Buy Time Technoplast, target price Rs 93: ICICI Securities

ICICI Securities has buy call on Time Technoplast with a target price of Rs 93. The current market price of Time Technoplast is Rs 52.7.

Time Technoplast Ltd., incorporated in the year 1989, is a Small Cap company (having a market cap of Rs 1187.27 Crore) operating in Packaging sector.

Financials
For the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 835.44 Crore, up 12.23 % from last quarter Total Income of Rs 744.41 Crore and down -9.56 % from last year same quarter Total Income of Rs 923.71 Crore. Company reported net profit after tax of Rs 39.83 Crore in latest quarter.


Investment Rationale
Benefit of shift of chemical business from China to other Asian countries for packaging segment, higher VAP mix, big opportunities in CNG cascade segment along with selling of non-core assets, revocation of pledge and target RoCE of 20% in next three years aid rerating in the stock going forward.

Promoter/FII Holdings
Promoters held 51.3 per cent stake in the company as of Dec 30, 2020, while FIIs held 15 per cent, DIIs 11.1 per cent and public and others 22.6 per cent.