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Duroflex Reports 18.23% Growth in Scale in FY23, Achieves 59.46% Reduction in Losses

After a substantial 58% increase in scale in FY22, Duroflex, a Bengaluru-based sleep solution company, experienced a more moderate 18.23% growth during the fiscal year ending March 2023. However, the company saw a significant reduction in losses in the last fiscal year.

Duroflex specializes in mattresses, furniture, bed linen, pillows, and accessories, distributing its products through its website, offline stores, and various e-commerce platforms.

In FY23, the company derived its revenue solely from the sale of products. Additionally, it earned a non-operating income of Rs 13 crore from interest on current investments.

As a producer of rubberized coir, polyurethane foam items, and spring mattresses, the largest expenditure for Duroflex is the cost of procuring materials, accounting for 56% of overall expenses. This cost increased by 11% to Rs 605 crore in FY23.

Employee benefits at Duroflex experienced a growth of 29.3% during FY23. Other overheads, such as legal professional fees, advertising cum promotional expenses, freight, and rent, contributed to a total expenditure increase of 14.73% to Rs 1,075 crore in FY23 from Rs 937 crore in FY22.

Despite the company's more modest growth in scale, effective cost management allowed Duroflex to reduce its losses by 59.46% to Rs 15 crore in FY23 compared to Rs 37 crore in FY22. Additionally, its ROCE and EBITDA margin improved by 3.3% and 5.4%, respectively.

On a unit level, Duroflex spent Rs 1.02 to earn a rupee in FY23.


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