Time Technoplast Secures Rs.55 Cr Additional Order from Indian Oil Corporation

Time Technoplast Ltd, a global leader in polymer and composite products, has secured a significant order worth Rs.55 crore from Indian Oil Corporation Limited (IOCL) for Type-IV LPG composite cylinders to plan expansion and create a strong foothold in the market.

Details of the Order

The order specifically covers the supply of 10 kg capacity composite LPG cylinders, reflecting IOCL’s confidence in Time Technoplast’s products. The decision to place this additional order follows positive feedback from end-users, highlighting the cylinders’ advantages such as being explosion-proof, lightweight, and featuring a translucent body.

Company’s Response 

Time Technoplast has announced that it is poised to fulfill IOCL’s requirements within 12 months, demonstrating its efficiency and commitment to timely delivery. The company is also in discussions with other major players like Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL), suggesting potential collaborations and market expansion opportunities in the future.

Corporate Overview

Founded in 1992, Time Technoplast operates 34 state-of-the-art production facilities across the globe, serving diverse industries including industrial packaging, automotive components, healthcare, and infrastructure. Its extensive presence spans Bahrain, Egypt, Malaysia, the USA, and other key markets, solidifying its reputation for innovative solutions and good customer service.

Financial Performance

In Q4FY24, Time Technoplast reported a 45.3% increase in consolidated net profit, reaching Rs.92.35 crore. This growth was supported by a 16.9% rise in revenue from operations, totaling Rs.1,394.32 crore. 

Stock Performance Highlights 

Shares of Time Technoplast surged by 3.8% to Rs.343.90, initially rising by 5.3% over the past few days. Since June 5, the share price has consistently remained above the 50-day, 100-day, and 200-day exponential moving averages. This quarter, the stock has gained 37.8%, marking its fifth consecutive quarterly increase and achieving a year-to-date rise of 95.1%.

Conclusion: In conclusion, with an additional order from IOCL, Time Technoplast has reaffirmed its position in the polymer and composite products sector to meet industry demands. Coupled with ongoing expansions and positive market feedback, Time Technoplast seems positioned to capitalize on opportunities and cater to needs, particularly in the composite cylinders market.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.