Whirlpool of India Q2 net profit rises 40% to Rs53.5 cr on higher volume
Driven by strong volume growth and cost-cutting. Revenue rose 12.58% to Rs1,713 cr, with premium product sales boosting value. Expenses grew 12.35% to Rs1,688.95 cr. The company saw gains in refrigerators and washers despite a flat industry trend
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New Delhi: Consumer durable maker Whirlpool of India Ltd on Friday reported a 40.13 per cent rise in its consolidated net profit to Rs 53.53 crore in the September 2024 quarter, helped by volume growth and cost productivity actions. The company posted a net profit of Rs 38.20 crore during the July-September quarter of the previous fiscal, Whirlpool of India, a subsidiary of Whirlpool Corporation, said in a regulatory filing. Its revenue from operations was 12.58 per cent higher at Rs 1,713 crore during the quarter under review. The same was Rs 1,521.56 crore a year ago. "Revenue growth was driven by strong volume share growth in Refrigerators and Washers compared to last year as well as more premium product mix driving value growth," said Whirlpool of India in its earning statement. Moreover, its profit improvement was driven by "volume growth, cost productivity actions", leading to better margins and an improved mix of premium and high-margin portfolios. Whirlpool of India's total expenses rose 12.35 per cent to Rs 1,688.95 crore in the July-September period. The total income of Whirlpool of India, which includes other income, grew 13.3 per cent to Rs 1,762.32 crore during the reported quarter. Its Managing Director Narasimhan Eswar said: "We continue to deliver strong and profitable share growth, which is in line with our long-term strategy, while the overall industry for refrigerators and washers was flattish in Q2". Shares of Whirlpool of India Ltd settled 1.65 per cent lower at Rs 2,041.65 apiece on the BSE.
