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Results
16-Aug-21
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Analysis
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Sheela Foam
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OP up 37%
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Sheela Foam consolidated net sales increased 104.95% to Rs 551.25 crore in
Q1FY22 compared to Q1FY21. Operating
profit margin has jumped from 10.35% to 6.94%, leading to 37.46% rise in
operating profit to Rs 38.27 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
50.21% to 63.99%. Purchase of finished
goods cost rose from 0.22% to 0.36%.
Employee cost decreased from 17.90% to 10.99%. Other expenses fell from 20.67% to
17.70%. Other direct service cost fell
from 3.24% to 2.80%.
Other income rose 64.76% to
Rs 17.86 crore. PBIDT rose 45.11% to Rs
56.13 crore. Provision for interest rose
18.45% to Rs 4.88 crore. PBDT rose 48.29% to Rs 51.25 crore. Provision for depreciation rose 8.04% to Rs
18.54 crore.
Profit before tax grew
87.99% to Rs 32.71 crore. Share of
profit/loss were nil in both the periods.
Provision for tax was expense of Rs 7.59 crore, compared to Rs 5.6
crore. Effective tax rate was 23.20%
compared to 32.18%.
Minority interest decreased
34.04% to Rs 0.31 crore. Net profit
attributable to owners of the company increased 118.98% to Rs 24.81 crore.
Standalone India:
During Q1FY22 revenue from operations on standalone basis was Rs. 326 crores
compared to Rs. 127 crores of Q1FY21. The EBITDA for the quarter was Rs. 19
crore as compared to Rs. 1 crore
of corresponding quarter. The Net Profit (PAT) for Q1FY22 was Rs. 19 crore as
compared to Rs. 2 crore of corresponding quarter.
Standalone Australia: During Q1FY22 revenue from operations from Australia was Rs. 103
crore compared to Rs. 82 crore of QIFY21, registering a growth of 27%. The
EBITDA for the quarter was Rs. 12 crore as
compared to Rs. 13 crore of corresponding quarter. Net Profit (PAT) was Rs. 3
crore compared to Rs. 4 crore of corresponding quarter.
Standalone Spain:
During Q1FY22 revenue from operations from Spain was Rs. 122 crore compared to
Rs. 60 crore of Q1FY21, registering a growth of 103%. The EBITDA for the
quarter was Rs. 7 crore as compared
to Rs. 11 crore of corresponding quarter and the Net Profit (PAT) was Rs. 4
crore compared to Rs. 7 crore of corresponding quarter.
Promoters’ stake was 72.95%
as of 30 June 2021 compared to 75.00% as of 30 June 2020.
Consolidated performance for the year ended Mar`21
Net sales (including other
operating income) of Sheela Foam has increased 12.04% to Rs 2435.36 crore. Operating profit margin has jumped from
13.82% to 14.88%, leading to 20.61% rise in operating profit to Rs 362.31
crore. Raw material cost as a % of total
sales (net of stock adjustments) increased from 50.03% to 56.01%. Purchase of finished goods cost fell from
0.83% to 0.74%. Employee cost decreased from 10.13% to 9.49%. Other expenses
fell from 25.21% to 18.92%. Other direct service cost fell from 3.25% to
2.42%.
Other income rose 30.23% to
Rs 52.08 crore. Provision for interest
rose 36% to Rs 17.68 crore. Loan funds
rose to Rs 334.22 crore as of 31 March 2021 from Rs 291.48 crore as of 31 March
2020. Inventories rose to Rs 315.31
crore as of 31 March 2021 from Rs 226.86 crore as of 31 March 2020. Sundry debtors were higher at Rs 302.15 crore
as of 31 March 2021 compared to Rs 215.78 crore as of 31 March 2020. Cash and bank balance rose to Rs 58.10 crore
as of 31 March 2021 from Rs 44.62 crore as of 31 March 2020. Investments rose to Rs 410.61 crore as of 31
March 2021 from Rs 231.43 crore as of 31 March 2020.
Provision for depreciation
rose 23.42% to Rs 72.87 crore. Fixed
assets increased to Rs 663.39 crore as of 31 March 2021 from Rs 614.13 crore as
of 31 March 2020. Intangible assets
increased from Rs 254.59 crore to Rs 263.07 crore.
Profit before EO grew
20.67% to Rs 323.84 crore. The company
reported nil EO items compared to EO expense of Rs 11.99 crore related to write
off of an insurance claim towards the fire in 216-17 in its unit at Greater
Noida unit. PBT after EO was up 26% to Rs 323.84 crore.
Provision for tax was
expense of Rs 83.69 crore, compared to Rs 62.08 crore. Effective tax rate was 25.84% compared to
24.22%.
Minority interest increased
182.56% to Rs 2.43 crore. Net profit attributable to owners of the company
increased 22.90% to Rs 237.72 crore.
Promoters’ stake was 72.95%
as of 31 March 2021 compared to 75.00% as of 31 March 2020.
Cash flow from operating
activities increased to Rs 260.30 crore for year ended March 2021 from Rs
157.31 crore for year ended March 2020.
Cash flow used in acquiring fixed assets during the year ended March
2021 stood at Rs 64.75 crore, compared to Rs 404.94 crore during the year ended
March 2020.
The scrip is currently trading
around Rs 2268 on the BSE
Sheela Foam : Consolidated Results
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Particulars
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2106 (03)
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2006 (03)
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Var.(%)
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2103 (12)
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2003 (12)
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Var.(%)
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Net Sales
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551.25
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268.97
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105
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2,435.36
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2,173.63
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12
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OPM (%)
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6.9
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10.4
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14.88
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13.8
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OP
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38.27
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27.84
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37
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362.31
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300.41
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21
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Other Inc.
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17.86
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10.84
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65
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52.08
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39.99
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30
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PBIDT
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56.13
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38.68
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45
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414.39
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340.4
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22
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Interest
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4.88
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4.12
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18
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17.68
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13
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36
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PBDT
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51.25
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34.56
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48
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396.71
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327.4
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21
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Depreciation
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18.54
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17.16
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8
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72.87
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59.04
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23
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PBT before EO
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32.71
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17.4
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88
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323.84
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268.36
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21
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EO Income
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0
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0
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-
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0
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-11.99
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-
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PBT after EO
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32.71
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17.4
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88
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323.84
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256.37
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26
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Taxation
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7.59
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5.6
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36
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83.69
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62.08
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35
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PAT
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25.12
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11.8
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113
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240.15
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194.29
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24
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Minority Interest (MI)
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0.31
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0.47
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-34
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2.43
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0.86
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183
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Net profit
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24.81
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11.33
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119
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237.72
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193.43
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23
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EPS (Rs)*
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#
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#
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48.7
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41.5
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Notes
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* EPS is on current equity of Rs 24.39 crore, Face value of Rs
5, Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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EO : Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate Database
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