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Sheela Foam Ltd reports Q2 FY19 results

Posted On: 2018-11-07 12:55:04

During this quarter, Sheela Foam Limited posted Revenue from operations of Rs.535 crores, compared to Rs.486 crores of Q2FY 18, an increase of more than 10 %. The EBITDA for Q2FY19 was Rs. 43 crores as compared to Rs. 57 crores of Q2FY18. Netprofit for Q2FY19 was Rs. 24 crores as compared to Rs. 34 crores of Q2FY18.

During the qtr. the Revenue from operations on standalone basis was Rs. 450 crores compared to Rs. 408 crores i.e. an increase of more than 10 %. However the EBITDA decreased from Rs. 50 crores to Rs.36 crores. The Net profit also decreased from Rs.3lcrores to Rs. 22 crores.

The temporary EBITDA reduction vis-a-vis corresponding quarter was due to Increase in raw material costs, not fully absorbed by price increases. Average TDI cost increased to Rs 280 per kg from Rs. 260 per kg. The average Polyol prices went up from Rs. 109 per kg to Rs 130 per kg, primarily due to foreign exchange fluctuation.

The temporary EBITDA reduction vis--vis trailing quarter was due to additional Expenditure incurred on more than 800 MBOs converted into EBOs .As against the target of 4000 EBO by March 2020, the Company has already made 3610 EBO. Further, the Company is now focusing on Tertiary Sales and is investing in improving the footfalls and the conversion rate in Exclusive Branded Outlets. This resulted into Higher Marketing & selling Expenses.

To Improve the EBITDA, the Company has already implemented price increase w.e.f. 1.10.2018 for Branded Bedding Products.

During this quarter, Revenue from operations from Australia was Rs.86 crores, compared to Rs. 77 crores, an increase of more than 10%. The EBITDA, was constant at Rs. 7 crores.

1. Raw Material Prices: The price of TDI, one of the critical raw materials was Rs. 295 per kg at the beginning of the quarter, which went down to Rs.250 per kg by the end of the quarter. However full benefit of the same could not be achieved, due to carrying Inventory of imported TDI. Present price of TDI is Rs. 205 per kg.

2. Exclusive Branded Outlets (EBO): During the first half, the Company has taken an aggressive approach to convert MBO to EBO. This resulted into higher expenditure on In -Shop Advertising, leading to a temporary decline in EBITDA for the current quarter. The Company expects higher growth through EBO, in times to come.

3. PRICES: Considering the foreign Exchange Fluctuation and increased expense on Marketing & Selling Expenses, the Company has decided to increase the prices of Branded Bedding products w.e.f. 1.10.2018.

Shares of Sheela Foam Ltd was last trading in BSE at Rs.1452 as compared to the previous close of Rs. 1564.4. The total number of shares traded during the day was 313 in over 82 trades.

The stock hit an intraday high of Rs. 1508 and intraday low of 1412.5. The net turnover during the day was Rs. 453182.


Source: Equity Bulls

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