TCPL Packaging Limited has informed the Exchange about Investor Presentation
04.04.2023
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:- Updated Investors Presentation
Enclosed is updated Investors Presentation. The same is also placed on the website of the Company.
Kindly take the same on your records in the interest of general public at large.
Thanking You
For TCPL Packaging Limited
Compliance Officer
Investor Presentation
April 2023
Disclaimer
Certain statements and opinions with respect to the anticipated future performance of TCPL Packaging Limited 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. Such forward-looking statements involve several risks, uncertainties and 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.
2
Company Overview
3
At a Glance
TCPL – One of India’s leading producers of sustainable packaging solutions for customers across industries
32
YEARS
Of proving an array of packaging solutions
1,078
(RS. CRORE)
Revenue (FY22)
126
(RS. CRORE)
Cash Profit (FY22)
8
Manufacturing units
~1,900
Employees (FY22)
19.8%
30 years Revenue CAGR
15.5%
30 years EBITDA CAGR
26.8%
30 years PAT CAGR
16.8%
ROCE (FY23 Annualized)
21.5%
Adjusted ROE (FY23 Annualized)
4
Mission Statement
To be the most admired Indian packaging Company with an objective to:
Maintain and acquire customers and contribute to their success
To drive long term
profitable growth
Get it right the first
time every time
5
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
6
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
7
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
8
Key Milestones – Journey of TCPL Since 1990
Branched into sheeted offset printing
Added Third Gravure Packaging line
Crossed $100m Turnover
First machine begins production at Silvassa
Started Haridwar Factory
Started Guwahati Factory
Incorporated TCPL Innofilms Private Limited
1990
1997
2001
2003
2005
2008
2010
2012
2015
2016
2018
2019
2021
2022
First Indian packaging company to receive ISO 9001- 2008 & ISO 22000 certification
Started Goa Factory
Started 2nd plant in Haridwar
Inaugurated Greenfield unit in Goa
First Indian Packaging company to receive ISO 9002 certification
Crossed Rs 100 crore (Rs 1 Bn) turnover
Ventured into Flexible Packaging
Installed the second line at its Flexible Packaging unit situated at Silvassa consisting of Rotogravure Printing Press & other ancillary equipment
New installed capacity at Goa
Acquisition of Creative Offset, Noida
9
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
10
Diversified Customer Base
Long term relationships with several customers
spanning over 32 years
100+ customers ranging across large domestic &
global corporates
Delivers innovative & sustainable packaging solutions
to customers across various industry verticals such as
FMCG, Food & Beverages, Pharmaceuticals, Liquor &
Tobacco
Partners with customers to develop reliable high-
quality products
100+
50+
Folding Cartons Customers
Flexible Packaging Customers
“Deep partnerships with a diverse customer base, built upon a portfolio of sustainable & quality products”
11
Marquee Clients
Electronics, Pharma & Others
G C M F
FMCG
Liquor
“Enables leading companies across industries identify the right packaging solutions”
12
Food & Beverages
Dedicated Team for Innovative Solutions
Customization
Delivers Specialized Packaging Solution
Expert Interventions
Well equipped with advanced software
Exclusive technical collaborations
“Committed to developing best-in-class, high-quality, and cutting-edge packaging solutions”
13
Innovative & Diversified Packaging Solution Provider (1)
SPECIALITY INKS
SPECIALISED LENS EFFECT
SECURITY FEATURES – PRINTING, EMBELLISHMENT & CODING
Hidden Text/ Images
Anti-copy feature
Micro Text
SPECIALTY COATINGS
SUSTAINABLE ALTERNATIVE TO PLASTIC
Random alphanumeric coding
QR code
Auto paste barcodes /scratch & read tags
Hologram pasting
Micro - embossing
14
Innovative & Diversified Packaging Solution Provider (2)
Appealing Print Finish
Appealing Print Finish
Valentina
Lux - matt/gloss combination, embossing, double pass foil stamping. Glued with hot melt on PE coated board
Biodegradable Packaging
Antiquity – 100% biodegradable transfer pack, metallized board, with soft touch and gloss UV finish
printing
on
Afxigra Lens – Carton 3D hologram +/-0.1mm lens accuracy
registered
to
Hidden Images, Texture UV, Cast & Cure Holography
- modified
Uno Minda the packaging to prevent widespread counterfeiting of their products
Gift Box Printing
Anti-counterfeit Solution
Karmiq gift box – Gift boxes innovated and formed by the TCPL team for Future Consumer Limited
Fair & Handsome Relaunch - Both the carton and flow-wrap laminate were printed with tactile varnish.
