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Net sales fell 8.2% year on year to Rs 447.83 crore during the quarter.
Profit before tax increased 22.5% to Rs 63.18 crore as on 30 June 2023 as against Rs 51.57 crore as on 30 June 2022.
Total expenses stood at Rs 598 crore, down 9.39% YoY in Q1 FY24. Cost of material consumed was at Rs 353.96 crore (down 18.26% YoY) while employee benefit expenses was at Rs 73.21 crore (up 6.18% YoY), finance cost stood at Rs 7.88 crore ( up 63.83% YoY) during the period under review.
Meanwhile, the board has approved to raise funds through issuance of equity shares by way of qualified institutional placement of an amount upto and not exceeding Rs 1,200 crore.
Further, the board has also approved to issue and allot listed, unsecured, rated, redeemable, non convertible debentures on private placement basis for an amount aggregating upto and not exceeding Rs 600 crore.
Sheela Foam pioneered in the manufacturing of polyurethane foams in India and has ten manufacturing facilities, using the state of the art technology at strategic locations across the country.
The scrip declined 2.93% to Rs 1140.70 on the BSE.
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