Capitaline

Results 17-Aug-21

Analysis

Time Technoplast

Increased revenue and EBITDA led by higher utilization of capacities

Time Technoplast consolidated increased 58.75% to Rs 754.36 crore in Q1FY22 compared to Q1FY21. Sales of Composite Products segment has gone up 62% to Rs 229.36 crore (accounting for 30% of total sales). Sales of Polymer Products segment has gone up 57% to Rs 525 crore (accounting for 70% of total sales).

Operating profit margin has jumped from 11.36% to 13.33%, leading to 86.30% rise in operating profit to Rs 100.53 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 68.91% to 69.80%. Employee cost decreased from 7.35% to 5.71%. Other expenses fell from 12.30% to 10.98%.

Other income rose 48% to Rs 0.37 crore. PBIDT rose 86.13% to Rs 100.9 crore. Provision for interest fell 7.52% to Rs 23.38 crore. PBDT rose 167.96% to Rs 77.52 crore. Provision for depreciation rose 2.67% to Rs 38.5 crore.

Profit before tax reported profit of Rs 39.02 crore compared to loss of Rs 8.57 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 9.78 crore, compared to Rs 3.02 crore. Effective tax rate was 25.06% compared to negative 35.24%.

Minority interest increased 700% to Rs 0.72 crore. Net profit stood at Rs 28.52 crore compared to loss of Rs 11.68 crore.

Promoters’ stake was 51.33% as of 30 June 2021 compared to 51.33% as of 30 June 2020 . Promoters pledged stake was 8.18% as of 30 June 2021 compared to 34.76% as of 30 June 2020 .

Performance for the year ended Mar`21

Net sales (including other operating income) of Time Technoplast has declined 16.02% to Rs 3004.92 crore. Sales of Composite Products segment has gone down 14.06% to Rs 895.06 crore (accounting for 29.79% of total sales). Sales of Polymer Products segment has gone down 16.82% to Rs 2,109.86 crore (accounting for 70.21% of total sales).

Operating profit margin has slumped from 13.94% to 12.88%, leading to 22.40% decline in operating profit to Rs 387.14 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 70.04% to 69.88%. Employee cost increased from 4.76% to 5.32%. Other expenses rose from 11.29% to 11.87%.

Other income rose 68.28% to Rs 3.82 crore. Profit before interest, tax and other unallocable items (PBIT) has slumped 31.09% to Rs 236.14 crore. PBIT of Composite Products segment fell 26.62% to Rs 73.73 crore (accounting for 31.22% of total PBIT). PBIT of Polymer Products segment fell 32.94% to Rs 162.41 crore (accounting for 68.78% of total PBIT).

PBIT margin of Composite Products segment fell from 9.65% to 8.24%. PBIT margin of Polymer Products segment fell from 9.55% to 7.70%. Overall PBIT margin fell from 9.58% to 7.86%.

Provision for interest fell 9.66% to Rs 97.75 crore. Loan funds declined from Rs 820.48 crore as of 31 March 2020 to Rs 730.72 crore as of 31 March 2021. Inventories rose to Rs 759.85 crore as of 31 March 2021 from Rs 757.66 crore as of 31 March 2020. Sundry debtors were lower at Rs 798.28 crore as of 31 March 2021 compared to Rs 820.68 crore as of 31 March 2020. Cash and bank balance rose to Rs 86.99 crore as of 31 March 2021 from Rs 82.50 crore as of 31 March 2020.

Provision for depreciation fell 3.34% to Rs 151 crore. Fixed assets declined from Rs 1,429.57 crore as of 31 March 2020 to Rs 1,321.07 crore as of 31 March 2021. Intangible assets declined from Rs 0.39 crore to Rs 0.24 crore.

Profit before tax shrink 39.93% to Rs 142.21 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 36.38 crore, compared to Rs 61.74 crore. Effective tax rate was 25.58% compared to 26.08%.

