Whirlpool of India reported a consolidated net profit of Rs 84.58 crore in Q1 FY23, steeply higher than Rs 25.51 crore reported in Q1 FY22.
Total revenue from operation climbed 55.2% to Rs 2,081 crore in Q1 FY23 as against Rs 1,340.61 crore recorded in the corresponding quarter previous year.
Consolidated profit before tax surged to Rs 114.12 crore in the first quarter as compared to Rs 34.86 crore posted in the same period last year. EBITDA soared 137.6% to Rs 131.8 crore in Q1 FY23 over Q1 FY22.
Total expenses spiked 51.19% YoY to Rs 1,998.60 crore in Q1 FY23. Cost of raw materials and components consumed was at Rs 1,261.69 crore (up 58.14% YoY) and employee expenses stood at Rs 164.15 crore (up 4.18% YoY).
Arvind Uppal, chairman of Whirlpool of India, said, "We had a record top line this quarter on the back of significant price increases taken earlier. While inflation has peaked, its impact on consumer demand is still playing out. Our cooking business continues to progress well and we remain confident that this will develop into another pillar for us."
Vishal Bhola, managing director of Whirlpool of India said, It was a strong start to the year with robust revenue growth of 55% and PAT growth of 230% although on a low covid-impacted quarter. The industry showed good recovery in mid and premium while the entry segment was muted with inflation putting stress on consumer spending. We remain confident in Whirlpool's ability to successfully navigate through what is likely for some time to be a volatile external environment.
On standalone basis, the company's net profit jumped 233.8% to Rs 77.90 crore on 48% surge in total revenue from operations to Rs 1,983.74 crore in Q1 FY23 over Q1 FY22. The increase in net profit was mainly driven by strong top line growth compared to last year (including the impact of Covid related disruptions last year), cost based pricing actions, company's continued focus on cost productivity and better absorption of fixed cost.
Whirlpool of India is primarily engaged in manufacturing and trading of refrigerators, washing machines, air conditioners, microwave ovens and small appliances and caters to both domestic and international markets.
Shares of Whirlpool of India rose 0.66% to close at Rs 1801 on Monday, 8 August 2022.
The domestic equity market is closed today (9 August 2022) on account of Muharram.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
