Whirlpool of India posts quarterly earnings at Rs64.6 crore

Whirlpool of India, a subsidiary of the US-based Whirlpool Corp, yesterday announced its highest-ever first quarter earnings of all time at Rs64.6 crore net profit, posting a 26.5 per cent growth.

Whirlpool India's turnover was up at Rs893 crore, a growth of 9.8 per cent over Rs814 crore of the corresponding period last fiscal. The company reported sales volume growth of over 5 per cent during the quarter, across customer segments bucking the declining market trend.

According to Arvind Uppal, chairman and managing director at Whirlpool of India Limited, the strong performance in the first quarter was proof of the company's adaptability to different economic conditions.

He said the results reaffirmed the company's belief that innovation and cost were two drivers that should not be lose sight of by companies. He added, Whirlpool continued to remain debt-free, and generate healthy cashflows, which were ploughed back into investment to improve its product offerings.

He added, with new products on the anvil and continued focus on cost, productivity and efficiency, Whirlpool was cautiously optimistic of growing ahead of the market in the quarters to follow.
 
He said, the company had been rolling out new models across six key categories - refrigerators, washing machines, air-conditioners, microwave, water purifiers and built-in kitchen appliances.