Time Technoplast soars 19% on winning Rs 75 cr order from Adani Total Gas

The order is for supply of CNG cascades made from Type-IV composite cylinder. The delivery of these cascades shall begin from January 2023.

Shares of Time Technoplast soared 19 per cent to Rs 99.60 on the BSE in Tuesday’s intra-day trade amid heavy volumes after the company announced repeat order win of Rs 75 crore from Adani Total Gas.

“The company has received prestigious repeat order from Adani Total Gas for supply of CNG cascades made from Type-IV composite cylinder for a total value of Rs 75 crore (approx),” Time Technoplast said in an exchange filing. The delivery of these cascades will begin from January 2023, it added.

At 10:40 AM; the stock traded 8 per cent higher at Rs 90.50, as compared to 0.13 per cent decline in the S&P BSE Sensex. The average trading volumes at the counter jumped over four-fold with a combined 4.92 million shares changing hands on the NSE and BSE.

Time Technoplast is a multinational company and one of the leading manufacturer of technology based polymer and composite products.

In first half (April-September) of the financial year 2022-23 (H1FY23), the company delivered a healthy revenue growth of 18 per cent at Rs 196.9 crore. Profit after tax grew 19.5 per cent YoY at Rs 942 crore. Earnings before interest, taxes, depreciation, and amortization (ebitda) margin, however, contracted 80 bps to 13.1 per cent from 13.9 per cent on H1FY22.

The management said the company’s top priority continues to remain in strengthening the revenue share of Value-Added Products. The Value-Added Products segment grew by 28 per cent YoY. However, margins were slightly impacted owing to prevailing geopolitical scenario and challenging macroeconomic environment. Despite a challenging global scenario, the management remains cautiously optimistic about the company’s performance in the future backed by huge demand for our value added products.