QFY20
1QFY21
2QFY21
3QFY21
5%
FY17 FY18 FY19 FY20 FY21E FY22E FY23E
Gross Margin EBITDA Margin Gross Margin EBITDA Margin
Exhibit 7: FCF set to post gradual improvement
7500
6500
5500
(Rs mn)
4500
3500
2500
1500
500
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21E
FY22E
FY23E
OCF FCF
February 4, 2021 | 2
Exhibit 8: Actual vs Estimates (Q3FY21)

Estimate % variation
(Rs mn) Actual Comment
Emkay Consensus Emkay Consensus
Revenue 14,940 15,259 14,895 -2% 0%
EBITDA 1,006 1,404 1,434 -28% -30%
EBITDA Margin 6.7% 9.2% 9.6% -247 bps -289 bps Adj. EBITDA margin at 8.5% (one time cost was Rs264mn)
PAT 644 997 1,028 -35% -37%
Source: Emkay Research
Exhibit 9: Quarterly financial highlights

Rs mn Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 YoY (%) QoQ (%) 9MFY21 9MFY20 YoY (%)
NET Sales 12,712 13,536 10,271 15,995 14,940 17.5 (6.6) 41,205 46,389 (11.2)
Raw Material 7,682 8,385 6,578 9,937 9,464 23.2 (4.8) 25,978 28,114 (7.6)
as % of sales 60.4 61.9 64.0 62.1 63.3 63.0 60.6
Employee Cost 1,473 1,426 1,487 1,502 1,684 14.3 12.1 4,673 4,471 4.5
as % of sales 11.6 10.5 14.5 9.4 11.3 11.3 9.6
Other operating expenses 2,661 2,356 1,740 2,744 2,786 4.7 1.5 7,270 8,466 (14.1)
as % of sales 20.9 17.4 16.9 17.2 18.6 17.6 18.2
Total Expenditure 11,816 12,166 9,804 14,183 13,934 17.9 (1.8) 37,921 41,050 (7.6)
EBITDA 897 1370 466 1812 1006 12.2 (44.5) 3,284 5,339 (38.5)
Depreciation 294 357 284 424 351 19.6 (17.2) 1,059 936 13.1
EBIT 603 1012 183 1388 655 8.6 (52.8) 2,225 4,403 (49.5)
Other Income 395 257 142 348 284 (28.1) (18.6) 774 1,056 (26.7)
Interest 31 80 74 10 68 120.1 615.8 151 119 27.1
Exceptional 0.0 0.0 0.0 0.0 0.0 0 0
PBT 967 1189 251 1726 870 (10.0) (49.6) 2,848 5,340 (46.7)
Tax 235 315 87 440 227 (3.3) (48.5) 754 1,430 (47.3)
PAT 732 874 165 1286 644 (12.1) (50.0) 2095 3910 (46.4)
Margins (%) (bps) (bps) (bps)

Gross Margin 39.6 38.1 36.0 37.9 36.7 (292) (122) 37.0 39.4 (244)
EBIDTA 7.1 10.1 4.5 11.3 6.7 (32) (459) 8.0 11.5 (354)
EBIT 4.7 7.5 1.8 8.7 4.4 (36) (429) 5.4 9.5 (409)
EBT 7.6 8.8 2.4 10.8 5.8 (178) (497) 6.9 11.5 (460)
PAT 5.8 6.5 1.6 8.0 4.3 (145) (373) 5.1 8.4 (335)
Effective Tax rate 24.3 26.5 34.4 25.5 26.1 179 56 26.5 26.8 (32)
Exhibit 10: Estimate changes

