Consumer durables firm Whirlpool of India posted a net profit of Rs 24.7 crore for the quarter ended March 31, down 33.6 per cent from Rs 37.2 crore in the corresponding period last fiscal. Net profit for fiscal 2013 was up 3.2 per cent to Rs 127.7 crore compared with Rs 123.7 crore in fiscal 2012.
The company said the home appliances industry had been witnessing a demand slowdown since several quarters, but Whirlpool bucked the trend and grew its net revenues and gained market share.
The company said its total revenue for fiscal 2012-13 grew by 4.7 per cent to Rs 2,772.7 crore compared with fiscal 2012. But the company’s total fourth quarter revenue decreased by 4.2 per cent to Rs 626.8 crore compared with the corresponding quarter last fiscal.
In a statement, Arvind Uppal, Chairman and Managing Director, said: “We are pleased with the improvement in our quarter-on-quarter results despite the headwinds on demand and cost. We see this moderating and remain cautiously optimistic about the future.”