Whirlpool to launch affordable direct cool refrigerators in March

The company reported 52.85% fall in net profit for the quarter ended December 31

Whirlpool of India is set to enter the affordable price segment in the direct cool refrigerator market in India by March end.

“We are planning to launch few direct-cool refrigerator models in the lower price range by March. However, we are yet to finalise the price points yet,” said Shantanu Dasgupta, vice president (corporate affairs and strategy).

The company is also planning to launch new variants in the frost-free refrigerator category in April. However, it will not be replacing any of its existing product categories in refrigerators.

The company plans to recast its product range in the air-conditioning segment. “We will start launching new products in February,” said Dasgupta.

Whirlpool of India today reported 52.85% fall in net profit for the quarter ended December 31, 2012, at Rs 10.07 crore, as compared to Rs 21.17 crore registered in the corresponding period previous year, the company said in a statement.

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.