Time Technoplast share price rises after bagging big order worth Rs 134 crore

In the quarter ended December 2022, the company has posted net profit at Rs 29.39 crore against Rs 29.01 crore in December 2021.

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Time Technoplast share price gained on February 16 as the firm won single-largest order for supply of CNG Cascades.

Time Technoplast received single-largest order worth Rs 134 crore from Maharashtra Natural Gas for supply of CNG Cascades made from Type – IV Composite Cylinders, company said in its press release.

The supply of the order will be completed within one year from the date of purchase order.

The buyer reserves the right to place a repeat order within six months of upto 50 percent of present purchase order value on the same terms and conditions (including rates).

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In FY 2022, the company had a manufacturing capacity of 180 CNG Cascades (10,800 cylinders) annually. In order to meet growing demand for Type – IV Composite Cylinders for CNG Cascades, the company management is undertaking capex in a phased manner.

The company is increasing the manufacturing capacity by 300 cascades (18,000 cylinders) in FY 2023 with a capital outlay of Rs 55 crore.

With this expansion, the total cascade manufacturing capacity will increase from 180 to 480 cascades (28,800 cylinders) by March 2023, company said.

Under Phase-II, company management has already undertaken expansion program to increase the capacity by further 600 cascades (36,000 cylinders) and the same will be completed in Q4FY 2024 with an outflow of Rs 125 crore.

Total cascade manufacturing capacity after completion of Phase-II will be 1,080 cascades (64,800 cylinders) per year from March 2024, company added.

In the quarter ended December 2022, the company has posted net profit at Rs 29.39 crore against Rs 29.01 crore in December 2021.

Its revenue from operation was up 5.5 percent at Rs 563.94 crore versus Rs 534.44 crore, YoY.

At 09:24 hrs Time Technoplast was quoting at Rs 86.55, up Rs 0.85, or 0.99 percent on the BSE.