Consumer durables firm Whirlpool of India today reported a 23.17 per cent decline in net profit to Rs 49.59 crore for the first quarter ended June 30 as demand contracted.
The company had posted a profit of Rs 64.55 crore for the same period in the previous fiscal.
Net sales fell to Rs 855.89 crore from Rs 872.14 crore a year earlier, Whirlpool said in a filing to the BSE.
"We are pleased with our performance, given the conflicting pressures of softening demand and high inflation," said Arvind Uppal, Chairman and Managing Director of Whirlpool of India. "We have increased our focus on innovation and productivity improvements to drive market share and lower cost."
On the outlook, he said with the weakening of the rupee, the pressures are expected to continue.
Whirlpool shares were up 5.36 per cent to Rs 169.10 in afternoon trade on the BSE.