Whirlpool of India, the Appliances major, registered 64.43 per cent increase in net profit at Rs 58.72 crore for the quarter ended September 30, 2016, as compared to Rs 35.71 crore in the corresponding quarter a year ago. Gross sales of the company went up by 20.34 per cent Year on Year to Rs 1,058.41 crore for the quarter under review. It had posted the top line of Rs 879.48 crore in the same quarter last financial year.
Yesterday, Whirlpool declared its Q2 results after the market closed for trading. Today, Whirlpool share price began its trade with the jump of 2.15 per cent while Nifty traded in red at 9:21 AM.
The total expenditure of Whirlpool increased by 17.60 per cent to Rs 869.90 crore in Q2FY17 as compared to Rs 739.71 crore in the same quarter last financial year. The jump in the expenditure can be accredited to increase in the cost of material consumed, excise duty on the sale of goods, employee benefit and hike in depreciation expenses. Profit before tax (PBT) increased to Rs 86.06 crore from Rs 54.46 crore during the same period.
In the last trade, Whirlpool share price closed with the drop of 1.30 per cent against the 0.22 per cent rise in the Benchmark Index Nifty. Almost 5 lakhs shares changed hands over the NSE trading counter.
Whirlpool of India Chairman and Whirlpool Corporation President Asia Pacific Arvind Uppal said that the strong growth continued on the back of a pickup in urban demand, supported by the favorable timing of Diwali. The effect of good monsoons, 7th Pay Commission, increased infrastructure spending and a benevolent cost environment augurs well for the industry. They continue to remain bullish on their business in India.
Whirlpool is the recommended multibagger stock of the month by Dynamic Levels. For the support and resistance levels of Whirlpool, visit Whirlpool share price forecast page of Dynamic Levels website.
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