TCPLPACKNSE26 May 2023

TCPL Packaging Limited has informed the Exchange about Investor Presentation

TCPL Packaging Limited

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26th May 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:- Earnings Presentation

We wish to inform you that Board of Directors of the company in their Meeting today, inter-alia considered and approved the Audited Financial Results of the Company (Standalone and Consolidated) for the quarter / year ended 31st March 2023.

Attached is Earnings Presentation for Q4 & FY 23. We request you to take the above in your records in the interest of general public at large.

Thanking You

For TCPL Packaging Limited

Compliance Officer

Encl. As above

26 May 2023

Certain statements and opinions with respect to the anticipated future in the presentation performance of TCPL Packaging Limited (TCPL) (“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.

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

YEARS Of providing an array of packaging solutions

1,475

(RS. CRORE)

Revenue (FY23)

18%

30 years Revenue CAGR

14%

30 years EBITDA CAGR

216

(RS. CRORE)

Cash Profit (FY23)

15%

30 years PAT CAGR

Manufacturing units

~2,000

Employees (FY23)

20%

ROCE (FY23)

28%

ROE (FY23)

*Note – Calculation for Cash Profit: PBT + Depreciation

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 (FY23)

~85%

~15%

Folding Cartons

Flexible Packaging

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

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

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 32 years

Deep-rooted Relationships

Innovative Products

Advanced Technology

Wide-spread Presence

Sustainability

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

Electronics, Pharma & Others

G C M F

FMCG

Liquor

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

Food & Beverages

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

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

BIODEGRADABL E EASY TO RECYCLE

Plastic Food Tray

NON- BIODEGRADABL E DIFFICULT TO RECYCLE

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

Paper

Direct Desposition of Metallic Particles

INK

New Structure

Paper

Water Based Coating

Current Structure

BIODEGRADABLE EASY TO RECYCLE

Current Structure

BIODEGRADABLE EASY TO RECYCLE

Paper

Glue

Metpet Film

INK

Paper

Glue

Pet Flim

NON-BIODEGRADABLE DIFFICULT TO RECYCLE

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

TCPL

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

Pvt distribute

Innofilms

and

These films will enable customers to shift towards fully recyclable and sustainable packaging structures

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

About Creative Offset Printer Private Limited (COPPL)

Acquisition update

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

Core business is manufacturing of rigid packaging boxes

Strategically located at Noida, COPPL’s production facility is well-equipped to target mobile manufacturing hub

largest

India’s

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

TCPL currently owns a majority stake (~89% equity stake) in COPPL as of May 2023

Taps high potential rigid boxes segment focused on one of the fastest growing smartphone markets in the world

product

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

offering a

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

Haridwar

Delhi

Noida

COPPL’s Manufacturing facility

Production Production

Sales & Business Support

161616

Total Revenues (Rs. Cr.)

EBITDA (Rs. Cr.)

Cash Profit (Rs. Cr.)

392.6

330.1

63.6

52.5

46.9

37.8

Q4 FY22

Q4 FY23

Q4 FY22

Q4 FY23

Q4 FY22

Q4 FY23

Shift % (Y-o-Y)

19%

Shift % (Y-o-Y)

36%

Shift % (Y-o-Y)

39%

Margins (%)

14.2%

16.2%

11.4%

13.4%

Total Revenues (Rs. Cr.)

1,474.9

EBITDA (Rs. Cr.)

236.0

*Cash Profit (Rs. Cr.)

215.5

1,085.7

155.0

123.7

FY22

FY23

FY22

FY23

FY22

FY23

Shift % (Y-o-Y)

36%

Shift % (Y-o-Y)

52%

Margins (%)

Shift % (Y-o-Y)

74%

Margins (%)

14.3%

16.0%

11.4%

14.6%

*Note: In Q2 FY23, 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

Update on Capex Initiatives

TCPL has recently commissioned a state-of-the-art advanced offset printing line along with ancillary equipment at the Silvassa facility. TCPL has also acquired and integrated neighbouring properties to meet the requirements of the expanded capacity at Silvassa.

