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Strong Financial Performance Drives Growth for TPL PLASTECH LIMITED in Q3 FY24

Posted On: 2024-02-09 23:29:27 (Time Zone: IST)

TPL PLASTECH LIMITED, a leading player in manufacturing of technology-based polymer and composite products, has reported robust financial results for the third quarter of the fiscal year 2023-24, demonstrating significant growth and resilience amidst challenging market conditions.

Key Financial Highlights:

Total Income: The company recorded a total income of ?826.57 Mn in Q3 FY24, marking an impressive year-on-year growth of 18.0% compared to the same period last year. The cumulative total income for the nine months of FY24 stood at ?2,301.92 Mn, reflecting a notable growth rate of 15.2% over the previous year.

EBITDA: The company reported an EBITDA of ?99.28 Mn in Q3 FY24, representing a substantial year-on-year increase of 13.0%. Similarly, the cumulative EBITDA for the nine months of FY24 reached ?263.11 Mn, indicating a commendable growth rate of 13.2% compared to the corresponding period in FY23.

EBITDA Margin: TPL PLASTECH Ltd maintained a stable EBITDA margin of 12.0% in Q3 FY24, compared to 12.5% in Q3 FY23. Similarly, the EBITDA margin for the nine months of FY24 stood at 11.4%, slightly lower than the 11.6% reported in the same period last year.

Profit After Tax (PAT): The company's PAT for Q3 FY24 stood at ?58.78 Mn, reflecting a robust year-on-year growth of 16.6%. The cumulative PAT for the nine months of FY24 reached ?137.81 Mn, indicating a healthy growth rate of 12.8% compared to the corresponding period in FY23.

Earnings per Share (EPS): The company reported an EPS of ?0.75 in Q3 FY24, representing a growth of 16.6% compared to the same period last year. The cumulative EPS for the nine months of FY24 stood at ?1.77, reflecting a growth rate of 12.8% over the previous year.

The company's strong financial performance in Q3 FY24 underscores its ability to navigate through market challenges effectively and capitalize on emerging opportunities. The significant growth in total income, EBITDA, and PAT reflects the company's resilience, strategic initiatives, and operational efficiency.

The stable EBITDA margin indicates company's ability to maintain cost discipline and optimize operational efficiency despite market fluctuations. Moreover, the healthy growth in EPS highlights the company's commitment to enhancing shareholder value and delivering consistent returns.

Management Commentary

"Satisfactory scaling up of operations at the company's Greenfield unit in Dahej (Gujarat) for Intermediate Bulk Containers (IBCs) along with other industrial packaging products i.e. Drums and Jerry Cans has resulted in good volume growth. For the 9 months ended December 31, 2023, on a year-on-year (Y-o-Y) basis, volume grew by 23% and total income witnessed a growth of 15%. With good demand for industrial packaging in end-use sectors and Dahej being a major industrial hub for Chemicals and Pharmaceuticals, we were able to capture this growth. The EBITDA margin remained stable at around 11.4% in 9MFY24 and is expected to improve going forward as the sales of IBCs, which is a value-added product, pick up. Overall, we are very positive on the performance and are confident on achieving our targets for the full year."

Highlights of Q3FY24

- Healthy volume growth of 25.1% during Q3FY24 as compared to corresponding quarter previous year from scaling up of operations at Dahej (Gujarat).

- IBCs are gaining popularity due to cost effectiveness, easier handling and emphasis on sustainability.

- Increase in IBC sales which are classified as Value Added Products will help improve margins going forward.

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