Shares of Time Technoplast Ltd fell 2% in early trade today despite its fourth-quarter solid results. Shares of Time Technoplast were trading down 1.07% at Rs 88.10 per share at 11:57 am on the NSE.

Time Technoplast Ltd released its fourth-quarter figures on May 29. Consolidated quarterly, the company reported net sales of Rs 1,192.38 crore for March 2023, up 14.77% from Rs 1,038.96 crore in March 2022.

The company’s quarterly net profit was reported at Rs 63.57 crore in March 2023, up 14.52% from Rs 55.51 crore in March 2022, according to a filing with BSE. Earnings per share (EPS) of Time Technoplast Ltd stock increased from Rs 2.45 in March 2022 to Rs 2.81 in March 2023.

Bharat Kumar Wageria, Managing Director, Time Technoplast Limited, said, “The company closed the financial year on a solid note with revenue growth of 18% and posted its highest ever Profit After Tax (PAT) of Rs 2,191 million (Rs 219.1 crore). The key factors behind this strong performance are the demand for industrial packaging products and a solid response to our portfolio. Within a period, our Type-IV composite cylinders for CNG cascades have established a strong market position, reflected in a strong order book position of Rs 2,600 million (Rs 260 crore). Strong demand for industrial packaging products from the chemical industry, driven by the migration of chemical companies out of China and growth in chemical exports coupled with good demand for CNG Cascade, we expect to continue our growth path.

Shares of Time Techno have lost 8.97% over the past 6 months and 14.51% over the past 12 months. As a result, the performance was substantially underperforming the benchmark Nifty50 index, which returned 0.02% over the past six months and 11.74% over the past year.