New Delhi, India — Consolidated sales at Sheela Foam rose by 9.6% to INR 5.02 bn ($71.5 m) in the first quarter of its 2018 financial year.
While sales were up 9.6% compared to the same quarter in 2018, the cost of materials consumed rose 23.7%. Materials cost INR 2.82 bn compared to INR 2.28bn in the 2017 quarter. The company reported profit before tax of INR 454 m. This was 12% greater than INR 404 m reported in the first quarter of 2017.
Sheela benefitted in the first quarter of 2018 as tax changes fed through to the profit and loss account.
The firm added that the price of TDI ranged between INR 310/kg and INR 295/kg in the quarter. Sheela said that there was a continued fall to around INR 255/kg after the end of July.
Revenue from Joyce Foam operations in Australia in the first quarter of 2018 were INR 760m compared to INR 720m in the first quarter of 2017. Joyce has been 100% owned by Sheela since 2005.
Joyce EBITDA in the first quarter of 2018 was INR 2 m and compares with INR 4 m in the first quarter of 2017. This was due to the high price of TDI in the quarter.