Noida, India – Sheela Foam, India's only listed flexible foam maker, generated sales of INR 8.26bn ($113.4m) in the third quarter of 2020, up 26% on the same period last year.
EBITDA across the business rose by 21%, reaching INR 1.1bn in the 2020 quarter.
Sheela said the results had been achieve in the face of significant raw material price rises. It said the price of TDI had risen by 63% between Q3 2019 and Q3 2020. Polyols were up 116%.
In the company's Indian business, sales rose by 17% between the third quarter of 2019 and the third quarter of 2020, to INR 6050m. This compares with INR 5180m in the equivalent period in 2019.
EBITDA in the division rose by 39% to INR 990m. In the third quarter of 2019, it was INR 710m.
At Joyce Foam, the company's Australian business, sales rose by 34% to INR 1.2bn, from INR 900m in the equivalent period last year.
EBITDA in the division rose 117% to INR 260m, from INR 120m in the third quarter of 2019. This was aided by a change to Australian accounting standards.
In Spain, sales doubled between the third quarters of 2019 and 2020 atINR 1bn. The business managed to convert most of this into EBITDA. That number hit INR 180m, up 80% on the third quarter of 2019.
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