Time Technoplast Ltd's Q2FY19 consolidated net profit declines 24.7% yoy to Rs32cr

The company’s consolidated revenue stood at Rs827cr, up 14.2% yoy and 5.9% qoq.

Nov 14, 2018 03:11 IST India Infoline Research Team

Time Technoplast Ltd Q2FY19

Consolidated Results Q2FY19: (Rs. in cr)

Q2FY19 YoY (%)
Revenue 827.49 14.2
EBITDA 107.62 [1.6]
EBITDA Margin (%) 13 [208]
Net Profit (adjusted) 31.60 [24.7]
***EBITDA margin change is bps
Time Technoplast Ltd posted a weak set of numbers for Q2FY19. Consolidated revenue grew by 14.2% yoy and 5.9% qoq to Rs827cr. EBITDA came in at Rs108cr, down 1.6% yoy and 10.6% qoq. EBITDA margin contracted by 208bps yoy and 240bps qoq to 13%. PAT declined by 24.7% yoy and 27% qoq to Rs32cr.
  • Polymer Products segment, accounting for 70% of the revenue grew by 15.2% yoy. The segment posted sequential growth of 4.4%.
  • Composite Products, accounting for balance, grew by 14.3% yoy and 9.5% qoq.
  • Both India and Overseas revenues grew in double digits during the quarter. As per the company, volume growth during H1FY19 was ~11% yoy and the same for Q1FY19 stood at 14% yoy. This suggests that Q2FY19 volume growth was 8-9% yoy while realisations were up in mid-single digits.
  • Gross margins contracted by 248bps yoy. Employee and other expenses declined by 17bps yoy and 23bps yoy respectively.
  • Polymer Products margin contracted by 262bps yoy and 147bps qoq to 8.1%. Composite Products margin expanded by 195bps yoy and 95bps qoq to 11.8%.
  • Depreciation expense increased by 22.5% yoy to Rs40cr, while finance cost increased by 14.9% yoy to Rs23.9cr.
  • The share of value added products is 20% of the total sales in H1FY19 as against 18% in H1FY18.
  • Overall capacity utilization stood at 80%. Total capex in H1FY19 was Rs111cr.

Technical View:

Time Technoplast Ltd is currently trading at Rs. 120.60, down by 5.5 points or 4.36% from its previous closing of Rs. 126.10 on the BSE.
The scrip opened at Rs. 127.95 and has touched a high and low of Rs. 127.95 and Rs. 120.50 respectively. So far 70,356 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.

Related Story