Whirlpool hits life-time high as strong growth forecast

MUMBAI: Shares of Whirlpool of India surged to life-time high after the management forecasted strong growth for next three years in its analysts meet.

The management has ambitious target of growing revenue 2.5 times in next three years, a 35 per cent CAGR over FY14-FY17E with focus on profitability.

It expects to achieve it by gaining market share, focus on volume, aggressive product launches in refrigerator/washing machine, strong innovations, new products for AC/Water purifier etc.

It reported volume growth of 10 per cent in 1HFY15 and is confident of continuation of healthy growth.

The company reported a net profit of Rs 40.72 crore during July-September quarter as compared to a net profit of Rs 16.54 crore in year-ago period.

Net sales increased to Rs 709.14 crore in quarter ended September from Rs 568.48 crore in the corresponding quarter last fiscal.

At 09:50 a.m.; the stock was at Rs 609.35, up 14.11 per cent, on the BSE. It hit life-time high and hit 20 per cent upper circuit at Rs 640.80 briefly in the trade.