Whirlpool of India records highest ever net profit

KOLKATA: Whirlpool of India, a subsidiary of the US-based Whirlpool Corp, on Monday announced its highest-ever first quarter earnings of all time at Rs 64.6 crore net profit, a growth of 26.5%.

Whirlpool India's turnover grew to Rs 893 crore, a growth of 9.8% over Rs 814 crore recorded in the corresponding period last fiscal. The company reported sales volume growth of more than 5% during the quarter across customer segments bucking the trend of a declining market.

Arvind Uppal, chairman and managing director at Whirlpool of India Limited said the strong performance in the first quarter is a proof of the company's adaptability to different economic conditions.

"This reiterates our belief that innovation and cost are two drivers that one should never lose sight of. We continue to remain debt-free, generate healthy cash and plough this into investment behind improving our product offerings.

With new products on the anvil, and continued focus on cost productivity and efficiency, we are cautiously optimistic of growing ahead of the market in the quarters to follow," said Uppal. The company has been rolling out new models across six key categories - refrigerators, washing machines, air-conditioners, microwave, water purifiers and built-in kitchen appliances.