Operating profit margin has jumped from 12.88% to 13.57%, leading to 9.34% rise in operating profit to Rs 129.05 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 71.55% to 69.46%. Employee cost decreased from 5.41% to 5.09%. Other expenses rose from 10.48% to 11.55%.  

Other income rose 131.96% to Rs 2.25 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 11.95% to Rs 90.76 crore. PBIT of Composite Products segment rose 14.32% to Rs 26.18 crore (accounting for 28.84% of total PBIT). PBIT of Polymer Products segment rose 11.01% to Rs 64.58 crore (accounting for 71.16% of total PBIT).  

PBIT margin of Composite Products segment rose from 9.13% to 9.93%. PBIT margin of Polymer Products segment rose from 8.74% to 9.39%. Overall PBIT margin rose from 8.85% to 9.54%.  

Provision for interest fell 8.52% to Rs 23.74 crore. Provision for depreciation rose 3.63% to Rs 38.3 crore. Profit before tax grew 23.48% to Rs 69.26 crore. Provision for tax was expense of Rs 17.48 crore, compared to Rs 15.80 crore. Effective tax rate was 25.24% compared to 28.17%. Net profit attributable to owners of the company increased 36.29% to Rs 52.20 crore.

Performance for the year ended Mar'21 

Net sales (including other operating income) of Time Technoplast has declined 16.02% to Rs 3004.92 crore. Sales of Composite Products segment has gone down 14.06% to Rs 895.06 crore (accounting for 29.79% of total sales). Sales of Polymer Products segment has gone down 16.82% to Rs 2,109.86 crore (accounting for 70.21% of total sales).  

Operating profit margin has slumped from 13.94% to 12.88%, leading to 22.40% decline in operating profit to Rs 387.14 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 70.04% to 69.88%. Employee cost increased from 4.76% to 5.32%. Other expenses rose from 11.29% to 11.87%. 

Other income rose 68.28% to Rs 3.82 crore. Profit before interest, tax and other unallocable items (PBIT) has slumped 31.09% to Rs 236.14 crore. PBIT of Composite Products segment fell 26.62% to Rs 73.73 crore (accounting for 31.22% of total PBIT). PBIT of Polymer Products segment fell 32.94% to Rs 162.41 crore (accounting for 68.78% of total PBIT).  

PBIT margin of Composite Products segment fell from 9.65% to 8.24%. PBIT margin of Polymer Products segment fell from 9.55% to 7.70%. Overall PBIT margin fell from 9.58% to 7.86%. 

Provision for interest fell 9.66% to Rs 97.75 crore. Loan funds declined from Rs 820.48 crore as of 31 March 2020 to Rs 730.72 crore as of 31 March 2021. Inventories rose to Rs 759.85 crore as of 31 March 2021 from Rs 757.66 crore as of 31 March 2020. Sundry debtors were lower at Rs 798.28 crore as of 31 March 2021 compared to Rs 820.68 crore as of 31 March 2020. Cash and bank balance rose to Rs 86.99 crore as of 31 March 2021 from Rs 82.50 crore as of 31 March 2020.  

Provision for depreciation fell 3.34% to Rs 151 crore. Fixed assets declined from Rs 1,429.57 crore as of 31 March 2020 to Rs 1,321.07 crore as of 31 March 2021. Intangible assets declined from Rs 0.39 crore to Rs 0.24 crore.  

Profit before tax shrink 39.93% to Rs 142.21 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 36.38 crore, compared to Rs 61.74 crore. Effective tax rate was 25.58% compared to 26.08%. 

Minority interest decreased 59.25% to Rs 2.40 crore. Net profit attributable to owners of the company decreased 38.84% to Rs 103.43 crore.  

Promoters' stake was 51.33% as of 31 March 2021 ,compared to 51.32% as of 31 March 2020 . Promoters pledged stake was 8.22% as of 31 March 2021 compared to 34.76% as of 31 March 2020 .  

Cash flow from operating activities decreased to Rs 257.03 crore for year ended March 2021 from Rs 301.18 crore for year ended March 2020. Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 102.00 crore, compared to Rs 137.61 crore during the year ended March 2020.  

The Board of Directors have recommended a dividend of 70% i.e. Rs 0.70 per share on equity share of ₹Rs1/- each of the company for the year ended March 31, 2021, subject to the approval of Shareholders.

Management Comment 

"Fiscal 21 has been an unprecedented year by all standards. Despite the challenges posed by COVID-19, the company has delivered a satisfactory performance and we are happy to exit the fiscal on an optimistic note. Favourable recovery trends across key end user industries combined with operational excellence steered the momentum, resulting in a positive year-on-year growth of 4% and 36% in revenue and profit after tax, respectively, during Q4FY21. Plant utilisation levels returned back to pre-COVID levels supported by positive demand scenario. I am also very pleased to announce that the company has achieved yet another milestone and for the first time in India has received approval from regulatory authorities for manufacturing of Carbon Fibre Wrapped Type-IV Composite CNG cylinder for on-board (vehicle) application. With healthy order book for CNG Cascades, on-going discussions with Auto OEMs and manufacturers of CNG Conversion Kits (aftermarket) for CNG on-board cylinders and overall improvement in demand of Chemicals and Pharmaceuticals worldwide, we hope to maintain a strong momentum and harness our efforts towards achieving our growth aspirations while focusing on shareholder value creation." 

The scrip is currently trading at Rs 82