One of the oldest and well-known home & kitchen appliance firms, Whirlpool has recently grabbed a hike of 39.15 percent in its standalone net profit at 43.89 cr for the December quarter. This hike was pushed by heavy customer demand during the festive season.
As per Whirlpool, it had posted a net profit of 31.54 cr during the same quarter in the year-ago period.
Its net sales on standalone basis scaled up to 39.15 per cent during the third quarter to 762.88 cr as against 689.99 cr in the corresponding period of the last fiscal.
“Higher sales fuelled by festival demand and better cost productivity contributed to the quarter’s results. The company continues to remain debt free and cash positive with a surplus of 794 cr,” the company said.
“New product launches and superior go-to-market execution in the festive season contributed to the results. We are gearing up for the ensuing summer during which we plan to launch new models in refrigerators and aggressively grow our air conditioner business by increasing numeric reach for this category,” said Sunil D’ Souza, MD, Whirlpool.
During the quarter, finished goods, spare parts and fixed assets worth 14.91 cr lying at its warehouse in Chennai got destroyed on account of floods, the company said.
It further said, “The inventory and fixed assets were fully insured and the management expects that the loss is recoverable from the insurer net-off of estimated deduction of lakh as per the insurance terms which have been shown as an extraordinary item in the accompanying results.”