Kurlon Enterprise Unexpected FY24 Financial results | Kurlon Mattress
Kurlon Enterprises Ltd. (Kurlon Mattress) has released its financial results for FY24. You might remember that Kurlon's founders sold the company to Sheela Foam, the owners of Sleepwell. However, the latest financials tell a surprising story!
In FY24, Kurlon Enterprise Ltd.'s revenue decreased by 4.5% from ₹859 crore to ₹819 crore. Additionally, the company incurred a loss of ₹51 crore, and its earnings per share dropped from ₹2.9 to -₹14. The total asset base fell by 30% from ₹757 crore to ₹531 crore. Total equity also saw a significant decline of 40%, mainly due to reduced retained earnings, lower profits, and an adjustment made by the company.
About Kurlon Enterprise Limited:
Kurlon Enterprise Limited, established in 1962, was a major player in the Indian mattress market, known for their "Kurl-on" brand of sleep products. In July 2023, Sheela Foam, the maker of the competing Sleepwell mattress brand, acquired a controlling stake of 94.66% in Kurlon for ₹2,150 crore. This acquisition aimed to consolidate the fragmented mattress market and expand Sheela Foam's reach into South and East India, capitalizing on Kurlon's established presence there. The combined entity is expected to hold a significant market share and benefit from production efficiencies.
Kurlon Enterprise Limited (Kurlon Unlisted Shares) Research Report
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