15
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
16
Expanding Global Footprint
Revenue Break-Up
Exports 25%
Domestic 75%
Export Revenue stood at Rs. 250 crore for FY22
“As a ‘Star Export House’, TCPL offers exemplary value to its clients along with world-class quality and service”
17
Manufacturing Excellence
Focus on achieving operational excellence by adopting latest
technology and practices
Established best-in-class equipment across facilities
State-of-the-art laboratories at all plants to ensure high
GRAVURE PROCESS
OFFSET PROCESS
quality
Ink management systems installed as per international
standards
Leveraging latest digital technology to improve process
control and minimize errors
QUALITY CONTROL PROCESS
FLEXIBLE PACKAGING
18
Sustainable Packaging – Renewable, Recyclable and Compostable
Growing global trend towards eco-friendly packaging solutions fueled
considerable growth over the last decade
o Ever increasing end-consumer awareness and demand for eco-
friendly & recyclable offerings
Paperboard is a naturally Renewable, Recyclable and Compostable
material
o TCPL utilizes a mix of virgin (renewable) & recycled paperboard
as raw material
TCPL is continuously working with potential and existing clients to
transition from plastic to paper-based packaging
o Most of
the Company’s packaging solutions are 100%
Renewable, Recyclable and Compostable
19
Sustainability Initiatives – Paperboard
Replacement of plastic in food packaging – Working on replacement of non-sustainable materials like plastic food trays with biodegradable and environmentally friendly alternatives.
Replacement of plastic in e-commerce – Working on solutions to cut down on plastics in e-commerce and online delivery platforms
Paperboard Food Tray
BIODEGRADABLE EASY TO RECYCLE
Plastic Food Tray
NON- BIODEGRADABLE DIFFICULT TO RECYCLE
20
Sustainability Initiatives – Paperboard
Metallised Board – developed in-house facility to transfer metallised effects on paperboard, giving the same quality and finish as metallised plastic film widely used in the industry
Replacement of plastic film lamination and plastic extrusion for food and other barrier packaging We are also working on alternative water-based coatings to replace plastic film lamination or plastic extrusion coating, for example plastic-lined cups and food packaging, with sustainable solutions
New Structure
New Structure
Paper
Direct Desposition of Metallic Particles
INK
Paper
Water Based Coating
Current Structure
BIODEGRADABLE EASY TO RECYCLE
Current Structure
BIODEGRADABLE EASY TO RECYCLE
Paper
Glue
Metpen Film
INK
Paper
Glue
Pet Flim
NON-BIODEGRADABLE DIFFICULT TO RECYCLE
NON-BIODEGRADABLE DIFFICULT TO RECYCLE
21
Investments towards driving higher sustainability in Flexible packaging
TCPL INNOFILMS SPECIALTY
CURRENT STRUCTURE
NEW STRUCTURE
PET
Adhesive
PE
InnoPure
Adhesive
PE
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
22
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
ESG Initiatives
Environment
TCPL has framed a policy on Business Responsibility aimed to fulfil its Social, Environmental and Economical responsibilities. It covers procedures relating to environment protection in detail and is available on TCPL’s website: TCPL - Business Responsibility Policy
Invested in roof top solar at two of its facilities at Silvassa – plans to take up similar projects at all units in the future
Majority of the Company’s products are renewable, recyclable, and compostable in nature – limiting the overall carbon footprint
❑ In addition, TCPL is in the process of establishing its own PE film line, which will aid its flexible packaging division
manufacture fully recyclable solutions
Social
Established “TCPL Foundation” to facilitate implementation of CSR activities. A detailed note on the Company’s CSR policy is available on its website: TCPL - CSR Policy
Kanoria Seva Kendra, a charitable trust managed by Chairman K K Kanoria runs Schools & colleges in Rajasthan and also supports Kanoria Centre for Arts & Kanoria Hospital, Research Centre and Centre for Medical Education in Gujarat
