Shantanu Dasgupta, vice president-corporate affairs and strategy-Asia South, Whirlpool says despite the period of contraction seen in demand over the past few months, the festive demand has been relatively positive.
In an interview to CNBC-TV18, Dasgupta says the demand hasn't been as good as the kind seen in 2010, but in comparison to 2012 levels, there has been a slight pickup.
Also read: Flipkart probe scare may not deter online Diwali sale fests
Furthermore, Dasgupta adds that ecommerce websites should only be treated like yet another channel to drive sales and discounts offered by it should be transparent.
"There's a lot for the consumers to benefit from these online sales. No one is adversely affected by it. There should be transparency and a choice given to companies whether they want to participate in it or not," he explains.
Below is the verbatim transcript of Shantanu Dasgupta's interview with Anuj Singhal & Ekta Batra on CNBC-TV18.
Ekta: First can you just start by telling us what the trends have been on the ground, this is even pre-festive season have you seen a pick up in volumes in your white goods?
A: We have seen a period of contraction which is in August after a very prolonged summer and the summer therefore worked very well for the industry particularly for the refrigerators and air-conditioners. However, there was an expected dip in the July-September quarter really during monsoon period which is expected. We were sort of looking forward to see how the festive season picks up. The festive season demand relatively speaking has been positive remember I am comparing it with last year or the last couple of years when the demand situation was quite bleak.
Clearly we are not seeing that kind of demand as we witnessed in 2009 and 2010 which is the period before the slowdown actually set in. So we have seen almost three years of very stagnant or declining demand. So relative to last year or 2012 the signs are positive but its no where close to what we have seen in 2010.
Anuj: Before I talk about the other aspects of business I just wanted your thoughts on an important issue what's being happening over last few days with the online sales and the kind of steep discounts that are being offered and the companies have also put in their say. Where do you stand? Where does Whirlpool stand in this whole issue?
A: E-commerce outlets are another channel and has to be treated as such. What they have run is an offer to consumers or to benefit consumers for one day in the year. We personally as a company have not been adversely affected probably because we knew what we were putting out to sell and the duration and whether it would or would cause a conflict with the trade or not. So in summary Whirlpool's position is that this is going to be run once a year if there is transparency or what products that they would offer discounts on or what is the level of discounts they would offer and if there is democracy in the sense whether if companies want to participate they would and if they don't they would not.
If there is that level of transparency then it will work for the benefit of everybody. Perhaps because this is the first time this is been run perhaps some brands were taken aback buy the discounts that were offered and particularly if it was not known to them or it was not agreed with them then they could have been some cause for acrimony or discomfort.
With regard to Whirlpool I have just read our position. We would like to see a situation where such discounts or such schemes are being offered let say once a year. Then the scheme is discussed with us that we collaborate on this we agree or disagree to participate and we carry on the relationship for the rest of the year as it is which selling at normal prices. It is important for the better part of the year to maintain a hygiene on pricing. It is very disruptive if products are available in a shop or a channel and at substantially lower or higher price then what is the norm? And hence they could be reason for discomfort if this is not well managed.
However coming back to whirlpool we have not had reasons to complain this year probably we managed it quite well.
Whirlpool stock price
On October 13, 2014, at 14:05 hrs Whirlpool of India. was quoting at Rs 431.25, down Rs 0.15, or 0.03 percent. The 52-week high of the share was Rs 504.80 and the 52-week low was Rs 153.55.
The company's trailing 12-month (TTM) EPS was at Rs 12.32 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 35. 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 7.39.
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