Consumer electronics firm Whirlpool of India on Thursday reported 63.82 percent increase in consolidated net profit at Rs 128.7 crore.
The company had posted a consolidated net profit of Rs 78.56 crore in the year-ago quarter, Whirlpool of India said in a regulatory filing. Revenue from operations during the quarter under review stood at Rs 1,393.46 crore as against Rs 1,181.5 crore in the corresponding period last year, a growth of 17.94 percent.
Commenting on the financial performance, Whirlpool of India Chairman Arvind Uppal said, “This was another strong quarter where we continued to perform ahead of industry with strong execution across all levers.” He further said, “There is a softening in consumer demand but we see this as temporary and remain optimistic about the future. Profits were boosted by corporate tax reduction.”
On the outlook, Whirlpool of India Managing Director Sunil D’Souza said, “While we do see the short term headwinds continuing to put pressure on industry growth in the near term, we remain confident of delivering industry beating growth and strengthening our position to take advantage of the long term India opportunity.”―The Hindu Business Line