Noida, India — Sheela, India's only listed polyurethane foam maker, generated sales of INR2.7bn ($36m) in the first quarter of 2021. This is a fall of 46% compared with the same period in 2020.
EBITDA across the business fell 55% to INR280m. In the same period in the previous year, EBITDA was INR620m.
The company said that coronavirus restrictions in India meant that for the first two months, there were hardly any sales in its largest market. However, the business controlled expenses and managed to remain profitable despite what it describes as ‘very low’ sales.
In its Australia business, sales rose by 4% between the first quarter of 2020 and 2021, to INR820m. EBITDA in the division increased by 63% to INR130m. This resulted from a change in the Australian accounting standard.
In the second quarter of 2020, Sheela bought Interplasp of Yecla, which became its division in Spain. In the first quarter of 2021, sales in this division were INR600m, and EBITDA was INR110m.