TCPL Packaging shoots up ~11% after revenues in Q3FY22 increase by 12.9% to Rs274.1cr

8 Feb 2022 , 11:16 AM

TCPL Packaging Limited (TCPL), one of India’s leading producers of sustainable packaging solutions for customers across industries, has announced its financial results for the quarter and nine months ended December 31, 2021.

The company stock was bullish on Tuesday morning and at around 11.20 am, TCPL Packaging Ltd was trading at Rs628.40 per share up by Rs60.8 or 10.71% from its previous closing of Rs567.60 per share on the BSE. The scrip opened at Rs602 and has touched a high and low of Rs662 and Rs602 respectively.

Total revenues in Q3FY22 increases by 12.9% to Rs274.1cr from Rs242.8cr in Q3FY21. EBITDA improves by 10.0% to Rs.41.6cr compared to Rs37.8cr. EBITDA margins stood at 15.2% compared to 15.6%. Profit Before Tax (PBT) increases by 28.8% to Rs20.6cr from Rs16.0cr.

Cash Profit grew by 20.1% to Rs34.8cr compared to Rs29cr. EPS (Diluted) stood at Rs15.44 as against Rs10.94, up 41.1%.

The company said in a filing that total revenues in 9MFY22 increases by 14.6% to Rs753.2cr from Rs657.4cr. EBITDA improved by 9.7% to Rs108.1cr compared to Rs98.5cr. EBITDA margins stood at 14.3% compared to 15.0%.  PBT increases by 37.3% to Rs45cr from Rs32.7cr. Cash Profit grew by 20.7% to Rs86.1cr compared to Rs71.3cr. EPS (Diluted) stood at Rs33.78cr against Rs23.24, up 45.4%.

Saket Kanoria, Managing Director, TCPL Packaging Limited said: “We have delivered a healthy performance during the period under review despite the ongoing macro-economic and operating challenges. In 9MFY22, our topline expanded by 14.6% on a year-over-year basis and Cash Profits improved by 20.7% demonstrating the resilience of our business model. While the effect of rising input prices on gross margin continues, we have been able to largely limit the impact on overall profitability by taking adequate price hikes.

Following the successful acquisition of 60% in Creative Offset Printers Private Limited (COPPL), we have further invested in the Company’s Right Issue to increase our stake to 80% post allotment of shares. We remain very excited about our entry into the high-potential rigid box segment to target one of the fastest-growing smartphone markets in the world. We believe we can exponentially grow COPPL over the next two years by leveraging our scale and institutional capabilities in a largely unorganised industry.

Our expansion plans in the flexible division are on course to be completed soon. This combined with revival in demand should enable us to report strong performance in the upcoming fiscal.”