Sheela Foam has reported a healthy set of numbers for the quarter. Revenue (net of excise duty in the base quarter) grew 19.7% to Rs502cr. Due to elevated TDI price (key raw material), gross margin for the quarter contracted marginally by 28bps yoy to 43.8%. EBITDA reported 12.9% yoy growth to Rs50.5cr and EBITDA margin contracted 60bps yoy to 10.1%. PAT for the quarter was up 15.7% yoy to Rs32.6cr.
The revenue from Australian operations increased from Rs72cr in Q1FY18 to Rs76cr. Due to higher TDI prices, EBITDA declined from Rs4cr in Q1FY18 to Rs2cr in Q1FY19.
The price of TDI remained at a high level during the quarter and went up to Rs310/kg before closing at Rs295/kg at the end of the quarter. TDI prices are on a declining trend since July and at present the prices are Rs255/kg.
Depreciation for the quarter grew 21.4% yoy. Interest cost was also up 6.3% yoy.
Other income for the quarter was up 16.8% yoy to Rs6.3cr.
Tax rate for the quarter stood at 28.2% vs. 30.4% in Q1FY18.
On a sequential basis, the company’s performance was not encouraging. Revenue and EBITDA declined 4.9% qoq and 3.4% qoq, respectively, whereas PAT remained flat.
Sheela Foam Ltd ended at Rs1,505, down 38.05 points, or 2.47%, from its previous close of Rs1,543.05 on the BSE.
The scrip opened at Rs1,587 and has touched a high and low of Rs1,587 and Rs1,505, respectively. A total 4,141 (NSE+BSE) shares were traded on the counter. The stock is currently trading below its 200 DMA.
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