Whirlpool of India Q3 Net up 48% at Rs 31.54 crore

Consumer durables firm Whirlpool of India is targeting up to 15 percent revenue growth in the current fiscal on the back of new launches and sale of higher value products.

New Delhi: Consumer durables firm Whirlpool of India is targeting up to 15 percent revenue growth in the current fiscal on the back of new launches and sale of higher value products.

Meanwhile, the company today reported a 48.42 percent increase in its net profit at Rs 31.54 crore for the third quarter ended December 31, 2014 as against Rs 21.25 crore in the same period last fiscal.

"We are targeting 10-15 percent growth in turnover this fiscal. We will be able to grow on the back of new products and rich mix of products. Some of our higher end products like frost free refrigerators are doing extremely well," Whirlpool of India Vice-President (Corporate Affairs and Strategy, Asia South) Shantanu Das Gupta told PTI.

He further said: "Demand is expected to pick up going forward and Whirlpool will continue to invest in new product development."

During the third quarter ended December 31, 2014, Whirlpool's net sales stood at Rs 689.99 crore as against Rs 647.15 crore in the third quarter last fiscal.

Commenting on the results, Whirlpool of India Chairman and President Asia Pacific, Whirlpool Corporation Arvind Uppal said: "Improved product mix and cost productivity helped offset the softness in demand post Diwali. The drop in raw material prices augurs well for the industry and we remain optimistic about the future outlook."

Whirlpool has focused on growing its presence in the premium end and its business in built-in appliances, sold through the kitchen manufacturer channel, is now available in 250 outlets across the country.

It is also developing plans to expand its air conditioner, microwave and water purifier businesses, the company said.

Shares of Whirlpool of India closed at Rs 674.45 per scrip at the end of day's trade, down 6.41 percent from their previous close on the BSE.

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