Time Technoplast shares zoom over 19% on order win from Adani Total Gas
Shares of Time Technoplast Ltd zoomed as much as 19% to ₹99 apiece on the BSE
PremiumShares of Time Technoplast Ltd zoomed as much as 19% to ₹99 apiece on the BSE in Tuesday's early trading session after the company announced an order win from Adani Total Gas Ltd.
“We have pleasure to inform that the Company has received prestigious repeat order from ADANI TOTAL GAS LIMITED for supply of CNG Cascades made from Type-IV Composite Cylinder for a total value of Rs. 75 Crores (appx). The delivery of these cascades will begin from January 2023," the company informed in an exchange filing today.
Time Technoplast Ltd (Time Tech) is a multinational conglomerate with operations in Bahrain, Egypt, Indonesia, India, Malaysia, U.A.E, Taiwan, Thailand, Vietnam, Saudi Arabia & USA and is a leading manufacturer of polymer products.
Their product portfolio consists of packaging products including Drums / Containers Pails PET sheets Entrance Matting Turfs Garden Furniture Automotive Components Auto Disabling Medical Disposables and Warning Nets.
Last month, in the earnings presentation, Bharat Kumar Vageria, Managing Director of the company said “We are pleased to report a consistent, healthy growth this quarter and first half, driven by good business performance. The Company delivered a healthy revenue growth of 18% in H1FY23. Our top priority continues to remain in strengthening the revenue share of Value-Added Products."
For the second quarter ended September 2022, the value added products grew by 22% in Q2FY23 as compared to Q2FY22, while established products grew by 9%. The company had said its focus remains to increase the share of value added products in its revenue and improve margins.
“The Value-Added Products segment grew by 28% Y-o-Y. However, margins were slightly impacted owing to prevailing geopolitical scenario and challenging macroeconomic environment. Despite a challenging global scenario, we remain cautiously optimistic about our performance in the future backed by huge demand for our value added products," he added.
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