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Results
15-Feb-22
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Analysis
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Time Technoplast
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Margin improvement in both segment
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Time Technoplast consolidated net sales
increased 12.84% to Rs 941.97 crore in Q3FY22 compared to Q3FY21. Sales of Composite Products segment has gone
up 16% to Rs 296.95 crore (accounting for 32% of total sales). Sales of Polymer
Products segment has gone up 11% to Rs 645.02 crore (accounting for 68% of
total sales).
Operating profit margin has jumped from
13.45% to 14.42%, leading to 20.99% rise in operating profit to Rs 135.81
crore. Raw material cost as a % of total
sales (net of stock adjustments) increased from 70.11% to 70.13%. Employee cost increased from 4.65% to
4.92%. Other expenses fell from 11.89%
to 10.39%.
Other income rose 16.13% to Rs 0.72
crore. PBIDT rose 20.96% to Rs 136.53
crore. Profit before interest, tax and
other unallocable items (PBIT) have jumped 29% to Rs 96.41 crore. PBIT of Composite Products segment rose 33%
to Rs 32.24 crore (accounting for 33% of total PBIT). PBIT of Polymer Products segment rose 28% to
Rs 64.17 crore (accounting for 67% of total PBIT).
PBIT margin of Composite Products segment
rose from 9.5% to 10.9%. PBIT margin of
Polymer Products segment rose from 8.7% to 9.9%. Overall PBIT margin rose from 8.9% to 10.2%.
Provision for interest fell 4.42% to Rs 22.92
crore. PBDT rose 27.81% to Rs 113.61
crore. Provision for depreciation rose
4.34% to Rs 39.4 crore. Profit before
tax grew 45.14% to Rs 74.21 crore.
Provision for tax was expense of Rs 19.35 crore, compared to Rs 11.3
crore. Effective tax rate was 26.07%
compared to 22.10%.
Minority interest decreased 17.39% to Rs 1.14
crore. Net profit attributable to owners
of the company increased 39.71% to Rs 53.72 crore.
Promoters’ stake was 51.33% as of 31 December
2021 compared to 51.33% as of 31 December 2020.
Promoters pledged stake was 8.18% as of 31 December 2021 ,compared to
23.45% as of 31 December 2020.
For
year-to-date (YTD) results analysis
Net sales of Time Technoplast has increased
27.13% to Rs 2610.88 crore. Operating
profit margin has jumped from 12.57% to 14.06%, leading to 42.24% rise in
operating profit to Rs 367.13 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
70.06% to 70.28%. Employee cost
decreased from 5.43% to 5.11%. Other
expenses fell from 12.01% to 10.53%.
Other income fell 2.55% to Rs 1.53
crore. PBIDT rose 41.97% to Rs 368.66
crore. Provision for interest fell 6.30%
to Rs 69.34 crore. PBDT rose 61.20% to
Rs 299.32 crore. Provision for
depreciation rose 3.83% to Rs 117.04 crore.
Profit before tax grew 149.84% to Rs 182.28
crore. Provision for tax was expense of
Rs 46.9 crore, compared to Rs 18.9 crore.
Effective tax rate was 25.73% compared to 25.90%.
Minority interest increased 1.06% to Rs 2.86
crore. Net profit attributable to owners
of the company increased 158.68% to Rs 132.52 crore.
Promoters’ stake was 51.33% as of 31 December
2021 compared to 51.33% as of 31 December 2020.
Promoters pledged stake was 8.18% as of 31 December 2021 ,compared to
23.45% as of 31 December 2020.
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. Bharat Kumar
Vageria - Co-Founder & Managing Director
"Though COVID-19
re-emerged this quarter with the new Omicron variant, the Company continued to
strengthen its market position and achieved sustained momentum and good growth
across businesses. As India emerges as an increasingly significant global
chemicals supply destination, our industrial packaging is also witnessing an
increased volume off take. Further, despite rising costs, we have achieved
higher profitability due to pick up in our composites business in such a short
span of time. During the quarter we have received a prestigious single order
worth Rs 80 crore from a renowned Public Sector Gas Distribution Company for
supply of Cascades with Carbon Fiber Reinforced Type-IV Composite Cylinder,
thus taking the total order booking to Rs 250 crore. Overall, we are confident
of surpassing our target set for the year and remain committed on achieving our
long term goals."