FY21E FY22E FY23E
Particulars
Old New % Change Old New % Change Old New % Change
Revenue 56,935 58,888 3.4% 68,139 70,492 3.5% 76,894 79,558 3.5%
EBITDA 5,466 5,477 0.2% 7,700 7,684 -0.2% 8,874 9,070 2.2%
EBITDA Margin % 9.6 9.3 -30 bps 11.3 10.9 -40 bps 11.5 11.4 -14 bps
PAT 3756 3716 -1.1% 5682 5538 -2.5% 6811 6849 0.6%
EPS 29.6 29.3 -1.0% 44.8 43.7 -2.6% 53.7 54.0 0.5%
Valuations charts
Exhibit 11: 1-year forward P/E band Exhibit 12: 1-year forward P/B band
3000 4000
65x
2500 3500 13x
55x
3000
2000 45x 11x
2500
9x
1500 35x 2000
7x
1000 1500
1000
500
500
0 0
Jul-19
Jan-19
Jun-20
Dec-19
Dec-13
Nov-14
Sep-16
Aug-17
Aug-18
Oct-15
Dec-20
Apr-16
Mar-17
Feb-18
May-14
May-15
Jul-19
Dec-13
Sep-16
Jan-19
Jun-20
Nov-14
Aug-17
Aug-18
Oct-15
Apr-16
Mar-17
Feb-18
Dec-19
Dec-20
May-14
May-15
Exhibit 13: 1-year forward EV/EBITDA band
3500
3000
2500 55x
2000 46x
37x
1500
28x
1000
500
0
Jul-19
Sep-16
Dec-13
Nov-14
Aug-17
Aug-18
Jan-19
Dec-19
Jun-20
Dec-20
May-15
Oct-15
May-14
Apr-16
Mar-17
Feb-18
Key Financials (Consolidated)

Income Statement
Y/E Mar (Rs mn) FY19 FY20 FY21E FY22E FY23E
Revenue 53,977 59,925 58,888 70,492 79,558
Expenditure 47,555 53,192 53,412 62,808 70,488
EBITDA 6,422 6,734 5,477 7,684 9,070
Depreciation 1,113 1,293 1,445 1,612 1,720
EBIT 5,309 5,440 4,032 6,071 7,350
Other Income 1,047 1,287 1,143 1,548 2,044
Interest expenses 91 199 208 219 241
PBT 6,265 6,529 4,966 7,401 9,153
Tax 2,194 1,766 1,250 1,863 2,304
Extraordinary Items 0 0 0 0 0
Minority Int./Income from Assoc. 0 0 0 0 0
Reported Net Income 4,070 4,763 3,716 5,538 6,849
Adjusted PAT 4,070 4,763 3,716 5,538 6,849
Balance Sheet
Equity share capital 1,269 1,269 1,269 1,269 1,269
Reserves & surplus 20,158 24,200 27,421 32,222 38,159
Net worth 21,427 25,469 28,690 33,490 39,427
Minority Interest 0 0 0 0 0
Loan Funds 0 0 0 0 0
Net deferred tax liability (344) (375) (375) (375) (375)
Total Liabilities 21,083 25,094 28,315 33,115 39,052
Net block 5,082 7,089 7,270 6,967 6,376
Investment 6,563 5,506 5,506 5,506 5,506
Current Assets 24,668 30,026 32,799 41,381 50,622
Cash & bank balance 10,537 12,742 17,105 22,614 29,455
Other Current Assets 1,038 1,115 1,096 1,312 1,481
Current liabilities & Provision 15,664 17,968 17,700 21,179 23,892
Net current assets 9,004 12,059 15,099 20,202 26,730
Misc. exp 0 0 0 0 0
Total Assets 21,083 25,094 28,315 33,115 39,052
Cash Flow
PBT (Ex-Other income) (NI+Dep) 5,218 5,242 3,823 5,852 7,109
Other Non-Cash items 0 0 0 0 0
Chg in working cap 49 (881) 1,323 406 313
Operating Cashflow 4,025 3,802 5,550 6,227 7,079
Capital expenditure (1,839) (3,308) (1,626) (1,309) (1,129)
Free Cash Flow 2,186 495 3,924 4,918 5,950
Investments (2,000) 1,058 0 0 0
Other Investing Cash Flow 173 243 0 0 0
Investing Cashflow (2,619) (720) (483) 239 915
Equity Capital Raised 0 0 0 0 0
Loans Taken / (Repaid) 0 0 0 0 0
Dividend paid (incl tax) (612) (765) (495) (738) (912)
Other Financing Cash Flow 9,834 10,623 12,742 17,105 22,614
Financing Cashflow 9,131 9,659 12,038 16,149 21,461
Net chg in cash 10,537 12,742 17,105 22,614 29,455
Opening cash position 9,750 10,537 12,742 17,105 22,614
Closing cash position 10,537 12,742 17,105 22,614 29,455
Key Ratios
Profitability (%) FY19 FY20 FY21E FY22E FY23E
EBITDA Margin 11.9 11.2 9.3 10.9 11.4
EBIT Margin 9.8 9.1 6.8 8.6 9.2
Effective Tax Rate 35.0 27.0 25.2 25.2 25.2
Net Margin 7.5 7.9 6.3 7.9 8.6
ROCE 32.8 29.1 19.4 24.8 26.0
ROE 20.7 20.3 13.7 17.8 18.8
RoIC 161.1 109.3 69.1 123.7 179.1
Per Share Data (Rs) FY19 FY20 FY21E FY22E FY23E

