Whirlpool grows profit by 97% in second quarter despite tough market condition

KOLKATA: Whirlpool of India, a subsidiary of American white goods maker Whirlpool Corporation, posted 97% jump in its net profit at Rs 28.4 crore for the July-September quarter over the same period last year. The company's boost in profitability came on back of a 10.8% jump in net sales at Rs 611.17 crore over the corresponding period last fiscal.

Whirlpool attributed the strong performance to its innovation R&D which led to launch of several new products, thereby over-performing a declining market.

Whirlpool of India chairman and managing director Arvind Uppal said the good performance under difficult market conditions is to due to the relentless focus on innovation and cost.

""The new products we launched this summer have grown our share and strengthened our market presence. With the festive season upon us and more new products in the offing, we are optimistic of growing our market share as we go forward,"" Uppal said.

In April, Whirlpool launched a portfolio of new products across categories followed by new launches in frost-free refrigerators and top-load washing machines in August.

""The new portfolio expands Whirlpool's presence across multiple categories and the launch of products in premium and super premium price segments is an indicator of the opportunity we see in India,"" said Uppal.

The stock market did not cheer the results, as the Whirlpool share price on Tuesday fell by 2.11% on the Bombay Stock Exchange to close at Rs 249.95.