The scrip is
currently trading at Rs 74
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Time Technoplast : Consolidated Results
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Particulars
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2112 (03)
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2012 (03)
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Var.(%)
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2112 (09)
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2012 (09)
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Var.(%)
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2103 (12)
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2003 (12)
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Var.(%)
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Net
Sales
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941.97
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834.81
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13
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2610.88
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2053.73
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27
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3,004.92
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3,578.03
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-16
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OPM
(%)
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14.4
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13.4
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14.1
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12.6
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12.9
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13.9
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OP
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135.81
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112.25
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21
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367.13
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258.11
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42
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387.14
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498.89
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-22
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Other
Inc.
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0.72
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0.62
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16
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1.53
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1.57
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-3
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3.82
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2.27
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68
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PBIDT
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136.53
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112.87
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21
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368.66
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259.68
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42
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390.96
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501.16
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-22
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Interest
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22.92
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23.98
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-4
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69.34
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74.00
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-6
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97.75
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108.2
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-10
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PBDT
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113.61
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88.89
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28
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299.32
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185.68
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61
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293.21
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392.96
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-25
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Depreciation
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39.40
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37.76
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4
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117.04
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112.72
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4
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151
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156.21
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-3
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PBT
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74.21
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51.13
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45
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182.28
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72.96
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150
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142.21
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236.75
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-40
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EO
Income
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0.00
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0.00
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0.00
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0.00
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0
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0
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-
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PBT
after EO
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74.21
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51.13
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45
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182.28
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72.96
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150
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142.21
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236.75
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-40
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Taxation
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19.35
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11.30
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71
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46.90
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18.90
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148
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36.38
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61.74
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-41
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PAT
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54.86
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39.83
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38
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135.38
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54.06
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150
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105.83
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175.01
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-40
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Minority
Interest (MI)
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1.14
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1.38
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-17
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2.86
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2.83
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1
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2.4
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5.89
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-59
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Net
profit
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53.72
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38.45
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40
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132.52
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51.23
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159
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103.43
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169.12
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-39
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EPS
(Rs)*
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#
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#
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#
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#
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4.6
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7.5
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Notes
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*
EPS is on current equity of Rs 22.61 crore, Face value of Rs 1, Excluding
extraordinary items.
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#
EPS is not annualised
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bps
: Basis points
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Figures
in Rs crore
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Source:
Capitaline Corporate Database
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Time Technoplast : Consolidated
Segment Results
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%
of (Total)
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2112 (03)
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2012 (03)
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Var.(%)
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%
of (Total)
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2112 (09)
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2012 (09)
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Var.(%)
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%
of (Total)
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2103 (12)
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2003 (12)
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Var.(%)
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Sales
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Polymer
Products
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68
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645.02
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578.9
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11
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68
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1785.27
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1422.26
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26
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70
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2,109.86
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2,536.53
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-17
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Composite
Products
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32
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296.95
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255.91
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16
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32
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825.61
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631.47
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31
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30
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895.06
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1,041.51
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-14
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Total
Reported Sales
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100
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941.97
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834.81
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13
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100
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2610.88
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2053.73
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27
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100
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3004.92
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3578.04
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-16
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PBIT
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Polymer
Products
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67
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64.17
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50.26
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28
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67
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166.49
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97.83
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70
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69
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162.41
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242.2
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-33
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Composite
Products
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33
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32.24
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24.24
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33
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33
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83.6
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47.55
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76
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31
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73.73
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100.47
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-27
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Total
PBIT
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100
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96.41
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74.5
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29
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100
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250.09
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145.38
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72
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100
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236.14
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342.67
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-31
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Less
: Interest
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22.92
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23.98
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-4
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69.34
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74
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-6
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97.75
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108.2
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-10
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Add:
Other un-allcoable
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0.72
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0.62
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16
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1.53
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1.57
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-3
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3.82
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2.27
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68
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PBT
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74.21
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51.14
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45
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182.28
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72.95
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150
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142.21
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236.74
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-40
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