Returns with an accurate text value in the decimal number of the time, for example, the formulas, “=TIMEVALUE (9:45 AM)” will return with the decimal time value of “0.40625”.
Text string of time in Excel
In Excel, if just two values are given with semicolon (e.g. 12:30), this represents 12 hours and 30 minutes however it does not represent minutes and seconds. For this, hours must be supplied as zero with two semicolons (e.g. 00:12:30), which means 00 hours, 12 minutes and 30 seconds.
Where, (time_text) is a text string that represents any Excel’s time format, for example, “07:45 AM” is a text string that represents time in Excel.
#VALUE! returns when supplied (time_text) value is not recognized as valid time format of Excel.