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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 2017 quarter consolidated results
For the quarter ended March 2017, it registered a 24% rise in consolidated sales to Rs 810.07 crore. OPM improved from 13.5% to 14.0% which saw OP rise 28% to Rs 113.55 crore.
Other income fell from Rs 1.63 crore to Rs 44 lakh and interest cost fell 10% to Rs 21.60 crore. As depreciation grew 30% to Rs 32.52 crore, PBT went up 45% to Rs 59.87 crore.
Tax grew 97% to Rs 16.11 crore after which PAT went up 33% to Rs 43.77 crore.
Minority interest fell 3% to Rs 72 lakh after which net profit went up 33% to Rs 43.05 crore.
FY 2017 consolidated results
In FY 2017, its consolidated sales grew 14% to Rs 2754.61 crore. OPM improved from 14.4% to 14.7% which saw OP rise 16% to Rs 404.23 crore.
Other income grew 5% to Rs 2.23 crore and interest cost fell 6% to Rs 90.11 crore. As depreciation grew 17% to Rs 115.50 crore, PBT went up 30% to Rs 200.85 crore.
Tax grew 52% to Rs 49.41 crore after which PAT went up 24% to Rs 151.44 crore.
Net of tax EO gains were nil against Rs 19.53 crore. Thus PAT after EO grew 7% to Rs 151.44 crore.
Minority interest rose 16% to Rs 4.34 crore after which net profit went up 6% to Rs 147.10 crore.
Consolidated segment performance
During the quarter Polymer Products contributed 73% of the total revenue. Revenue grew 25% to Rs 591.35 crore. PBIT grew 21% to Rs 58.61 crore and accounted for 73% of total
During the quarter Composite Products business accounted for 27% of the total revenue. Revenue grew 26% to Rs 218.73 crore. PBIT went up 43% to Rs 21.43 crore and accounted for 27% of total
In FY 2017 Polymer Products contributed 72% of the total revenue. Revenue grew 14% to Rs 1977.96 crore. PBIT grew 14% to Rs 208.79 crore and accounted for 72% of total
In FY 2017 Composite Products business accounted for 28% of the total revenue. Revenue grew 12% to Rs 776.65 crore. PBIT went up 20% to Rs 79.94 crore and accounted for 28% of total
PBIT margins of both the divisions improve
During the quarter PBIT margins of Polymer Products division fell from 10.3% to 9.9%.
During the quarter PBIT margins of Composite Products division improved from 8.7% to 9.8%.
In FY 2017 PBIT margins of Polymer Products division grew from 10.5% to 10.6%.
In FY 2017 PBIT margins of Composite Products division improved from 9.3% to 10.3%.
Expansion
Tarpaulin (MOX Flims) which was launched commercially, received overwhelming response owing to competitive strength, durability and services. The company also received BIS licence.
In view of strong order book ‘LitsSafe' Composite cylinders, expsnsion for doubling the capacity (1.4 million PA) has been undertaken. This expansion is likely to commence commercial production by October 2017.
Capacity expansion of high pressure pipes from 28000 MT to 44000 MT is underway. Additionally 9000 MT capacity for Double Walled Corrugated (DWC Pipes) is being commissioned and also received BIS licence for DWC pipes.
Valuation
The share price trades at Rs 138.
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