TCPLPACKNSE8 November 2022

TCPL Packaging Limited has informed the Exchange about Investor Presentation

TCPL Packaging Limited

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08.11.2022

The Bombay Stock Exchange Ltd Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400 001 Security Code:-523301

The National Stock Exchange of India Ltd

Exchange Plaza, Plot No. C/1, G Block Bandra Kurla Complex, Bandra East, Mumbai 400 051 Trading Symbol:- TCPLPACK

Dear Sir(s),

Re:- Earnings Presentation

We wish to inform you that Board of Directors of the company in their Meeting held on 08.11.2022, inter-alia considered and approved the Un-Audited Financial Results of the Company (Standalone and Consolidated) for the quarter / half year ended 30.09.2022.

Attached is Earnings Presentation for Q2 & H1 FY2023. We request you to take the above on your records in the interest of general public at large.

Thanking You

For TCPL Packaging Limited

Compliance Officer

Encl. As above

Q2 & H1 FY2023 Earnings Presentation 08 November 2022

Disclaimer

involve several

Certain statements and opinions with respect to the anticipated future performance of TCPL Packaging Limited (TCPL) in the presentation (“forward- looking statements”), which reflect various assumptions concerning the strategies, objectives and anticipated results may or may not prove to be correct. risks, uncertainties and Such forward-looking statements assumptions which could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These include, among other factors, changes in economic, political, regulatory, business or other market conditions. Such forward-looking statements only speak as at the date the presentation is provided to the recipient and TCPL is not under any obligation to update or revise such forward-looking statements to reflect new events or circumstances. No representation or warranty (whether express or implied) is given in respect of any information in this presentation or that this presentation is suitable for the recipient’s purposes. The delivery of this presentation does not imply that the information herein is correct as at any time after the date hereof and TCPL has no obligation whatsoever to update any of the information or the conclusions contained herein or to correct any inaccuracies which may become apparent after the date hereof.

Company Overview

At a Glance

TCPL – One of India’s leading producers of sustainable packaging solutions for customers across industries

YEARS

Of proving an array of packaging solutions

1,078

(RS. CRORE)

Revenue (FY22)

126

(RS. CRORE)

Cash Profit* (FY22)

Manufacturing units

~1,900

Employees (FY22)

19.8%

30 years Revenue CAGR

15.5%

30 years EBITDA CAGR

26.8%

30 years PAT CAGR

*Note – Calculation for Cash Profit: PBT + Depreciation

Business Overview

One of India’s largest Folding Carton manufacturers and convertors of paperboard

Innovative player in the Flexible packaging industry

Close-to-Demand Pan-India Footprint to fast-track growth

Caters to Consumer Goods, Food & Beverage, Tobacco, Liquor, Agro-Chemicals, Pharma, and various other industries

Accredited with international certifications of quality and implemented Integrated Management System (IMS) for all-round quality assurance

Revenue Mix (FY22)

~85-90%

~10-15%

Folding Cartons

Flexible Packaging

Folding Carton Division

One of India's leading Carton Packaging companies since 1990s driven by adoption of industry-leading technology

Offers wide-range of innovative, sustainable & unique packaging solutions

Well-positioned to support diverse customer requirements with PAN India presence and network

MONOCARTONS

SPECIALTY & GIFT PACKAGING

SHELF READY PACKS

FOOD & BEVERAGES PACKAGING

PHARMA PACKAGING

Flexible Packaging Division

Innovative player providing versatile and sustainable solutions to customers across industry verticals

Offers a variety of products including Pouches, Laminates, Shrink Sleeves, and Wrap Around Labels

POUCHES

SHRINK SLEEVES

WRAP AROUND LABELS

LAMINATES

TIPPING PAPER

BUNDLE PAPER, INNER FRAMES & SOFT PACKS

Pillars of Strength

Developing creative solutions by a dedicated team with proven capabilities

Equipped with latest state-of- the-art machines

Several technical collaborations to ensure efficiency & productivity

Operates multiple manufacturing units

Vast market network across India and Oversees

Consistent investment in sustainable packaging solutions

Long-term connect with marquee clients spanning over 31 years

Deep-rooted Relationships

Innovative Products

Advanced Technology

Wide-spread Presence

Sustainability

Pan-India Presence

Close-to-demand strategy has enabled TCPL to emerge as one of India’s leading sustainable packaging solution providers

