Time technoplast

AR22 notes

  • Value added products (21% contribution vs 20% in FY21): Composite IBCs (11% vs 10% in FY21), composite cylinders (6% same as FY21), MOX films or techpaulin (4% same as FY21)
  • R&D team comprises of 30
  • Time Techno is third largest manufacturer of IBCs globally
  • Overseas business contributed 32% of sales (vs 31% in FY21). EBITDA margin for domestic operations was ~14.0% and for overseas operations was 13.7%
  • Company is restructuring overseas business through strategic divestment, proceeds of which will be used for repayment of debt, capex for composite cylinders and for core Indian business
  • Has manufacturing facilities at 31 locations across the globe (including 21 within India)
  • Received single largest for Type-IV LPG Composite Cylinders to IOCL of 0.75 mn LPG cylinders to be supplied over 12-months
  • CNG cascade order book is 250 cr.
  • Total capex incurred was 185.7 cr. (vs 103.5 cr. in FY21). Capex for established products was 78.5 cr. (vs 67 cr. in FY21), and was 107.2 cr. (vs 36.5 cr. in FY21) for value added products
  • Key raw material is PE granules (derivative products of oil and natural gas) which are largely imported
  • KMP and director remuneration: 1.96 cr. (vs 1.64 cr. in FY21)
  • Number of employees: 2’521 (vs 2’423 in FY21) (no increase in salary of employees or key managerial personnel)
  • Statutory auditor fee: 40 lakhs (vs 45 lakhs in FY21)
  • Number of shareholders: 73’356 (vs 37’672 in FY21), price (low): 60.2, price (high): 94.5

Disclosure: Invested (position size here, bought shares in last-30 days)