Consumer durable maker Whirlpool of India on Monday reported over two-fold jump in consolidated net profit to Rs 413.19 crore for the second quarter ended September 2021, helped by the acquisition of a majority stake in kitchen appliances maker Elica India.
The company had posted a net profit of Rs 134.67 crore during the corresponding quarter of the previous financial year, Whirlpool of India, a subsidiary of Whirlpool Corporation, said in a regulatory filing.
However, its revenue from operations during July-September 2021 rose marginally to Rs 1,607.10 crore, compared with Rs 1,598.47 crore in the year-ago period.
Whirlpool of India Managing Director Vishal Bhola said, "Demand came back stronger in the mid and premium segment which was, however, impacted the most with supply-side volatility. Unprecedented cost and fuel inflation put pressure on our margins which were mitigated partially through cost-led price increases and productivity actions."
During the September 2021 quarter, Whirlpool of India had acquired an additional 38 per cent shareholding in Elica India for a consideration of Rs 424.8 crore, taking its total shareholding to 87 per cent.
"The acquisition resulted in a one-off gain of Rs 324 crore due to the fair valuation of existing assets," he said.
Whirlpool of India's total expenses during the quarter stood at Rs 1,516.25 crore, a jump of 14.70 per cent as against Rs 1,321.92 crore a year ago.
Shares of Whirlpool of India Ltd on Monday were trading at Rs 2,136.35 on the BSE, down 3.54 per cent from the previous close.
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Published 01 November 2021, 10:27 IST