EPS 32.1 37.5 29.3 43.7 54.0
CEPS 40.9 47.7 40.7 56.4 67.5
BVPS 168.9 200.7 226.1 264.0 310.8
DPS 4.0 5.0 3.9 5.8 7.2
Valuations (x) FY19 FY20 FY21E FY22E FY23E

PER 76.2 65.1 83.5 56.0 45.3
P/CEPS 59.8 51.2 60.1 43.4 36.2
P/BV 14.5 12.2 10.8 9.3 7.9
EV / Sales 5.5 4.9 4.9 4.0 3.5
EV / EBITDA 45.9 43.6 52.8 36.9 30.5
Dividend Yield (%) 0.2 0.2 0.2 0.2 0.3
Gearing Ratio (x) FY19 FY20 FY21E FY22E FY23E

Net Debt/ Equity (0.7) (0.6) (0.7) (0.8) (0.8)
Net Debt/EBIDTA (2.4) (2.5) (3.8) (3.4) (3.7)
Working Cap Cycle (days) (10.4) (4.2) (12.4) (12.5) (12.5)
Growth (%) FY19 FY20 FY21E FY22E FY23E

Revenue 11.7 11.0 (1.7) 19.7 12.9
EBITDA 14.7 4.9 (18.7) 40.3 18.0
EBIT 15.8 2.5 (25.9) 50.6 21.1
PAT 16.1 17.0 (22.0) 49.0 23.7
Quarterly (Rs mn) Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21

Revenue 12,712 13,536 10,271 15,995 14,940
EBITDA 897 1,370 466 1,812 1,006
EBITDA Margin (%) 7.1 10.1 4.5 11.3 6.7
PAT 732 874 165 1,286 644
EPS (Rs) 5.8 6.9 1.3 10.1 5.1
Shareholding Pattern (%) Dec-19 Mar-20 Jun-20 Sep-20 Dec-20

Promoters 75.0 75.0 75.0 75.0 75.0
FIIs 4.3 3.8 3.5 3.5 3.4
DIIs 9.9 10.6 11.3 11.2 11.3
Public and Others 10.8 10.6 10.3 10.3 10.4
Source: Capitaline
RECOMMENDATION HISTORY TABLE RECOMMENDATION HISTORY CHART
Closing Period BUY Hold Sell

Date TP Rating Analyst Accumulate Reduce Price
Price (months) Target Price
2700
02-Nov-20 2,051 2,200 12m Hold Naval Seth 2416
2132
06-Aug-20 2,099 2,000 12m Hold Naval Seth
1848
19-Jun-20 2,045 1,885 12m Hold Naval Seth 1564
1280
07-Aug-18
06-Aug-19
04-Aug-20
06-Feb-18
05-Feb-19
04-Feb-20
02-Feb-21
07-Apr-20 1,819 1,885 12m Hold Naval Seth
03-Apr-20 1,792 1,885 12m Hold Naval Seth

