Rajshree Polypack Limited has informed the Exchange about Investor Presentation
Date: February 9, 2023
To, National Stock Exchange of India Limited, Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E), Mumbai - 400051
Symbol: RPPL
Dear Sir/Madam,
Sub: Q3&9M FY 23- Investor Presentation
Pursuant to Regulation 30 of Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed a copy of the Investor Presentation with respect to the un-audited financial results of the Company for Q3&9M FY23.
A copy of www.rajshreepolypack.com.
the
said presentation
is also hosted on
the Company's website at
This is for your information and record.
Thanking you, Yours truly, FOR RAJSHREE POLYPACK LIMITED
Mitali Rajendra Shah (Company Secretary & Compliance Officer) Place: Thane Encl:-a/a
RAJSHREE POLYPACK LIMITED (NSE : RPPL)
Investor Presentation Q3&9MFY23
SAFE HARBOR
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Rajshree Polypack Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.
This presentation contains certain forward-looking statements concerning the Company’s future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost overruns on contracts, our ability to manage our international operations, government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement incase any of these forward- looking statements become materially incorrect in future or update any forward-looking statements made from time to time by or on behalf of the Company.
CONTENTS
Performance Comparison
Management Commentary
Company Overview
Business Evolution
Technology Upgradation
Products
Participation for Business Promotion’s Exhibitions
Our Esteemed Customers
Financial Analysis
Operational Analysis
Factory Construction - Olive Ecopak (Paper Packaging)
Board of Directors
Key Managerial Personnel
Board of Advisors
Our Strengths
Industry Overview
Performance Comparison
Quarterly Performance Y-o-Y Basis
Sales Growth in Value
Sales Growth in Volume
EBIDTA
s h k a L ₹ n
i
t n u o m A
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
4,818
Q3FY22
5,390
Q3 FY23
Sales in ₹ Lakhs
T M n
i
y t i t n a u Q
3,000
2,500
2,000
1,500
1,000
500
0
2,108
2,395
Q3 FY22
Q3 FY23
Sales in MT
₹ n
i
t n u o m A
800
700
600
500
400
300
200
100
0
662
Q3 FY22
702
Q3FY23
EBIDTA
Performance Comparison
9-Month Performance Y-o-Y Basis
Sales Growth in Value
Sales Growth in Volume
EBIDTA
s h k a L ₹ n
i
t n u o m A
20,000
16,000
12,000
8,000
4,000
0
14,707
9MFY22
18,736
9MFY23
Sales in ₹ Lakhs
T M n
i
y t i t n a u Q
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
6,598
7,871
9MFY22
9MFY23
Sales in MT
3,000
2,500
₹ n
i
t n u o m A
2,000
1,500
1,000
500
0
2,060
9MFY22
2,617
9MFY23
EBIDTA
Management Commentary
Addition in Capacity
Extrusion machines with 3,500 MTPA Capacity installation completed; production commenced. Printing machine with production capacity of 1,000 lakh pieces per annum installed during the quarter.
• • • Another Printing machine with capacity of 1,000 lakh pieces per annum under installation. • Added 1,500 MTPA of installed capacity in Injection Moulding
Products Developed
Total 19 new products added in current quarter including 12 products in injection moulding Products manufactured using Injection Moulding added in product portfolio
• • • One Product & Process patent received.
Technology
Business Promotion
Thermoforming: Replacement of 2 old machines by 1 new machine in process
• Olive Ecopak Private Limited (Paper Packaging Project): Satisfactory progress in construction process • • Undertook technological upgradation in tube laminate segment and sample production commenced • Commenced Production using Injection Moulding Technology
•
Participated in Gulfood Exhibition 2022 at Dubai
Company Overview
Business Overview
With almost 2 decades of experience in plastic packaging industry, we are the leaders in manufacturing of Rigid Plastic Sheets and one of Thermoformed Packaging Products
Financial Snapshot
(₹ Lakhs)
Fiscals
9MFY23*
2022*
2021*
2020**
2019**
Revenue from Operations
18,736.15
19,855.64
12,707.22
12,571.98
12,501.37
✓ Products range includes packaging for dairy industry, food and beverages, bakery
EBITDA
2,616.71
2,698.98
2,088.86
2,001.94
2,116.99
and confectionaries, trays for sweet and snacks, punnets for fruits and vegetables,
EBITDA Mgn
13.97%
13.59%
16.44%
15.92%
16.93%
electronic packaging, Cosmetics, etc.
✓ In rigid packaging we offer sheets of PP/APET/GPET/HIPS, which are sold for ‘form-
fill-seal’ (FFS) application, for box making & vacuum forming applications.
