Time Technoplast gains on bagging Rs 180-cr order from IOCL

Time Technoplast added 1.02% to Rs 74.15 after the company bagged an order for supply of 7,58,814 units of cylinders of 10 kg capacity for a value of approximately Rs 180 crore from Indian Oil Corporation (IOCL).

The cylinders are to be supplied over the next 12 months.

"This is for the first time in India that the public sector OMC has come out with such a large order for Type-IlV LPG composite cylinders," the company said in a statement.

IOCL has said that the same order quantity may be repeated at their discretion for a further period of up to 12 months, on same terms and conditions, the company added.

Keeping with the growing demand for LPG composite cylinders both domestically and internationally, the company plans to add additional 1 million cylinder manufacturing capacity with a capital outlay of about Rs 90 crore in the period of next 12-15 months.

Time Technoplast manufactures polymer products with operations in Bahrain, Egypt, Indonesia, India, Malaysia, U.A.E, Tajwan, Thailand, Vietnam, Saudi Arabia & USA. The company's portfolio consists of technically driven innovative products catering to growing industry segments like industrial packaging solutions, lifestyle products, automotive components, healthcare products, infrastructure/construction related products, material handling solutions & composite cylinders.

The company's consolidated net profit rose 39.71% to Rs 53.72 crore on a 12.84% increase in sales to Rs 941.97 crore in Q3 FY22 over Q3 FY21.

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