Companies

Whirlpool India Q4 standalone net profit down 16%

Our Bureau New Delhi | Updated on June 18, 2020 Published on June 18, 2020

Consumer appliances company Whirlpool of India Ltd. posted a standalone net profit of ₹87.4 crore in the quarter ended March 31, down 16 per cent, as against ₹104.1 crore in the corresponding quarter in the previous fiscal. The total income from operations was flat at ₹1,379.3 crore in the quarter under review.

The company attributed the drop in profit to lockdown, which was imposed in the later part of March due to the Covid-19 outbreak.

For the full year of FY 2019-20, the company's standalone net profit grew by 17 per cent to ₹476.3 crore. Total income from operations was up 11.2 per cent to ₹6,121.2 crore.

In a statement, Arvind Uppal, Chairman, Whirlpool of India said: “As expected, the lockdown has adversely impacted what was expected to be a very healthy quarter. On a full year basis, Whirlpool has had an outstanding year as we continued to perform well on key financial levers. While the full extent of this pandemic still remains uncertain, given the nature of home appliance industry, we remain optimistic that our business will bounce back sooner rather than later."

Vishal Bhola, Managing Director, said: “Both top and bottom line were significantly impacted as we were not able to produce or sell in the last 10 days of March. Pre-lockdown we had a very strong momentum going our way. Our new launches in the quarter were well accepted in the market."

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Published on June 18, 2020
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