Time Technoplast gets final approval from PESO for manufacturing composite cylinders

21-Jun-24   08:38 Hrs IST
The company said that it is the first company in India to receive final approval for the manufacturing and supply of Type-IV composite cylinders for hydrogen. This milestone signifies a significant advancement in our efforts towards sustainable green energy.

With this approval, we are poised to capitalize on a rapidly growing market driven by the global shift towards green energy. We are enthusiastic about the future and the positive impact this technology will have on our industry and the environment.

Earlier on 19 March 2024, the company had received prototype approval for the manufacturing of high-pressure type-iv composite cylinders for hydrogen from the PESO. Subsequently, it submitted the cylinders for joint testing and inspection to the approving authority for final approval.

Time Technoplast is engaged in manufacturing of polymer & composite products. The company offers a range of technology based polymer products catering to the growing sectors of the Indian economy with industrial and consumer packaging solutions, lifestyle products, auto components, healthcare products and construction and Infrastructure related products. Their product portfolio consists of packaging products including drums and containers, pails, pet sheets, entrance matting, turfs, garden furniture, automotive components, auto disabling medical disposables and warning nets.

The company?s consolidated net profit jumped 45.3% to Rs 92.35 crore in Q4 FY24 as compared with Rs 63.57 crore in Q4 FY23. Revenue from operations increased 16.9% YoY to Rs 1,394.32 crore in Q4 FY24.

The counter rose 0.05% to end at Rs 297.10 on Thursday, 20 June 2024.

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