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

Consumer durables maker Whirlpool of India Ltd on Thursday reported 38.1 per cent decline in consolidated net profit at Rs 44.19 crore for December quarter 2021-22 on account of lower demand and input cost inflation.

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

However, revenue from operations was up at Rs 1,541.95 crore during the quarter under review as against Rs 1,493.98 crore in the same period a year ago.

The profit was down "due to lower industry demand, unprecedented cost inflation and one-time amortisation of inventory step up gain on acquisition, the impact of which was substantially mitigated by price increase and cost productivity actions, said Whirlpool of India in a post earning statement.

Total expenses were at Rs 1,498.60 crore as against Rs 1,435.29 crore a year ago.

Our results this quarter showed a topline growth of 3.2 per cent with volumes getting impacted by a muted industry demand against a high comparator the previous year. We faced unprecedented cost inflation, the impact of which was substantially mitigated by calibrated price increases and cost productivity actions. Topline growth should recover through the year as the economy opens up, Managing Director Vishal Bhola said.

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