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ICICI Securities Report
A good revenue performance (up 9% like-for-like two-year compound annual growth rate) was (somewhat) dampened by 51-78% YoY inflation in key raw materials (Toluene di-isocyanate, polyurethane); gross margin contracted to lowest-ever level of 37.4%.
The template of new consumer recruitment continues - something which we like - manifested by higher growth in lower-end products (our view).
Growth in foam cores and technical foam was impressive at 17-19% (two-year CAGR).
As expected, Australia recovered smartly (two-year CAGR growth of 13%) and Spain also did well.
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