Composite cylinder biz to bring Rs 85-90 cr in FY17:Time Techno

Speaking to CNBC-TV18, Anil Jain, Managing Director, Time Technoplast, says he expects Rs 85-90 crore in revenues from the composite cylinders business in FY17 as against Rs 40 crore it made in FY16.A manufacturer of polymer products, Time Technoplast, recently entered 11 new countries, and according to Jain, has already become a market leader in 9 of them.The company recently sold its overseas assets and used the money to pay off its debt and for brownfield expansions.Below is the verbatim transcript of Anil Jain’s interview with Mangalam Maloo & Reema Tendulkar on CNBC-TV18.Mangalam: You recently got some money after selling some overseas assets and you had indicated that you have used that to pare down your debt as well as for some Brownfield expansion. So could you break that up for us what was the amount that you raised and how much did you pared debt worth and what is the Brownfield expansion all about?A: As we said in the beginning of 2015-2016 this was the year of consolidation and before that 15-16 for almost about three to four years we have been expanding rather extensively. So, it was a year for us to look back and see what we have done and not done. We expanded our business into 11 countries and we found that out of 11 countries 9 countries we had already become the market leaders. In two countries namely China and Korea we didn’t do as well as we had expected and we decided to pull out from there in good time. Likewise, we have business in Europe. We clearly decided that we would like to consolidate back in Asia itself and we decided to hive off that business. Net effect of that business that what we got probably and what we lost in these two territories that we pulled out from the net effect was almost about Rs 20 crore after paying the taxes and that has been accounted for. As you rightly said we have used part of this money for reducing our debts which have been reduced by about Rs 50 crore in the last year. On top of it we did almost about Rs 86 crore of our regular CAPEX and about Rs 68 crore CAPEX for new businesses that we are expanding in to in the current year. After providing for additional working capital we have been able to reduce the total debt about Rs 50 crore in that it will continue in the next year as well.Reema: What is the current debt on your books?A: We are closed to about Rs 750 crore and I am very pleased to tell you that the last year our total debt EBITDA has come down from 2.05 to about 1.9 times which shows that we are in a good health.