Companies

Whirlpool India Q1 profit falls 92% to ₹16 cr

Our Bureau New Delhi | Updated on August 06, 2020 Published on August 06, 2020

Whirlpool India said its performance in the first quarter was impacted by the Covid--induced lockdown in April-May period   -  REUTERS

Whirlpool of India, a subsidiary of Whirlpool Corporation, posted a consolidated net profit of ₹15.75 crore in the first quarter ended June 30, down 91.82 per cent compared to ₹192.67 crore in the corresponding quarter previous fiscal.

The company said its performance in the first quarter was impacted by the Covid--induced lockdown in April-May period but that it witnessed strong recovery in demand in June.

In a statement, Vishal Bhola, Managing Director, Whirlpool of India Ltd, said that the lockdown severely impacted the company’s sales in the peak summer months of April and May. “Once markets opened up, there was a strong comeback in June with all our categories showing healthy double-digit competitive growth over last year. Whirlpool launched a slew of innovations in the quarter...We feel confident that Whirlpool will continue its momentum as markets stabilise over the next few months,” he added.

Total income, in the quarter under review, stood at ₹1,041.24 crore, down 47.98 per cent, as against ₹2,001.63 crore in the corresponding quarter previous fiscal

Arvind Uppal, Chairman, Whirlpool of India Ltd, said the company has announced a profit despite the lockdown this quarter. “Whirlpool has executed extremely well in the face of significant challenges on several fronts. We believe the home appliance industry will be one of the gainers in the current market and remain confident about our business going forward,” he added.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on August 06, 2020
This article is closed for comments.
Please Email the Editor