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.
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.
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