Time Technoplast records net loss of Rs 12 cr in Q1 FY21

Time Technoplast reported a consolidated net loss of Rs 11.67 crore in Q1 June 2020 as against net profit of Rs 43.79 crore in Q1 June 2019.

Revenue from operations declined 45.3% year-on-year (YoY) to Rs 475.20 crore during the quarter. On the segmental front, the revenue from polymer products was at Rs 333.36 crore (down 45.9% YoY) and the revenue from composite products was at Rs 141.83 crore (down 43.8% YoY) in Q1 FY21.

Pre-tax loss in Q1 FY21 was at Rs 8.57 crore as against a pre-tax profit of Rs 59.75 crore in Q1 FY20. Tax expense during the quarter slumped 80% YoY to Rs 3.01 crore.

In August 2020, the company received approval from Petroleum And Explosives Safety Organization (PESO) and Bureau Ventas for manufacturing fully wrapped carbon fibre reinforced type-IV composite cylinder for CNG cascades. The product has huge business potential and has been developed by company's R&D team in last 3 years.

Time Technoplast is a leading manufacturer of polymer products. The company's portfolio consists of technical products catering to industry segments like, industrial packaging solutions, lifestyle products, automotive components, healthcare products, infrastructure/construction related products, material handling solutions & composite cylinders.

The scrip shed 0.88% to end at Rs 44.85 on the BSE on Friday.

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