CRISIL has reaffirmed 'AA-/Stable' ratings on the bank facilities of Whirlpool of India (WoIL). The rating continue to reflect its strong financial risk profile, established market position in the home appliances segment in India, and the support from its parent, US-based Whirlpool Corporation (Whirlpool Corp; rated 'BBB/Stable', by Standard & Poor's).

These rating strengths are partially offset by WoIL's susceptibility to volatility in input prices, to cyclical demand, and to intense competition across its product categories.

Notwithstanding the intense competition across the home appliance product segments, CRISIL believes that WoIL will sustain its operating performance over the medium term, supported by the sustenance of market share in key segments. The company's financial risk profile is expected to remain strong over the period, given its healthy cash accruals and the absence of debt-funded capex.

The outlook may be revised to 'Positive' if WoIL improves and sustains its market share and profitability, and maintains its robust financial risk profile. Conversely, the outlook may be revised to 'Negative' if WoIL's operating income and profitability decline significantly; or its capital structure and debt protection metrics deteriorate due to sizeable debt-funded capex or cash outflows to its parent.

Shares of the company declined Rs 9.65, or 3.99%, to settle at Rs 232.20. The total volume of shares traded was 14,236 at the BSE (Thursday).