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ICICI Securities Report
Sheela Foam Ltd.'s disappointing revenue performance (up 7% YoY) was further exacerbated by continued margin pressure – while inflationary pressure in key inputs of TDI (toluene diisocyanate) and polyol has (now) started to come in base, the pressure is too high to be absorbed easily.
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Gross margin contracted significantly to 39.1% while Ebitda margin declined to 10.8% (versus 17.4% in Q3 FY21). Growth in business-to-business was relatively better.
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Sheela Foam's Australia business was largely flat while Spain reported a (comparatively) better performance. Long-term opportunities are discounted cash flow-accretive and embellish the narrative –
benefit from China plus strategy of buyers in U.S., Europe,
opportunity in furniture cushioning and manufacturing (under SleepX brand),
sustained acceleration in India business growth (competitive edge through 5,000 plus exclusive brand outlet network),
consumers realising importance of good quality mattress and
focus on growing e-commerce channel.
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