Whirlpool India posts 14 pct profit to Rs 61 cr in Dec quarter

Home appliances maker Whirlpool of India Monday reported 14 per cent increase in profit after tax at Rs 60.62 crore in the third quarter ended December 31, 2018. The company had posted a profit after tax of Rs 53.14 crore in the same period last fiscal, Whirlpool of India said in a regulatory filing.

Total income during the third quarter was at Rs 1,238.41 crore as against Rs 979.26 crore a year ago, it added. The company said its board considered and approved capacity enhancement, modernisation and introduction cum diversification of manufacturing lines at Ranjangaon and Puducherry plants with a capital investment of Rs 407 crore over a period of next five years.

According to Whirlpool of India Chairman Arvind Uppal it was another strong quarter for Whirlpool despite volatility on raw materials and currency. "The mass market is showing positive signs and should be a key driver of growth. We remain optimistic about our business going forward," he said in a statement.

Whirlpool of India Managing Director Sunil D'Souza said during the quarter the company witnessed "high headwinds in commodities, currency and changes in duties during the quarter which also impacted the results". The shift in festival timing had a positive impact on the top line, he added.

(With inputs from agencies.)