Headquartered in Mumbai, TCPL

operates 8 manufacturing units

across 5 locations & has marketing

offices in key metro cities

Note: Silvasa and Haridwar have 3 & 2 manufacturing units, respectively

*Haridwar

Delhi

Noida

*Silvassa

Mumbai

Goa

Bangalore

Guwahati

Kolkata

Production Production

Sales & Business Support

Marquee Clients

Electronics, Pharma & Others

G C M F

FMCG

Liquor

“Enables leading companies across industries identify the right packaging solutions”

Food & Beverages

Key Growth Levers

Scale Improving consolidation in a largely unorganized industry

Pan-India Presence Close-to-demand strategy to drive growth

Sustainable Packaging Solutions Emerging as a major growth opportunity

Partnership with Customers Leverage existing relationship to gain higher wallet share

Investment in New Technologies Leveraging latest technology to expand market opportunity

Diversification Focused approach towards growth through diversification

Q2 & H1 FY2023 Results Overview

Q2 FY23 - Key Financial Highlights Consolidated

Total Revenues (Rs. Cr.)

EBITDA (Rs. Cr.)

361.7

57.5

*Cash Profit (Rs. Cr.)

65.8

253.0

36.0

28.4

Q2 FY22

Q2 FY23

Q2 FY22

Q2 FY23

Q2 FY22

Q2 FY23

Shift % (Y-o-Y)

43%

Shift % (Y-o-Y)

60%

Shift % (Y-o-Y)

131%

Margins (%)

14%

16%

11%

18%

*Note: In Q2FY23, TCPL received Rs. 17.3 crore as an insurance claim for loss of fixed assets damaged by fire and loss of profit in the previous year. This is classified as an exceptional item, and thus the Profit reflects this one-off amount

Q2 FY23 - Key Financial Highlights Standalone

Total Revenues (Rs. Cr.)

349.0

EBITDA (Rs. Cr.)

56.1

*Cash Profit (Rs. Cr.)

65.9

253.0

36.1

28.5

Q2 FY22

Q2 FY23

Q2 FY22

Q2 FY23

Q2 FY22

Q2 FY23

Shift % (Y-o-Y)

38%

Shift % (Y-o-Y)

55%

Shift % (Y-o-Y)

131%

Margins (%)

14%

16%

11%

18%

Management Message

Commenting on the performance for Q2 & H1 FY2023 Mr. Saket Kanoria, Managing Director, TCPL Packaging Limited said

“TCPL has shown solid resilience and achieved yet another quarter of strong performance amidst a challenging operating environment. Our consolidated revenues grew by 43% Y-o-Y to Rs. 361.7 crore on the back of higher volumes and better realizations. In addition, we witnessed stability in our key raw materials, which enabled us to register robust profitability during the quarter. EBITDA improved by 60% Y-o-Y to Rs. 57.5 crore in Q2, translating into healthy margins of 16%.

With our COPPL acquisition, the Company has entered the high-potential rigid box segment and is catering to several fast-growing end-user electronic industries. This is in-line with our growth through diversification strategy and strengthens our long-term growth prospects. I am pleased to share that we have successfully onboarded a number of customers in this segment and look forward to enhancing our business with them in the coming quarters.

Over the coming years, the packaging industry is expected to witness huge growth as India moves towards self-reliance in manufacturing across various industries. We believe TCPL is well poised to capitalize on the rising demand on the back of our expertise to design, develop, and deliver sustainable packaging solutions for leading brands.”

COPPL Acquisition – Enters high potential rigid boxes segment

About Creative Offset Printer Private Limited (COPPL)

Acquisition Details

Incorporated in 2002, COPPL was started by Mr. Rohit Khanna & Ms. Gazal Dhillon

TCPL acquired a majority stake (83% equity stake) in COPPL as of July 2022

Since both companies have production facilities in close proximity, TCPL aims to capitalize from key synergies, like cost rationalization & optimization

Core business packaging boxes

is manufacturing of

rigid

located

Strategically COPPL’s production facility is well-equipped to target India’s largest mobile manufacturing hub

at Noida,

Associated with major mobile firms operating in Noida including Samsung & supplies various types of mobile boxes

Taps high potential focused on one of smartphone markets in the world

rigid boxes segment the fastest growing

Diversifies product offering & strengthens position as a leading producer of sustainable packaging solutions for customers across industries

