TPL Plastech Limited, a leading technology based innovative polymer product company, has announced its Q3 FY23 financial results for the period ended December 31, 2022 with income of Rs. 70.31 crore, achieving a revenue growth of 19%. 

 

For the quarter and nine months ended December 31, 2022, the company continues to show good growth. The performance is driven by increasing demand for industrial bulk packaging in end-use sectors including chemicals, food & beverage, and medicines. Increased industrial activity, surge in food processing, FMCG and pharmaceuticals are all expected to drive demand for Industrial packaging going forward. Given the nine months performance, the company is confident on achieving its growth target for the full year.

 

The greenfield unit at Dahej (Gujarat) for manufacturing of Intermediate Bulk Containers (IBCs) along with other industrial packaging products i.e. drums and jerry cans is expected to commence production by March 2023.

 

IBCs which comes under value added products are already manufactured by the parent company of TPL Plastech i.e. Time Technoplast Limited. Due to cost effectiveness, easier handling and emphasis on sustainability, IBCs are gaining popularity and globally growing at more than 15% (approximately). Hence, the company is expected to immensely benefit from this in the future.

 

TPL Plastech Ltd. (TPL) is a subsidiary (75%) of Time Technoplast Ltd. and is engaged in manufacturing technology-based polymer products, mainly plastic drums/jerry canes. The company has manufacturing facilities at Silvassa, Ratlam, Bhuj, and Vizag and caters to customers in industries like chemical & petrochemicals, specialty chemicals, plasticizers, pharmaceutical, FMCG, food products, etc.