The firm reported profit before tax jumped 49.26% to Rs 125.83 crore in Q3 FY24 as compared with Rs 84.30 crore posted in same period a year ago.

EBTIDA stood at Rs 19.25 crore in Q3 FY24, registering the growth of 25.81% as compared with Rs 15.3 crore posted in Q3 FY23. EBITDA margin improved to 14.5% in Q3 FY24 as compared with 13.5% posted in Q3 FY23.

On the segmental front, revenue from the polymer products business stood at Rs 861.05 crore (up 13.27% YoY), and composite products business was at Rs 463.61crore (up 25.82% YoY) during the period under review.

The firm stated that value added products grew by 25% in Q3FY24 as compared to Q3FY23, while established products grew by 15%.

On nine months basis, the company's consolidated net profit jumped 40.27% to Rs 218.09 crore on 16.18% increase in revenue from operations to Rs 35,98.18 crore in 9M FY24 over 9M FY23.

Meanwhile, the board has approved and authorised, subject to due diligence, for acceptance of disinvestment of 50% business in Middle East on debt & cash free basis for a valuation of around $ 25 million. The geographies agreed for disinvestment contributes 7.5% to the consolidated revenue.

Further, the board has also approved sale of non-core assets (land, building & plant, equipment etc.) for total value of Rs 0.01 crore. The board has also authorised completion of formalities for recently concluded transaction of sale of land and building in the Southern Region for value of Rs 26.5 crore and expect to complete this transaction in 90 days’ time subject to compliance with local authorities.

Bharat Kumar Vageria, managing director, Time Technoplast, said, “We are pleased to announce a robust performance for Q3FY2024 with a year-on-year volume growth of 20% and revenue growth of 17%. The Value-added products segment witnessed a growth of 25% Y-o-Y driven by good demand of Intermediate Bulk Containers (IBCs) and Composite Cylinders while the established products grew by 15% backed by improved performance of Polyethylene (PE) pipe business. Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) and Profit after Tax (PAT) also witnessed a significant growth of 26% and 50% Y-o-Y respectively, driven by increased share of value-added products. With good order book position for CNG cascades and PE pipes coupled with stable demand for core Industrial packaging business including IBCs, we are confident on achieving our target set for the full year.”

Time Technoplast is engaged in manufacturing of polymer & composite products. The company offers a range of technology based polymer products catering to the growing sectors of the Indian economy with industrial and consumer packaging solutions, lifestyle products, auto components, healthcare products and construction and Infrastructure related products. Their product portfolio consists of packaging products including drums and containers, pails, pet sheets, entrance matting, turfs, garden furniture, automotive components, auto disabling medical disposables and warning nets.

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