Time Technoplast Limited — Investor Presentation 2020

Feb 19, 2020

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Analyst Meet February 2020

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B S E : 5 3 2 8 5 6 | N S E : T I M E T E C H N O | I S I N : I N E 5 0 8 G 0 1 0 2 9 | C I N : L 2 7 2 0 3 D D 1 9 8 9 P L C 0 0 3 2 4 0

©2020, Time Technoplast Ltd., All Rights Reserved

Time Techno at a Glance

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Revenues by Product Category (FY19) FY19 Financial Highlights
3%
5% REVENUES EBITDA PAT
11% 15 [%] ₹35,670mn 11 [%] ₹5,267mn 12 [%] ₹2,027mn
3% Worldwide
Packaging
5% Batteries Plastic Drums,
Jerry cans,
Pails
5%
58%
10%
Largest 2 [nd] Largest 3 [rd] Largest
Large size Plastic Composite Cylinder Intermediate Bulk
Drums manufacturer manufacturer Container (IBC)
manufacturer
Geographic Revenue Breakup (FY19)
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Includes all Products Packaging Products 70% 30%

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Consistent dividend paying company

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Mana ement Team g

Mr. Anil Jain Managing Director

Degrees in Science, Engineering from Punjab University and Business Management from Delhi University with over 40 years in the field of Polymer Technology and Products

Mr. Bharat Vageria Whole Time Director, Finance

Degree in Commerce and a Fellow of Institute of Chartered Accountants (FCA) with over 35 years of experience in the Polymer Industry

Mr. Raghupathy Thyagarajan Whole Time Director, Marketing

Degree in Science and Masters in Business Administration from Mumbai University with over 30 years of industrial experience in Polymer Products

Mr. Naveen Jain

Whole Time Director, Technical

Degree in Engineering from IIT Delhi with over 30 years experience in Production, Quality Management and Projects Management.

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3,850 442 455

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32.5

Total Number No. of No. Professionals Research & Median Age of Employees foreign Engineers, CAs, Development (in Years) nationals MBAs (R&D)

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Ke Milestones y

• 1992 - 2000 2001 - 2006 2007 - 2010 2011 - 2019

• Turnover ₹1 Bn ₹5 Bn ₹10 Bn ₹15 Bn ₹36 Bn 1999 2008 2010 2012 2019

• Incorporated Pvt. Ltd.  Launched Automotive  Got listed on NSE & BSE  Green field Company related Products manufacturing set up  Entered into battery overseas - Bahrain,

• Production facilities in business by way of Indonesia, Vietnam, western region acquisition of NED Energy Egypt, Malaysia and USA Ltd.  Acquisition in Industrial

• JV with Mauser for Packaging Segment – Thailand, Taiwan and

• manufacturing steel

• Production facilities in drums Saudi Arabia East India  Started HDPE, DWC and 

• Green field manufacturing Launched Lifestyle  Ventured in Thailand set up in Sharjah (UAE) Cable Ducts pipe products manufacturing  Acquisition of TPL  Additions in products base  Acquisition of company Plastech Ltd. formerly such as Plastic Fuel Tanks, for technology of known as Tainwala IBC and Disposal Bins Composite Cylinders Polycontainers Ltd. and consolidated with

• existing operations

• Expanded in North and South India

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• Started MOX films business

Pre IPO (prior to 2007)

Post IPO (from 2007)

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Global Mar uee Customers q

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Geo ra hical Presence g p

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Manufacturing Presence in
11 Countries Jammu 20 Manufacturing
locations in India
to meet local demand Baddi
Pant Nagar
INDIA
Bhuj
USA Egypt [Bahrain] Taiwan AhmedabadRatlam
UAE India Thailand Panoli Kolkata
Saudi Arabia Vietnam Jambusar
Daman (U.T)
Talasari Silvassa
Malaysia
Indonesia Pen Hyderabad
Mahad
Vizag
Hubli
Bengaluru
Gummudipundi
Annual Installed Capacity India Overseas Total Hosur
Plastic Products ( ‘000 MT) 202 81 283
IBC (‘000 Nos) 270 840 1,110
PE Pipes (‘000 MT) 53 - 53
-
Composite Cylinders (‘000 Nos) 1,400 1,400 Head Office Manufacturing Locations
-
MOX Films (MT) 12,000 12,000
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W E are where O U R C U S TO M E R S are….