Minority interest decreased 59.25% to Rs 2.40 crore. Net profit attributable to owners of the company decreased 38.84% to Rs 103.43 crore.

Promoters’ stake was 51.33% as of 31 March 2021 ,compared to 51.32% as of 31 March 2020 . Promoters pledged stake was 8.22% as of 31 March 2021 compared to 34.76% as of 31 March 2020 .

Cash flow from operating activities decreased to Rs 257.03 crore for year ended March 2021 from Rs 301.18 crore for year ended March 2020. Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 102.00 crore, compared to Rs 137.61 crore during the year ended March 2020.

The Board of Directors have recommended a dividend of 70% i.e. Rs 0.70 per share on equity share of ?Rs1/- each of the company for the year ended March 31, 2021, subject to the approval of Shareholders.

Management Comment

Mr. Anil Jain, Managing Director

“Despite the severe onslaught of the pandemic, we are pleased to announce that we have started Fiscal 22 on a strong note by delivering a healthy growth driven by a combination of robust core business growth and momentum in some of the newer businesses. Q1 Revenue and EBITDA are up by 59% and 86% year-on-year led by higher utilization of capacities. The company is receiving overwhelming response for its Type-IV Composite cylinders for CNG Cascades and has also started receiving orders for the recently approved Type-IV Composite cylinders for On-Board application. In addition, after a long wait, Government owned Oil Marketing Companies (OMCs) have started to procure Type-IV LPG Composite cylinders and the company has the Company has received trial orders. With the Composite cylinder (LPG and CNG) operations of the company picking up along with stable core Industrial packaging business, we are very excited about the future prospects.”

The scrip is currently trading at Rs 78

Time Technoplast : Consolidated Results
Particulars	2106 (03)	2006 (03)	Var.(%)	2103 (12)	2003 (12)	Var.(%)
Net Sales	754.36	475.20	59	3,004.92	3,578.03	-16
OPM (%)	13.3	11.4		12.9	13.9
OP	100.53	53.94	86	387.14	498.89	-22
Other Inc.	0.37	0.25	47	3.82	2.27	68
PBIDT	100.90	54.20	86	390.96	501.16	-22
Interest	23.38	25.28	-8	97.75	108.2	-10
PBDT	77.52	28.92	168	293.21	392.96	-25
Depreciation	38.50	37.50	3	151	156.21	-3
PBT	39.02	-8.58	LP	142.21	236.75	-40
EO Income	0.00	0.00		0	0	-
PBT after EO	39.02	-8.58	LP	142.21	236.75	-40
Taxation	9.78	3.02	224	36.38	61.74	-41
PAT	29.24	-11.59	LP	105.83	175.01	-40
Minority Interest (MI)	0.72	0.09	741	2.4	5.89	-59
Net profit	28.52	-11.68	LP	103.43	169.12	-39
EPS (Rs)*	#	#		4.6	7.5
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
Particulars	% of (Total)	2106 (03)	2006 (03)	Var.(%)	% of (Total)	2103 (12)	2003 (12)	Var.(%)
Sales
Composite Products	30	229.36	141.83	62	30	895.06	1,041.51	-14
Polymer Products	70	525.00	333.37	57	70	2,109.86	2,536.53	-17
Total Reported Sales	100	754.36	475.20	59	100	3,004.92	3,578.03	-16
Less: Inter segment revenues	0	0.00	0.00	-		0	0	-
Net Sales		754.36	475.20	59	100	3,004.92	3,578.03	-16
PBIT
Composite Products	85	19.86	5.34	272	31	73.73	100.47	-27
Polymer Products	180	42.17	11.11	279	69	162.41	242.2	-33
Total PBIT	265	62.03	16.45	277	100	236.14	342.68	-31
Less : Interest		23.38	25.28	-8		97.75	108.2	-10
Add: Other un-allcoable		0.37	0.25	47		3.82	2.27	68
PBT		39.02	-8.58	-555	100	142.22	236.75	-40

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