Governance
TCPL has laid strong emphasis on ethical corporate citizenship and establishment of good corporate culture. The Company has always believed in adhering to the best governance practices to ensure protection of interests of all stakeholders of TCPL in tandem with healthy growth of the business
❑ The Business Responsibility Policy covers the key principals in detail and is available on
the Company’s website: TCPL - Business Responsibility Policy
23
Committed Management Team
K. K. Kanoria Executive Chairman
Saket Kanoria Managing Director
Rishav Kanoria Director
S. G. Nanavati Executive Director
Akshay Kanoria Executive Director
MBA-Finance from George Washington University, USA, supervises and controls the day-to-day activities of the Company
Graduate from University of Pennsylvania, USA and Post-Graduate from Cornell University, NY, USA
Chartered Accountant & Company Secretary, looks after Finance, Legal and General Administration matters
Graduate from Kolkata University with Hons. in Economics and Political Science.
Supervises the day to-day activities of the Company mainly related to policy decisions and financial matters
Graduate from University of Pennsylvania, USA
Supervises the day-to-day activities of the Company & Plants
Assists the MD on various policies / initiatives & strategy of TCPL
24
Strong Independent Directors
Sunil Talati Independent Director
Sudhir Merchant Independent Director
Senior Partner of M/s.Talati & Talati LLP, CA, specialised in Taxation, Auditing & other professional services
Past President of I.C.A.I.
An Industrialist having more than 40 years of experience
Chairman of Encore Natural Polymers Pvt. Ltd.
Atul Sud Independent Director
An IIM Ahmedabad alumnus
He is a senior financial services specialist and businessman entrepreneur
Rabindra Jhunjhunwala Independent Director
Deepa Harris Independent Director
Partner at Khaitan & Co, a leading law firm.
Have over 3 decades of experience in escalating brands to leadership positions at Taj Group
CEO of BrandsWeLove LLP, a firm specialized in branding & marketing consultancy
25
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
26
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 customers across for industries
Haridwar
Delhi
Noida
COPPL’s Manufacturing facility
Production Production
Sales & Business Support
2727 27
Update on COPPL Acquisition
Indian Smart phone market
Indian Smartphone Shipment (Million)
• One
of
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
is
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
2011 to 2020 CAGR: ~26%
14.5
2011
Source: Statista 2021
High potential rigid packaging segment: To tap one of the fastest growing smartphone markets in the world
173
150
2020
2021 F
2828
Industry Overview
29
India: Folding Cartons & Flexible Packaging Industry
India is one of the fastest growing consumers of packaging solutions in the world due to growing domestic consumption trends
Paperboard industry is expected to grow at a healthy rate led by significant demand from Consumer, Food & Beverage, Liquor, Agro-Chemicals, Pharma, Retail, among other industries
Reduction in single-use plastic to provide notable impetus to the paperboard-based industry
Shift towards flexible packaging owing to its multi -fold energy & environmental benefits
Some of the key trends include use of biodegradable packaging, invention of smart packaging & next- generation technology
“Multiple tailwinds in the Folding Cartons & Flexible Packaging Industry expected to drive robust growth”
30
Packaging Industry Value Chain
Paper Pulp
Paper Mill
Folding Carton Solutions Provider
Feedstock producer
Key Raw Material to packaging
Packaging Solution Provider
Key Attributes: Customized Design Innovation
Plastic Granules
Film Manufacturer
Flexible Packaging Solutions Provider
Brand Owner
31
n o t r a C g n d o F
i
l
g n i g a k c a P e b i x e l F
l
India: Folding Cartons & Flexible Packaging Industry
Folding Carton Industry is largely unorganized
2
1
4-5
Many
1,000+
500+
200+
<200
Revenue (Rs. Crore)