The Company plans to further expand its Haridwar facility by installing a new line in the second half of FY24

TCPL is witnessing high growth in demand for its flexible packaging products. Therefore, the Company plans to establish a third line in the flexible packaging plant in the second half of FY24

TCPL continues to explore various other strategic initiatives to promote sustainable packaging solutions

The Company remains focused on maintaining its strategic priority of generating healthy return ratios while prudently making future investments

o The Company achieved impressive return ratios in FY23, with consolidated ROCE and ROE reaching 20% and 28% respectively, reflecting its

strong financial performance and effective capital utilization

Integration of TCPL Innofilms, a wholly owned subsidiary, with TCPL Packaging to achieve Cost Efficiency and Synergies

Merger of TCPL Innoflim into TCPL will result in reduced administrative costs by eliminating redundant paperwork and streamlining operations

The synergistic consolidation will optimize resources, improve productivity, and contribute to the company's financial efficiency

Awards & Accolades Received in FY23

TCPL received two awards at Excellence (SQE) Meet organised by Marico Ltd

the Supplier Quality

Industry Best Practices for an insightful presentation on “Quality improvement Initiatives”

o CAPA Champion

TCPL also won several awards at the annual award ceremony of SIES SOP Star Awards 2022 for Excellence in Printing, organised by SIES School of Packaging, under the following categories:

o Folding carton category: Goldmedal Diwali Card, Zandu Cold & Flu Reliever, Colgate Batman Pack, and Jameson Stout Edition

o Flexible packaging material: Baba Nauratan Holi Pack

Commenting on the performance for Q4 & FY2023 Mr. Saket Kanoria, Managing Director, TCPL Packaging Limited said

“We are delighted to announce the successful conclusion of yet another remarkable year. We registered a substantial growth of 36% in our consolidated total revenues to Rs. 1,475 crore in FY23. By effectively managing costs and increasing sales growth, we have achieved a record EBITDA of Rs. 236 crore, translating into strong margins of 16%. Furthermore, in FY23 our PBT and Cash Profits exhibited an exceptional growth of 98% and 74% to Rs. 134 crore and Rs. 216 crore respectively.

We have always pursued a growth strategy based on end-user industry diversification. Despite encountering a subdued domestic demand environment in some key sectors during the year, we successfully expanded our operations geographically and capitalized on export opportunities, resulting in robust growth.

Leveraging our extensive expertise and institutional strengths, it would be our ongoing endeavour to sustain the impressive 30-year revenue CAGR of ~18%. This growth will be fuelled by expanded capacity, strategic end-user industry diversification, and the increasing demand for eco-friendly packaging solutions. Our commitment to growth has consistently delivered superior results, creating sustainable value for all stakeholders. Furthermore, we are the Board of Directors has recommended a pleased to announce that dividend of Rs. 20 per share, marking the 23rd consecutive year of uninterrupted dividend pay-outs, in line with our consistent dividend policy.”

Particulars (Rs. crore)

Q4 FY23 Q4 FY22

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.)*

383.4

9.2

392.6

236.5

30.3

62.2

63.6

323.1

7.0

330.1

201.4

27.3

54.6

46.9

16.2%

14.2%

2.0

13.1

16.8

35.7

11.6

24.1

6.1%

52.5

0.8

9.9

14.7

23.1

6.7

16.4

5.0%

37.8

26.54

18.07

Y-o-Y Change (%) 18.6%

31.6%

18.9%

17.4%

11.2%

13.9%

35.6%

199 bps

145.0%

31.9%

14.3%

54.5%

73.9%

46.7%

116 bps

38.9%

46.9%

FY23

1442.2

32.7

1474.9

887.9

123.5

227.6

236.0

16.0%

9.6

47.4

63.9

134.3

17.3

151.6

41.1

110.5

7.5%

215.5

121.36

FY22

1065.4

20.4

1085.7

654.5

101.5

174.8

155.0

14.3%

2.9

34.2

55.9

67.8

20.9

46.9

4.3%

123.7

51.51

Y-o-Y Change (%) 35.4%

60.5%

35.8%

35.7%

21.6%

30.2%

52.3%

173 bps

236.4%

38.6%

14.3%

98.3%

123.8%

96.9%

135.7%

317 bps

74.3%

135.6%

Particulars (Rs. crore)