Source: Bloomberg, Company, Emkay Research
16-Mar-20 2,051 2,700 12m Buy Naval Seth
13-Feb-20 2,271 2,700 12m Buy Naval Seth
07-Feb-20 2,529 2,700 12m Buy Naval Seth
16-Dec-19 2,253 2,700 12m Buy Naval Seth
28-Nov-19 2,192 2,700 12m Buy Naval Seth
23-Sep-19 1,854 1,752 12m Hold Naval Seth
11-Sep-19 1,657 1,293 12m Sell Naval Seth
13-Aug-19 1,529 1,293 12m Sell Naval Seth
13-Jun-19 1,545 1,293 12m Sell Naval Seth
25-May-19 1,375 1,293 12m Sell Naval Seth
20-May-19 1,417 1,293 12m Sell Naval Seth
23-Apr-19 1,397 1,293 12m Sell Naval Seth
08-Apr-19 1,464 1,293 12m Sell Naval Seth
14-Mar-19 1,601 1,293 12m Reduce Naval Seth
08-Feb-19 1,430 1,293 12m Reduce Naval Seth
21-Jan-19 1,476 1,293 12m Reduce Naval Seth
Emkay Alpha Portfolio – Consumer Durables

EAP sector portfolio
BSE200 EAP OW/UW OW/UW EAP Weight
Company Name
Weight Weight (%) (bps) (Normalised)
Consumer Durables 0.98 0.98 0% 0 100.00
Amber Enterprises 0.00 0.00 NA 0 0.00
Blue Star 0.00 0.00 NA 0 0.00
Crompton Greaves CE 0.23 0.25 7% 2 25.30
Dixon Technologies 0.00 0.02 NA 2 2.02
Havells India 0.34 0.32 -5% -2 32.86
KEI Industries 0.00 0.00 NA 0 0.00
Polycab India 0.03 0.03 5% 0 3.03
V-Guard Industries 0.00 0.00 NA 0 0.00
Voltas 0.28 0.27 -5% -1 27.10
Whirlpool Of India 0.10 0.09 -5% 0 9.68
Cash 0.00 0.00 NA 0 0.00
Analyst: Naval Seth
* Not under coverage: Equal Weight
Contact Details
naval.seth@emkayglobal.com  High Conviction/Strong Over Weight  High Conviction/Strong Under Weight
+91 22 66242414
Sector portfolio NAV
Sector Base Latest
Consumer Durables, Media & 1-Apr-19 5-Feb-20 5-Aug-20 4-Nov-20 4-Jan-21 3-Feb-21
Entertainment, SMID and Telecom
EAP - Consumer Durables 100.0 109.5 100.6 122.7 146.1 167.9
Analyst bio
BSE200 Neutral Weighted Portfolio (ETF) 100.0 103.6 93.1 113.5 133.9 154.2
Naval holds an MBA in Finance and has *Performance measurement base date 1st April 2019
more than 12 years of experience in Source: Emkay Research
equity research. His team currently Price Performance (%)
covers 19 stocks spread across three 1m 3m 6m 12m
different sectors.
EAP - Consumer Durables 14.9% 36.9% 66.9% 53.4%
BSE200 Neutral Weighted Portfolio (ETF) 15.2% 35.8% 65.5% 48.8%
NAV chart
NAV
170
150
130
110
90
70
Apr-19 Jun-19 Sep-19 Dec-19 Mar-20 May-20 Aug-20 Nov-20 Feb-21
EAP - Consumer Durables BSE200 Neutral Weighted Portfolio (ETF)

Please see our model portfolio (Emkay Alpha Portfolio): Nifty
Please see our model portfolio (Emkay Alpha Portfolio): SMID

“Emkay Alpha Portfolio – SMID and Nifty are a supporting document to the Emkay Alpha
Portfolios Report and is updated on regular intervals”
Emkay Rating Distribution

Ratings Expected Return within the next 12-18 months.
BUY Over 15%
HOLD Between -5% to 15%
SELL Below -5%
Completed Date: 05 Feb 2021 02:13:42 (SGT)

