Whirlpool of India’s Q3 consolidated net profit down 38% to Rs 44 crore

Durable consumer goods maker Whirlpool of India Ltd on Thursday reported a 38.1% drop in its consolidated net profit to Rs 44.19 crore for the December 2021-22 quarter due to lower demand and inflation of input costs.

The company had posted a net profit of Rs 71.36 crore for the period a year ago, Whirlpool of India, a subsidiary of Whirlpool Corporation, said in a regulatory filing.

However, operating revenue increased to Rs 1,541.95 crore in the quarter under review from Rs 1,493.98 crore in the same period a year ago.

Earnings were down “due to lower industry demand, unprecedented cost inflation and the one-time amortization of the inventory increase gain on the acquisition, the impact of which was significantly mitigated by increased pricing and cost productivity measures,” Whirlpool of India said in a post-earnings statement.

Total expenditure was Rs 1,498.60 crore compared to Rs 1,435.29 crore a year ago.

Our results this quarter showed revenue growth of 3.2% as volumes were impacted by weak industry demand versus a strong comparator the prior year. We faced unprecedented cost inflation, the impact of which was significantly mitigated by calibrated price increases and cost productivity measures. Revenue growth is expected to pick up throughout the year as the economy opens up, chief executive Vishal Bhola said.

Whirlpool of India Ltd shares settled at Rs 1,790.30 apiece on Thursday on BSE, up 0.76% from the previous close.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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