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%

d Downstream Capabilities …With a Diverse Product Profile… Product Breakdown (H1FY24 Revenues) 3% 3% 5% 7% 13% 16% 52% 35 Years of Operation At the Forefront of Sustainability and Circula

5%

stream Capabilities …With a Diverse Product Profile… Product Breakdown (H1FY24 Revenues) 3% 3% 5% 7% 13% 16% 52% 35 Years of Operation At the Forefront of Sustainability and Circular Econ

7%

am Capabilities …With a Diverse Product Profile… Product Breakdown (H1FY24 Revenues) 3% 3% 5% 7% 13% 16% 52% 35 Years of Operation At the Forefront of Sustainability and Circular Economy

13%

Capabilities …With a Diverse Product Profile… Product Breakdown (H1FY24 Revenues) 3% 3% 5% 7% 13% 16% 52% 35 Years of Operation At the Forefront of Sustainability and Circular Economy ~2,

16%

ilities …With a Diverse Product Profile… Product Breakdown (H1FY24 Revenues) 3% 3% 5% 7% 13% 16% 52% 35 Years of Operation At the Forefront of Sustainability and Circular Economy ~2,660 C

52%

es …With a Diverse Product Profile… Product Breakdown (H1FY24 Revenues) 3% 3% 5% 7% 13% 16% 52% 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

9%

(Q2 FY 23-24) (H1 FY 23-24) India Rating & Research IND AA- (Positive Outlook) $190mm Revenue# 9% Normalized EBITDA* Margin $16mm Normalized EBITDA* 5% ROCE1 $379mm Revenue# 8% Normalized EB

8%

90mm Revenue# 9% Normalized EBITDA* Margin $16mm Normalized EBITDA* 5% ROCE1 $379mm Revenue# 8% Normalized EBITDA* Margin …Driven by Strong, Sustainable Profitability $30mm Normalized EBITDA*

4%

ormalized EBITDA* Margin …Driven by Strong, Sustainable Profitability $30mm Normalized EBITDA* 4% ROCE1 Widening of the Product Portfolio Operational Efficiencies and Cost Optimization Increas

85,767 MT

h (Q2 FY 23-24 v/s Q1 FY 23-24) YoY Growth (Q2 FY 23-24 v/s Q2 FY 22-23) Sales Volume (All Films) 85,767 MT Sales Revenue 1,569 INR Crores ($ 190 million) Normalized EBITDA 136 INR Crores ($ 16 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

• Higher sales volume is partly offset by lower selling prices due to weaker • Lower sales revenue due to lower volume and fall in selling prices • • market conditions, resulting in almost flat sales revenue for the quarter resulting from lower raw material cost and weaker market conditions Improvement in the margins in Thick film and BOPP film has resulted in • In Q2 23-24, there is an unrealized FX gain of INR 8.57 crores ($ 1.04 improved EBITDA million) as against an unrealized FX gain of INR 39.31 crores ($ 4.93 In Q2 23-24, there is an unrealized FX gain of INR 8.57 crores ($ 1.04 million) million) in Q2 22-23, on account of restatement of foreign currency as against an unrealized FX loss of INR 35.34 crores ($ 4.30 million) in Q1 23- long term loans due to appreciation of FX loan currencies against the 24, on account of restatement of foreign currency long term loans respective reporting currencies. 9 H1 FY 23-24 Performance Snapshot YoY Growth (H1 FY 23-24 v/s H1 FY 22-23) Sales

Factors impacting YoY

-7% -24% -65% -93% -92% • Lower sales revenue due to lower volume and fall in selling prices resulting from lower raw material cost • Higher fixed cost is on account of higher selling and administrative expenses and also the impact of • inflation In YTD 23-24, there is an unrealized FX loss of INR 26.77 crores ($ 3.25 million) as against unrealized FX gain of INR 69.51 crores ($ 8.86 million) in YTD 22-23 on account of restatement of foreign currency long term loans 10 EBITDA Evolution Normalized EBITDA Bridge (Q2 23-24 vs Q1 23-24) 2.8 1.8 1.3 0.2 0.2 0.5 n o i l l i m D S U 13.2 13.2 14.2 14.2 15.5 15.7 16.0 16.4 Normalised EBITDA - Q1 23-24 Volume VA variance (Thin PET & OPP) Rate VA variance (Thin PET & OPP) Other Film & Chips Contribution Other Variable Cost Fixed Cost Other Operational Income Normalised EBITDA - Q2 23-24 • Higher volumes during the quarter especially in Thin BOPET and BOPP film segment • Positive rate variance on account of specialty mix and downstream operations

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; 31 5 Sustained and Profitable Growth (1/3) Sales Volume Across All Films (KMT) EBITDA ($mm) and EBITDA Margin (%) & $/kg 12% 6% 11% -7% 274 306 323 360 FY20 FY21 FY22 FY23 Sales Volume (KMT) Growth % 168 H1FY24 Annualised 21% 0.49 133 26% 0.56 21% 0.57 171 186 14% 0.37 132 FY20 FY21 FY22 FY23 8% 0.18 30 H1FY24 Annualised EBITDA ($mm) Margin % EBITDA ($/kg) Cash Flow from Operations1 ($mm) Capex ($mm) & Net Debt ($mm) 105 84 123 109 160 170 149 76 108 101 23 40 (66) 67 (75) 71 (38) 54 (57) (68) 34 22 FY19 FY20 FY21 FY22 FY23 H1FY24 FY20 FY21 FY22 FY23 H1FY24 Cash Flow after change in NWC ($mm) Change in NWC ($mm) + Denotes deployment - Denotes release Capex ($mm) Net Debt ($mm) Note: 1 Cash flow from operations have been adjusted for tax on dividend 32 5 Sustained and Profitable Growth (2/3) Revenue (USD million) Effective Tax Rate 630 660