Whirlpool Q3 net profit dips 53%

Posts Rs 10 cr profit in the quarter as compared to Rs 21 cr recorded in same period last year

Consumer durables maker Whirlpool of India today reported 52.85% fall in net profit for the quarter ended December 31, 2012, at Rs 10.07 crore.

The company had posted a net profit of Rs 21.17 crore in the corresponding period previous year, Whirlpool of India said in a statement.

The net income during the third quarter, however, went up marginally to Rs 618.70 crore from Rs 617.37 crore in the year-ago period, it added.

"This quarter our industry faced strong headwinds on all drivers of growth and profitability. Our new products have, however, done very well as reflected by the gain in market share of our core businesses and we remain committed to invest in growth and innovation," Whirlpool of India Chairman and MD Arvind Uppal said.

The company is cautiously optimistic about the revival of growth and has invested in "media even as we prepare to introduce new products this summer", he added.

Whirlpool of India is in the process of launching a new range of air conditioners and refrigerators during the summer.

Shares of Whirlpool of India closed down 7.92% down at Rs 248.15 apiece on the BSE.