Flexible Packaging Industry
2
4-5
Many
Small unorganized
Note – Number of Companies with Rs. 900+ crore, 500+ crore, 200+crore and <200 crore revenue
32
Financial Highlights
33
Robust Financial Trend – Revenue
Revenue (Rs. crore)
FY07 to FY22 - 15-year CAGR: 17.3%
FY07 to FY17 - 10-year CAGR: 20.0%
1076.0
889.8 903.8
815.8
698.1
592.6 612.9
497.8
394.9
371.8
282.3
239.5
185.4
156.5
98.8 116.2
Till 2017, the Company had reported a robust 10-year CAGR of 20%
Challenging external environment owing to demonetization, GST and Covid-19 pandemic impacted the Company’s topline growth in the previous few years
Normalizing macro-economic environment combined with optimal utilization of capacities commissioned in the past few years should enable the Company to register healthy revenue growth going forward
FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22
“TCPL is one of the few listed Companies in India to have grown every year for the past 30 years and aspires to continue this trajectory
Standalone figures
34
Robust Financial Trend – EBITDA & Cash Profit
EBITDA (Rs. crore)
EBITDA Margin (%)
FY12 to FY22 - 10-year CAGR: 14.5% 14.3% 14.6% 15.5% 16.5% 17.0%
15.8%
12.2% 12.8%
14.2% 14.8% 14.5%
3 . 0 4
2 . 4 5
2 . 1 6
0 . 2 8
5 . 0 0 1
6 . 6 9
1 . 5 8
4 . 4 0 1
0 . 6 2 1
7 . 3 3 1
5 . 6 5 1
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
Cash Profit (Rs. crore)
Cash Profit Margin (%)
FY12 to FY22 - 10-year CAGR: 15.2%
10.5% 11.1% 11.2%
13.2% 13.8%
12.6%
9.2%
9.7%
10.4% 11.2% 11.2%
4 . 9 2
7 . 0 4
5 . 3 4
7 . 4 6
4 . 0 8
3 . 5 7
3 . 2 6
4 . 7 7
7 . 0 9
1 . 9 9
8 . 0 2 1
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
Tough macro environment along with venture into Flexible packaging category significantly impacted TCPL's profitability in FY18 and FY19
Historically, the Company’s EBIDTA and Cash Profit margins have remained in a steady range
On the back of healthy contribution from the Flexible packaging division and normalizing demand scenario, TCPL anticipates achieving higher profitability going ahead
Note – Calculation for Cash Profit = PBT + Depreciation
Standalone figures
35
Robust Financial Trend – Net Debt:Equity & Capital Expenditure
Net Debt to Equity
1.87
1.93
1.79
1.53
1.58
1.66
1.31
1.3
1.26
1.08
1.17
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
Capital Expenditure (Rs. crore)
Capex (As a % of Revenue)
19.4%
18.5%
13.4% 13.4%
11.7%
9.7%
11.8%
8.5%
9 . 4 5
2 . 6 3
4 . 6 4
6 . 6 6
7 . 9 7
4 . 3 1 1
4.0%
2 . 8 2
0 . 6 9
4 . 5 7
9.6%
3 . 3 0 1
5.3%
4 . 8 4
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
Investments over the years have enabled TCPL to emerge as one of India's leading packaging manufacturers
Comfortable Net-Debt position – cash flows prudently utilized towards capacity expansion and reduction in Debt
Major investments in FY21 & FY22 towards doubling flexible packaging capacity, new MDO line, and upgradation of Folding Carton line
After achieving optimal utilization levels, incremental capex to support higher returns in the future
Standalone figures
36
Key Financial Ratios
17.4% 16.3%
13.8%
22.7% 23.1%
ROCE
16.4%
13.3% 13.3% 12.7%
15.4%
10.9%
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
31.9% 29.6%
RONW
20.6%
18.6%
15.1%
12.1%
12.7% 14.3% 11.8%
15.3%
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
10.3%
Over the past few years, return ratios have been below internal expectations due to lower utilization of newly commissioned capacities
Optimal utilization of capacities to facilitate better returns going forward
In addition, capex intensity as a % of sales is expected to reduce from FY23 onwards leading to higher return ratios
Endeavour to achieve 20%+ ROCE and 25%+ RONW over the longer- term
Note – Calculation for ROCE = EBIT / Avg. CE and RONW = PAT / Avg. Net Worth
Standalone figures
37
Financial Snapshot
Particulars
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
Net Worth (Rs. crore)
67
78
88
114
145
178
216
Gross Block
251*
280*
328*
392*
478*
585*
426
Cash & cash equivalents (Rs. crore)
Capital Employed (Rs. crore)
Book Value (Rs.)
