Whirlpool Q1 net jumps 26 percent to Rs 65 crore

Home appliances maker Whirlpool of India reported 26.44 percent increase in its net profit for the quarter ended June 30, 2012 at Rs 64.55 crore on account of better sales across all segments.

The company had posted a net profit of Rs 51.05 crore in the corresponding period last year, Whirlpool of India said in a statement. The net income during the first quarter also went up by 9.80 percent to Rs 893.94 crore from Rs 814.13 crore in the year-ago period, it added.

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“The company’s strong position across customer segments resulted in sales volume growth of more than 5 per cent during the quarter, bucking the trend of a declining market,” Whirlpool of India said.

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Commenting on the numbers, Whirlpool of India Chairman and MD Arvind Uppal said: “It is indeed a matter of immense pride that we have posted our best ever quarterly results at a time when there are significant headwinds confronting our industry.”

The company continues to remain debt-free and is generating healthy cash and puts in this investment to improve its product offerings, he added.

“With new products on the anvil and continued focus on cost productivity and efficiency, we are cautiously optimistic of growing ahead of the market in the quarters to follow,” Uppal said.

Shares of Whirlpool of India were trading 4.30 percent up at Rs 229.05 apiece on the BSE.

PTI