Time Technoplast advanced 2.08% to Rs 338.30 after it received an additional order from Indian Oil Corporation (IOCL) to supply composite cylinders (LPG) for Rs 55 crore.
The company stated that this additional demand is on account of the positive response from the end user on account of numerous advantages of using composite cylinders like explosion proof, light weight, translucent body etc.The order received is for 10 kg capacity composite LPG cylinders. The order quantity may be increased at the discretion of IOCL, on same terms and conditions during the validity period, added the firm.
The order is to be executed within 12 months from the date of purchase order. The cost of the project is Rs 55 crore.
Time Technoplast is engaged in manufacturing of polymer & composite products. The company offers a range of technology based polymer products catering to the growing sectors of the Indian economy with industrial and consumer packaging solutions, lifestyle products, auto components, healthcare products and construction and Infrastructure related products. Their product portfolio consists of packaging products including drums and containers, pails, pet sheets, entrance matting, turfs, garden furniture, automotive components, auto disabling medical disposables and warning nets.
The companys consolidated net profit jumped 45.3% to Rs 92.35 crore on 16.9% increase in revenue from operations to Rs 1,394.32 in Q4 FY24 over Q4 FY23.
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