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ICICI Securities Report
Sheela Foam Ltd.'s consolidated revenue (organic) performance (-10% YoY) was dragged by a continued decline in its B2B businesses (led by price corrections).
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Positively, branded mattress volumes are growing well with accelerated growth in Sleepwell (+31% YoY) and Kurl on (+17% YoY) driven by launches and TVC campaigns. Kurl-on, acquisition is tracking well with improved volume growth performance and profitability (operating margin doubled to 7%; further, cost synergies of ~200 basis points expected in FY25).
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As expected, breakeven in Furlenco business since February 2024 has further reduced drag on profitability.
Continued reinvestment of gross margin benefits towards higher ad spends, to revive consumer demand for branded mattresses, is a positive. Maintain Buy.
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