Whirlpool of India Q1 Results: Profit rises over 3-fold to Rs 84.6 crore; revenue jumps 55%

Consumer durables firm Whirlpool of India Ltd on Monday reported a three-fold jump in consolidated net profit at Rs 84.58 crore for the quarter ended June 2022, helped by price-led sales growth. The company had posted a net profit of Rs 25.51 crore during the April-June period of the previous fiscal, Whirlpool of India, a subsidiary of Whirlpool Corporation, said in a regulatory filing.

Its revenue from operations rose 55.22 per cent to Rs 2,081 crore on a lower base of the pandemic-impacted corresponding quarter of FY22.

In the year-ago period, Whirlpool of India's revenue from operations stood at Rs 1,340.61 crore.

Top-line growth this quarter was "on the back of significant price increases taken earlier", it said in an earnings statement.

The company's Managing Director Vishal Bhola said, "It was a strong start to the year with robust revenue growth of 55 per cent and PAT growth of 230 per cent although on a low Covid-impacted quarter. The industry showed good recovery in mid and premium while the entry segment was muted with inflation putting stress on consumer spending."

Whirlpool of India's total expenses were at Rs 1,998.60 crore, up 51.18 per cent compared to Rs 1,321.92 crore a year ago.

"We remain confident in Whirlpool's ability to successfully navigate through what is likely for some time to be a volatile external environment," Bhola added.

Shares of Whirlpool of India Ltd on Monday settled at Rs 1,801 apiece on BSE, up 0.66 per cent from the previous close.