Haryana, India -- Appliance firm Whirlpool of India reported Q1 2017 revenues of Rs 1406 Cr ($ 210m), 17.1% up on Q1 2015.
Profit after Tax for the Whirlpool Corporation subsidiary was reported at Rs 121.9 Cr, a rise of 25.9% on the prior year quarter, the company said.
“Highly successful new product launches together with improvement in margins across all product categories, driven by material and other cost productivity initiatives, contributed to the record quarter performance,’ the report said.
Whirlpool of India chairman and president, Asia Pacific Arvind Uppal said: "We are seeing a pick up on the growth side which is resulting in a strong performance across all financial levels.
“The impact of good monsoons and the 7th Pay Commission augur well for the industry. Going forward, we expect to see both urban and rural demand improve and remain bullish on the business in India.”
Whirlpool of India md Sunil D’Souza said: “Our new product launches, primarily in refrigeration, air conditioning and washers were executed strongly and scored well with our consumers. This coupled with a strong summer, good macros and an uptick in appliance demand helped drive another quarter of record performance on revenue, profits and cash.”
XE Currency conversion: 1 September, 2016