Whirlpool's India unit beats Q1 profit estimate
Tuesday, 30 July 2024
BENGALURU, July 29 (Reuters): Home appliances maker Whirlpool of India beat first-quarter profit estimates on Monday, helped by strong demand for its air conditioners and refrigerators amid hot weather in the country.
Whirlpool's India unit posted consolidated net profit of 1.44 billion rupees ($17.3 million) in the quarter ended June 30, compared to 748.8 million rupees an year ago.
Analysts, on average, had expected a profit of 1.27 billion rupees, as per LSEG data.
Revenue from operations rose nearly 23 per cent to 24.97 billion rupees, the company said.
India's summer extends from March to May, but many cities experienced unusually warm weather in June as well, which led to an increase in consumer spending on cooling appliances.