Time Technoplast Q3 Review - Outlook Upbeat; Execution Remains Key: ICICI Securities
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ICICI Securities Report
Time Technoplast Ltd. reported better than expected profit after tax at Rs 385 million (our estimate Rs 338 million), down 21% YoY largely due to beat in Ebitda margin at 13.4% (our estimate 13%), down 110 basis points YoY.
Ebitda margin beat was mainly due to higher value added products mix. Revenues came largely in line with estimates at Rs 8.3 billion, down 9.6% YoY.
Value added products revenues continue to do well with lower decline as compared to established products segment (pipes remain a drag on overall revenue with only 50% utilisation; company expects sharp recovery in FY22).
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