Sheela Foam rises after Q2 PAT spurts 142%

Shares of Sheela Foam rose 2.65% to Rs 1274 after reporting stellar Q2 results after market hours on Monday, 11 November 2019.

On a consolidated basis, net profit jumped 142% to Rs 59 crore on a 7.1% decline in net sales to Rs 497 crore on a YoY basis. EBITDA for Q2 September 2019 increased 66.67% to Rs 70.5 crore, from Rs 42 crore in corresponding quarter of the previous year.

On standalone basis, the company reported a 136.5% jump in net profit to Rs 52.08 crore in Q2 2019 over Q2 2018. Net sales stood at Rs 410.60 crore, a decline of 8.7% on a YoY basis amid lower demand for discretionary products.

Standalone EBITDA increased 61.11% to Rs 58 crore in Q2 2019 from Rs 36 crore in Q2 2018.

The company informed that Pankaj Garg has resigned as CFO and the board accepted his resignation at its meeting held on 11 November 2019. The board has approved the appointment of Dhruv Chandra Mathur as chief financial officer.

Sheela Foam is a leading manufacturer of mattresses in India marketed under its flagship brand 'Sleepwell'.

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