Whirlpool India Partners With PG Electroplast For Washing Machine Manufacturing
Date
12/24/2024 4:12:23 AM
(MENAFN- KNN India)
New Delhi, Dec 24 (KNN)
Whirlpool India Ltd announced on December 23, 2024, that it has signed a definitive agreement with PG Electroplast Ltd (PGEL) for contract manufacturing of select Whirlpool-branded semi-automatic washing machine.
The manufacturing will take place at PGEL's facility in Roorkee, Uttarakhand. This expansion builds upon an existing partnership, as PGEL already produces air conditioners for Whirlpool, and both companies are exploring further collaboration opportunities.
Whirlpool India's Managing Director, Narasimhan Eswar, emphasised the company's commitment to the 'Make in India' initiative through this partnership, highlighting how the combination of Whirlpool's design and technology with PGEL's manufacturing capabilities will deliver high-quality, affordable products to consumers.
Vikas Gupta, Managing Director (Operations), PG Electroplast Ltd, expressed enthusiasm about strengthening their relationship with Whirlpool, acknowledging the company's prominent position in India's home appliance market.
The announcement comes as Whirlpool India reported its financial results for the second quarter ending September 30, 2024.
The company experienced mixed financial performance, with revenue fr0m operations increasing 13 per cent to Rs 1,582 crore compared to Rs 1,400 crore in the previous year.
However, net profit declined 25.4 per cent year-on-year to Rs 287 crore fr0m Rs 384.7 crore. Operating performance showed improvement, with EBITDA rising 31 per cent to Rs 68.4 crore fr0m Rs 52.2 crore, and the EBITDA margin expanding to 4.3 per cent fr0m 3.7 per cent in the corresponding quarter of FY24.
(KNN Bureau)
MENAFN24122024000155011030ID1109026308
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.