Haridwar

Delhi

Noida

COPPL’s Manufacturing facility

Production Production

Sales & Business Support

1616 16

Update on COPPL Acquisition

Indian Smart phone market

• One

growing markets smartphones in the World with high value add

fastest

the

for

• Over the years, Indian Smartphone shipment has grown tenfold, exceeding markets such as North America, Latin America, and Africa

• India

the world’s

2nd largest mobile manufacturing country, and is vying for the top spot by attracting global giants with production-linked incentives (PLI) o This

box manufacturing business, which caters to the mobile industry for not only the Indian market but for exports as well

bodes well

rigid

the

for

Indian Smartphone Shipment (Million)

173

150

2011 to 2020 CAGR: ~26%

14.5

2011

Source: Statista 2021

2020

2021 F

High potential rigid packaging segment: TCPL to tap one of the fastest-growing smartphone markets in the world

1717

Update on TCPL Innofilms

TCPL INNOFILMS SPECIALTY

CURRENT STRUCTURE

NEW STRUCTURE

PET

Adhesive

InnoPure

Adhesive

Non - RECYCLABLE

100% RECYCLABLE

(Above is an example of a common structure in the market)

(Above is an example of the use of our specialty PE Film)

•

The unique technology being employed by Innofilms offers specially oriented PE films to replace typically stiffer films like Polyester (PET)

Such specially oriented PE films, once laminated with another layer of sealant PE film, will result in a mono-polymer packaging product

This development will help in replacing current multi-polymer, non-recyclable products prevalent in the market

This plant is one of a kind and the Company will be amongst the very few companies in India to be equipped with such capability

In 2021, TCPL incorporated a subsidiary company TCPL Innofilms Pvt Ltd to manufacture and film and distribute blown polyethylene (PE) sustainable packaging films

These films will enable customers to transition sustainable towards packaging structures

recyclable

fully

and

Consolidated P&L Statement

Particulars (Rs. crore)

Revenues from Operations

Other Operating Income

Total

Total Expenditure • Raw Material expenses • Employee benefits expense • Other expenses

EBITDA

EBITDA Margin (%)

Other Income

Finance Costs

Depreciation and Amortization

PBT

Exceptional Items

PBT after Exceptional Items

Tax expense

PAT*

PAT Margin (%)

Cash Profit*

EPS Diluted (Rs.)*

Q2 FY23

Q2 FY22

354.6

7.2

361.7

218.7

30.0

55.6

57.5

15.9%

2.4

11.4

15.9

32.7

17.3

49.9

10.4

39.5

10.9%

65.8

43.43

247.7

5.3

253.0

151.4

25.1

40.5

36.0

14.2%

0.4

8.0

13.6

14.9

0.0

14.9

4.3

10.6

4.2%

28.4

11.65

Y-o-Y Change (%) 43.1%

35.3%

43.0%

44.5%

19.2%

37.3%

59.6%

165 bps

500.0%

42.2%

16.9%

119.7%

236.0%

144.1%

272.9%

674 bps

131.4%

272.8%

H1 FY23

H1 FY22

688.8

15.5

704.2

423.3

59.8

109.1

111.9

15.9%

5.9

22.1

31.4

64.4

17.3

81.7

19.7

62.0

8.8%

113.1

68.16

470.6

8.5

479.1

287.5

49.1

76.2

66.4

13.8%

0.5

15.7

26.9

24.3

0.0

24.3

7.7

16.6

3.5%

51.2

18.19

Y-o-Y Change (%) 46.4%

81.9%

47.0%

47.3%

22.0%

43.2%

68.7%

204 bps

1017.0%

40.4%

16.7%

165.3%

236.5%

154.7%

274.7%

535 bps

120.9%

274.7%

Standalone P&L Statement

Particulars (Rs. crore)

Revenues from Operations

Other Operating Income

Total

Total Expenditure • Raw Material expenses • Employee benefits expense • Other expenses

EBITDA

EBITDA Margin (%)

Other Income

Finance Costs

Depreciation and Amortization

PBT

Exceptional Items

PBT after Exceptional Items

Tax expense

PAT*

PAT Margin (%)