Focus on high growth manufacturing geographies

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Product Portfolio

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Revenue Share – FY19
Drums & Jerry Cans Conipack Pails HDPE Pipes DWC Pipes Energy Storage
Containers Devices
Established
Products
81%
Rain Flaps Fuel Tanks Mats
19%
Value-Added
Products
Composite Composite MOX Films
Cylinders IBCs
Brand
Product
Brand
Established Products
Product
Brand
Product
Value-Added Products
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Strate ic Direction towards Value Added Products g

Established Products[] Value Added Products[]

Revenue Share

Revenue (₹ Mn)

Revenue (₹ Mn) EBITDA Margins (%)

Revenue Share – FY17

Established Products Value Added Products

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Established Products
EBITDA Margins (%)
EBITDA Margins (%) Value Added Products
13%
14.6% 18.6% 6,636
14.3%
29,033 18.6%
5,521
25,528
23,870 13.9% 17.6%
87%
3,698
Revenue Share – FY19
Established Products
Value Added Products
19%
FY17 FY18 FY19 FY17 FY18 FY19
81%
Continued Business
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Revenue Share – FY19

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Established Products

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Industrial Packaging

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• Polymer drums / barrels, Jerry cans and Pails for varied packaging requirements.

• Over 900 institutional customers

• Largest manufacturer of Industrial Packaging in Asia and MENA Region

• Increasing strategic tie-ups with MNCs across different countries due to significant presence in the Asia and MENA Region

• Market Leader in 8 out of 11 countries in Industrial Packaging

Range:	5 Ltr to 250 Ltr capacity
Brand:	Techpack
Manufacturing Locations:	India(16) & Overseas(11)
Industry:	Chemicals, Petrochemicals, Paints, FMCG, Pharmaceutical, Automotive, BuildingProducts Etc.

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Established Products

High Density Polyethylene (HDPE) Pipes & Double Wall Corrugated (DWC) Pipes

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Infrastructure

• HDPE pipes are capable of handling semi-solid & effluents and has unmatched resistance

• gaseous to corrosive chemicals. They are lighter, easy to handle & install to heavier metallic or compared

• concrete pipes.

• Double layer Pipe with outer layer having corrugation and inner layer with a smooth surface.

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• Technically superior and cost effective solution over conventional RCC pipes.

• Smooth inner surface, Light in Weight, Low installation cost, Long service life.

• These pipes are 100% leak proof therefore they are preferred over Galvanized, Ductile iron, Cement and conventional piping systems.

20 mm to 1400 mm in different Range: pressure range. Brand: Max‟m PE Pi es p

Range: 150 mm DN to 600 mm DN Brand: Max„m DWC Pipes Manufacturing India (3) Locations: Sewage & Drainage, Effluent Industry: Treatment, Desalination, Ducting Etc.

Manufacturing India(4) Locations: Water Supply , Irrigation, Sewage, Industry: Effluent Treatment, Desalination Plant, Power Plants, Cable ducting, Etc.

Launched new generation multilayer pipes for power / communication cable ducts with silicon in-lining. The pipes / ducts have substantial business potential specially in development of Smart Cities

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Value Added Products

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Intermediate Bulk Containers - IBC

IBC’s Market Size (Mn Units)

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1.9 Mn
11.5 Mn
2.2 Mn 0.3 Mn
84% 16% 86% 14%
Rest of World Rest of Asia India
Asia
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 Range: 1,000 Ltr capacity  2.7 Lakh units p.a. in India and Capacity:  8.4 Lakh units p.a. overseas  Users: Petrochemicals, Foods, Solvents, etc. Features:  Space Efficiency, Eliminate Waste, Durability.  Rapid growth in chemical industries across Asia  Opportunity: Increasing automation  Multi-fold growth in trade from Asia to the western countries Position:  3[rd] Largest manufacturer in the Worldwide.

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Value Added Products

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Composite Cylinders

Range:	2 kg – 22 kg capacity (largest in the world)
Capacity:	1.4 Mn units p.a.
Users:	Household, Industrial, Trawlers, Caravans, BBQ
Features:	Explosion Proof, Non-Corrosive, Light and Efficient, and Low Maintenance.
	Received approvals in over 48 countries
Opportunity:	There are 2.5 bn metal cylinders in circulation worldwide
	240 Mn replace per annum – close to USD 6.7 Bn market size
Position:	2nd Largest Capacity Worldwide

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Value Added Products

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MOX Film

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Range: Capacity:

 35 to 320 GSM thickness

• 12,000 MT p.a.