Net Debt (Rs. crore)
Net Working Capital Days
1
195
76
125
92
3
233
90
150
94
3
248
101
157
92
6
297
131
174
100
6
384
166
229
85
11
487
205
296
83
15
519
237
283
113
241
516
6
578
265
314
114
269
595
16
659
296
340
115
301
632
6
581
331
325
91
344
726
6
776
378
401
82
*Note: FY12 to FY17 gross block value is before IndAS adoption
Standalone figures
38
Consistent Returns to Shareholders
Dividend Per Share (Rs.)
Dividend Payout Ratio
26.2%
23.9%
20.0%
20.4%
19.5%
19.7%
20.1%
19.9%
20.0%
20.3%
10.00
7.35
6.00
6.25
7.35
10.0%
5.25
3.70
4.00
2.00
2.65
2.50
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
“One of the first companies to announce a dividend policy – Committed to healthy dividend payouts ”
*Note – Calculation for Dividend Payout Ratio = Dividend/PAT
39
Q3 & 9M FY2023 Results Overview
40
Q3 FY23 - Key Financial Highlights Consolidated
Total Revenues (Rs. Cr.) 378.1
276.5
EBITDA (Rs. Cr.)
Cash Profit (Rs. Cr.)
60.5
50.0
41.8
34.7
Q3 FY22
Q3 FY23
Q3 FY22
Q3 FY23
Q3 FY22
Q3 FY23
Shift % (Y-o-Y)
36.7%
Shift % (Y-o-Y)
44.8%
Shift % (Y-o-Y)
43.9%
Margins (%)
Margins (%)
15.1%
16.0%
12.6%
13.2%
41
Q3 FY23 - Key Financial Highlights Standalone
Total Revenues (Rs. Cr.)
366.4
274.1
EBITDA (Rs. Cr.)
Cash Profit (Rs. Cr.)
60.3
52.1
41.6
34.8
Q3 FY22
Q3 FY23
Q3 FY22
Q3 FY23
Q3 FY22
Q3 FY23
Shift % (Y-o-Y)
33.7%
Shift % (Y-o-Y)
45.1%
Margins (%)
Shift % (Y-o-Y)
49.9%
Margins (%)
15.2%
16.5%
12.7%
14.2%
42
Consolidated P&L Statement
Particulars (Rs. crore)
Revenues from Operations
Other Operating Income
Total Revenues
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.)
