On Friday, Time Technoplast’s share price gained as the firm won the single-largest order for the source of CNG Cascades.

Time Technoplast acknowledged the single-largest order worth Rs 134 crore from Maharashtra Natural Gas for the source of CNG Cascades finished from Type – IV Composite Cylinders, the company supposed. The supply of the order will be accomplished within one year from the period of the purchase order.

The buyer invests the right to place a recurrence order within six months of up to 50% of the contemporary purchase order value on similar terms and conditions with rates.

In FY 2022, the business had a manufacturing capability of 180 CNG Cascades (10,800 cylinders) yearly. To encounter growing requests for Type – IV Composite Cylinders for CNG Cascades, the company supervision is responsible for capex in a phased custom.

The company is snowballing the manufacturing volume by 300 cascades (18,000 cylinders) in FY 2023 with a capital expenditure of Rs 55 crore.

With this extension, the total cascade manufacturing capacity will upsurge from 180 to 480 cascades (28,800 cylinders) by March 2023, the company alleged.

Under Phase II, company management has commenced an expansion program to upturn the capacity by 600 cascades (36,000 cylinders). The same will be accomplished in Q4FY 2024 with a depletion of Rs 125 crore.
The company added that the total cascade industrial capacity after Phase II will be 1,080 cascades (64,800 cylinders) per year from March 2024.

In the quarter completed December 2022, the company posted a net profit of Rs 29.39 crore, besides Rs 29.01 crore in December 2021.

Its operating income rose 5.5% year-on-year to Rs 563.94 crore, compared to Rs 534.44 crore a year earlier. At 9:24 am, Time Technoplast was quoted at Rs 86.55, up Rs 0.85, or 0.99% on the BSE.