Whirlpool of India reported a 91.7 per cent year-on-year (YoY) decline in its profit before tax (PBT) for the April-June quarter. The firm’s PBT stood at Rs 24.4 crore, compared to Rs 297 crore in the same quarter, last year.
Its operating income fell by 48 per cent YoY to Rs 1,027 crore, from Rs 1,974 crore.
With manufacturing and retail activities severely hit during the quarter, its cost of materials and other expenses dropped significantly, but employee costs inched up YoY.
Total expenses declined 40 per cent, impacting its margins further. Vishal Bhola, managing director, Whirlpool of India, said the lockdown severely affected its sales in April and May.
However, since the markets reopened, a strong comeback has been witnessed.
“All our categories are showing double-digit competitive growth over last year. We also launched a new top-loading washing machine, with in-built heater technology that provides 99 per cent germs- and allergen-free wash. We are also taking steps towards building a refrigerator, which is powered by an advanced adaptive intelligence system that ensures a powerhouse of freshness,” he added.