Time Technoplast announced that the Annual General Meeting (AGM) of the company will be held on 29 September 2020.

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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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Net loss of Time Technoplast reported to Rs 11.68 crore in the quarter ended June 2020 as against net profit of Rs 43.79 crore during the previous quarter ended June 2019. Sales declined 45.26% to Rs 475.20 crore in the quarter ended June 2020 as against Rs 868.14 crore during the previous quarter ended June 2019.

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Time Technoplast will hold a meeting of the Board of Directors of the Company on 29 August 2020.

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