New Delhi, India — Sheela Foam grew consolidated sales by 12% to INR 5.96 bn ($84m) in the third quarter of 2018. In the 2017 quarter, sales were INR 5.32 bn.
However, the rise in cost of materials moderated. Raw materials prices rose 7.1% to INR 3 bn in the quarter. This compares with a 9.7% rise in the equivalent 2017 quarter. Prices for TDI fell in the 2018 third quarter and the company said that it expects the 'benefits of this will be fully realised in the fourth quarter.'
The company reported a EBITDA of INR 610 m in the 2018 third quarter. This compares with INR 420 in the 2017 quarter.
Sheela said revenue from Joyce foam, its Australian operation, was INR 820m in the quarter. This is slightly higher than INR 806m in the 2017 quarter. Meanwhile, Sheela increased EBIT from INR 70m in the third quarter of 2017 to INR 90m in the 2018 quarter. This is an increase of 28.6%
In addition, the company said that it has added more than 200 Exclusive branded outlets for its products. This means that it now has more than 3800 of these outlets across India.
|Sheela Foam Q1 2018 Consolidated numbers (INR m)|
|Conversion XE.com Feb 2019 USD 1= INR 71|