Home BusinessWhirlpool India reports 13% growth in Q1
Whirpool of India, a leading home appliance company, reported its quarterly earnings with an growth of 13.1 per cent in the first quarter of financial year 2009-2010.
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The company has reported an increase in total income to Rs 623 crore in the last quarter, a jump of Rs 72 crore over the last quarter ended in June 30, 2008.
The company has recorded an EBIDTA margin of 14. 1 per cent in the quarter, 2.9 points up compared to last quarter. Whereas the EBIDTA margin in the previous quarter( April- June 2008) was 11.2 per cent.
The company has recorded a net profit before tax (PBT) of Rs 71 crore for the quarter, up 56 per cent, a jump of Rs 26 crore over the corresponding period (April – June ’08) where the PBT was Rs 45 crore.
The company posted a strong top line performance as sales volumes were up 11 per cent during the quarter over the corresponding period last year. The quarter on quarter growth has been 74 per cent.
Continued gains in working capital management has resulted in the company reducing debt by Rs 78 crore, and is now in a cash surplus position.
The company’s PAT is up by Rs 1.6 crore to Rs 46.2 crore over the PAT of Rs 44.6 crore in the corresponding period last fiscal (April - June’08). Improvement in PAT has been impacted by change in Accounting Policy of creating tax provision at the quarter end instead of year end and also due to higher deferred tax provision taken in current quarter.
Commenting on the companies performance Arvind Uppal, managing director, Whirlpool of India, said: "We are satisfied with our financial performance of last quarter and are particularly proud that we are now a debt free company now." “We will continue to innovate in all spheres of our business to bring in technologically superior products while investing in network expansion and brand building.”
Whirlpool recently forayed into 2 new segments of home appliances -- Water Purifiers and Built-in-Kitchen Appliances. The Purafresh RO Water Purifier has received a good customer response across the country. Refrigerators and washing machines continue to drive in volumes for the company. The company rolled out a new range of washing machines under the WhiteMagic and Professional sub-brands at the start of this calendar year. During the coming months, the company will further augment its product portfolio with new launches across segments.