Time Technoplast spurts after getting nod for manufacturing hydrogen cylinder from PESO

Time Technoplast rallied 6.45% to Rs 206.15 after the company received approval from Petroleum and Explosives Safety Organization (PESO) for manufacturing high pressure type-IV composite cylinder, prototype, for hydrogen.

The Authority has advised the company to manufacture 1st lot of cylinders for their joint testing & inspection. The testing of 1st lot of cylinders shall be completed in approximately six months time.

The company said that it is the first company in India to have received this manufacturing approval & this milestone marks a significant step forward in its efforts towards sustainable green energy solutions. With this approval, it is poised to contribute to the advancement of Green hydrogen technology and its role in shaping a greener future.

Time Technoplast is engaged in manufacturing of polymer & composite products. The company offers a range of technology based polymer products catering to the growing sectors of the Indian economy with industrial and consumer packaging solutions, lifestyle products, auto components, healthcare products and construction and Infrastructure related products. Their product portfolio consists of packaging products including drums and containers, pails, pet sheets, entrance matting, turfs, garden furniture, automotive components, auto disabling medical disposables and warning nets.

The companys consolidated net profit jumped 49.55% to Rs 91.60 crore in Q3 FY24 as compared with Rs 61.25 crore posted in Q3 FY23. Revenue from operations stood at Rs 1,324.65 crore in Q3 FY24, registering a growth 17.37% YoY.

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