✓ First in the Industry in India to manufacture Rigid Barrier Packaging Products with
completely integrated facility under one roof using state-of-the-art European
Machinery.
PAT
827.75
955.10
888.01
926.00
1,050.93
PAT Mgn
4.42%
4.81%
6.99%
7.37%
8.41%
* as per Ind-AS
** as per Indian Accounting Standards
Installed Capacity
✓ As of December 31, 2022, the Company have personnel strength more than 540
Fiscals
22-23
21-22
20-21
19-20
18-19
employees on its payroll.
✓ BRC certified for Global Standards for Packaging and packaging Materials.
✓ Manufacturing units are Sedex certified.
Our business and products
✓ Received one Product & Process Patent
✓ Commenced Commercial production using Injection Moulding
Extrusion (in MT)
18,200
14,700
10,200
10,200
10,200
Thermoforming (in MT)
Printing (pieces in Lakhs)
Sleeving (pieces in Lakhs)
8,770
8,020
5,220
4,320
4,320
8,400
6,800
6,200
6,200
5,148
1,275
1,275
1,275
1,275
1,275
Business Evolution
2003-2012 2003-2012
2013-2018
2021-2022
•
•
• •
•
2003 Incorporated as Partnership firm
2004 Commenced commercial production in Daman (Unit I). 2011 Converted to Pvt. Ltd Co. Co-developed packaging for prominent beverage manufacturers. 2012 Received Investment Polytype Switzerland.
Equity from Wifag AG,
Holding
•
•
•
•
•
• •
2013 Commenced Unit II commercial production in Daman. Co-developed packaging for one of the major confectionery brands. 2016 Commenced Unit production in Daman. Crossed installed capacity of 10,000 MT per annum for sheet extrusion. 2017 Converted to Public Limited Company.
commercial
III
2018 Crossed ₹100 Crores in turnover. Raised ~₹39 Crores through IPO and Pre- IPO with Shares listed on NSE EMERGE.
•
2021 First in India to Successfully manufacture Rigid Barrier Packaging Products, with integrated facility for enhanced shelf life of food products using European technology.
• Migrated from SME to Main Board. • •
Implemented SAP S4HANA Filed patent applications for 4 design patents and 1 product patent.
2022 Entered into a Joint Venture by the name of Olive Ecopak Private Limited to explore sustainable packaging products. Consolidation and Modernization of Unit I and Unit III at new Factory located in Umbergaon, Gujarat. Started Production of Tube Laminates for cosmetics industry Commenced Commerical production of Injection Moulding products. One Product & Process patent received
•
•
• • •
Technology Upgradation
First to upgrade with • Alternate decoration technology of shrink
sleeving on containers
• Fully automated 8-colour printing machine in dry offset with Swiss technology in the Indian market
• High-tech extrusion machines for plastic
rigid sheets with Italian technology
• Completely integrated solution under one Forming, Printing,
Extrusion,
i.e.
roof Sleeving
• 3-Station fully automated vacuum forming
machine with German technology
2011 - 2015
2021 - onwards
Focused on remaining first with
• 1st
in India to introduce made in India 9-
layer rigid Barrier packaging products
• Consolidation and modernization of Unit I &
Unit III completed
• Implementation of SAP S4HANA • Commenced commercial production using
Injection Moulding Technology
2016 - 2020
Maintaining thrust for technology with • Fully automated sleeving machine with
indigenous technology
• Obtained CIPET approval for Compostable
Products • Obtained
from CPCB production of compostable Products
License
for
• Set up of Solar panels at Unit II with
installed capacity of 135 KW
One of the early ones to introduce • 6-Colour printing in dry offset in Indian
market
• Fully automated thermoforming machines
with German technology
• Fully automated 6-colour printing machine in dry offset with Swiss technology in the Indian market
2004 - 2010
Our business and products
Products
Packaging is a vital communicator with the customer/consumer, it plays a major role in giving a distinctive look and preserving the flavors and hygiene of the products which also protects the contents
✓ Rigid plastic packaging products (along with lids) in various shapes and sizes. ✓ Diversified range of products that cater to the dairy, beverages, food, FMCG, QSR, retail, pharmaceuticals and
the electronics sector
✓ We produce rigid plastic sheets of PP / APET / GPET and HIPS, which are sold for ‘form-fill-seal’ (FFS) application,
for box making and for vacuum forming applications ✓ Barrier Packaging Products for enhanced shelf life of food
INDUSTRY USING OUR PACKAGING PRODUCTS
PLASTIC RIGID SHEETS
Dairy
Yoghurt, Ice cream, Spreads, Butter etc.
