Whirlpool of India, a subsidiary of Whirlpool Corporation, the World’s No.1 Home Appliance Company today announced its 2nd Quarter earnings at Rs. 16.5 Crore in profit after tax (PAT) with an EBITDA of 6.3. Profit was impacted by unprecedented pressure on cost leading to PAT being lower than what was recorded in the corresponding quarter last fiscal (Rs 28.4 Cr)
Whirlpool’s total turnover (Net Sales & Other Operating income) was down from 611.2 to Rs. 586.5 Crore as a result of contraction in consumer demand. This compares favourably with the decline in the appliance industry where demand is down by an estimated 15%. The company continues to invest behind the brand and innovation and is now focused on executing its festival plans that includes the launch of new products in Refrigerators, Washing Machines and Microwaves.
Mr.Arvind Uppal, Chairman and Managing Director, Whirlpool of India Limited and President South Asia and Asia Pacific, Whirlpool Corporation said "Quarter 2 was adversely impacted by Currency and a soft demand. However, with the onset of the festival season and stabilization of the Rupee, we are starting to see a strong recovery in the durables business. Our continued focus on cost and innovation should start to yield results from the coming Quarter.”
About Whirlpool Corporation
Whirlpool Corporation is the world's leading manufacturer and marketer of major home appliances, with annual sales of $18+B in 2010, 67,000 employees, and 67 manufacturing and technology research centres around the world. The company markets Whirlpool, Maytag, KitchenAid, Jenn-Air, Amana, Brastemp, Consul, Bauknecht and other major brand names to consumers in nearly every country around the world. Additional information about the company can be found at http://www.whirlpoolcorp.com.
Whirlpool’s total turnover (Net Sales & Other Operating income) was down from 611.2 to Rs. 586.5 Crore as a result of contraction in consumer demand. This compares favourably with the decline in the appliance industry where demand is down by an estimated 15%. The company continues to invest behind the brand and innovation and is now focused on executing its festival plans that includes the launch of new products in Refrigerators, Washing Machines and Microwaves.
Mr.Arvind Uppal, Chairman and Managing Director, Whirlpool of India Limited and President South Asia and Asia Pacific, Whirlpool Corporation said "Quarter 2 was adversely impacted by Currency and a soft demand. However, with the onset of the festival season and stabilization of the Rupee, we are starting to see a strong recovery in the durables business. Our continued focus on cost and innovation should start to yield results from the coming Quarter.”
About Whirlpool Corporation
Whirlpool Corporation is the world's leading manufacturer and marketer of major home appliances, with annual sales of $18+B in 2010, 67,000 employees, and 67 manufacturing and technology research centres around the world. The company markets Whirlpool, Maytag, KitchenAid, Jenn-Air, Amana, Brastemp, Consul, Bauknecht and other major brand names to consumers in nearly every country around the world. Additional information about the company can be found at http://www.whirlpoolcorp.com.
