Profit before tax declined 41% to Rs 36.08 crore in Q3 FY23 compared with Rs 61.11 crore in corresponding quarter last year.

Total expense declined 12.76% to Rs 1,307.35 crore during the quarter as against Rs 1,498.60 crore in corresponding quarter last year. Cost of raw material consumed stood at Rs 843.58 crore (up 17.7% YoY). Employee benefit expense was at Rs 156.32 crore (up 2% YoY).

Whirlpool of India is a leading manufacturer of home appliances. It is primarily engaged in manufacturing and trading of refrigerators, washing machines, air conditioners, microwave ovens, built in and small appliances and caters to both domestic and international markets. The company also provides services in the area of product development and procurement services to Whirlpool Corporation, USA and other group companies.

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Net profit of Whirlpool of India declined 43.69% to Rs 24.69 crore in the quarter ended December 2022 as against Rs 43.85 crore during the previous quarter ended December 2021. Sales declined 15.53% to Rs 1302.46 crore in the quarter ended December 2022 as against Rs 1541.95 crore during the previous quarter ended December 2021.

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Whirlpool of India will hold a meeting of the Board of Directors of the Company on 1 February 2023.

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Bhola will be relieved from the services of the company as managing director with effect from 3 April 2023.

The board has approved the appointment of Narasimhan Eswar as managing director and additional director with effect from 4 April 2023 for period of 5 years.

Eswar holds a bachelor's degree in Mechanical Engineering from Indian Institute of Technology (BHU), Varanasi and a postgraduate degree in management from the Indian Institute of Management, Ahmedabad. Currently he is chief executive officer and president of Ki mobility solutions and has experience of around 30 years of building brands and businesses, mostly with Procter & Gamble and then Reckitt Benckiser in leadership roles in marketing.

Whirlpool of India is a leading manufacturer of home appliances. It is primarily engaged in manufacturing and trading of refrigerators, washing machines, air conditioners, microwave ovens, built in and small appliances and caters to both domestic and international markets. The company also provides services in the area of product development and procurement services to Whirlpool Corporation, USA and other group companies.

The company's consolidated net profit declined 88.4% to Rs 47.93 crore on 0.3% rise in net sales to Rs 1,611.54 crore in Q2 FY23 over Q2 FY22.

The scrip jumped 2.48% to Rs 1,481.65 on the BSE.

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