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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.
December 2016 quarter consolidated results
For the quarter ended December 2016, it registered a 18% rise in consolidated sales to Rs 671.06 crore. OPM improved from 14.8% to 15.3% which saw OP rise 22% to Rs 102.59 crore.
Other income fell from 31 lakh to Rs 11 lakh and interest cost fell 2% to Rs 22.06 crore. As depreciation grew 19% to Rs 29.61 crore, PBT went up 37% to Rs 51.02 crore.
Tax grew 56% to Rs 13.10 crore after which PAT went up 31% to Rs 37.93 crore.
EO gains were nil against Rs 19.53 crore. Thus PAT after EO fell 22% to Rs 37.93 crore.
Minority interest rose 36% to Rs 1.38 crore after which net profit went down 23% to Rs 36.54 crore.
Nine months consolidated results
For the nine months ended December 2016, it consolidated sales grew 9% to Rs 1944.54 crore. OPM improved from 14.6% to 15.0% which saw OP rise 12% to Rs 291.68 crore.
Other income grew from 48 lakh to Rs 78 lakh and interest cost fell 5% to Rs 68.51 crore. As depreciation grew 12% to Rs 82.98 crore, PBT went up 24% to Rs 140.98 crore.
Tax grew 37% to Rs 33.30 crore after which PAT went up 21% to Rs 107.68 crore.
Net of tax EO gains were nil against Rs 19.53 crore. Thus PAT after EO fell 1% to Rs 107.68 crore.
Minority interest rose 21% to Rs 3.63 crore after which net profit went down 2% to Rs 104.05 crore.
Consolidated segment performance
During the quarter Polymer Products contributed 71% of the total revenue. Revenue grew 18% to Rs 477.33 crore. PBIT grew 22% to Rs 52.25 crore and accounted for 72% of total
During the quarter Composite Products business accounted for 29% of the total revenue. Revenue grew 17% to Rs 193.73 crore. PBIT went up 25% to Rs 20.72 crore and accounted for 28% of total
During the nine months Polymer Products contributed 71% of the total revenue. Revenue grew 10% to Rs 1386.62 crore. PBIT grew 12% to Rs 150.18 crore and accounted for 72% of total
During the nine months Composite Products business accounted for 29% of the total revenue. Revenue grew 7% to Rs 557.92 crore. PBIT went up 13% to Rs 58.52 crore and accounted for 28% of total
PBIT margins of both the divisions improve
During the quarter PBIT margins of Polymer Products division grew from 10.6% to 10.9%.
During the quarter PBIT margins of Composite Products division improved from 10.0% to 10.7%.
During the nine months PBIT margins of Polymer Products division grew from 10.6% to 10.8%.
During the six months PBIT margins of Composite Products division improved from 9.9% to 10.5%.
Expansion
During the quarter the company successfully completed greenfield project for the manufacturing of multilayer multiaxial (M) Oriented (O) Cross Laminated (X) Film (MOX) at Panoli, Gujarat.
It also completed greenfield project for the manufacturing of industrial Packaging at jambusar in Gujarat.
It also completed brownfield expansion of PE Pipes at Silvassa, Pantnagar, Hyderabad, and Gummidipondi to increase the capacity by 60% from 18000 tons to 28000 tons.
Preferential shares
On 20 Jan 2017 the company issued 16029000 shares of Rs 1 eact at a premium of Rs 92.58 each to NTASIAN Discovery India Fund who form a part of the non-promoter group on preferential basis. These shares have lock in period of 1 year. The company has received consideration of Rs 150 crore.
Valuation
The share price trades at Rs 94.
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