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Whirlpool of India Ltd has forayed into the Fully Automatic Front Load Washing Machine space, an area they have considered to be a "white space" all along. Until date, the company only sold semi-automatic washing machines.

The product will be manufactured at the company's Puducherry plant, for which it has made an investment of Rs 115 crore.

In an interview with CNBC TV-18, Managing Director Vishal Bhola said that consumers are demanding higher capacity products and are willing to splurge for the same. "There is a lot of demand coming back in the mid and premium segment where consumers are not only coming back to the market, they are actually demanding more premium products which have higher capacities," he said.

However, demand trends in the entry level segment are not as robust as seen within the premium segment. The company, in its annual report, attributed this to consumers getting impacted due to a rise in the cost of living and therefore choosing to defer discretionary purchases.

"In the entry segment the consumers are still being a bit more picky about what they want and a bit more conscious in terms of the value they are seeking out of what they buy," Bhola said.

Having hiked prices by 6-10 percent over the last 12 months, Whirlpool's India business intends to grow in double-digits over the next few years, which according to Bhola, is also the projected industry growth rate, but he is hopeful that the company will grow faster than the industry.

Whirlpool of India has spent over Rs 900 crore over the last 2-3 years for various initiatives, including the expansion of its capacity at its Puducherry unit, expanding its refrigeration plant in Pune and more. These Rs 900 crore also include the Rs 600 crore which the company spent in financial year 2022 to increase its stake in Elica PB India, in which it now owns 87.25 percent stake. Elica PB India has its manufacturing facility situated at Pune and distributes kitchen appliances across the country.

However, Bhola does not see the need for any fresh capex. "As of now, where we are, we feel very comfortable about the spends which we have made, and they should take us into the next couple of years," he said. However, he added that the company would not mind utilising the cash in its books in case suitable opportunity arises. As of March 31, the total consolidated cash balance on the company's books stood at Rs 1,610 crore.

However, shares of Whirlpool are down 40 percent over the last two years. The company has also lost market share worth nearly 160 basis points year-to-date, compared to FY22, according to a note from Emkay.

"With the emergence of new labels and private players, market share of the top five brands across categories has been constantly shrinking," the note from Emkay, dated September 8 this year, said.

Shares of Whirlpool of India ended Friday's trading session down 1.65 percent at Rs 1,658.45.