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Despite macro-economic challenges faced by the consumer durable industry due to the implementation of GST, Whirlpool of India said its net profit grew by 8.8 per cent at ₹ 132.7 crore for the quarter ended June 30. The company had posted a net profit of ₹121.9 crore in the corresponding quarter previous fiscal. Total income in the quarter was up 15 per cent to ₹1639.54 crore.
“The Board has approved a proposed investment in Notes, to be issued by Whirlpool S.A., Brazil (fellow subsidiary) amounting upto $ 50 million subject to regulatory approvals,” the company said in a BSE filing.
In a statement, Sunil D’Souza, Managing Director, Whirlpool of India Limited said, “Robust consumer demand , good response to new product launches and focused execution helped deliver good results despite the GST driven destocking that we saw in trade at the quarter.”
He added, “With most macro economic indicators positive and the heavy lifting of the GST transition largely behind us, we expect to see renewed growth momentum as we enter the peak selling festival season.”
Added Arvind Uppal, Chairman, Whirlpool of India, “Whirlpool India has delivered a robust 15 per cent revenue growth despite down-stocking by the trade because of GST.”
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