Users:

• Agriculture, Infrastructure, Packaging, Commercial Vehicles and many more

Features:

• Tear/Puncture Resistant, 100% Waterproof, Weathering UV and Chemical Resistant

Opportunity:

• The size of agricultural films is projected to grow at a CAGR of 6.5% to reach USD 12.5 Bn by 2021

• Asia Pacific is likely to see robust growth in these films and TIME would be leveraging its wide distribution network in domestic as well as overseas market

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Value added roducts – New develo ment p p

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New Generation PU Cylinders

The new LPG Cylinder is TYPE IV composite cylinder with PU (Polyurethane) casing. With a brand-new compact design, the LiteSafe Elite Cylinder is known for its reliability & durability.

Capacity:

 5 Kg, 6 Kg & 10 Kg

• Barbeque (BBQ)

• Room Heaters

Application:

• Camping

 Caravans

• Lawn Mowers

• Adventure Sports

• Generators

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Value added roducts – New develo ment p p

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*Important Note

8-10 Bar 12-14 Bar 48 Bar Operating pressure Test Pressure Burst Pressure

Composite Air Tanks

Meets International Standards!

• Air tanks for vehicle air brake system for commercial vehicles

• Time Tech. tanks are constructed designed with thermoplastic resin matrices that form the pressure vessel that can be used without stress-crack propagation.

• The impact-resistant tank is 60% lighter than its metallic counterpart.

• They are corrosion proof and have been specially designed with a unique condensation residue drain feature!

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Value added roducts – New develo ment p p

DEF (Urea) Tanks

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Parts under development

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33 Ltrs 27 Ltrs 19 Ltrs Capacity Capacity Capacity

Diesel Exhaust Fluid dispenser tank are now offered from Blow mould process for Commercial Vehicle segment!

• Diesel Exhaust Fluid (DEF) dispenser tanks are designed to ward off the harmful impact of corrosion.

• The tank are made from durable stainless steel that can withstand the most pumps challenging operating

• conditions.

• The tanks also enable safe bulk storage of diesel exhaust fluids.

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Value added roducts – New develo ment p p

CNG Type IV Composite Cylinder for Automotive

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ON BOARD APPLICATION Cylinder Size (water capacity in Ltrs) 30 60 65 75 156 Cylinder weight 9 14 17 23 38 Cylinder Diameter 265 360 360 263 387 Cylinder Length 737 834 981 1815 1673 Working pressure (PW) 200 Test Pressure (PH) 300 Burst Pressure (PB) 475 Approval standards ISO 11439 and ECE R 110	CASCADES
	75 156
	26 45
	266 392
	1815 1680
	250
	375
	750
	ISO11119-3
Inlet Thread IS 3224 2002 Type IV size II or 1-1/8" 12 UNF

Sizes indicated above are subject to change/modification please confirm with us for your requirements

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A lications pp

1. Passenger OEs and Conversion kits

2. Bus - OEs and Conversion kits

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• Water Volume: 30, 60, 65L

• Operating pressure: 200 bar

• Test Pressure: 350 bar

• Burst Pressure: 470

• High fuel efficiency

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• Composite type 4 tank for a CNG busses

• Volume: 60 to 156 Ltr (water volume)

• Size: 1700 mm × 410 mm

• Weight: 56 kg

• Service pressure: 207bar

• Mounted on the roof in module type A

3. CVs - OEs and Conversion kits

• Composite type 4 tank for a CNG busses

• Volume: 60 to 156 Ltr (water volume)

• Size: 1700 mm × 410 mm

• Weight: 56 kg

• Service pressure: 207bar

• Mounted on the roof in module type

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Sr. No. Cylinder (Ltr) Suitable for

1 30 Auto Rickshaw (On board) 2 60 Car (On Board) 3 65 Car (On Board) & Cascade 4 75 Bus (On Board) & Cascade 5 156 Bus (On Board) & Cascade

Sizes indicated above are subject to change/modification please confirm with us for your requirements

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Value added roducts – New develo ment p p

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Composite Leaf Springs

• Small and Light Commercial Vehicles

• Medium Commercial Vehicles (Set and combination)

