Time Technoplast Ltd share Price Today

Plastic Products firm Time Technoplast announced Q1FY23 Result :

• Total Debt reduced by Rs 263 Mn in Q1FY23 from year ended FY22
• Net cash from Operating Activities in Q1FY23 is Rs 804 Mn
• Value added products grew by 36% in Q1FY23 as compared to Q1FY22, while established products grew by 23%. The company’s focus remains to increase the share of value added products in its revenue and improve margins.
• Capacity utilization: Overall 77% (India: 72%; Overseas: 84%)
• Continued focus on improving Working Capital cycle time and targeting to achieve 90 days in next 12-18 months.
• Consolidation cum Restructuring of Overseas business:
  • The Board of Directors and Members have approved the consolidation cum restructuring of overseas business by way of disinvestment of majority stake to Strategic Partner/ Investor Partner. The proceeds will be used for Repayment of Debt, Capex for Composite Cylinders (LPG/CNG/Hydrogen) & Core Business in India to meet huge market demand and also used to benefit the shareholders.
  • The Company has appointed JP Morgan India and Ernst & Young India as Advisors to handle entire process of consolidation cum restructuring. The process is still under discussion on the terms and conditions of the transaction as at June 30, 2022.

“We are pleased to inform that the Company has started Fiscal 23 on an encouraging note with a healthy performance driven by good demand in Industrial packaging and robust growth in composite cylinder business. Q1 Revenue and PAT are up by 25% and 56% year-on-year led by higher utilization of capacities. This is despite global uncertainties and continued inflationary pressure in key raw materials. The company continues to receive overwhelming response for its Type-IV Composite cylinders for CNG Cascades. In addition, during the quarter, NED Energy Limited, a subsidiary of Time Technoplast Limited has signed a Memorandum of Understanding (MOU) with TESLA POWER USA INC for orders worth ?100 crores (approx.) to supply VRLA Batteries of different sizes for applications across Power, Solar, UPS etc. With strong outlook on Indian pharmaceutical and chemical business driven by migration of chemical companies out of China coupled with a good demand for CNG cascades, we expect to continue our growth momentum for the rest of the year.“ Mr. Bharat Kumar Vageria Managing Director

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