Cash Profit*

EPS Diluted (Rs.)*

Q2 FY23

Q2 FY22

341.9

7.2

349.0

213.1

28.1

51.7

56.1

16.1%

2.8

10.3

15.0

33.6

17.3

50.9

10.3

40.6

11.6%

65.9

44.56

247.7

5.3

253.0

151.4

25.1

40.4

36.1

14.3%

0.4

8.0

13.6

14.9

0.0

14.9

4.3

10.7

4.2%

28.5

11.73

Y-o-Y Change (%) 38.0%

35.2%

37.9%

40.8%

11.8%

28.0%

55.3%

180 bps

597.5%

28.3%

10.6%

124.9%

240.6%

142.3%

279.8%

740 bps

131.1%

279.9%

H1 FY23

H1 FY22

669.0

15.5

684.5

415.1

56.5

103.2

109.6

16.0%

6.3

20.4

30.0

65.4

17.3

82.7

19.6

63.1

9.2%

112.7

69.37

470.6

8.5

479.1

287.5

49.1

76.1

66.5

13.9%

0.5

15.7

26.9

24.4

0.0

24.4

7.7

16.7

3.5%

51.3

18.34

Y-o-Y Change (%) 42.2%

81.8%

42.9%

44.4%

15.1%

35.7%

64.9%

214 bps

1079.2%

30.1%

11.6%

168.2%

239.0%

153.8%

278.4%

574 bps

119.7%

278.2%

Q2 FY23: Financial & Operational Discussions (Y-o-Y)

Total Revenues

On a Consolidated basis, Total Revenues stood at Rs. 361.7 crore, healthy at 43% YoY

Reported robust revenue growth on a YoY basis year on account of a promising performance from both our business segments

The Company expects an improvement in revenues and believes the trend to continue in the upcoming quarters as it is witnessing healthy demand growth and encouraging growth prospects

Stable realizations and improvement in volumes during the period drove the overall growth

EBITDA

On a Consolidated basis, EBITDA came in at Rs. 57.5 crore, with EBITDA Margins at 16%

The Company registered strong margin performance as it was able to efficiently pass on raw material price increases witnessed during the period under review

*Cash Profit After Tax

On Consolidated basis, Cash PAT came in healthy at Rs. 65.8 crore, with Cash PAT Margins at 18.2%

*PAT improved by 273% to Rs. 39.5 crore

In Q2, Depreciation came in at Rs. 15.9 crore and finance cost stood at Rs. 11.4 crore.

21 21

Balance Sheet Snapshot

Rs. 397.7 Crore

Rs. 807.2 Crore

Rs. 936.2 Crore

Net-worth

Capital Employed

Fixed Assets (Gross)

Rs. 5.4 Crore

Rs. 404.1 Crore

84 Days

Cash & Investments

Net Debt

Net Working Capital Days

Note: As on 30th September 2022

22 22

Annexure

Conference Call Details

Q2 & H1 FY2023 Earnings Conference Call

Time

• 11:00 a.m. IST on Monday, November 14, 2022

Pre-registration

To enable participants to connect to the conference call without having to wait for an operator, please register at the below mentioned link:

Primary dial-in number

• + 91 22 6280 1141 / 7115 8042

International Toll-Free Number

• Singapore: 800 101 2045

• Hong Kong: 800 964 448

• UK: 0 808 101 1573

• USA: 1 866 746 2133

About Us

leading producers of

sustainable packaging solutions

TCPL Packaging Limited (TCPL) (BSE: 523301, NSE: TCPLPACK), is one of India’s for customers across industries. The Company partners with customers to provide paperboard-based packaging solutions including folding cartons, printed blanks and outers, litho-lamination, plastic cartons, blister packs, and shelf-ready packaging. TCPL has also ventured into the flexible packaging industry, with capability to produce printed cork-tipping paper, laminates, sleeves, and wrap-around labels.

For further information, please contact:

Vivek Dave

TCPL Packaging Limited

Tel: +91 70454 57686

Email: vivek.dave@tcpl.in / investors@tcpl.in

Headquartered in Mumbai, India, TCPL has a PAN India presence with 8 state-of-the-art manufacturing facilities and marketing offices in key metro cities. Over the years, the Company has effectively diversified and broadened its operations to service a wide range of packaging products, while consistently adding new customers and increasing its share of business in established customers and markets.

Anoop Poojari / Jenny Rose Kunnappally

CDR India

Tel: +91 98330 90434 / 86899 72124

Email: anoop@cdr-india.com / jenny@cdr-india.com

Thank You

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