• Heavy Commercial Vehicles (Set & combination)

• Potential sales qty of this product is calculated in tonnage

Load (Kg)	Required Deflection (mm)	Actual Deflection (mm)
220 kg	55	54
328 kg	82	81
408 kg	102	101
492 kg	123	121
572 kg	143	140

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Value added roducts – New develo ment p p

Composite Propeller & Drive Shafts

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• Suitable for Passenger Car drive shafts

• Suitable Commercial Vehicles propeller shafts

• Carbon Fibre drive shafts have a (composite)

• torsional spring rate a little less than aluminium and about half that of steel

	STEEL	COMPOSITE
		Carbon Fiber
Shaft	2.72 Kg	0.5 Kg
Adaptor	NA	0.21 Kg (2 Nos.)
Bolts	NA	0.04 Kg
Total	2.72 Kg	0.96 Kg
Weight Savings	-	65%

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Value added roducts – New develo ment p p

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CNG CASCADES for Gas distribution in remote areas

CNG Type IV Composite Cylinder for Cascades

Cascade Capacity

 4992 Ltrs

Individual Cylinder Size

 156 ltrs

No. of cylinders

 32

Cascade Size (LxWxH)

 4000 X 2100 X 2100 MM

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Value added roducts – New develo ment p p

TTL upgrades System - Proposes Type 4 Cylinders Type 4 Cylinders

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• Reduction in weight by 70%

• Weight reduction can be used to increase driving range with additional capacity

• Avoid mid day refueling

• Double storage capacity

• Can be used to add on 9-10 passengers

• Better Handling & drive control

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Indian Transit Bus – Re lacement for T e I p yp

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Composite cylinders

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Metal cylinders

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Value added roducts – Future develo ment p p

Mobile Pipeline for Bulk GAS transport & storage

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Mobile Pipelines

• For bulk transportation of LNG/CNG for industrial & commercial applications

Module 40 Ft. Size Gas Fills 15,700 kg Length 12.19 mtrs. Operating 250 bars Width 2.44 mtrs. Pressure Burst Pressure 750 bars Height 2.44 mtrs.

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Q3-FY20 Key Financial Highlights (Consolidated)

Particulars (INR Mn)	Q3-FY20	Q3-FY19	Y-o-Y Growth
Total Income	9,237	8,729	5.8%
EBITDA	1,341	1,261	6.3%
EBITDA Margins(%)	14.52%	14.45%	7 Bps
PAT	485	542	(10.5)%
PATMargins(%)	5.25%	6.21%	(96) Bps
Cash Profit	901	844	6.8%
Volume Growth			10%

Note: PAT on QoQ basis is not comparable on account of change in depreciation policy in Q3-FY19 based on the useful life of Plant & Machinery, resulting lower depreciation by ~INR 110 Mn

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9M-FY20 Key Financial Highlights (Consolidated)

Particulars (INR Mn)	9M-FY20	9M-FY19	Y-o-Y Growth
Total Income	26,632	24,825	7.3%
EBITDA	3,822	3,547	7.8%
EBITDA Margins(%)	14.35%	14.29%	6 Bps
PAT	1,308	1,291	1.3%
PATMargins(%)	4.91%	5.20%	(29) Bps
Cash Profit	2,540	2,404	5.7%
Volume Growth			11%

Note: PAT on nine monthly basis is not comparable on account of change in depreciation policy in Q3-FY19 based on the useful life of Plant & Machinery, resulting lower depreciation by ~INR 110 Mn

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9M-FY20 Hi hli hts g g

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Total Income (₹ Mn)
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EBITDA (₹ Mn)
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Revenue Share - 9M-FY20

Established Products Value Added Products

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26,632
24,825 YoY Growth YoY Growth 3,822
3,547
9M-FY19 9M-FY20 9M-FY19 9M-FY20
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20.0%
80.0%
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• Revenue growth achieved: 7% (India: 8%; Overseas: 6%)

• Volume growth achieved: 11% (India: 12%; Overseas: 11%)

 In 9M-FY20 India contributed 70% and Overseas contributed 30% towards total revenue

• The value added products grew by 11% in 9M-FY20 as compared to the 9M-FY19. The share of value added products is 20.4% of the total sales in 9M-FY20 as against 19.7% in 9M-FY19. The company‟s focus remains to increase the share of value added products in its revenue.

