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ICICI Securities Report
Sheela Foam Ltd.’s Q2 LFL revenue grew 6%, a significant beat. We like -
1.recovery in branded mattress (up 8%), furniture cushioning (up 10%) and foam cores (up 15%) in India,
2. Australia subsidiary grew 20%, the higher since IPO (likely driven by Indigenization, in our view),
3. long-term growth opportunities which are discounted cash flow accretive and importantly embellish the narrative as well -
a) grow exports from Spain (likely gaining from China plus strategy of buyers in U.S., Europe),
b) opportunity in furniture cushioning and manufacturing (under SleepX brand).
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