|
Time Technoplast consolidated net sales
increased 22.97% to Rs 914.55 crore in Q2FY22 compared to Q2FY21. Sales of Composite Products segment has gone
up 28.05% to Rs 299.30 crore (accounting for 32.73% of total sales). Sales of
Polymer Products segment has gone up 20.64% to Rs 615.25 crore (accounting for
67.27% of total sales).
Operating profit margin has jumped from
12.36% to 14.30%, leading to 42.33% rise in operating profit to Rs 130.79
crore. Raw material cost as a % of total sales (net of stock adjustments) increased
from 70.73% to 70.81%. Employee cost decreased from 5.08% to 4.81%. Other
expenses fell from 11.97% to 10.31%.
Other income fell 36.23% to Rs 0.44
crore. PBIDT rose 41.75% to Rs 131.23
crore. Profit before interest, tax and
other unallocable items (PBIT) have jumped 68.37% to Rs 91.66 crore. PBIT of Composite Products segment rose
75.35% to Rs 31.51 crore (accounting for 34.38% of total PBIT). PBIT of Polymer Products segment rose 64.93%
to Rs 60.15 crore (accounting for 65.62% of total PBIT).
PBIT margin of Composite Products segment
rose from 7.69% to 10.53%. PBIT margin
of Polymer Products segment rose from 7.15% to 9.78%. Overall PBIT margin rose from 7.32% to
10.02%. Provision for interest fell
6.87% to Rs 23.04 crore. PBDT rose
59.48% to Rs 108.19 crore. Provision for
depreciation rose 4.51% to Rs 39.14 crore.
Profit before tax grew 127.21% to Rs 69.05
crore. Provision for tax was expense of
Rs 17.76 crore, compared to Rs 4.58 crore.
Effective tax rate was 25.72% compared to 15.07%.
Minority interest decreased 25.93% to Rs 1.00
crore. Net profit attributable to owners
of the company increased 105.60% to Rs 50.29 crore.
Equity capital stood at Rs 22.61 crore as of
30 September 2021 to Rs 22.61 crore as of 30 September 2020. Per share face Value remained same at Rs
1.00.
Promoters’ stake was 51.33% as of 30
September 2021 compared to 51.33% as of 30 September 2020. Promoters pledged stake was 8.18% as of 30
September 2021 compared to 34.76% as of 30 September 2020.
For
year-to-date (YTD) results analysis
Net sales (including other operating income)
of Time Technoplast has increased 36.92% to Rs 1668.91 crore. Sales of Composite Products segment has gone
up 40.77% to Rs 528.66 crore (accounting for 31.68% of total sales). Sales of Polymer Products segment has gone up
35.20% to Rs 1,140.25 crore (accounting for 68.32% of total sales).
Operating profit margin has jumped from
11.96% to 13.86%, leading to 58.63% rise in operating profit to Rs 231.32
crore. Raw material cost as a % of total sales (net of stock adjustments) increased
from 70.03% to 70.36%. Employee cost decreased from 5.96% to 5.21%. Other
expenses fell from 12.10% to 10.61%.
Other income fell 14.74% to Rs 0.81
crore. PBIDT rose 58.16% to Rs 232.13
crore. Profit before interest, tax and
other unallocable items (PBIT) have jumped 116.83% to Rs 153.69 crore. PBIT of Composite Products segment rose
120.38% to Rs 51.37 crore (accounting for 33.42% of total PBIT). PBIT of Polymer Products segment rose 115.09%
to Rs 102.32 crore (accounting for 66.58% of total PBIT).
PBIT margin of Composite Products segment
rose from 6.21% to 9.72%. PBIT margin of
Polymer Products segment rose from 5.64% to 8.97%. Overall PBIT margin rose from 5.81% to 9.21%.
Provision for interest fell 7.20% to Rs 46.42
crore. PBDT rose 91.95% to Rs 185.71
crore. Provision for depreciation rose
3.60% to Rs 77.64 crore.
Profit before tax grew 395.51% to Rs 108.07
crore. Provision for tax was expense of
Rs 27.55 crore, compared to Rs 7.59 crore.
Effective tax rate was 25.49% compared to 34.80%.
Minority interest increased 19.44% to Rs 1.72
crore. Net profit attributable to owners
of the company increased 516.59% to Rs 78.80 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
Mr.
Anil Jain, Managing Director
"Overall
recovery has been quicker after the second wave and the Company has seen
significant improvement in the performance with revenue growth of 21% QoQ and
23% YoY. The performance this quarter was thus strong despite an increase in
prices of key raw materials and logistics costs. We remain confident in the
continued growth momentum with a steady business opportunity pipeline.
Furthermore, supplies to Government owned Oil Marketing Companies (OMCs) for
Type -IV LPG Composite cylinders have completed against the trial orders
received for 30,000 cylinders (appx.) for various destinations in India.
Discussion for repeat orders is ongoing. We are also happy to inform that
within a short span of time, the company has received excellent response for
its Type -IV CNG composite cylinders with current order book of over Rs 1500
million. This brings us a step closer to our goal of becoming the largest
composite product Company in the country."
