New Delhi, India — Consolidated sales at Sheela Foam for the third quarter of 2016 rose by almost 9% to INR 4.9 bn($ 72.9m) in its first set of unaudited quarterly accounts published since flotation on the Bombay stock market.
Sales in the 2016 quarter were up 9% at INR 4.9 bn compared to INR 4.5 bn in the equivalent quarter of 2015. At the same time the company grew profits from operations before other income, finance costs and exceptional items by almost INR 50 m to INR 613 m, a slightly slower rise in profits of 7%. The operating margin was unchanged between the 2015 and 2016 quarters at around 13%.
In the 20156 financial year, which ended on 31 March, the company saw sales of INR 12.6 bn from operations which led to a profit of INR 1.18 bn for the year.
The consolidated figures show how Sheila Foam focuses on India with sales from outside India in the third quarter of 2016 reaching INR 730 m. In the year ending in March 2016 non-Indian sales totalled INR 2.8 billion, Sheela said.
Sheela Foam said that growth was achieved in the third quarter of 2016 "despite the negative impact of demonetisation from 8 November 2017." This saw India remove a number of high denomination bills from circulation.