Sheela Foam advances after good Q1 result

Sheela Foam gained 3.95% to Rs 1,580 at 11:15 IST on BSE after consolidated net profit rose 15.69% to Rs 32.59 crore on 19.64% rise in total income to Rs 508.37 crore in Q1 June 2018 over Q1 June 2017.

The announcement was made after market hours on Friday, 10 August 2018.

Meanwhile, the S&P BSE Sensex was down 221.73 points or 0.59% at 37,647.50

On the BSE, 570 shares were traded in the counter so far compared with average daily volumes of 393 shares in the past two weeks. The stock had hit a high of Rs 1,600 and a low of Rs 1,550 so far during the day. The stock hit a record high of Rs 1,850 on 29 November 2017. The stock hit a 52-week low of Rs 1,222 on 14 August 2017.

Sheela Foam's consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) rose 16% to Rs 51 crore in Q1 June 2018 over Q1 June 2017. EBITDA margin stood at 10% in Q1 June 2018.

The revenue from operations from Australia increased from Rs 72 crore to Rs 76 crore. The EBITDA, however, went down from Rs 4 crore to Rs 2 crore. The EBITDA margins in Australia went down due to high TDI prices during the quarter.

Sheela Foam is engaged in manufacturing of home comfort products and technical foam products. The company is one of the leading manufacturers of mattresses in India, marketed under its flagship brand, Sleepwell. In addition, it manufactures other foam-based home comfort products targeted primarily at Indian retail consumers, as well as technical grades of polyurethane (PU) foam for end use in a wide range of industries.

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