The scrip is
currently trading at Rs 81
|
Time Technoplast : Consolidated Results
|
|
Particulars
|
2109 (03)
|
2009 (03)
|
Var.(%)
|
2109 (06)
|
2009 (06)
|
Var.(%)
|
2103 (12)
|
2003 (12)
|
Var.(%)
|
|
Net
Sales
|
914.55
|
743.72
|
23
|
1668.91
|
1218.92
|
37
|
3,004.92
|
3,578.03
|
-16
|
|
OPM
(%)
|
14.3
|
12.4
|
|
13.9
|
12.0
|
|
12.9
|
13.9
|
|
|
OP
|
130.80
|
91.89
|
42
|
231.32
|
145.83
|
59
|
387.14
|
498.89
|
-22
|
|
Other
Inc.
|
0.44
|
0.69
|
-36
|
0.81
|
0.95
|
-15
|
3.82
|
2.27
|
68
|
|
PBIDT
|
131.24
|
92.58
|
42
|
232.13
|
146.78
|
58
|
390.96
|
501.16
|
-22
|
|
Interest
|
23.04
|
24.74
|
-7
|
46.42
|
50.02
|
-7
|
97.75
|
108.2
|
-10
|
|
PBDT
|
108.20
|
67.84
|
59
|
185.71
|
96.76
|
92
|
293.21
|
392.96
|
-25
|
|
Depreciation
|
39.14
|
37.45
|
5
|
77.64
|
74.94
|
4
|
151
|
156.21
|
-3
|
|
PBT
|
69.06
|
30.39
|
127
|
108.07
|
21.82
|
395
|
142.21
|
236.75
|
-40
|
|
EO
Income
|
0.00
|
0.00
|
|
0.00
|
0.00
|
|
0
|
0
|
-
|
|
PBT
after EO
|
69.06
|
30.39
|
127
|
108.07
|
21.82
|
395
|
142.21
|
236.75
|
-40
|
|
Taxation
|
17.76
|
4.58
|
288
|
27.55
|
7.59
|
263
|
36.38
|
61.74
|
-41
|
|
PAT
|
51.30
|
25.81
|
99
|
80.52
|
14.23
|
466
|
105.83
|
175.01
|
-40
|
|
Minority
Interest (MI)
|
1.00
|
1.35
|
-26
|
1.72
|
1.44
|
19
|
2.4
|
5.89
|
-59
|
|
Net
profit
|
50.30
|
24.46
|
106
|
78.80
|
12.79
|
516
|
103.43
|
169.12
|
-39
|
|
EPS
(Rs)*
|
#
|
#
|
|
#
|
#
|
|
4.6
|
7.5
|
|
|
Notes
|
|
*
EPS is on current equity of Rs 22.61 crore, Face value of Rs 1, Excluding
extraordinary items.
|
|
#
EPS is not annualised
|
|
bps
: Basis points
|
|
Figures
in Rs crore
|
|
Source:
Capitaline Corporate Database
|
|
Time Technoplast : Consolidated
Segment Results
|
|
|
%
of (Total)
|
2109 (03)
|
2009 (03)
|
Var.(%)
|
%
of (Total)
|
2109 (06)
|
2009 (06)
|
Var.(%)
|
%
of (Total)
|
2103 (12)
|
2003 (12)
|
Var.(%)
|
|
Sales
|
|
|
|
|
|
Composite
Products
|
33
|
299.3
|
233.73
|
28
|
32
|
528.66
|
375.56
|
41
|
30
|
895.06
|
1,041.51
|
-14
|
|
Polymer
Products
|
67
|
615.25
|
509.99
|
21
|
68
|
1,140.25
|
843.36
|
35
|
70
|
2,109.86
|
2,536.53
|
-17
|
|
Total
Reported Sales
|
100
|
914.55
|
743.72
|
23
|
100
|
1,668.91
|
1,218.92
|
37
|
100
|
3,004.92
|
3,578.03
|
-16
|
|
Less:
Inter segment revenues
|
|
0
|
0
|
-
|
|
0
|
0
|
|
0
|
0
|
-
|
|
|
Net
Sales
|
|
914.55
|
743.72
|
23
|
|
1,668.91
|
1,218.92
|
37
|
|
3,004.92
|
3,578.03
|
-16
|
|
PBIT
|
|
|
|
|
|
Composite
Products
|
34
|
31.51
|
17.97
|
75
|
33
|
51.37
|
23.31
|
120
|
31
|
73.73
|
100.47
|
-27
|
|
Polymer
Products
|
66
|
60.15
|
36.47
|
65
|
67
|
102.32
|
47.57
|
115
|
69
|
162.41
|
242.2
|
-33
|
|
Total
PBIT
|
100
|
91.66
|
54.44
|
68
|
100
|
153.69
|
70.88
|
117
|
100
|
236.14
|
342.68
|
-31
|
|
Less
: Interest
|
|
23.04
|
24.74
|
-7
|
|
46.42
|
50.02
|
-7
|
|
97.75
|
108.2
|
-10
|
|
Add:
Other un-allcoable
|
|
0.43
|
0.69
|
-38
|
|
0.8
|
0.95
|
-16
|
|
3.82
|
2.27
|
68
|
|
PBT
|
|
69.05
|
30.39
|
127
|
|
108.07
|
21.81
|
396
|
|
142.21
|
236.75
|
-40
|
|