Whirlpool of India posted a consolidated net profit of ₹134.67 crore in the quarter ended September 30, up 4.64 per cent. The company had posted a consolidated net profit of ₹128.70 crore in the corresponding period of the previous fiscal. Consolidated revenue from operations stood at ₹1,599.47 crore, up 14.78 per cent in the quarter under review.

The company said that tax expenses for the period, and consequently the profit after tax, was not comparable with the corresponding period in the previous fiscal. In a BSE filing, Whirlpool India said that it “had decided to exercise the option permitted under section 115BAA of the Income Tax Act, 1 961... which contributed to increase in profit after tax by ₹19.80 crore during the quarter ended September 30, 2019.”

In a statement, Vishal Bhola, Managing Director, Whirlpool of India, said that the quarter saw a strong revenue and profit delivery on the back of a healthy double-digit volume growth combined with market share gains.

“We are seeing strong, sustained recovery across most of the categories we operate in. Based on the experience of our Onam sales, we are confident of the demand trajectory rising and expect a good festive season ahead. With people spending more time at home, we are seeing them go that extra mile to upgrade their appliances. We are optimistic about the short and medium term industry growth,” he added.

Arvind Uppal, Chairman, Whirlpool of India, said that the company remains optimistic about the future and that it is executing well across all financial levers.

Published on November 2, 2020