Consolidated revenue declined by 8.1% YoY to Rs 722.2 crore. Geographically, revenue from within India declined by ~11% to ~Rs529 crore and revenue from outside India declined by ~4% to ~Rs 193 crore. On the margin front, the EBITDA margin declined by 314 bps YoY to 10.8% due to higher operating costs. PAT declined sharply by ~31% YoY to Rs 53 crore in Q2FY23 due to lower topline growth
We believe that Sheela Foam's topline growth was impacted due to a higher base as well as soft domestic demand. EBITDA margin at 10.8% is also lower than the company's pre-covid margin level of ~14%.
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