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ICICI Securities Report
We expect Time Technoplast Ltd. one of the largest Indian polymer processors to sustain its growth momentum (FY08-FY20 - revenue compound annual growth rate of approximately 15%) with demand and margin levers in place for both its -
1. Established products -
a) Asia (ex-China) gradually becoming a manufacturing hub for chemicals which would offer incremental growth opportunities to the company which has plants spread across Asia and b) strong order book position in its plastic piping segment.
2. Value-added products -
a) Incremental revenue from recent commissioning of its plants (manufacturing intermediate bulk containers) in USA,
b) expected growth traction in its liquefied petroleum gas composite cylinders (CC) and multi layer multi axis oriented X cross laminated films segment, and
c) incremental revenues from its expected new product launches.
Besides sustaining the growth momentum, selling of non-core assets and revocation of pledge could be another catalyst for further rerating.
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