Noida, India – Sheela Foam, India's only listed foam maker achieved sales of INR5.5bn ($74m) in the first quarter of 2021. This is more than double the sales in the same period last year.
EBITDA across the business rose by 35.7% INR380m in the first quarter of 2021.
The company noted that it significantly increased its production of all types of foam from 2.6kT in the first quarter of 2020 to 6.2kT in the most recent quarter. It also experienced significant rises in the price it paid for both diisocyanates and polyols.
In the company's Australian business, sales rose by 25.6% to INR1bn between the first quarter of 2020 and the first quarter of 2021, up from INR820m. EBITDA in the division fell 7.7% to INR120m in the first quarter of 2021, up from INR130m.
Sales in the Spanish business doubled between the 2020 and 2021 quarters, at INR1.2bn. EBITDA in the division fell 36.4% to INR70m in the first quarter of 2021, from INR110m in the equivalent period in 2020.
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