This small-cap plastic company posts a 16% increase in PAT!
125% dividend declared; stock soars surged 3%.
Today Time Technoplast Ltd declared its result for Q4FY23 and year-end, In comparison to the same quarter last year, the company's net profit for the fourth quarter which ended on March 31, 2023, increased by 15.82% to Rs 65.21 crore from Rs 56.82 crore. In Q4FY23, the company's total net revenue increased by 14.67% from Rs 1040.39 crore to Rs 1193.02 crore in a similar quarter the year prior.
The company reported an increase in net profit by 16.42% for the year ended March 31, 2023, from Rs 192.20 crore to Rs 223.77 crore. When compared to the year ended March 31, 2022, the company's net revenue increased by 17.53% to Rs 4293.19 crore from Rs 3652.80 crore in the year prior ended on March 31, 2022.
About the Dividend & Pledge Shares
The company board recommended a final dividend of Rs 1.25 per equity share of the face value of Rs 1 each which represents 125%, for the financial year ended March 31, 2023, subject to the approval of the Members at the ensuing Annual General Meeting.
On May 22, 2023, the company intimated to BSE that it has fully repaid the term loan outstanding to lenders and the pledged shares of Time Technoplast Ltd will be released shortly. A total of 5.41% of promoter holding was pledged.
Share Price Movement
In the last trading session, the scrip closed at Rs 86.29. Today it opened at Rs 87.06 and closed at Rs 89.01, up by 3.15%. The BSE group 'A’ stock has a market cap of around Rs 2,000 crore. It has a 52-week high of Rs 125.90 and a 52-week low of Rs 69.55. On May 22, 2023 script was closed at Rs 82.21 from then it is up by 8.27%.
Time Technoplast Ltd (Time Tech) is a multinational conglomerate. It is engaged in manufacturing plastics products. The company's segments include polymer products and composite products. It offers industrial packaging products, infrastructure products, technical products, material handling products and composite cylinders.
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