Whirlpool of India Ltd
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BSE Code:
500238
NSE Code:
WHIRLPOOL
Business Profile
Business Profile
Whirlpool of India (WHIRLPOOL), is a manufacturer of home appliances. It was incorporated on July 19, 1960.
The company manufactures washing machines, refrigerators, microwave ovens, air conditioners, and other applicances. In May 2007, the company launched new products including the Mastermind refrigerator, Sensation Neo washing machine, Magicool air conditioners and the 100% automatic clothes dryer. The company has three state-of-the-art manufacturing facilities in Faridabad, Pondicherry and Pune.
The company has earmarked an investment of USD 20 million (around INR 800 million) for launching new products by 2008 alongside its plans to invest Rs 700 million for advertising and market spend in 2007. The company holds over 25% share in the Indian domestic market. Exports contribute nearly 13% of the company`s turnover to markets in Europe, the Middle East and Africa. It is consolidating its position as the number one brand in South Asia. The company has significantly increased its small appliances presence in the US.
The registered office of the company is located at A-4, MIDC, Ranjangaon Taluka, Shirur, Pune-419204, Maharashtra.
Financials
Whirlpool Of India registered a loss of Rs 75.5 million for the quarter ended September 2007.
It recorded a net sales of Rs 3,374.9 million for the quarter.
Total income was Rs 3,395.8 million for the quarter ended September 2007.
The diluted loss per share of the company stood at Rs 0.95 for the quarter ended September 2007.
Recent Developments
12-MAY-07
Whirlpool of India earmarked an investment of USD 20 million (around Rs 800 million) for launching new products in the next 18 months alongside its plans to invest Rs 700 million for advertising and market spend for the current year. Whirlpool, in its quest to become the Indian market leader in the refrigerator category, launched the Mastermind range to strengthen its foothold in the category. The company has a 25% share in the refrigerator market, about 4.5% less than that of the current market leader, LG Electronics India.
Whirlpool launched Sensation Neo washing machines and MagiCool air-conditioners on Thursday (May 10). It targets a 27% market share in the refrigerator category, 20% in washing machine and 10% in the air-conditioner category in the country this year. The company having incurred losses in the past is expecting a turn around and become profitable by 2008.
Future Plans
Whirlpool of India hopes to grab 10% of the domestic air-conditioners (AC) market following the launch of its new range of AC`s. The company is targeting a sale of 50,000 units, both to the home user as well as institutional buyers, in the first twelve months.
It plans to consolidate its position in the export market by doubling export sales to 20% in the next couple of years from current level of 10% of sales.
Whirlpool intents to introduce some new brands in different consumer segments and has already invested USD 200 million in the Indian market and plans to spend USD 20-80 million every year on new brands.
It wants to build business in India through strong brand presence although it is open for acquisition but it would not be major growth thrust.