Whirlpool of India, a subsidiary of Whirlpool Corporation, the global home appliance company, announced strong operating results for the third quarter of 2016-17. Total income of Rs. 901 Cr. grew by 1.1 percent and Profit after Tax at Rs. 55.4 Cr was higher by 45.1 percent over the same quarter last year.
"Demonetisation led to a slowdown of demand, which was more than offset through strong cost management resulting in robust earnings growth. The tailwinds which preceded demonetisation, mainly rural growth due to a good monsoon and the 7th pay commission, should resurface soon and we expect demand to pick up. The Government's focus on increased infrastructure spending and rural electrification augurs well for the industry," said Arvind Uppal, Chairman Whirlpool of India Limited and President Asia Pacific, Whirlpool Corporation.
Continued improvement in margins across all product categories, and other cost management initiatives contributed to the record quarter performance.
"On the back of a stronger portfolio, improved execution and better macros, we saw the momentum of the September Quarter continue into the early part of the December Quarter as evidenced by our strong growth during the Diwali period. Going forward in the short term though we see a creep in commodities and some pressure on pricing, we expect positive demand since we have yet to see the favourable impact of the pay commission and a good monsoon play out fully," said Sunil D'Souza, Managing Director Whirlpool of India Limited.
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