Annual Report: 2022
Kurlon Annual Report 2021-22 Summary:
About Kurl-on: Established in 1962, Kurlon is an innovator of Rubberized Coir (RC) mattresses in India, offering home comfort solutions like mattresses, polyurethane foam, and home furniture under the "Kurl-on" brand. The company exports to Asian countries like Sri Lanka and Nepal and has received awards for performance in exporting Rubberized Coir Products. In 2011, Kurlon promoted a subsidiary, Kurlon Enterprise Ltd. (KEL), and in 2014, transferred its business to KEL.
Vision & Mission: Kurlon aims to sustain brand leadership with highest consumer delight through world-class manufacturing processes, innovation, and being the best place to work, thereby delivering growth and wealth for stakeholders in a socially responsible manner.
Awards & Recognition: Kurlon has received the "49th National Safety Day award" from the Government of Karnataka, "The Brand of The Decade Award 2021-22" in the mattress category by BARC Asia, and the Pride of India Brands recognition.
Company Timeline:
Key Differentiators:
Product Portfolio: Offers a range of mattresses, Home Komforts furniture, and Kurlopillo products. Includes new Kurl-on Mattress in a bag.
Geographical Presence: Kurlon has a nationwide presence with 12 factories, 7 hubs, and 50+ warehouses across India.
Managing Director's Desk: Managing Director Sri T. Sudhakar Pai mentions transparency, sustainability, and inclusive growth in the integrated annual report. Despite challenging times, the company has stood the test of time, reporting topline growth with consolidated revenue from operations at Rs 79,515.38 lakhs, an increase of 4.79%. The company is adapting cost control strategies to manage high input costs, expanding e-commerce presence, and scaling up both organically and inorganically. They highlight a move towards ESG (Environmental, Social, and Governance) standards with a focus on clean technologies, traceability, and transparency. The Managing Director expects 15% YOY growth in the organized mattress segment and emphasizes the importance of quality and customer satisfaction. The managing director also expresses confidence that the humble coir will make a comeback in a healthy/non-toxic avatar and the company is foraying into the technical foam category.
Financial Highlights: The report includes a financial performance review, with detailed charts showing Operating Revenue, EBITA, Networth, and Net Profit (both Standalone and Consolidated) from FY17 to FY22, as well as dividend payout (%) and Earning per share (in Rs.) for the same time period. Consolidated net profit (after tax) has decreased from Rs. 3,774.06 Lakhs to Loss of Rs. 665.70 Lakhs.
Director's Report: The Director's Report provides an overview of the company's financial performance and business activities during the financial year 2021-22. The company reported growth in Net Revenue on a standalone basis, increasing by 3.86% to Rs. 78,192.37 Lakhs. Consolidated Profit after tax decreased from Rs. 3,302.81 lakhs to Loss of Rs. 665.70 lakhs. The report also includes discussions on the impact of COVID-19, key initiatives, and future outlook. Recommends a dividend of Rs. 0.50 per equity share (10%). It also states the company is moving toward ESG: use of clean technologies. There was no reportable material event in the Company. Company has entered into lease agreement with its Holding Company and deposited a sum of Rs. 153 Crs upfront as lease rental deposit and rent. Report also discussed Director's Responsibility Statement and other requirements under the Companies Act, 2013. The report also includes reports on Corporate Governance, Management Discussion and Analysis, CSR activities, and a note on Auditors and Auditors' Report.
Corporate Social Responsibility: Kurlon is committed to working towards supporting projects in areas of health, education, rehabilitation, enhancing vocational skills, and rural development, forming a public charitable trust called Kurlon Kares Trust (KKT) to support these activities. The company's CSR team provides and promotes skill development and education to underprivileged children, and initiated the "Vidhya Ratna" project to support government schools and promote education. Also a partnership with Oxfam and provided support during the COVID-19 pandemic.
Internal Financial Controls: The company has adequate internal controls.
Five year highlights: Operating revenue in FY22 = 49,342.09 Lakhs EBITA in FY22 = 3292.73 Lakhs Networth in FY22 = 77,225.58 Lakhs Net Profit in FY22 = 245.96 Lakhs
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