Whirlpool of India, subsidiary of Whirlpool Corporation, the World’s No.1 Home Appliance Company today announced strong financial results for its fourth quarter of 2013-14. Total income of Rs. 666.3 Cr grew by 6% on a year-over-year basis, EBITDA margin at 10.2% was better by 1.8 points over the same quarter last year and 3.5 points better than the previous quarter.
Fourth quarter Profit after Tax was Rs. 35.6 Cr compared to Rs. 24.7 Cr in Q4 of fiscal 2013 and Rs. 21 Cr. in Q3 of fiscal 2014, a growth of ~44%.
The home appliances industry has seen unprecedented slowdown in demand in the last fiscal with the IIP Index for Consumer Durables reporting a decline of 12.5% for the period April ‘13-January ’14. Whirlpool has bucked the trend and grown net revenue by 7% in the second half of the year versus a decline of 3% in the first half, leading to ~1.5% growth on a year-on-year and a profit of Rs 122.9 Cr for fiscal 2014.
Arvind Uppal, Chairman and Managing Director, Whirlpool of India Limited and President South Asia and Asia Pacific, Whirlpool Corporation said, “We are pleased with the improvement in our profitability. Our strong focus on operational excellence and product innovation is starting to deliver results and all business levers are trending in the right direction. We remain confident about the business results in the coming quarters.”
One of the key pillars of Whirlpool’s winning strategy has been to consistently keep introducing new, advanced products. The company plans to introduce over 200 new models in 2014 and has already put into market a new range of Air Conditioners and Refrigerators. It is also focusing on enlarging its category footprint by aggressively expanding its high-end Built In range of kitchen appliances, including refrigerators, ovens, dishwashers and coffee makers, and its water purifier business.
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