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9M-FY20 O erational Hi hli hts p g g

• Capacity utilization: Overall 82% (India – 85%; Overseas – 75%)

• Total capex in 9M-FY20:

Total capex in 9M-FY20: INR 1,065 Mn Established Products for capacity expansion, re-engineering and automation: INR 750 Mn Value Added Products: INR 315 Mn

Pipes

• Healthy Order Book continues in our PE Pipe business of ~INR 3,500 Mn

• Supply of newly launched new generation multilayer PE pipes for power / communication cable duct with silicon in-lining continues to get overwhelming business. The pipes/ducts have substantial business potential specially in Smart Cities.

Industrial Packaging

• Completed Greenfield project for manufacturing of IBC Bottle in Chicago & Houston, USA and commenced Commercial Sale for which we are receiving overwhelming response.

• Greenfield expansion at Iowa, USA is under progress and to be completed by Q1-FY21

• Project of Greenfield manufacturing facility at Malur near Bengaluru, India for manufacturing of packaging product is completed and production started in Q1 of FY20.

• Brownfield expansion in India and overseas locations continues for future growth and leveraging of existing infrastructures.

MOX

• Company innovating new applications of the MOX films. The Company is launching new products in the market like Truck covers, Pond Liners, Mulching Film & Poly house Films.

• Focusing on new export markets i.e. Thailand, Malaysia, Germany, UK & USA

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Pol mer and Com osite Products y p

Polymer Products[*]

Composite Products**

Revenue Share

Revenue (INR mn) EBITDA Margins (%)

Revenue (₹ Mn) EBITDA Margins (%)

Revenue Share- 9M- FY19

Polymer Products Composite Products

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YoY Growth 18,724
17,464
14.29%
14.21%
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29.67%
70.33%
Polymer Products
Composite Products
29.71%
70.29%
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YoY Growth 7,908
7,362
14.48% 14.49%
9M-FY19 9M-FY20
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Revenue Share- 9M- FY20

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9M-FY19 9M-FY20
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Polymer Products:* HM-HDPE plastic Drums/Jerry Cans and Pails, Polyethylene (PE) pipes, Turf & Mattings, Disposable Bins and MOX Films Composite Products: Intermediate Bulk Containers (IBC), Composite Cylinders, Energy storage devices, Auto Products and Steel Drums

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Consolidated Financials Hi hli hts g g

Total Income (₹ Mn) EBITDA (₹ Mn) PAT (₹ Mn)

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35,670 5,267
2,027
31,049 4,752
1,804
27,568 4,064
1,471
FY17 FY18 FY19 FY17 FY18 FY19 FY17 FY18 FY19
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Total Debt To Equity (X)

EPS (₹)

ROCE %

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0.54 8.96
7.98 16.0%
6.90 15.7%
0.52
0.50 14.7%
FY17 FY18 FY19 FY17 FY18 FY19 FY17 FY18 FY19
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Investment Rationale

Enjoys Rating of “AA-“ from renowned global rating company (CRISIL Ltd) for banking facilities

Extensive R&D facility enabling the Company to develop new innovative products as a replacement for metal products by using polymers and employing technologies of plastic processing (blow, injection & extrusion)

New products under development and approval process with approving authority such as CNG, Composite Cylinders, Leaf Springs, Smart Cans, Propeller Shaft, etc. should provide additional growth momentum

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State of the art manufacturing facilities across globe with wide range of technology-based polymer products catering to various industry segments

CAGR growth in Revenue, EBITDA and PAT in the range of 12% to 15% in the last 10 years

Professionally managed Company with experienced promoters having more than 25 years in the field of polymers manufacturing activity

Steady operating profitability with ROCE of 16% in FY19 which is targeted to reach 20% in next 3 years by way of increasing sales of value added and high margin products.

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Thank You

© 2020 Time Technoplast Limited, All Rights Reserved.

“Time Technoplast” and The Time Technoplast Logo are trademarks of Time Technoplast Limited. In addition to Company data, data from market research agencies, Stock Exchanges and industry publications has been used for this presentation. This material was used during an oral presentation; it is not a complete record of the discussion. This work may not be used, sold, transferred, adapted, abridged, copied or reproduced in whole on or in part in any manner or form or in any media without the prior written consent. All product names and company names and logos mentioned herein are the trademarks or registered trademarks of their respective owners.

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