Whirlpool's India arm posts 22% fall in net profit to Rs 38.2 crore

Whirlpool India Q2 result: The company's revenue from operations was down 5.58 per cent to Rs 1,521.56 crore during the quarter under review against Rs 1,611.54 crore last year

Consumer durables maker Whirlpool of India Ltd on Friday reported a 22.07 per cent decline in consolidated net profit at Rs 38.20 crore for the second quarter ended September 30 as compared to Rs 49.02 crore in the same quarter last year. The net profit more than halved from Rs 76.72 crore in the previous quarter.

Whirlpool of India is a subsidiary of US-based Whirlpool Corporation.

The company's revenue from operations was down 5.58 per cent to Rs 1,521.56 crore during the quarter under review against Rs 1,611.54 crore last year. In the previous quarter, it had reported revenue from operations of Rs 2,038.59 crore.

The company's total expense was at Rs 1,503.17 crore in the quarter, down 4.06 per cent over the year-ago period. The total income in the September quarter was at Rs 1,55,5.45 crore, down 4.8 per cent.

Last week, the company's parent slashed its full-year profit forecast, signalling a fall in demand for its washing machine and kitchen appliances. According to a report by news agency Reuters, consumers are cutting spending on costly items as the cost of living rises in the USA. It is also impacted by the rise of interest rates over the last year to bring down high inflation and slowdown fears in the global economy.

The company now expects earnings per share of about $16, compared with its previous forecast of $16 to $18.

As of 2:10 p.m., the shares of Whirlpool of India were trading at Rs 1,604.45 apiece on BSE.

(With agency inputs)