Capitaline

Results 30-May-22

Analysis

Time Technoplast

Muted growth

Time Technoplast consolidated net sales increased 9.23% to Rs 1038.96 crore in Q4FY22 compared to Q4FY21. Sales of Composite Products segment has gone up 18.34% to Rs 311.94 crore (accounting for 30.02% of total sales). Sales of Polymer Products segment has gone up 5.73% to Rs 727.02 crore (accounting for 69.98% of total sales).

Profit before interest, tax and other unallocable items (PBIT) has jumped 8.33% to Rs 98.32 crore. PBIT of Composite Products segment rose 8.50% to Rs 28.40 crore (accounting for 28.89% of total PBIT). PBIT of Polymer Products segment rose 8.27% to Rs 69.92 crore (accounting for 71.11% of total PBIT).

PBIT margin of Composite Products segment fell from 9.93% to 9.10%. PBIT margin of Polymer Products segment rose from 9.39% to 9.62%. Overall PBIT margin fell from 9.54% to 9.46%.

Operating profit margin has declined from 13.57% to 13.35%, leading to 7.44% rise in operating profit to Rs 138.66 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 69.46% to 71.91%. Employee cost decreased from 5.09% to 4.67%. Other expenses fell from 11.55% to 10.36%.

Other income fell 36.44% to Rs 1.43 crore. PBIDT rose 6.69% to Rs 140.09 crore. Provision for interest fell 4.63% to Rs 22.65 crore.

PBDT rose 9.19% to Rs 117.44 crore. Provision for depreciation rose 5.38% to Rs 40.36 crore. Fixed assets increased to Rs 1,383.78 crore as of 31 March 2022 from Rs 1,321.07 crore as of 31 March 2021. Intangible assets declined from Rs 0.24 crore to Rs 0.07 crore.

Profit before tax grew 11.29% to Rs 77.08 crore. Provision for tax was expense of Rs 20.26 crore, compared to Rs 17.48 crore. Effective tax rate was 26.28% compared to 25.24%.

Net profit attributable to owners of the company increased 6.32% to Rs 55.50 crore.

Equity capital stood at Rs 22.61 crore as of 31 March 2022 to Rs 22.61 crore as of 31 March 2021. Per share face Value remained same at Rs 1.00.

Promoters’ stake was 51.33% as of 31 March 2022 ,compared to 51.33% as of 31 March 2021 . Promoters pledged stake was 8.18% as of 31 March 2022 compared to 8.22% as of 31 March 2021.

Management Comment

Mr. Bharat Kumar Vageria - Co-Founder & Managing Director

FY2022 remained very challenging due to global supply chain disruptions triggering volatility in raw material prices. Despite this, the Company has witnessed an encouraging performance and closed the year on a strong note to deliver a robust revenue growth of 21% as promised. This growth was largely driven by increasing demand for Composite products. During the quarter, we received the single largest order of over 0.75 million Type-IV LPG Composite Cylinders from Indian Oil Corporation Limited, a first by an Indian Public Sector OMC. Furthermore, our order book for the supply of Cascades with Type-IV CNG Composite Cylinder has crossed Rs. 2.5 billion. We remain highly optimistic to continue this growth trajectory given a healthy order book for CNG Cascades and an encouraging demand outlook from end user industry in industrial packaging"

Full year results analysis

Net sales of Time Technoplast has increased 21.46% to Rs 3649.84 crore. Sales of Composite Products segment has gone up 27.09% to Rs 1,137.56 crore (accounting for 31.17% of total sales). Sales of Polymer Products segment has gone up 19.07% to Rs 2,512.28 crore (accounting for 68.83% of total sales).

Profit before interest, tax and other unallocable items (PBIT) has jumped 47.54% to Rs 348.40 crore. PBIT of Composite Products segment rose 51.91% to Rs 112.00 crore (accounting for 32.15% of total PBIT). PBIT of Polymer Products segment rose 45.56% to Rs 236.40 crore (accounting for 67.85% of total PBIT).

PBIT margin of Composite Products segment rose from 8.24% to 9.85%. PBIT margin of Polymer Products segment rose from 7.70% to 9.41%. Overall PBIT margin rose from 7.86% to 9.55%.

Operating profit margin has jumped from 12.88% to 13.86%, leading to 30.65% rise in operating profit to Rs 505.80 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 69.88% to 70.75%. Employee cost decreased from 5.32% to 4.98%. Other expenses fell from 11.87% to 10.48%.

