Whirlpool of India, a subsidiary of Whirlpool Corporation, the world’s leading home appliance company, said its first-quarter revenue grew by 4.6% to Rs. 1,100.3 Cr.
Profit after Tax at Rs. 98.1 Cr. was higher by 18.2% over the same quarter last year.
EBITDA margin at 14.8% was better by 1.6 points than the corresponding quarter of the previous fiscal. The company had cash surplus of Rs 770 Cr, its highest ever.
“We have started the year well despite a weak business environment especially in semi urban and rural markets,” said Arvind Uppal, Chairman Whirlpool of India Limited and President Asia Pacific, Whirlpool Corporation.
“This quarter was also adversely impacted by heavy rains in June. We continue to see improvement in margins on account of cost, productivity and improved mix and expect demand to improve in the coming festival season. We remain optimistic about the future.”
Whirlpool recently launched a new range of fully automatic washing machines called Stainwash and is preparing to introduce a path breaking product in water purifiers.
It has also increased its in-shop presence across the country, with the intention of growing categories such as Water Purifiers and Microwaves. Its premium Built In appliances, sold through the kitchen manufacturer channel, is also expanding its footprint across the country.
Whirlpool was recently recognized as being amongst the top employers in India.