FFS Packaging
Tube Laminates
Juice and Beverage packing
Ready to eat meals
Sweets and snacks packing
Bakery, Chocolates and Confectionaries
Barrier trays and containers for shelf-life enhancement
Fabrication and Boxes for Display
Industrial Packaging
Barrier Packaging Products
End Use
✓ Ethnic Sweets
✓ Snacks
✓ Pet Food
✓ Ready-to-Eat Meal
✓ Dry Fruits
✓ Fruits & Vegetable
✓ Baby Food
✓ Dairy Products
✓ Tube Laminates
Rigid Packaging Products
End Use
✓ Yoghurt
✓ Ice Cream, Butters and Spreads
✓ Juice & Beverages Packing
✓ Bakery, Chocolate and Confectionery
✓ Online Food Delivery
Plastic Rigid Sheets
End Use
✓ FFS – Form-Fill-Seal Application
✓ Electronic Packaging
✓ Textile Packaging
✓ Displays
✓ Stationary Packaging
✓ Industrial Packaging
✓ Pharmaceutical Packaging
Participation for Business Promotion’s Exhibitions Gulfood Exhibition, Dubai. 08th - 10th Nov 2022
Our Esteemed Customers
Profit & Loss Statement
Financial Analysis
Fiscals
Q3FY23
Q3FY22
Y-o-Y
9MFY23
9MFY22
(₹ Lakhs)
Y-o-Y
Revenue from Operations
5,389.91
4,818.27
11.86%
18,736.15
14,707.07
27.40%
Operating Profit
1,101.81
1,019.42
8.08%
4,036.92
2,976.55
35.62%
Operating Profit Margin %
20.44%
21.16%
21.55%
20.24%
EBIDTA
702.01
661.94
6.05%
2,616.71
2,059.74
27.04%
EBIDTA Margin %
13.02%
13.74%
13.97%
14.01%
PAT
PAT Margin %
Earning Per Share (EPS) (₹)
105.14
1.95%
0.92
248.24
-57.65%
5.15%
2.21
-58.45%
827.75
4.42%
7.30
733.34
12.87%
4.99%
6.53
11.82%
Operational EBIDTA / VA %
29.19%
36.80%
PAT / VA %
EBIDTA Per Kg
4.78%
26.79
13.97%
34.79%
37.97%
11.60%
14.15%
31.01
-13.61%
31.54
29.82
5.77%
Financial Analysis
Balance Sheet
(₹ Lakhs)
Shareholding Pattern – 31st Dec 2022
Particulars
H1FY23*
FY22*
FY21*
FY20*
FY19**
Shareholders’ Funds
12,655
11,575
10,732
9,956
9,186
Long Term Borrowings
Short Term Borrowings
2,272
4,272
1,247
2,592
214
1,459
195
651
731
769
Public/Other Investors 22.73%
Promoters 52.48%
Fixed Assets (Including ROU assets, CWIP & Intangible Assets)
Other Non-Current Liabilities
Other Non-current Assets
Current Liabilities
Current Assets
Operational Working Capital
Working Capital
• •
* as per Ind-AS ** as per Indian Accounting Standards
11,711
10,691
8,947
5,369
4,455
1,442
1,558
7,797
10,898
7,262
3,100
1,459
555
4,935
7,970
5,561
3,034
634
357
5,316
7,592
3,301
2,275
591
718
1,921
6,524
2,541
4,603
361
587
2,137
7,747
2,409
5,610
Institutional Investors 7.62%
Wifag Polytype 17.17%
Operational Analysis
Sales Split
Regional Split
Regional Split
4,818
5.59%
5,390
9.10%
94.41%
90.90%
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
s h k a L ₹ n
I
t n u o m A
14,707
7.01%
92.99%
18,736
5.19%
94.81%
20,000
16,000
12,000
8,000
4,000
0
s h k a L ₹ n
I
t n u o m A
Q3 FY22
Q3 FY23
9MFY22
9MFY23
Domestic
Export
Domestic
Export
Product Mix Split
4,818
5,390
s h k a L ₹ n
I
t n u o m A
5.24%
33.72%
61.04%
0.48%
32.09%
67.43%
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
Product Mix Split
14,707
4.77%
31.08%
64.15%
20,000
16,000
12,000
8,000
4,000
0
s h k a L ₹ n
I
t n u o m A
18,736
1.03%
30.75%
68.22%
Ratio Analysis
Fiscals
H1FY23
FY22
FY21
FY20
FY19
Debtors Turnover (Days)
Creditors Turnover (Days)
Fixed Assets To Turnover (X)
