Time Technoplast Receives Approval to Manufacture Hydrogen Cylinders in India
Key Ideas
- Time Technoplast is the first company in India to receive final approval from PESO to manufacture and supply high-pressure Type-IV composite cylinders for hydrogen, marking a significant milestone in the green energy market.
- The approval is a major advancement for the company, demonstrating its commitment to sustainable energy solutions and its potential for growth in the industry.
- The company's diverse product range includes technology-based products for various sectors like packaging, auto components, healthcare, and construction, showcasing its versatility and innovation.
- In Q4 FY24, Time Technoplast reported a substantial increase in net profit and revenue, indicating a positive financial outlook and potential for further expansion.
Time Technoplast has achieved a significant milestone by receiving final approval from the Petroleum and Explosives Safety Organization (PESO) to manufacture and supply Type-IV composite cylinders for hydrogen in India. This approval positions them as the first company in the country to produce such cylinders, signaling a major step towards sustainable green energy solutions. The company views this approval as a crucial advancement that will facilitate its growth in the green energy market, reflecting their commitment to innovation and environmental sustainability. Time Technoplast's products cater to diverse sectors such as packaging, auto components, healthcare, and construction, highlighting their technological expertise and versatile product range. Additionally, the company's financial performance in Q4 FY24 showed a notable 45.3% increase in net profit and a 16.9% rise in revenue from operations year-on-year, indicating a positive outlook for its future endeavors and expansion plans.