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Sheela Foam Ltd. in its analyst meet (on Dec 01, 2022) informed that-
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demand recovery has remained slow in India and Spain post Q2, owing to high inflation and geopolitical unrest,
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further correction in its key raw material prices by ~10% as on date (from Q2) will support Ebitda margin recovery,
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the Rs 350 crore capex plans to ramp up its production capacity over FY23E-24E is on track.
In India, home care segment (80% of revenue) remains impacted owing to demand postponement amid high inflation. However, the technical products segment (~20% of revenue) continues its performance led by strong demand from the automotive industry.
In the overseas subsidiaries, Australian subsidiary witnessed improved demand followed by new product launches, the Spain business remains impacted (with ~75-80% demand recovery) due to geo-political unrest.
The management expects demand recovery across regions to start from Q4 onwards supported by easing inflationary pressure and strong housing demand.
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