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.

June 2017 quarter consolidated results

For the quarter ended June 2017, it registered a 10% rise in consolidated sales to Rs 680.57 crore. OPM improved from 14.8% to 14.9% which saw OP rise 11% to Rs 101.50 crore.

Other income grew from Rs 14 lakh to Rs 35 lakh and interest cost fell 10% to Rs 21.04 crore. As depreciation grew 24% to Rs 32.81 crore, PBT went up 14% to Rs 48.00 crore.

Tax grew 21% to Rs 11.10 crore after which PAT went up 12% to Rs 36.91 crore.

Minority interest fell 47% to Rs 60 lakh after which net profit went up 14% to Rs 36.31 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 72% of the total revenue. Revenue grew 9% to Rs 486.76 crore. PBIT grew 4% to Rs 49.91 crore and accounted for 73% of total

During the quarter Composite Products business accounted for 28% of the total revenue. Revenue grew 12% to Rs 193.81 crore. PBIT went up 7% to Rs 18.78 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 10.7% to 10.3%.

During the quarter PBIT margins of Composite Products division fell from 10.1% to 9.7%.

Successful trial production and testing of Carbon Fiber based Composite Cylinders

During the quarter the company had successful trial production and testing of Carbon Fiber based Composite Cylinders for CNG for automotive applications. This has been done for the first time in India. The company has developed 60 litre and 30 litre non-metallic Type-4 Composite Cylinders which are able to withstand burst pressure of over 550 bars. It will shortly start process of getting approval from independent third party and PESO before putting them on field trials.

These LiteSafe Composite Cylinders offer numerous technical and operational advantages over conventional steel cylinders for the same application. Automotive companies are keen to replace metal cylinders with Composite Cylinders to reduce weight and improve upon fuel efficiency. These cylinders are likely to find their way both with OEM and aftermarket. It also has a huge export potential.

The company is planning to launch these cylinders in second half of the year ending 31 March 2019 (FY 2019) after obtaining necessary approvals and extensive trials.

Valuation

The share price trades at Rs 161.