Polyplex Corporation Limited

rs,

, Mumbai- 400 051 The General Manager - Listing Department, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400 001 SYMBOL : POLYPLEX BSE Scrip Code : 524051 Dear Sir(s), Sub: R

3%

d Downstream Capabilities …With a Diverse Product Profile… Product Breakdown (H1FY23 Revenues) 3% 3% 4% 8% 14% 51% 16% 34 Years of Operation At the Forefront of Sustainability and Circula

4%

stream Capabilities …With a Diverse Product Profile… Product Breakdown (H1FY23 Revenues) 3% 3% 4% 8% 14% 51% 16% 34 Years of Operation At the Forefront of Sustainability and Circular Econ

8%

am Capabilities …With a Diverse Product Profile… Product Breakdown (H1FY23 Revenues) 3% 3% 4% 8% 14% 51% 16% 34 Years of Operation At the Forefront of Sustainability and Circular Economy

14%

Capabilities …With a Diverse Product Profile… Product Breakdown (H1FY23 Revenues) 3% 3% 4% 8% 14% 51% 16% 34 Years of Operation At the Forefront of Sustainability and Circular Economy ~2,

51%

ilities …With a Diverse Product Profile… Product Breakdown (H1FY23 Revenues) 3% 3% 4% 8% 14% 51% 16% 34 Years of Operation At the Forefront of Sustainability and Circular Economy ~2,650 C

16%

es …With a Diverse Product Profile… Product Breakdown (H1FY23 Revenues) 3% 3% 4% 8% 14% 51% 16% 34 Years of Operation At the Forefront of Sustainability and Circular Economy ~2,650 Custom

100%

ng” process for manufacturing Sarafil rPET film with Post- Consumer Recycled (PCR) content up to 100%. Capacity addition in Thailand & Turkey Ramp up of recent investment for a new post-consumer

20%

AA- (Positive Outlook) $262mm Revenue# 14% Normalized EBITDA* Margin $36mm Normalized EBITDA* 20% ROCE1 $524mm Revenue# 17% Normalized EBITDA* Margin …Driven by Strong, Sustainable Profitabilit

17%

mm Revenue# 14% Normalized EBITDA* Margin $36mm Normalized EBITDA* 20% ROCE1 $524mm Revenue# 17% Normalized EBITDA* Margin …Driven by Strong, Sustainable Profitability $88mm Normalized EBITDA*

25%

ormalized EBITDA* Margin …Driven by Strong, Sustainable Profitability $88mm Normalized EBITDA* 25% ROCE1 Widening of the Product Portfolio Operational Efficiencies and Cost Optimization Increas

93,713 MT

h (Q2 FY 22-23 v/s Q1 FY 22-23) YoY Growth (Q2 FY 22-23 v/s Q2 FY 21-22) Sales Volume (All Films) 93,713 MT Sales Revenue 2,086 INR Crores ($ 262 million) Normalized EBITDA 288 INR Crores ($ 36 million) P

“These are based on certain assumptions as on date and are subject to significant risks and uncertainties, as they could be substantially influenced by several factors which are beyond Company’s control including, but not limited to, fluctuations in foreign exchange rates, changes in key raw material prices, changes in market dynamics, impact of consolidation of subsidiaries and any unexpected production down times due to machinery breakdown, unforeseen delays in project start up etc.”

Factors impacting YoY

2

Note

1

Factors impacting YoY

• Though volume increased by 8%, impact on revenue is only 3% due to fall in selling prices resulting from softer market conditions • Raw Material (RM) cost during the quarter was high due to inventory losses arising from declining RM cost trend as well as USD appreciation • Unfavorable impact of FX fluctuation on change in stock on account of consolidation - In Q2 22-23, there is a loss of INR 34.24 crores ($4.36 million) as against a loss of INR 12.44 crores ($1.61 million) in Q1 22-23 • Higher volumes on account of startup of BOPP line in Indonesia • Higher Revenue due to higher volumes and from rise in sales • price of BOPET film on account of higher RM cost In Q2 22-23, there is an unrealized FX gain of INR 39.31 crores ($ 4.93 million) as against unrealized FX gain of INR 4.28 crores ($ 0.58 million) in Q2 21-22 on account of restatement of foreign currency long term loans 9 H1 FY 22-23 Performance Snapshot YoY Growth (H1 FY 22-23 v/s H1 FY 21-22) Sales Volume (All Films) 180,232

Factors impacting YoY

16% 38% 15% 44% 46% • Higher volumes on account of startup of BOPP line in Indonesia • Higher Revenue due to higher volumes and from rise in sales price of BOPET film on account of • higher RM cost partially offset by fall in BOPP film prices In YTD 22-23, there is an unrealized FX gain of INR 69.51 crores ($ 8.86 million) as against unrealized FX loss of INR 42.30 crores ($ 5.72 million) in YTD 21-22 on account of restatement of foreign currency long term loans 10 EBITDA Evolution Normalized EBITDA Bridge (Q2 22-23 vs Q1 22-23) 5.4 n o i l l i m D S U 50.8 50.8 21.6 0.4 0.1 3.0 1.0 34.6 34.6 37.2 36.2 36.1 36.1 Normalised EBITDA - Q1 22-23 Volume VA variance (Thin PET & OPP) Rate VA variance (Thin PET & OPP) Other Film & Chips Operation Other Variable Cost Fixed Cost Other Oprtnl Income Normalised EBITDA - Q2 22-23 ▪ Value additions have been impacted due to: ▪ softer market conditions and destocking ▪ RM cost during the quarter was high due to inventory losses arising from declining

Note

Polyplex CUF is calculated based on the extant capacity; Industry CUF as per CY, Polyplex CUF as per FY; Industry CUF is based on internal estimates; Expected Global CUF of the Industry will decline in CY22 as per demand supply estimates *CUF for the Industry may be even lower as the apparent demand has been impacted by destocking 31 5 Sustained and Profitable Growth (1/3) Strong Growth Improving Profit Margins Steady Cash Flow Generation Robust Balance Sheet Sales Volume Across All Films (KMT) EBITDA ($mm) and EBITDA Margin (%) & $/kg 8% 12% 6% 12% 18% 0.45 21% 0.49 26% 0.56 21% 0.57 17% 0.49 253 274 306 323 180 115 133 171 186 FY19 FY20 FY21 FY22 Sales Volume (KMT) Growth % H1FY23 Annualised FY19 FY20 FY21 FY22 EBITDA ($mm) Margin % Cash Flow from Operations1 ($mm) Capex ($mm) & Net Debt ($mm) 105 84 123 109 160 170 149 76 71 41 (57) 53 (66) 67 (75) 71 (38) 54 88 H1FY23 Annualised EBITDA ($/kg) (60) 17 FY19 FY20 FY21 FY22 H1FY23 FY19 FY20 FY21 FY22 H1FY23 Cash Flow after change in NW