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Time Technoplast (TTL), has emerged as a formidable player in the polymer space, with a product repertoire that caters to diverse segments like industrial packaging, lifestyle, auto components, healthcare and infrastructure. Its focus on technology in the polymer space and consistent efforts in developing a broad range of products across multiple verticals has enabled it to straddle a wide spectrum of user industries and thereby reduce dependence on any single product or user industry. In the domestic plastic based industrial packaging TTL enjoys dominant market share.
TTL is now also a multinational conglomerate with operations in Bahrain, Belgium, China, Egypt, Indonesia, India, Korea, Malaysia, Poland, Romania, Singapore, Sharjah, Taiwan, Thailand, Vietnam.
March 2018 quarter consolidated results
For the quarter ended March 2018, it registered a 16% rise in consolidated sales to Rs 942.70 crore. OPM improved from 13.9% to 15.5% which saw OP rise 30% to Rs 145.91 crore.
Other income fell 22% to Rs 1.13 crore and interest cost grew 15% to Rs 24.74 crore. As depreciation grew 19% to Rs 38.59 crore, PBT went up 40% to Rs 83.72 crore.
Tax grew 66% to Rs 26.66 crore after which PAT went up 30% to Rs 57.06 crore.
Minority interest jumped 138% to Rs 1.71 crore after which net profit went up 29% to Rs 55.35 crore.
FY 2018 consolidated results
For FY 2018, consolidated sales grew 13% to Rs 3102.74 crore. OPM improved from 14.7% to 15.2% which saw OP rise 17% to Rs 473.07 crore.
India sales grew 12% and overseas grew14%. Volume grew 15%. Volumes in India grew 14%; and overseas grew 17%.
In FY 2018 India & Overseas Revenue stood at 70%:30% against 71%:29%
Other income fell 4% to Rs 2.15 crore and interest cost fell 3% to Rs 87.54 crore. As depreciation grew 19% to Rs 137.25 crore, PBT went up 25% to Rs 250.43 crore.
Tax grew 32% to Rs 65.16 crore after which PAT went up 22% to Rs 185.28 crore.
Minority interest went up 13% to Rs 4.90 crore after which net profit went up 23% to Rs 180.37 crore.
Consolidated segment performance
During the quarter Polymer Products grew 15% to Rs 681.18 crore and contributed 72% of the total revenue. PBIT grew 33% to Rs 78.00 crore and accounted for 73% of total
During the quarter Composite Products grew 20% to Rs 261.52 crore and contributed 28% of the total revenue. PBIT grew 37% to Rs 29.33 crore and accounted for 27% of total
For the nine months, Polymer Products grew 11% to Rs 2203.55 crore and contributed 71% of the total revenue. PBIT grew 15% to Rs 240.24 crore and accounted for 72% of total
For the nine months, Composite Products grew 16% to Rs 899.19 crore and contributed 29% of the total revenue. PBIT grew 20% to Rs 95.59 crore and accounted for 28% of total
Focus remains to increase the share of value added products
The value added products grew 51% in FY'18.
The share of value added products has been 18% of the total sales in FY 2018 as against 12%.
The company's focus remains to increase the share of value added products in it's turnover.
During the year the completed brownfield expansion of composite cylinder to double the capacity from 700K to 1.4 Mn
Capex and capacity expansion
Capex for FY 2018 stood at Rs 241.6 crore. Regular & maintenance Capex stood at Rs 118.9 crore and value added products capex stood at Rs 122.7 crore.
The company completed brownfield expansion of composite cylinder to double the capacity from 700K to 1.4 Mn.
It also completed brownfield expansion of MOX films to double the capacity from 6000 T to 12,000 T
For Intermediate Bulk containers (IBC), the company completed brownfield expansion of manufacturing of at three overseas locations Malaysia, Vietnam and Sharjah (UAE). Now the company has manufacturing facilities of IBC at all overseas locations.
The company's subsidiary TPL Plastech Ltd has set up greenfield manufacturing facility for Industrial Packaging products at Vizag(A.P.).
In addition to above the company has increased polymer processing capacity by 24,000 T at various existing locations.
Other details
Overall Capacity utilization stood at 83%. India Capacity utilization was 86% and overseas was 71%.
PE pipes has healthy order book of aprox. 16,000 MT, which is around Rs 190.0 crore.
Double Walled Corrugated (DWC) Pipes is seeing increased demand. The company has order in hand for aprox 1500 MT (Rs18.0 crore).
The company is supplying Composite Cylinder to Private LPG distributor in India and creating more and more awareness to penetrate the market. HPCL has made a soft launch of Litesafe cylinders in Mumbai, Pune and Ahmadabad recently. BPCL & IOCL are also planning to come up with a tender for composite.
Total Debt in FY18 stood at RS 777 crore against Rs 722.1 crore.
Net cash from Operating Activities in FY18 stood at Rs 213.3 crore.
Valuation
The stock trades at Rs 141.
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