Kurlon Enterprises Limited
Company Overview
During a visit to Germany, Mr. Ramesh Pai discovered that high-end motor car seats were made of rubberized coconut-coir fibre manufactured from Sri Lankan base material. Mr. Pai knew that India was one of the largest producers of coconut in the world and so, Mr. Pai discovered there was a new business to be pioneered.
Charged with this thought, he returned home to start his journey of discovering how best he could take advantage of the coir husk produced by India. Mr. Pai found that coconut coir was being used only by the cottage industry to manufacture retted fabric, from here Mr. Pai’s idea took shape and became Karnataka Consumer Products Limited which was further known as Kurl-on. Mr. Pai brought in Austrian technology to extract the fibre from the husk and curl it into ropes.
Rather than restricting himself to mattresses he also developed an ancillary range of products such as cushions and mats. In 2004, it ventured beyond providing just a better sleep experience and extended its product range into the home comfort segment.
The company has evolved and now manufactures mattresses in 126 different configurations. Pan-India, they have partnered with a network comprising more than 10000 dealers, 72 branch and stock points, and 9 strategically located manufacturing facilities across Karnataka, Odisha, Madhya Pradesh, Uttaranchal, and Gujarat. With state-of-the-art technology, these factors continue to improve the standards in the mattress industry and serve the growing Indian population.
| id | company_master_id | company | shareholder | sharesNo | shareHolding | dateOfUpdate |
|---|---|---|---|---|---|---|
| 183 | 33 | Kurlon Enterprise Ltd | Kurlon Limited | 30949615 | 0 | 2021-03-31 |
| 185 | 33 | Kurlon Enterprise Ltd | Others | 3248560 | 0 | 2021-03-31 |
| 184 | 33 | Kurlon Enterprise Ltd | Indian Business Excellence Fund II A | 2354086 | 0 | 2021-03-31 |
| id | company_master_id | company | shareholder | sharesNo | shareHolding | dateOfUpdate |
Revenue Segment
Share Holding
Revenue & Margins
% Margins
Company Financials
| Profit and Loss Account (₹ in Crores) | 2019 | 2020 | 2021 |
|---|---|---|---|
| Revenue from Operations | 1051.91 | 987.63 | 783.67 |
| Other Income | 11.96 | 7.93 | 8.93 |
| Total Income | 1063.87 | 995.56 | 792.6 |
| Cost of Operations | 602.99 | 524.14 | 428.07 |
| EBITDA | 139.9 | 135.84 | 110.95 |
| EBITDA % | 13.15 | 13.64 | 14 |
| EBIT | 120.94 | 102.53 | 79.19 |
| EBIT % | 11.37 | 10.3 | 9.99 |
| PBT | 114.95 | 93.12 | 73.92 |
| PBT % | 10.81 | 9.35 | 9.33 |
| TAX | 48.9 | 17.87 | 23.84 |
| NPAT | 66.05 | 75.25 | 29.89 |
| NPAT % | 6.21 | 7.56 | 3.77 |
| EPS (Basic) in ₹ | 18.5 | 20.78 | 8.33 |
| EPS (Diluted) in ₹ | 18.07 | 20.3 | 8.33 |
| Dividend Per Share (in ₹) | 3 | 4 | 5 |
Sources of funds
Application of funds
| Balance Sheet (₹ in Crores) | 2019 | 2020 | 2021 |
|---|---|---|---|
| Share Capital | 18.19 | 18.19 | 18.28 |
| Reserves | 386.35 | 447.75 | 465.51 |
| Networth | 404.54 | 465.95 | 483.79 |
| Long Term Borrowings | 0 | 0 | 0.45 |
| Short Term Borrowings | 22.38 | 23.89 | 12.04 |
| Current Liabilities | 166.13 | 157.09 | 112.14 |
| Non-Current Assets | 278.01 | 352.79 | 330.38 |
| Current Assets | 380.21 | 394.03 | 388.08 |
| Total Assets | 658.22 | 746.82 | 718.46 |
| Cash Bank Balance | 30.66 | 14.31 | 41.89 |
| Trade Receivables | 119.61 | 67.05 | 49.3 |
| Trade Payables | 129.11 | 119.48 | 92.97 |
| Inventory | 117.29 | 122.9 | 116.65 |
| Cash Flow Statement (₹ in Crores) | 2019 | 2020 | 2021 |
|---|---|---|---|
