Whirlpool of India Ltd, a company specializing in consumer durables, disclosed a 24.7% surge in consolidated net profit to Rs.79.45 crore for the quarter ending in March.
Whirlpool of India, a subsidiary of Whirlpool Corporation, reported a net profit of Rs.63.71 crore for the January-March quarter of the previous fiscal year in a regulatory filing.
Whirlpool experienced a 3.66% increase in revenue from operations, reaching Rs.1, 734 crore in the quarter being analyzed. This marks a rise from Rs.1, 672.65 crore in the same period of the previous fiscal year.
An earnings statement from the company, described that the growth of profit is driven by the volume growth, strong cost productivity actions leading to better margins and improved mix of premium and high margin portfolio.
The statement also added that their market shares for Jan-March had experienced substantial growth in comparison to the same period last year, contributing to the modest revenue growth, despite the relatively stagnant market for refrigerators and washers.
Whirlpool of India recorded total expenses of Rs.1, 660.4 crore in the March quarter, reflecting a 2.1% increase.
In the March quarter, Whirlpool of India recorded a 5.2% increase in total income, amounting to Rs.1, 793.52 crore. In FY24, the company's consolidated net profit remained unchanged at Rs.224.30 crore compared to Rs.224.01 crore in the previous year.
Whirlpool of India reported a revenue from operations of Rs.6, 829.8 crore for FY24, reflecting a growth of 2.43%.
Additionally, the company's board, during a meeting on Monday, proposed a final dividend of 50% amounting to Rs.5 per equity share with a face value of Rs.10 for FY24.
Whirlpool of India Ltd's shares concluded at Rs.1, 577.25 on the BSE, marking a 0.59% increase compared to the previous closing price.
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