Time Technoplast reported a consolidated net loss of Rs 11.67 crore in Q1 June 2020 as against net profit of Rs 43.79 crore in Q1 June 2019.
Revenue from operations declined 45.3% year-on-year (YoY) to Rs 475.20 crore during the quarter. On the segmental front, the revenue from polymer products was at Rs 333.36 crore (down 45.9% YoY) and the revenue from composite products was at Rs 141.83 crore (down 43.8% YoY) in Q1 FY21.
Pre-tax loss in Q1 FY21 was at Rs 8.57 crore as against a pre-tax profit of Rs 59.75 crore in Q1 FY20. Tax expense during the quarter slumped 80% YoY to Rs 3.01 crore.
In August 2020, the company received approval from Petroleum And Explosives Safety Organization (PESO) and Bureau Ventas for manufacturing fully wrapped carbon fibre reinforced type-IV composite cylinder for CNG cascades. The product has huge business potential and has been developed by company's R&D team in last 3 years.
Time Technoplast is a leading manufacturer of polymer products. The company's portfolio consists of technical products catering to industry segments like, industrial packaging solutions, lifestyle products, automotive components, healthcare products, infrastructure/construction related products, material handling solutions & composite cylinders.
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