Noida, India — Sheela Foam set up a US business at the end of 2019 to sell its products into North America. The company also grew sales by 15.2% in the third quarter of 2019.
Total net sales of reached INR 6.6bn ($93.2 m). EBITDA across the business rose 51.9%, reaching INR 858.5m in the third quarter of 2019.
Sheela has two overseas foam making subsidiaries: Joyce Foam in Australia and Interplasp in Spain. Net sales in the Joyce Foam business generated rose 9.8% between the third quarters of 2018 and 2019. They reached INR 900m, up INR 80m on the 2018 quarter.
EBITDA in this division rose 33.3% to INR 120m in the third quarter of 2019. This compares with INR 90m in the equivalent period in 2018.
The company reported sales and profit at its Interplasp business for the first time in this quarter, at INR 5 bn in the third quarter of 2019, with an EBTIDA of INR 100m. There are no comparisons with earlier periods.
Finally, Sheela set up a wholly owned subsidiary in the US on 31 December 2019 to sell its products into the country. The company is incorporated in Delaware, but no further details are available at this time.
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|Sheela Q3 2019 numbers (INR m)|
|Group||Q3 2029||Q3 2018||Change %|
|Notes: N/A = Not Available; N/M = Not Meaningful|