Time Technoplast Ltd Share Price – NSE  / BSE

Plastic products, Small Cap

Time Technoplast has received an approval from the Nodal Agency, Petroleum and Explosives Safety Organization (PESO) for the manufacture and supply of high pressure Type -3 fully wrapped fibre reinforced composite cylinders (6.8 liters). These high-pressure cylinders will find usage for storing hydrogen to power fuel cell driven unmanned aerial vehicles and drone applications.

This is a significant milestone making Time Technoplast — the first company in India to receive such an Approval for Manufacture of Type-3 fully wrapped fibre reinforced composite cylinders for hydrogen powered fuel cell, unmanned aerial vehicles (UAV'S) & drones. The company is involved in developing additional sizes for the same application.

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Net profit of Time Technoplast rose 39.72% to Rs 98.36 crore in the quarter ended September 2024 as against Rs 70.40 crore during the previous quarter ended September 2023. Sales rose 14.76% to Rs 1370.52 crore in the quarter ended September 2024 as against Rs 1194.21 crore during the previous quarter ended September 2023.

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Time Technoplast will hold a meeting of the Board of Directors of the Company on 11 November 2024

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The proposal is subject to necessary approvals including the approval of the members of the company and such other regulatory/statutory approvals as may be required.

The firm will utilize these proceeds in India and Overseas including subsidiaries for the following purposes, or a combination thereof: partial or full repayment and/or pre-payment of short term and/or long-term debt; capital investments for the expansion of both greenfield and brownfield projects focused on value-added products such as intermediate bulk containers (IBCs), composite products includes CNG, LPG and hydrogen cylinders/ cascades.

The company may also use funds for capital expenses for automation, reengineering/modifications of the moulds, machineries and Equipment for reduction in recurring cost and to improve margins; funding the organic and inorganic growth in the area of its operations; meeting the working capital requirements and general corporate purpose.

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.

The company’s consolidated net profit jumped 41.4% to Rs 79.31 crore on 14% increase in revenue from operations to Rs 1,230.05 in Q1 FY25 over Q1 FY24.

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