Meanwhile, the company also announced the expansion of CNG cascades made from Type - IV composite cylinders. The firm said that in FY22, it had a manufacturing capacity of 180 CNG cascades (10,800 cylinders) annually. In order to meet growing demand for Type - IV composite cylinders for CNG cascades, management is undertaking capex in a phased manner.

In phase-I, the company will increase manufacturing capacity by 300 cascades in FY2023 with a capital outlay of Rs 55 crore. Total cascade manufacturing capacity will increase from 180 to 480 cascades (28,800 cylinders) by March 2023.

Under Phase-II, management has already undertaken expansion program to increase the capacity by further 600 cascades with an outflow of Rs 125 crore. Total cascade manufacturing capacity after completion of Phase-II will be 1,080 cascades (64,800 cylinders) per year from March 2024.

Time Technoplast is a multinational conglomerate involved in the manufacturing of technology and innovation driven polymer & composite products.

The company's consolidated net profit rose 14% to Rs 61.25 crore on 19.8% jump in net sales to Rs 1,128.61 crore in Q3 FY23 over Q3 FY22.