Noida, India – Sheela Foam, India’s only listed flexible foam company, generated sales of INR24.5bn ($336m) in 2021. This is up 12.8% on the previous financial year.
EBITDA across the business rose by 20.7% and reached INR 3.6bn in 2021. This compares with INR3.0bn in 2020. This is a rise of INR 620m.
The company’s financial year runs to the end of May. The auditors said that in 2020 Sheela had wound up the subsidiary it had previously formed in the US in to sell its products there.
In Australia, Sheela owns Joyce Foam. Sales in Australia rose by 30.7% between 2020 and 2021, reaching INR 4.1bn in the 2021 period. EBITDA across in the division was up 32.7% at INR 690m in 2021.
Sheela foam also now has a subsidiary in Spain. During its first full year of ownership, Sheela reported that sales were INR3.4bn and EBITDA INR540m in 2021.
Currency conversion: XE.com