Time Technoplast Ltd. has reported a 70% jump in its net profit for Q1-09 to Rs. 19.52 crore as against Rs 11.49 crore posted in Q1-08. Net sales for Q1-09 rose to Rs. 188.82 crore as against Rs 106.59 crore in Q1-08 registering a growth of 77%. Operating margin during the quarter stood at 20.80% as against 20.29% recorded in Q1-08.
The existing businesses are estimated to clock a 30% growth in the current year, with gross sales crossing Rs. 1000 crore, and profit estimated to surpass Rs 100 crore. The company expects sharp declines feedstock costs by end of the calendar year irrespective of the movement of crude oil prices. Few of the large new capacities planned by the company are expected to come on stream in the beginning of January 2009. This will coincide with the start of the petrochemical low price cycle and last for 3-4 years, resulting in maximum benefit for the company.