| Cash flow from operating Activities | 37.11 | 127.51 | 94.72 |
| Cash flow from Investing Activities | -33.39 | -123.6 | -37.69 |
| Cash flow from Financing Activities | -16.12 | -20.35 | -29.54 |
| Net Cash-Flow | -12.4 | -16.44 | 27.49 |
KEL %
SHEELA %
| Price Multiples as on 2021-05-08 | |
|---|---|
| Face Value Per Share (in ₹) | 5 |
| Price Per Share (in ₹) | 600 |
| P/E | 72.03 |
| P/B | 4.53 |
| Dividend Yield | 0.83 % |
| Price / Sales | 2.8 |
| Market Cap (₹ in Crores) | 2193 |
Peer Comparison
| Profit and Loss Account (₹ in Crores) | 2021 | 2020 | 2019 | |||
|---|---|---|---|---|---|---|
| Kurlon | Sheela | Kurlon | Sheela | Kurlon | Sheela | |
| Revenue from Operations | 783.67 | 2435.36 | 987.63 | 2173.63 | 1051.91 | 2141.45 |
| Other Income | 8.93 | 52.08 | 7.93 | 39.99 | 11.96 | 27.56 |
| Total Income | 792.6 | 2487.44 | 995.56 | 2213.62 | 1063.87 | 2169.01 |
| Cost of Operations | 428.07 | 1438.45 | 524.14 | 1175.26 | 602.99 | 1262.53 |
| EBITDA | 110.95 | 414.41 | 135.84 | 340.4 | 139.9 | 238.58 |
| EBITDA % | 14 | 16.66 | 13.64 | 15.38 | 13.15 | 11 |
| EBIT | 79.19 | 341.54 | 102.53 | 281.36 | 120.94 | 199.05 |
| EBIT % | 9.99 | 13.73 | 10.3 | 12.71 | 11.37 | 9.18 |
| PBT | 73.92 | 323.86 | 93.12 | 268.36 | 114.95 | 189.43 |
| PBT % | 9.33 | 13.02 | 9.35 | 12.12 | 10.81 | 8.73 |
| TAX | 23.84 | 83.69 | 17.87 | 62.08 | 48.9 | 55.69 |
| NPAT | 29.89 | 240.17 | 75.25 | 206.28 | 66.05 | 133.74 |
| NPAT % | 3.77 | 9.66 | 7.56 | 9.32 | 6.21 | 6.17 |
| EPS (Basic) in ₹ | 8.33 | 49.23 | 20.78 | 39.83 | 18.5 | 27.41 |
| EPS (Diluted) in ₹ | 8.33 | 49.23 | 20.3 | 39.83 | 18.07 | 27.41 |
| Dividend Per Share (in ₹) | 5 | 0 | 4 | 0 | 3 | 0 |
| Balance Sheet (₹ in Crores) | 2021 | 2020 | 2019 | |||
|---|---|---|---|---|---|---|
| Kurlon | Sheela | Kurlon | Sheela | Kurlon | Sheela | |
| Share Capital | 18.28 | 24.39 | 18.19 | 24.39 | 18.19 | 24.39 |
| Reserves | 465.51 | 1159.9 | 447.75 | 895.35 | 386.35 | 705.71 |
| Networth | 483.79 | 1184.29 | 465.95 | 919.74 | 404.54 | 730.1 |
| Long Term Borrowings | 0.45 | 132.63 | 0 | 157.13 | 0 | 5.55 |
| Short Term Borrowings | 12.04 | 87.93 | 23.89 | 54.68 | 22.38 | 25 |
| Current Liabilities | 112.14 | 541.67 | 157.09 | 392.58 | 166.13 | 342.01 |
| Non-Current Assets | 330.38 | 1238.05 | 352.79 | 894.43 | 278.01 | 476.1 |
| Current Assets | 388.08 | 837.8 | 394.03 | 756.87 | 380.21 | 685.69 |
| Total Assets | 718.46 | 2075.85 | 746.82 | 1651.3 | 658.22 | 1161.79 |
| Cash Bank Balance | 41.89 | 58.1 | 14.31 | 44.62 | 30.66 | 20.3 |
| Trade Receivables | 49.3 | 302.15 | 67.05 | 215.77 | 119.61 | 152.16 |
| Trade Payables | 92.97 | 229.64 | 119.48 | 153.45 | 129.11 | 143.2 |
| Inventory | 116.65 | 315.31 | 122.9 | 226.86 | 117.29 | 187.14 |
| Cash Flow Statement (₹ in Crores) | 2021 | 2020 | 2019 | |||
|---|---|---|---|---|---|---|
| Kurlon | Sheela | Kurlon | Sheela | Kurlon | Sheela | |
| Cash flow from operating Activities | 94.72 | 260.3 | 127.51 | 163.54 | 37.11 | 137.87 |
| Cash flow from Investing Activities | -37.69 | -214.7 | -123.6 | -294.55 | -33.39 | -245.68 |
| Cash flow from Financing Activities | -29.54 | -32.35 | -20.35 | 158.28 | -16.12 | -27 |
| Net Cash-Flow | 27.49 | 13.25 | -16.44 | 27.27 | -12.4 | -134.82 |
| Price Multiples as on 2022-03-14 | Kurlon | Sheela |
|---|---|---|
| Face Value Per Share | 5 | 5 |
| Price | 700 | 3497 |
| P/E | 84.03 | 71.03 |
| P/B | 5.29 | 14.4 |
| Dividend Yield | 0.71 % | 0 % |
| Price / Sales | 3.27 | 7 |
| Market Cap (₹ in Crores) | 2559 | 17059 |
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