Moneycontrol
Last Updated : Nov 02, 2018 03:53 PM IST | Source: Moneycontrol.com

Whirlpool Q2 net profit up 7%

The company said that they have acquired 49 percent in Elica PB in September 2018

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White goods maker Whirlpool posted a 7 percent year-on-year (YoY) increase in its September quarter net profit at Rs 78.55 crore. Revenue from operations was flat at Rs 1,181.50 crore, up 1.8 percent on-year.

Sales of appliances has been under pressure from the rupee depreciation, fuel price increase as well as the customs duty hike. This forced white goods makers to increase prices by 5-10 percent, directly impacting sales.

Sunil D’Souza, Managing Director, Whirlpool India said that while the high post goods and services tax (GST) base effect of last year and the shift in Diwali timings were known challenges for growth in the quarter.

"We also had some unexpected headwinds in the form of floods during Onam and the depreciation of the Indian Rupee. In the short term, we expect to see a volatile environment and some cost headwinds but we remain confident in our team’s ability to tackle these challenges," he added.

Whirlpool said that the board has approved Arvind Uppal as the non-executive chairman of the board from January 1, 2019. The company said that they have acquired 49 percent in Elica PB in September 2018.

Uppal said that they are pleased with the results given the number of headwinds faced this quarter which impacted both cost and demand.

In June 2018, Whirlpool India had announced a proposal to enter into a strategic joint venture with Elica and acquire 49 percent equity in Elica PB India. As part of the joint venture, Elica PB India will manufacture and distribute cooking and built-in appliances under the Whirlpool brand.
First Published on Nov 2, 2018 01:54 pm
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