Q3 FY23
Q3 FY22
Y-o-Y Change (%)
9M FY23
9M FY22
Y-o-Y Change (%)
370.1
8.0
378.1
228.1
33.3
56.2
60.5
16.0%
1.7
12.3
15.8
34.2
0.0
34.2
9.9
24.3
6.4%
50.0
26.66
271.6
4.9
276.5
165.6
25.2
43.9
41.8
15.1%
1.5
8.6
14.4
20.4
0.0
20.4
6.5
13.9
5.0%
34.7
15.25
36.2%
64.8%
36.7%
37.7%
32.1%
28.1%
44.8%
89 bps
13.7%
43.2%
10.0%
67.7%
67.7%
52.6%
74.8%
140 bps
43.9%
74.8%
1058.8
23.5
1082.3
651.4
93.2
165.4
172.4
15.9%
7.7
34.3
47.2
98.6
17.3
115.9
29.6
86.3
8.0%
163.0
94.82
742.2
13.4
755.6
453.1
74.3
120.1
108.1
14.3%
2.1
24.3
41.3
44.6
0.0
44.6
14.2
30.4
4.0%
85.9
33.44
42.7%
75.7%
43.2%
43.8%
25.4%
37.6%
59.5%
162 bps
271.8%
41.3%
14.3%
120.8%
159.5%
107.9%
183.7%
395 bps
89.8%
183.6%
43
Standalone P&L Statement
Particulars (Rs. crore)
Revenues from Operations
Other Operating Income
Total Revenues
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.)
Q3 FY23
Q3 FY22
Y-o-Y Change (%)
9M FY23
9M FY22
Y-o-Y Change (%)
358.4
8.0
366.4
222.7
31.2
52.2
60.3
16.5%
3.0
11.3
15.1
37.1
0.0
37.1
10.2
26.9
7.3%
52.1
29.51
269.2
4.9
274.1
164.2
24.9
43.5
41.6
15.2%
1.5
8.4
14.2
20.6
0.0
20.6
6.5
14.1
5.1%
34.8
15.44
33.1%
64.6%
33.7%
35.7%
25.4%
20.0%
45.1%
130 bps
97.4%
34.7%
6.0%
80.3%
80.3%
57.1%
91.0%
220 bps
49.9%
91.1%
1027.4
23.5
1050.9
637.8
87.7
155.4
170.0
16.2%
9.3
31.7
45.1
102.5
17.3
119.8
29.8
90.0
8.6%
164.9
98.88
739.8
13.4
753.2
451.6
73.9
119.6
108.1
14.3%
2.1
24.1
41.1
45.0
0.0
45.0
14.2
30.7
4.1%
86.1
33.78
38.9%
75.5%
39.5%
41.2%
18.6%
30.0%
57.3%
183 bps
350.0%
31.6%
9.6%
128.0%
166.4%
109.6%
192.7%
448 bps
91.6%
192.7%
44
Balance Sheet Snapshot
Rs. 424.8 Crore
Rs. 965.1 Crore
Rs. 949.8 Crore
Net-worth
Capital Employed
Fixed Assets (Gross)
Rs. 5.9 Crore
Rs. 478.6 Crore
110 Days
Cash & Investments
Net Debt
Net Working Capital Days
Note: As on 31st December 2023
45 45
Summary
One of India’s leading producers of sustainable packaging solutions for customers across industries
Versatile & technologically advanced packaging solution provider with PAN-India presence
Emerging innovative player in the flexible packaging industry
Consistently outperformed growth in underlying industries led by diversification of product portfolio
Paperboard based packaging emerging as a major sustainable solution with focus on: Renewable, Recyclable and Compostable
46
Annexure
47
Market Snapshot
Key Market Statistics
BSE/NSE Ticker
CMP (Rs.)
Market Cap (Rs. Crore)
Number of outstanding shares (Crore)
Face Value
As on 31-March-2023
523301 / TCPLPACK
Shareholding Pattern*
Others, 6.7%
1408.8
1282.0
0.91
10
Individual - >1%, 31.7%
52-week High / Low (Rs.)
1736.8 / 671.9
Key Institutional Shareholders
Holding as on 31-December-22
Promoter & Promoter Group, 55.7%
DSP Small Cap Fund
Molecular Trading And Mercantile Pvt Ltd
3.41%
1.6%
Domestic Institutions (MF & AIF), 3.9%
Foreign Institutions (FPI, FII & NRI), 1.9%
*Holding as on 31-December-2022
48
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
CDR India
Tel: +91 98330 90434 / 86899 72124
Email: anoop@cdr-india.com / jenny@cdr-india.com
49
Thank You
50