Inventory Turnover (Days)
57.03
53.53
75.61
63.05
60.65
40.42
39.21
58.55
43.29
43.92
2.70
2.12
1.53
2.75
2.82
111.99 121.26
96.37
60.77
60.47
Debt Equity Ratio
0.52
0.33
0.16
0.08
0.16
Debt EBITDA Ratio
1.71
1.42
0.80
0.42
0.71
Q3 FY22
Q3 FY23
Others Plastic Rigid Sheet Thermoformed products
9MFY22 Others Plastic Rigid Sheet Thermoformed products
9MFY23
Interest Coverage Ratio
4.31
5.14
11.63
9.23
7.62
Operational Analysis : Capacity Utilization
EXTRUSION
Q3 Y-o-Y
9m Y-o-Y
4,371
3,402
T M n
i
s t i n U
5,000
4,000
3,000
2,000
1,000
-
12,600
10,325
T M n
i
s t i n U
14,000
12,000
10,000
8,000
6,000
4,000
2,000
-
Q3 FY22
Q3 FY23
9MFY22
9MFY23
Operational Analysis : Capacity Utilization
THERMOFORMING
Q3 Y-o-Y
9M Y-o-Y
1,845
1,445
2,000
1,500
1,000
T M n
i
s t i n U
500
-
5,432
4,390
T M n
i
s t i n U
6,000
5,000
4,000
3,000
2,000
1,000
-
9MFY22
9MFY23
9MFY22
9MFY23
Operational Analysis : Capacity Utilization
PRINTING & SLEEVING
g n i t n i r P
g n i v e e l S
2,500
2,000
1,500
1,000
500
-
s h k a
l
n
i
s e c e P
i
250
200
150
100
50
-
s h k a
l
n
i
s e c e P
i
Q3 Y-o-Y
2,360
1,416
9M Y-o-Y
6,993
4,364
7,000
6,000
5,000
4,000
3,000
2,000
1,000
-
s h k a
l
n
i
s e c e P
i
Q3FY22
Q3FY23
9MFY22
9MFY23
Q3 Y-o-Y
232
205
9M Y-o-Y
935
608
1,000 900 800 700 600 500 400 300 200 100 -
s h k a
l
n
i
s e c e P
i
Q3FY22
Q3FY23
9MFY22
9MFY23
Factory Construction - Olive Ecopak (Paper Packaging)
Board of Directors
Mr. Ramswaroop Thard - Promoter, Chairman & MD
Mr. Naresh Thard – Promoter & Joint MD
• Bachelors of Engineering, Pune University having experience of
• Experience of 23+ years in plastic industry with strong technical
25+ years in plastic industry
strength in packaging domain
• Plays pivotal role in business development, sales, administration
• Instrumental in growth of the Company since inception
& finance
Mr. Anand Sajjankumar Rungta – Whole-Time Director
Mr. Alain Berset - Non-Executive Nominee Director
• Bachelors of Commerce with experience of 9+ years in manufacturing, textile, import transportation, commission agency of plastic items and other products
trading,
export,
and
• Mechanical Engineer from E’ole d'ingénieurs de Fribourg, MBA from Haute Ecole de Gestion de Fribourg & Bern having experience of 24+ years
Mr. Praveen Bhatia - Independent Director
Mr. Pradeep Kumar Gupta - Independent Director
• Chartered Accountant with experience of 27+ years in issue management, merger & amalgamations, foreign collaborations, project consultation, taxation and investment advisory
loan syndication, audit,
Mr. Rajesh Murarka - Independent Director
• Chartered Accountant with experience of 24+ years in debt syndication, debt structuring/ re-structuring and debt advisory services
• Mechanical Engineer & PGD - Industrial Management, Operations Research having 40+ years of experience in Plant Operations, Business & Market Development and Client Relationship Management
Ms. Yashvi Shah - Independent Director
• CS, LLB; Associated with projects in private equity investments,
rights issue and other Corporate Legal Advisory matters.
• Brings more than 5 years of experience in handling legal and
secretarial matters.
