During the September 2021 quarter, Whirlpool of India had acquired an additional 38 per cent shareholding in Elica India for a consideration of Rs 424.8 crore
Consumer electronics brand Whirlpool India has reported over twofold jump in consolidated net profit to Rs 413.19 crore for the second quarter ended September 2021.
This follows the brand’s acquisition of a majority stake in kitchen appliances maker Elica India.
The company had posted a net profit of Rs 134.67 crore during the corresponding quarter of the previous financial year, Whirlpool of India, a subsidiary of Whirlpool Corporation, said in a regulatory filing.
However, its revenue from operations during July-September 2021 rose marginally to Rs 1,607.10 crore, compared with Rs 1,598.47 crore in the year-ago period.
Whirlpool of India Managing Director Vishal Bhola said, “Demand came back stronger in the mid and premium segment which was, however, impacted the most with supply-side volatility. Unprecedented cost and fuel inflation put pressure on our margins which were mitigated partially through cost-led price increases and productivity actions.”
During the September 2021 quarter, Whirlpool of India had acquired an additional 38 per cent shareholding in Elica India for a consideration of Rs 424.8 crore, taking its total shareholding to 87 per cent.
“The acquisition resulted in a one-off gain of Rs 324 crore due to the fair valuation of existing assets,” he said.
Whirlpool of India’s total expenses during the quarter stood at Rs 1,516.25 crore, a jump of 14.70 per cent as against Rs 1,321.92 crore a year ago.