Noida-based Sheela Foam on a consolidated basis, reported a net profit of ₹9 crore on revenues of ₹813 crore for the quarter ended September 30, 2024. The revenue increased by 32 per cent over the same quarter of last year.
The revenue growth was due to better volume in the mattress that grew by 19 per cent y-o-y; Sleepwell brand growing by 40 per cent on a y-o-y basis whereas Kurl-on brand grew 26 per cent on a y-o-y basis.
The foam volume saw an uptick by 11 per cent y-o-y with deeper penetration in industries like automotive, footwear, lingerie, and ancillary markets, says a release.
Sheela Foam Ltd, the leader in manufacturing of best quality PU Foam in India with flagship brands, Sleepwell and Kurl-on, reported its financial results for the second quarter and half year ended September 30, 2024.
The integration of Sleepwell and Kurl-on under the Sheela Group is now stabilising with synergy benefits of over ₹100 crore per annum flowing to the bottom-line. Streamlined operations, expanded market reach, and optimised resource utilisation have enabled Sheela Group to create real value, strengthening its foundation to provide even greater returns for its customers and stakeholders in the sleep industry, the release said.
Rahul Gautam, Executive Chairman, Sheela Foam Ltd, in the release said, “Both Sleepwell and Kurl-on brands have entered their desired orbits, showing impressive volume growth in Q2FY25 while maintaining strong margins. We remain committed to delivering customer-centric innovation across all areas of our business.”
According to Tushaar Gautam, MD, Sheela Foam Ltd, added, “We have unlocked additional value by optimising costs post-integration, resulting in an adjusted EBITDA nearing 10 per cent for Q2FY25 of India business, primarily driven by synergies across raw material, logistics, and manpower rationalisation.