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%

ility Fully Integrated Upstream and Downstream Capabilities Product Breakdown (FY23 Revenues) 3% 4% 5% 8% 14% 16% 51% 35 Years of Operation At the Forefront of Sustainability and Circula

4%

ty Fully Integrated Upstream and Downstream Capabilities Product Breakdown (FY23 Revenues) 3% 4% 5% 8% 14% 16% 51% 35 Years of Operation At the Forefront of Sustainability and Circular

5%

Fully Integrated Upstream and Downstream Capabilities Product Breakdown (FY23 Revenues) 3% 4% 5% 8% 14% 16% 51% 35 Years of Operation At the Forefront of Sustainability and Circular Econ

8%

y Integrated Upstream and Downstream Capabilities Product Breakdown (FY23 Revenues) 3% 4% 5% 8% 14% 16% 51% 35 Years of Operation At the Forefront of Sustainability and Circular Economy

14%

tegrated Upstream and Downstream Capabilities Product Breakdown (FY23 Revenues) 3% 4% 5% 8% 14% 16% 51% 35 Years of Operation At the Forefront of Sustainability and Circular Economy ~2,

16%

ted Upstream and Downstream Capabilities Product Breakdown (FY23 Revenues) 3% 4% 5% 8% 14% 16% 51% 35 Years of Operation At the Forefront of Sustainability and Circular Economy ~2,660 C

51%

Upstream and Downstream Capabilities Product Breakdown (FY23 Revenues) 3% 4% 5% 8% 14% 16% 51% 35 Years of Operation At the Forefront of Sustainability and Circular Economy ~2,660 Custom

100%

g” process for manufacturing Sarafil rPET film with Post- Consumer Recycled (PCR) content up to 100%. New post-consumer Polyolefin and PET washing and recycling operations in Thailand Increasi

6%

s… (Q4 FY 22-23) (FY 22-23) India Rating & Research IND AA- (Positive Outlook) $203mm Revenue# 6% Normalized EBITDA* Margin $13mm Normalized EBITDA* 3% ROCE1 $951mm Revenue# 14% Normalized E

15%

ed EBITDA* 3% ROCE1 $951mm Revenue# 14% Normalized EBITDA* Margin $132mm Normalized EBITDA* 15% ROCE1 …Driven by Strong, Sustainable Profitability Widening of the Product Portfolio Operationa

87,758 MT

h (Q4 FY 22-23 v/s Q3 FY 22-23) YoY Growth (Q4 FY 22-23 v/s Q4 FY 21-22) Sales Volume (All Films) 87,758 MT Sales Revenue 1,665 INR Crores ($ 203 million) Normalized EBITDA 108 INR Crores ($ 13 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

• Lower sales revenue due to lower volume and fall in selling prices resulting from softer market conditions • Raw material cost during the quarter was high due to inventory losses arising from declining RM cost trend • Higher fixed costs – primarily the impact of inflation • Tax expense for the quarter increased due to introduction of Special Tax in Turkey @10% on the manufacturing income of FY 2022-23 to help address damage caused by recent Earthquakes In Q4 22-23, there is an unrealized FX gain of INR 11.78 crores ($ 1.43 million) as against unrealized FX loss of INR 98.61 crores ($ 12.01 million) in Q3 22-23 on account of restatement of foreign currency long term loans • • Higher volumes are on account of ramp up of BOPP • line in Indonesia, which started up in Dec’21 Lower sales revenue is due to fall in selling prices due to softer market conditions • Higher fixed costs - primarily utilities and impact of • inflation In Q4 22-23, there is an unrealized FX gain of INR 11.78 crores

Factors impacting YoY

• Higher volumes are on account of ramp up of BOPP line in Indonesia, which started up in Dec’21 • Higher Revenue due to: • Higher volumes • Rise in sales price of BOPET film on account of higher RM cost The above impact was partially offset by fall in BOPP film prices • Softer market conditions and higher fixed costs have impacted margins. However higher volumes, improving specialty mix and • downstream operations have helped offset some of the impact In FY 22-23, there is an unrealized FX loss of INR 17.32 crores ($ 2.16 million) as against unrealized FX gain of INR 53.88 crores ($ 7.23 million) in FY 21-22 on account of restatement of foreign currency long term loans 10 EBITDA Evolution Normalized EBITDA Bridge (Q4 22-23 vs Q3 22-23) 1.5 12.3 n o i l l i m D S U 31.5 30.0 4.1 0.2 0.1 2.8 17.8 13.6 13.4 13.4 10.7 2.4 10.7 13.1 Normalised EBITDA - Q3 22- 23 Volume VA variance (Thin PET & OPP) Rate VA variance (Thin PET & OPP) Other Film & Chips Contribution Consolidation Impact of FX

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; *CUF for the Industry may be even lower as the apparent demand has been impacted by destocking and lower end user offtake 31 5 Sustained and Profitable Growth (1/3) Strong Growth Healthy Profit Margins Steady Cash Flow Generation Robust Balance Sheet Sales Volume Across All Films (KMT) EBITDA ($mm) and EBITDA Margin (%) & $/kg 8% 12% 6% 11% 18% 0.45 21% 0.49 26% 0.56 21% 0.57 253 274 306 323 360 115 133 171 186 14% 0.37 132 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 Sales Volume (KMT) Growth % EBITDA ($mm) Margin % EBITDA ($/kg) Cash Flow from Operations1 ($mm) Capex ($mm) & Net Debt ($mm) 105 84 123 109 160 170 149 76 108 101 (57) 53 (66) 67 (75) 71 (38) 54 (57) 34 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 Cash Flow after change in NWC ($mm) Change in NWC ($mm) Capex ($mm) Net Debt ($mm) Note: 1 Cash flow from operations h