Whirlpool India Targets 15-Percent Growth Aug 29, 2003

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Whirlpool of India Ltd is aiming for a growth of 15 percent in calendar year 2003 over a turnover of Rs 1,200 crore in 2002. The appliance company is expecting to post profitability for the second consecutive year —it is said to have posted a net profit of Rs 10 crore in 2002.

Whirlpool of India Ltd managing director Raj Jain told the Financial Express that the company had secured profits of Rs 5 crore in the first half of 2003 and that it hoped to surpass last business year’s performance.

"We’re consolidating our operations this year, following the restructuring of our workforce (the company cut 500 headcount) in 2002," said Mr Jain. "Even in terms of distribution, we plan to consolidate our existing 6,000-strong dealership network and will not venture into company-owned showrooms," he added.

The company is also readying to strengthen its product portfolio with the launch of stand-alone cloth-driers, priced at around Rs 15,000 this year. In 2002, Whirlpool India entered the airconditioner (AC) market with products in the price range of Rs 15,000-Rs 30,000.

"The company aims to sell 50,000 units of ACs in 2003. We are also planning to launch a completely new range of washing machines, priced between Rs 12,000 and Rs 15,000," he added. (Financial Express)

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