Q4 FY23 Q4 FY22

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.)*

372.6

8.4

381.0

230.2

27.8

57.3

65.7

316.0

6.8

322.9

196.7

25.7

52.0

48.4

17.2%

15.0%

0.7

11.9

15.9

38.6

11.0

27.6

7.2%

54.5

0.3

9.3

14.2

25.3

6.8

18.5

5.7%

39.4

30.29

20.35

Y-o-Y Change (%) 17.9%

23.2%

18.0%

17.0%

8.1%

10.3%

35.7%

224 bps

125.0%

28.1%

12.2%

52.7%

63.0%

48.9%

150 bps

38.2%

48.8%

FY23

1400.0

31.8

1431.9

868.0

115.5

212.7

235.7

16.5%

10.0

43.6

61.0

141.1

17.3

158.4

40.8

117.5

8.2%

219.3

129.17

FY22

1055.9

20.2

1076.0

648.4

99.6

171.5

156.5

14.5%

2.4

33.4

55.3

70.2

21.0

49.3

4.6%

125.5

54.13

Y-o-Y Change (%) 32.6%

57.9%

33.1%

33.9%

15.9%

24.0%

50.6%

191 bps

319.3%

30.6%

10.3%

100.9%

125.5%

94.6%

138.7%

363 bps

74.8%

138.6%

Total Revenues

On a Consolidated basis, Total Revenues stood at Rs. 393 crore as against Rs. 330 crore, higher by 19%

On a YoY basis, the Company reported strong revenue growth on the back of healthy contribution from both business segments

Successful expansion into new geographic markets, growing customer base, and a diversified product portfolio assisted overall performance

The Company expects an uptick in domestic demand in the upcoming quarters driven by the easing of inflationary pressures and economic growth

The Company is expecting demand trends to stay steady in the upcoming months due to encouraging growth prospects

EBITDA

On a Consolidated basis, EBITDA came in at Rs. 64 crore, with EBITDA Margins at 16%

The Company delivered robust margin performance by successfully mitigating the effects of increased raw material costs witnessed during the year and leveraging operational efficiencies

Cash Profit After Tax

On a Consolidated basis, Cash PAT was healthy at Rs. 52 crore, with Cash PAT Margins at 13%

PAT came in at Rs. 24 crore

Depreciation came in at Rs. 16.8 crore and finance cost stood at Rs. 13.1 crore

26 26

Rs. 443.5 Crore

Rs. 932.3 Crore

Rs. 854.4 Crore

Net-worth

Capital Employed

Fixed Assets (Gross)

Rs. 7.3 Crore

Rs. 481.4 Crore

105 Days

Cash & Investments

Net Debt

Net Working Capital Days

Note: As on 31st March 2023

2727

Q4 & FY2023 Earnings Conference Call

Time

• 3:00 p.m. IST on Monday, May 29, 2023

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

• Hong Kong: 800 964 448

International Toll-Free

• Singapore: 800 101 2045

Number

• UK: 0 808 101 1573

• USA: 1 866 746 2133

TCPL Packaging Limited (TCPL) (BSE: 523301, NSE: TCPLPACK), is one of India’s leading producers of sustainable packaging solutions for customers across industries. The Company partners to provide paperboard-based packaging with customers 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 laminates, sleeves, and wrap- around labels.

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.

For further information, please contact:

Vivek Dave

TCPL Packaging Limited

Tel: +91 70454 57686

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

Anoop Poojari / Jenny Rose Kunnappally

CDR India

Tel: +91 98330 90434 / 86899 72124

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

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TCPL Packaging Limited has informed the Exchange about Investor Presentation

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