Profit before tax in Q4 FY23 stood at Rs 80.05 crore, down by 29.1% from Rs 112.85 crore in Q4 FY22. The profitability was dented mainly on account of lower sales due to subdued market conditions and calibrated price correction actions which were partially offset by the cost productivity actions and reduction in commodity cost.

On full year basis, the household appliance manufacturer reported a 60.5% slump in consolidated net profit to Rs 224.01 crore despite of 7.6% rise in revenue from operations to Rs 6,667.65 crore in FY23 over FY22.

Consolidated profit before tax and exceptional items was at Rs297.2 crore was down by 8.8% YoY, reflecting a challenging margin environment. The company reported one time exceptional gain of Rs 324.6 crore from Elica India acquisition in the previous financial year.

Narasimhan Eswar, managing director of Whirlpool of India said, “We believe that the strong leverage of our recent product launches especially in mid and premium ranges combined with a renewed drive on all aspects of in-market excellence and accelerated cost reduction programs will help us grow profitably. Our recent portfolio expansion actions in the cooking category are yielding good results with Elica India revenue growing at double digits with healthy margins.

The board recommended a final dividend of Rs 5 per equity share for the financial year ended 31 March 2023.

Whirlpool of India is primarily engaged in manufacturing and trading of refrigerators, washing machines, air conditioners, microwave ovens and small appliances and caters to both domestic and international markets.

Shares of Whirlpool of India were trading 0.32% higher at Rs 1,355.90 on the BSE.