New Delhi, India — Sheela Foam, India's largest flexible polyurethane foam maker, had consolidated sales of INR 20.4bn ($30 m) in 2018. This is an increase of 5.8% on 2017.
The consolidated numbers have been restated as a result of a change in accounting standards at the firm. India's tax regime has also changed and internal tariffs have been reorganised.
These numbers include Joyce Foam. The firm operates in Australia and New Zealand.
In 2018, Sheela made a consolidated operating profit of INR 1.93bn up 8.8% on the INR 1.78bn recorded in 2017.
Outside India, Sheela's sales were INR 3.9bn up from INR 3.4bn in 2017. However, the high costs of TDI hit profits which fell from INR 143m in 2017 to INR 77m in 2018. This is a decline of 46%.
Looking at the Indian business in the fourth quarter of 2018, Sheela said: 'revenue from operations increased by more than 12% to INR 5.28bn'. EBITA increased by INR 30bn to INR 55bn in the fourth quarter of 2018.
Sheela said it 'has started receiving TDI from Sadara, Saudi Arabia, which has started production, but is yet to fully commercialise.'
Sheela said that its Sleepwell mattress business had introduced an economy range of Starlite mattresses in July 2017. These were sold under the Starlite brand from July 2017. Customers from across India have been able to buy them from January 2018, the company added. The company also started marketing a mid-price mattress under its Feather Foam brand from February 2018