Market Leader stock which is one of the leading manufacturers of technology-based polymer and composite products, jumped 15 percent in the day’s trade upon receiving final approval for the manufacturing and supply of Type-IV Composite Cylinders for Hydrogen.
With a market capitalization of Rs. 7,370 Crores, the shares of Time Technoplast Limited were trading at Rs. 325.35 per equity share, up 9.51 percent from its previous day’s close price of Rs. 297.10.
In Regard to its earlier communication dated March 19, 2024, wherein the Company received prototype approval for the manufacturing of High-Pressure type-IV Composite Cylinders For Hydrogen from the Petroleum and Explosives Safety Organization (PESO). It had further submitted the cylinders for joint testing and inspection to the approving authority for final approval.
Following this it has received final approval from PESO for the manufacturing and supply of High-Pressure type-IV Composite Cylinders For Hydrogen. It is the first company in India to receive final approval for the manufacturing and supply of Type-IV Composite Cylinders for Hydrogen. This milestone signifies a significant advancement towards sustainable green energy and it is poised to capitalize on a rapidly growing market driven by the global shift towards green energy.
Time Technoplast Limited is one of the leading manufacturers of technology-based polymer and composite products with a Strong presence in Asia & MENA regions. It is the largest manufacturer of large-size plastic drums with a market share of around 60 percent.
Its portfolio consists of technology-driven products catering to industry segments like Industrial packaging solutions, Infrastructure/ Construction products, Lifestyle products, Material handling solutions, Composite cylinders, and Automotive components
It has a strong customer base with some well-known Marquee clients including BASF, Huntsman, Bayer, Du Pont, Indian Oil, Gulf, ExxonMobil, Total, Ashok Leyland, Tata Motors, Cargill, GE, L&T, and many others.
Its Revenue from Operations grew by 16.94 percent from Rs. 1,192.38 Crores in Q4FY23 to Rs. 1,394.32 Crores in Q4FY24, accompanied by profits of Rs. 65.21 Crores to Rs. 94.26 Crores.
In terms of Return ratios, it has reported a return on equity (ROE) of 12.9 percent and a return on capital employed (ROCE) of 16. It has debt to equity ratio of 0.32.
Written by: Bharath K.S
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