Dissemination Date: 05 Feb 2021 02:14:42 (SGT)
Sources for all charts and tables are Emkay Research unless otherwise specified.
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Whirlpool of India

India Equity Research | Consumer Durables

Refer to important disclosures at the end of this report

Margin performance unsatisfactory! Rs 2,445

(Rs mn) FY19 FY20 FY21E FY22E FY23E Source: Bloomberg

21000 40.0% 90000 25%

3200 50.0% 11000 80.0%

2200 0.0% (Rs mn) 40.0%

53% 42% 40%

Gross Margin EBITDA Margin Gross Margin EBITDA Margin

Source: Company, Emkay Research Source: Company, Emkay Research

Exhibit 7: FCF set to post gradual improvement

Exhibit 8: Actual vs Estimates (Q3FY21)

Exhibit 9: Quarterly financial highlights

Margins (%) (bps) (bps) (bps)

Exhibit 10: Estimate changes

Exhibit 13: 1-year forward EV/EBITDA band

Source: Company, Emkay Research

Key Financials (Consolidated)

Per Share Data (Rs) FY19 FY20 FY21E FY22E FY23E

Valuations (x) FY19 FY20 FY21E FY22E FY23E

Gearing Ratio (x) FY19 FY20 FY21E FY22E FY23E

Growth (%) FY19 FY20 FY21E FY22E FY23E

Quarterly (Rs mn) Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21

Shareholding Pattern (%) Dec-19 Mar-20 Jun-20 Sep-20 Dec-20

RECOMMENDATION HISTORY TABLE RECOMMENDATION HISTORY CHART

Closing Period BUY Hold Sell

02-Nov-20 2,051 2,200 12m Hold Naval Seth 2416

19-Jun-20 2,045 1,885 12m Hold Naval Seth 1564

03-Apr-20 1,792 1,885 12m Hold Naval Seth

16-Mar-20 2,051 2,700 12m Buy Naval Seth

13-Feb-20 2,271 2,700 12m Buy Naval Seth

07-Feb-20 2,529 2,700 12m Buy Naval Seth

16-Dec-19 2,253 2,700 12m Buy Naval Seth

28-Nov-19 2,192 2,700 12m Buy Naval Seth

19-Nov-19 2,280 2,700 12m Buy Naval Seth

10-Nov-19 2,199 2,700 12m Buy Naval Seth

23-Sep-19 1,854 1,752 12m Hold Naval Seth

11-Sep-19 1,657 1,293 12m Sell Naval Seth

13-Aug-19 1,529 1,293 12m Sell Naval Seth

13-Jun-19 1,545 1,293 12m Sell Naval Seth

25-May-19 1,375 1,293 12m Sell Naval Seth

20-May-19 1,417 1,293 12m Sell Naval Seth

23-Apr-19 1,397 1,293 12m Sell Naval Seth

08-Apr-19 1,464 1,293 12m Sell Naval Seth

14-Mar-19 1,601 1,293 12m Reduce Naval Seth

08-Feb-19 1,430 1,293 12m Reduce Naval Seth

21-Jan-19 1,476 1,293 12m Reduce Naval Seth

Source: Company, Emkay Research

Emkay Alpha Portfolio – Consumer Durables

EAP - Consumer Durables BSE200 Neutral Weighted Portfolio (ETF)

Please see our model portfolio (Emkay Alpha Portfolio): Nifty

Please see our model portfolio (Emkay Alpha Portfolio): SMID

Emkay Rating Distribution

Completed Date: 05 Feb 2021 02:13:42 (SGT)

GENERAL DISCLOSURE/DISCLAIMER BY EMKAY GLOBAL FINANCIAL SERVICES LIMITED (EGFSL):

ANALYST CERTIFICATION BY EMKAY GLOBAL FINANCIAL SERVICES LIMITED (EGFSL)

COMPANY-SPECIFIC / REGULATORY DISCLOSURES BY EMKAY GLOBAL FINANCIAL SERVICES LIMITED (EGFSL):