Saturday, 1 November 2014

WHIRLPOOL Home Appliances, India - Profits Jump 2.5 times

WHIRLPOOL OF INDIA Q2 PROFIT JUMPS 2.

5 TIMES; REVENUE UP 21%

KEY HIGHLIGHTS OF Q2
·         Revenue at Rs. 744.6 Cr. Up 
21% Vs previous year
·         PAT of Rs. 40.7 Cr, a 2.5 times growth over previous year
·         PAT for the first six months of FY 2015 at Rs. 123.7 Cr. exceeds full year PAT  of last fiscal

Gurgaon, October 31, 2014:  Whirlpool of India, a subsidiary of Whirlpool Corporation, the world’s leading home appliance company, today announced solid operating results for the second quarter of 2014-15.  Total income of Rs. 744.6 Cr. grew by 21% and Profit after Tax at Rs. 40.7 Cr. was 2.5 times higher than the same quarter last year.  Cumulatively, PAT for the first six months of FY 2015 stands at Rs. 123.7 Cr. more than the full year PAT (Rs. 122.9 Cr.) of the last fiscal.

EBITDA margin at 9.9% was better by 3.6 points.  The company continues to remain debt free and cash positive.  EPS of 3.2 was significantly higher than 1.3 posted in the same quarter last year.

Mr. Arvind Uppal, Chairman Whirlpool of India Limited and President Asia Pacific, Whirlpool Corporation said, “I am extremely pleased with our second quarter results.  We are seeing strong business momentum with significant improvement across all levers.  There are clear signs of industry growth and we expect the trend to continue into the foreseeable future.  We have crossed last year’s profit in the first 6 months of this year and continue to remain optimistic about the future.”

Whirlpool’s sales in the festive period grew by ~20%.  As part of the company’s innovation agenda of introducing ~200 new models in 2014, the company recently launched a range of premium microwaves and a new washing machine.  Whirlpool plans to aggressively grow its Air Conditioner and Microwave business and expand its new businesses of Built In and Water.

ABOUT WHIRLPOOL CORPORATION
Whirlpool Corporation is the world’s leading manufacturer and marketer of major home appliances, with annual sales of approximately $19 Billion in 2013, 69,000 employees and 59 manufacturing and technology research centers around the world.  The company markets Whirlpool, Maytag, KitchenAid, Jenn-Air, Amana, Brastemp, Consul, Baunecht and other major brands to consumers in nearly every country around the world.  Additional information about the company can be found at http://www.whirlpoolcorp.com

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