Mr Arvind Uppal, Chairman Whirlpool of India Limited said, "Our results this quarter were positively impacted by the acquisition of a majority stake in Elica India a brand leader in the premium cooking space. This is one of our key strategic pillars for driving future growth and profitability. The quarter saw headwinds on the cost and supply chain side. Growth is impacted by a high base effect and should recover as the economy opens up."

Mr Vishal Bhola, Managing Director Whirlpool of India Limited said, “With COVID replated disruptions abating, we saw sequential QoQ revenue growth of 20%. YoY growth was 1% as the last year benefitted from the pent up demand. Demand came back stronger in the mid and premium segment which was however impacted most with supply side volatility. Unprecedented cost and fuel inflation put pressure on our margins which was mitigated partially through cost led price increases and productivity actions. In line with our ambition to accelerate profitable growth, we acquired additional 38% share holding in Elica PB India Private Limited (Elica India) for a consideration of Rs. 424.8 Cr. taking our total shareholding to 87%. The acquisition resulted in a one off gain of Rs 324 Cr. due to fair valuation of existing assets.”