TPL Plastech Limited, one of the leading manufacturers of diversified range of polymer-based products, Q2 FY21 revenue was down 21.7% to reach Rs. 43.35 crore and net profit after tax was down 25.6% to reach Rs. 1.80 crore.

TPL Plastech Limited (TPL) is a subsidiary of Time Technoplast Limited and is engaged in the manufacturing of technology based polymer products mainly plastic drums/jerry canes. Narrow mouth and open top drums ranging from 35-250 litre capacity and narrow and wide mouth jerry cans ranging from 25-100 litre capacity.

The company almost slipped into loss in Q1 FY21 due to Covid-19 led lockdown during the quarter whereby almost entire month of April & Half of May business was lost. However as per the company, the performance of Q1 FY21 was in line with corresponding quarter of previous year, as the company operated for half of the quarter and generated 50% revenue of the corresponding quarter of last year. This is quite appreciable considering the current pandemic situation, stated the company in its filing to stock exchanges.

In H2 FY21, the company's revenue dropped 37% YoY and stood at Rs.68.58 crores versus Rs.108.95 crores in the same period last year.

Net profits also fell sharply by 64% YoY and reached Rs.2.09 crores as against Rs.5.79 crores last year.