Makers of Sleepwell mattresses, Sheela Foam Ltd on Friday (January 31) reported a 39% year-on-year (YoY) decline in net profit at ₹18.8 crore for the third quarter that ended December 31, 2024.

In the corresponding quarter of the previous fiscal, Sheela Foam posted a net profit of ₹30.8 crore, the company said in a regulatory filing. The company’s revenue from operations increased 10% to ₹967.1 crore as against ₹878.9 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA was up 15.4% to ₹87.9 crore in the third quarter of this fiscal over ₹76.2 crore in the corresponding period in the previous fiscal.

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EBITDA margin stood at 9.1% in the reporting quarter as compared to 8.7% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

Sheela Foam reported strong topline and profitability growth in Q3 and 9M FY25 despite industry headwinds. Mattress (BC business) volumes grew 24% YoY in Q3 FY25, with the Sleepwell brand recording a 53% YoY volume increase and Kurlon growing 13% YoY.

The e-commerce segment witnessed record growth, becoming the second-largest online mattress brand in the country. B2B and other segments also posted high growth rates. Additionally, Furlenco expanded into two new cities while achieving healthy subscriber base growth.

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The results came after the close of the market hours. Shares of Sheela Foam Ltd ended at ₹924.30, up by ₹18.85 or 2.08% on the BSE.