Time Technoplast Ltd drops 2% post Q4 results

Shares of Time Technoplast Ltd dropped 2 percent in early trade today despite reporting decent Q4 results. At 11:57 am the Time Technoplast stock was trading 1.07 percent lower at Rs 88.10 apiece on the NSE.

Time Technoplast Ltd reported its Q4 numbers on May 29. On consolidated quarterly basis, the company reported net sales at Rs 1,192.38 crore in March 2023 up 14.77 percent from Rs. 1,038.96 crore in March 2022.

Whereas the quarterly net profit of the company was reported at Rs 63.57 crore in March 2023 up 14.52 percent from Rs 55.51 crore in March 2022. EBITDA stands at Rs 169.86 crore in March 2023 up 21.24 percent from Rs 140.10 crore in March 2022 according to the filing with BSE. Time Technoplast Ltd stocks earnings per share (EPS) has increased to Rs 2.81 in March 2023 from Rs 2.45 in March 2022.

Management Commentary

Bharat Kumar Vageria, Managing Director, Time Technoplast Ltd stated that, “The company has closed the financial year on a strong note with a revenue growth of 18 percent and has also achieved its highest ever Profit after Tax (PAT) of Rs 2,191 million (Rs 219.1 crore). Good demand for industrial packaging products and overwhelming response for our composite products are the major factors behind this strong performance. Within a short span of time, our Type-IV Composite Cylinders for CNG Cascades have established a good market position which is visible in the strong order book position of Rs 2,600 million (Rs 260 crore). Strong demand for industrial packaging products from chemical industry driven by migration of chemical companies out of China and increase in chemical exports coupled with a good demand for CNG cascades, we expect to continue our growth trajectory.”

“I am also pleased to announce that one of the promoter companies has fully repaid the term loan outstanding to its lenders, where equity shares of Time Technoplast Limited have been pledged as a collateral security. These pledged shares will be released shortly on completion of internal formalities by the lenders, post which 100 percent of promoter equity share holding will be pledge free.”

Stock Performance

Time Techno shares has lost 8.97 percent of its value over the last 6 months and 14.51 percent of its value over the last 12 months. Thus, considerably underperforming the benchmark Nifty50 index which has given a return of 0.02 percent over the last 6 months and 11.74 percent over the last one year.

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