- 15 Nov 2021
- ICICIdirect Research
Time Technoplast: Strong performance in Q2
TIMETECHNO - 405 Change: -13.50 (-3.22 %)News: Time Technoplast reported a strong Q2FY22 performance in all fronts. Revenues increased by 23% YoY to Rs. 915 crore led by 28% revenue growth in the composite product category to | 299 crore. The Polymer product revenues increased by 21% YoY to Rs.615 crore. The EBITDA margin increased by 195 bps YoY to 14.3% led by savings in other costs and stable gross margin. As a result, PAT grew by 100% YoY to Rs.51 crore.
Views: We believe Time Techno’s strong performance in Q2 was supported by a favourable base and revival in the demand of its polymer and composite products. Despite a sharp rise in raw material prices, the company managed to improve its EBITDA margin. We would await management commentary on future demand outlook of its new products (Type IV CNG composite cylinders) and sustainability of EBITDA margin.