Other income fell 22.51% to Rs 2.96 crore. PBIDT rose 30.13% to Rs 508.76 crore. Provision for interest fell 5.88% to Rs 92 crore. Loan funds rose to Rs 905.90 crore as of 31 March 2022 from Rs 863.13 crore as of 31 March 2021. Inventories rose to Rs 907.69 crore as of 31 March 2022 from Rs 759.85 crore as of 31 March 2021. Sundry debtors were higher at Rs 866.87 crore as of 31 March 2022 compared to Rs 798.28 crore as of 31 March 2021. Cash and bank balance rose to Rs 94.12 crore as of 31 March 2022 from Rs 86.99 crore as of 31 March 2021.

PBDT rose 42.14% to Rs 416.76 crore. Provision for depreciation rose 4.24% to Rs 157.4 crore. Fixed assets increased to Rs 1,383.78 crore as of 31 March 2022 from Rs 1,321.07 crore as of 31 March 2021. Intangible assets declined from Rs 0.24 crore to Rs 0.07 crore.

Profit before tax grew 82.38% to Rs 259.36 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 67.16 crore, compared to Rs 36.38 crore. Effective tax rate was 25.89% compared to 25.58%.

Minority interest increased 74.17% to Rs 4.18 crore. Net profit attributable to owners of the company increased 81.78% to Rs 188.02 crore.

Equity capital stood at Rs 22.61 crore as of 31 March 2022 to Rs 22.61 crore as of 31 March 2021. Per share face Value remained same at Rs 1.00.

Promoters’ stake was 51.33% as of 31 March 2022 ,compared to 51.33% as of 31 March 2021 . Promoters pledged stake was 8.18% as of 31 March 2022 ,compared to 8.22% as of 31 March 2021 .

The scrip is currently trading at Rs 103

Time Technoplast : Consolidated Results
Particulars	2203 (03)	2103 (03)	Var.(%)	2203 (12)	2103 (12)	Var.(%)
Net Sales	1038.96	951.19	9	3,649.84	3,004.92	21
OPM (%)	13.3	13.6		13.9	12.9
OP	138.66	129.06	7	505.8	387.14	31
Other Inc.	1.43	2.25	-36	2.96	3.82	-23
PBIDT	140.09	131.31	7	508.76	390.96	30
Interest	22.65	23.75	-5	92	97.75	-6
PBDT	117.44	107.56	9	416.76	293.21	42
Depreciation	40.36	38.30	5	157.4	151	4
PBT	77.08	69.26	11	259.36	142.21	82
EO Income	0.00	0.00		0	0
PBT after EO	77.08	69.26	11	259.36	142.21	82
Taxation	20.26	17.48	16	67.16	36.38	85
PAT	56.82	51.78	10	192.20	105.83	82
Minority Interest (MI)	1.32	-0.42	PL	4.18	2.4	74
Net profit	55.50	52.20	6	188.02	103.43	82
EPS (Rs)*	#	#		8.3	4.6
Notes
* EPS is on current equity of Rs 22.61 crore, Face value of Rs 1, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
Figures in Rs crore
Source: Capitaline Corporate Database

Time Technoplast : Consolidated Segment Results
	% of (Total)	2203 (03)	2103 (03)	Var.(%)	% of (Total)	2203 (12)	2103 (12)	Var.(%)
Sales
Composite Products	30	311.94	263.59	18	31	1,137.56	895.06	27
Polymer Products	70	727.02	687.6	6	69	2,512.28	2,109.86	19
Total Reported Sales	100	1,038.96	951.19	9	100	3,649.84	3,004.92	21
Less: Inter segment revenues		0	0	-		0	0	-
Net Sales		1,038.96	951.19	9		3,649.84	3,004.92	21
PBIT
Composite Products	29	28.4	26.18	9	32	112	73.73	52
Polymer Products	71	69.92	64.58	8	68	236.4	162.41	46
Total PBIT	100	98.32	90.76	8	100	348.4	236.14	48
Less : Interest		22.65	23.74	-5		92	97.75	-6
Add: Other un-allcoable		1.42	2.25	-37		2.96	3.82	-23
PBT		77.09	69.26	11		259.36	142.21	82

Previous News

Time Technoplast consolidated net profit rises 14.02% in the December 2022 quarter
( Results - Announcements 15-Feb-23 07:45 )

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( Corporate News - 04-Dec-23 18:26 )

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Time Technoplast to declare Quarterly Result
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( Corporate News - 18-May-21 09:43 )

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( Press Releases - 01-Nov-21 15:44 )

Time Technoplast
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