New Delhi: Consumer durables firm Whirlpool of India today reported over two-fold increase in net profit to Rs 40.72 crore for the second quarter ended September 30 on account of higher sales.
The company had posted a net profit of Rs 16.54 crore for the same period of previous fiscal.
Net sales stood at Rs 709.14 crore for the quarter under review, up 20.91 percent from Rs 586.48 crore in the same period last year, Whirlpool said in a filing to the BSE.
Commenting on the result, Whirlpool of India Chairman and Whirlpool Corporation President Asia Pacific, Arvind Uppal said: "We are seeing strong business momentum with significant improvement across all levers. There are clear signs of industry growth and we expect the trend to continue into the foreseeable future."
The company's sales in festive period grew 20 percent.
On future plans, the company said: "Whirlpool plans to aggressively grow its air conditioner and microwave business and expand its new businesses of 'Built-In' (appliances) and 'Water'."
During first half (H1) of the fiscal, the company's net profit was at Rs 123.72 crore as against Rs 66.13 crore in the year ago period.
Net sales in H1 stood at Rs 1,729.24 crore as against Rs 1,442.37 crore in the same period last year.
Shares of the company were trading 5.32 percent up at Rs 498.85 per scrip during afternoon session on the BSE.
