Consolidated EBITDA declined by 6.4% year on year (YoY) to Rs 123.4 crore in the quarter ended 30 June 2023.

Arvind Uppal, chairman at Whirlpool of India said, “The quarter was weak overall as we faced multiple headwinds. We are starting to see the first signs of a momentum change. With a new managing director in place I am confident that we will start to see a much stronger execution and am optimistic about the future.”

Narasimhan Eswar, managing director said, “Despite a relatively weak summer season for the industry due to unseasonal weather patterns, Whirlpool delivered a +3% consolidated volume growth for the quarter showing progressive momentum in market shares and achieving -2% in revenues.

We expect the sales momentum to continue as we gain from new products launched earlier this year and on the back of stronger ROI focused execution. We will continue our focus on improving profitability in the medium term through portfolio premiumisation and driving cost reduction programs that have already been put in place. Elica India continues its stellar run on sales and profits.”

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 closed 1.20% higher at Rs 1,477.45 on the BSE.