Whirlpool Q2 Results | Net falls 25% but revenue up 13%; co to hike fridge production

Consumer durables maker Whirlpool of India Ltd on Friday (November 8) reported a 25.4% year-on-year (YoY) decline in net profit at ₹287 crore for the second quarter that ended September 30, 2024.

In the corresponding quarter of the previous fiscal, Whirlpool of India posted a net profit of ₹384.7 crore, the company said in a regulatory filing. Revenue from operations increased 13% to ₹1,582 crore against ₹1,400 crore in the year-ago period.

At the operating level, EBITDA surged 31% to ₹68.4 crore in the second quarter of this fiscal over ₹52.2 crore in Q2 of FY24.

Also Read: Equitas SFB Q2 Results | Net profit dives 50% to ₹13 crore on ₹146 crore microfinance provisions

The EBITDA margin stood at 4.3% in the reporting quarter versus 3.7% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

Whirlpool also announced that its board of directors has approved an expansion of its refrigerator manufacturing capacity at its Pune facility. The existing annual capacity at this plant stands at 54 lakh units, with a current utilisation rate of approximately 63%.

The proposed expansion will add three lakh units annually, and the additional capacity is expected to be implemented in phases by July 2026. Whirlpool has allocated an investment of ₹270 crore for this expansion, which will be financed through internal accruals. The company stated that this capacity increase aims to boost production to meet anticipated future demand in the refrigerator segment.

Also Read: PFC Q2 Results | Net profit up 9% to ₹7,215 crore, revenue rises 15%; declares dividend

The results came after the close of the market hours. Shares of Whirlpool of India Ltd ended at ₹2,041.65, down by ₹32.35, or 1.56%, on the BSE.