Time Technoplast Ltd. share price target

TTL recorded consolidated sales growth of ~15% YoY led by volume growth of ~14% YoY in Q1FY19. Value added product categories (VAPs) recorded sales growth of ~31% YoY led by sharp growth in revenue (3x jump) of Mox films. Also, established products (EPs) category (topline contribution ~81%) recorded sales growth of ~11% YoY driven by sales growth of ~10% YoY in the plastic product category. Under the established product category, the performance of the piping segment recorded strong revenue growth...

TIME's Q4FY18 revenue increased by 16.4% YoY to Rs9.4bn, ahead of estimate led by robust growth in Value Added Products. VAP has grown at 51% in FY18 to Rs5.6bn and revenue contribution has increased to 18% (from 13% in FY17). Q4FY18 EBITDA increased by 30% YoY to Rs1.46bn ahead of estimate, translating into EBITDA margin of 15.5% (+160bps YoY). PAT at Rs554m is up 29% YoY and in line with estimate. Higher interest cost and tax incidence marginally impacted the bottomline. RoCE improved to 15.0% (vs 14.0% in FY17). India & Overseas revenue split in FY18 was...

TTL recorded consolidated sales growth of ~16% YoY led by volume growth of ~19% YoY in Q4FY18. Value added product categories (VAPs) recorded sales growth of ~59% YoY led by ~80% revenue growth in the composite cylinders category. Also, established products (EPs) category recorded sales growth of ~10% YoY driven by sales growth of ~10% YoY in plastic product category. Under the established product category, the performance of the piping segment remained muted owing to upward revision of indirect taxes...

Time Technoplast reported good Q3FY18 result with Net Revenue and Net profit growth of 12.5% and 27.9% yoy respectively. The overall volume growth for Q3FY18 was 16% yoy, wherein India and overseas businesses reported strong performance. Its profitability improved with higher sales of Value added products (45% volume growth yoy).

Time Technoplast's (TIME) consolidated net sales increased by 12.5% yoy to Rs7.55bn, led by strong growth of 50.6% in Value Added Products. Consequently, contribution of VAP increased to 18% in 9MFY18 vs 14% in 9MFY17. Volume increased by 16% yoy in Q3FY18. Variation in volume and revenue growth was largely on account of INR appreciation. Overseas revenue contribution stood at 30% in 9MFY18 (vs 29% in 9MFY17). EBITDA increased by 13.3% yoy to Rs1.17bn, whereas EBITDA margin stood at 15.4% Adj. PAT stood at Rs467mn, up 27.8% yoy, supported by lower interest outgo (-4.9% yoy) and reduced tax rate (-310bps yoy)....

TTL recorded consolidated sales growth of ~13% YoY led by volume growth of ~16% YoY in Q3FY18. Value added product categories (VAPs) recorded sales growth of ~51% YoY led by strong volume growth of ~45% YoY backed by ~100% volume growth in the composite cylinders category. Also, established products (EPs) category recorded sales growth of ~6% YoY driven by volume growth of 9% YoY. Sales growth was largely driven by plastic product segment, up 12% YoY while piping segment revenue fell...

We recently met the management of Time Technoplast (TTL) to understand the business model and outlook, going forward. TTL is operating mainly in four business segments viz. 1) industrial packaging, 2) infrastructure products (largely HDPE pipes), 3) tech & lifestyle products and 4) others (includes material handling & composite products). Industrial packaging [HDPE drums, jerry-cans, pails and intermediate bulk containers (IBC)] contributes ~74% to the topline. TTL is the market leader in the industrial packaging segment with domestic market share...

We initiate coverage on TTL as a BUY with a price objective of Rs

We met the Management of Time Technoplast (TIME IN), a leading player in the industrial packaging space. The Management reiterated its guidance to double turnover in the next 4-5 years along with an expansion in EBITDA margins, mainly driven by value added products. Composite cylinders, MOX Films, HDPE Pipes and Overseas business have been identified as the four pillars of growth. Composite cylinders business is gaining traction overseas, although business from domestic OMCs isn't gaining much traction. Company's current order book stands at 1.8mn cylinders, to be executed over the coming 2-3 years. Revenue contribution from...

BUY Time Technoplast Ltd between Rs. 63 - Rs. 55 for the Target of Rs. 73 - 85.