Key Managerial Personnel
Mr. Arun Bhalerao – Product and Business Development Head
Mr. Pradeep Kumar – Marketing and Sales Head
• M. Sc., Polymer Technology, having 41+ years of experience in
• PG-PPT and GDP from CIPET, having 27+ years of experience in field of
Packaging Industry
packaging, operations and business development
• Area of expertise include R&D, production, product development,
• Has served many Companies across pharmaceuticals and food industry
business development & marketing
including Cadbury, General mills & Park-Davis/ Pfizer
Mr. RS Nair – HR and Administration Head
Mr. Sunil Sharma - CFO
• Masters
in HRM having 27+ years of experience in office
• Aged 42 years, looks after accounting and financial matters of the
administration and HR across industries including pharmaceuticals,
Company
polymer, paper and plastic
• Has 17+ years of experience in fields of
finance & accounting,
administration, planning & execution and marketing
Mr. Purav Shah – Plant Head
Ms. Mitali Shah – Company Secretary and Compliance Officer
• An absolute professional with 21 years of experience in plastics
• Member of Institute of Company Secretaries of India
processing. Specializes
in Thermoforming, Dry Offset Printing
technology, Sheet Extrusion,
Injection Moulding with In Mould
Labelling, Thin and Thick wall Injection Moulding with Robotics
• Associated with RPPL since Jan’18, having 5 years of experience in
corporate laws compliance
Board of Advisors
Mr. V Balaji, Technical Advisor
• Aged 64 years, has 43+ years of experience across printing, lamination and cast PP film industry • Carries hands-on technical knowledge of all kinds of Flat tube laminate • Has also worked on production of barrier PE films (Nylon EVOH, Nylon PE and EVOH PE), used for non foil tube laminates in various thickness namely from 275 to 400 Mic
CA Saurabh Agarwal, Strategic Advisor
• Seasoned professional with over 19 years of experience across business verticals including planning and implementing innovative strategies • Though a finance professional, his area of expertise covers all aspects of business activity be it marketing, admin, HR etc. which play a vital role in success of any business
enterprise
Our Strengths
Strong customer relationships with various industry players
Efficient infrastructure and resources management with strict quality control standards
STRENGTHS
Consistent track record of organic growth
Strategically Located at Daman and Sarigam
Efficient Working capital management
Experienced management team
Relatively insulated against seasonality
Co-development of products
Adaptation to new technologies
Industry Overview
•
•
•
•
•
The Global Packaging market accounted for $926.43 billion in 2019 and is expected to reach $1,652.28 billion by 2027 growing at a CAGR of
7.5%(1)
The global plastic packaging market size was valued at USD 355.0 billion in 2021 and is expected to expand at a compound annual growth rate
(CAGR) of 4.2% from 2022 to 2030.(7)
The India Packaging Market was valued at $50.5 Bn in 2019, and it is expected to reach $ 204.81 Bn by 2025, registering a CAGR of 26.7% during
the period of 2020-25(2)
Rigid packaging industry on a global level is estimated to grow at a 7.5% CAGR to reach USD 800 Billion by 2027(3)
India rigid plastic packaging market is expected to reach USD18.02 billion by 2027, growing at a CAGR of 8.01% during the forecast period. (4)
• Global Food and Beverages market is expected to grow from $5,838.8 billion in 2020 to $6,196.15 billion in 2021 at a CAGR of 6.1% Rigid
packaging plays a key role in food and beverage industry as these packaging materials provide longer shelf life to the food items. (5)
• According to the Indian Institute of Packaging (IIP), the packaging consumption in India has increased by 200% in the past decade, rising from 4.3
kg per person per annum (pppa) to 8.6 kg pppa. (6)
Source :
5. The Business Research Company https://www.thebusinessresearchcompany.com/report/food-and-beverages-global-market-
1. https://www.businesswire.com/news/home/20210111005470/en/Global-Packaging-Market-Outlook-to-2027-and-the-Impact-of-COVID-19---
report#:~:text=The%20global%20food%20and%20beverages,(CAGR)%20of%206.1%25.
ResearchAndMarkets.com )
2.; https://www.investindia.gov.in/sector/paper-packaging
6. Indian Brand Equity Foundation : https://www.ibef.org/blogs/indian-packaging-industry-riding-on-the-e-commerce-wave
7. https://www.grandviewresearch.com/industry-analysis/plastic-packaging-
3. https://www.globenewswire.com/en/news-release/2022/06/09/2459340/0/en/Rigid-Packaging-Market-Worth-USD-800-Billion-by-2027-at-7-5-CAGR-
market#:~:text=The%20global%20plastic%20packaging%20market%20size%20was%20estimated%20at%20USD,USD%20369.2%20billion%20in%202022.
Report-by-Market-Research-Future-MRFR.html .
4. https://www.techsciresearch.com/report/india-rigid-plastic-packaging-market/3885.html
RAJSHREE POLYPACK LIMITED
THANK YOU
Registered Address:
#503-504, Lodha Supremus, Building No.1 5th Floor, Road No. 22, Near New Passport Office, Wagle Estate, Thane (W) – 400 604. India
Board: +91-22 2581 8200 Fax: +91-22 2581 8250
Email: info@rajshreepolypack.com, marketing@rajshreepolypack.com
www.rajshreepolypack.com