Time Technoplast reports improved performance in Q3
News: Time Technoplast reported revenue growth of 13% YoY to Rs.942 crore in Q3FY23 led by 16% revenue growth in the composite product segment on a favourable base of last year. EBITDA margins were up ~100 bps YoY to 14.4%, as a slight decline in gross margin (by 55 bps YoY) was completely offset by savings in other costs. PAT came in higher by 37% YoY at Rs.55 crore tracking higher sales and improved EBITDA margins.
Views: We believe with improved revenues in Q3FY22 the company has crossed its pre-pandemic level sales supported by improved demand across product categories. The company is looking to increase revenues contribution from its newer segments i.e. Type-IV composite cylinders. During the quarter it had received order worth Rs.80 crore from public sector gas distribution company for supply of Cascades with carbon fibre reinforced Type-IV Composite Cylinder, taking company’s total order booking to Rs.250 crore.