Copyright Reuters
Nov 4 (Reuters) - Home appliance maker Whirlpool of India's (WHIR.NS), opens new tab second-quarter profit fell 20.55%, hurt by declining sales in the refrigerator segment amid competitive pricing and promotions. The Indian unit of U.S.-listed Whirpool Corp (WHR.N), opens new tab reported a profit of 413.3 million rupees ($4.70 million) in the three-month period ended September 30, down from 520.2 million rupees last year. Sign up here. The company's second-quarter revenue fell 3.85% to 16.47 billion rupees. For further highlights on earnings, click here. KEY CONTEXT India remains underpenetrated when it comes to the household appliance market, with only 18% of households owning a washing machine and less than 40% a refrigerator, according to a 2019-21 health survey by the government. The Indian government's sweeping goods and services (GST) tax cuts went into effect on September 22. Analysts expect demand to rebound in the upcoming festive quarter, with the tax cuts boosting the sector. Earlier this year, parent Whirlpool Corp said it would reduce its stake in Whirlpool of India to about 20% from 51% as it aims to pay off a major chunk of its debt amid a rejig of its global assets. PEER COMPARISON JULY-SEPTEMBER STOCK PERFORMANCE -- All data from LSEG -- $1 = 87.8950 Indian rupees Reporting by Mridula Kumar; Editing by Harikrishnan Nair and Sherry Jacob-Phillips
