TCPLPACKNSE6 December 2023

TCPL Packaging Limited has informed the Exchange about Investor Presentation

TCPL Packaging Limited

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6th December 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

Attached 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

December 2023

Disclaimer

Such

several

involve

forward-looking statements

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 risks, correct. 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.

Company Overview

At a Glance

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)

216

(RS. CRORE) Cash Profit (FY23)

Manufacturing units

~2,000

Employees (FY23)

18%

15%

30 years Revenue CAGR

30 years EBITDA CAGR

15%

30 years PAT CAGR

20%

ROCE (FY23)

28%

RONW (FY23)

*Note – Calculation for Cash Profit: PBT + Depreciation; ROCE: EBIT / Avg. CE and RONW: PAT / Avg. Net Worth

Consolidated figures

Mission Statement

To be the most admired Indian packaging Company with an objective to:

(cid:0) Maintain and

acquire customers and contribute to their success

(cid:0) To drive long

term profitable growth

(cid:0) Get it right the first time every time

Business Overview

(cid:0) One of India’s largest Folding Carton manufacturers and convertors of paperboard

(cid:0) Innovative player in the Flexible packaging industry

(cid:0) Close-to-Demand Pan-India Footprint to fast-track growth

(cid:0) Caters to Consumer Goods, Food & Beverage, Tobacco, Liquor, Agro-Chemicals, Pharma, and various other industries

(cid:0) 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

Folding Carton Division

(cid:0) One of India's leading Carton Packaging companies since 1990s driven by adoption of industry-leading

technology

(cid:0) Offers wide-range of innovative, sustainable & unique packaging solutions

(cid:0) 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

Flexible Packaging Division

(cid:0) Innovative player providing versatile and sustainable solutions to customers across industry

verticals

(cid:0) 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

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

First Indian Packaging company to receive ISO 9002 certification

Started Goa Factory

Started 2nd plant in Haridwar

Inaugurated Greenfield unit in Goa

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

Crossed Rs. 1000 crore Turnover

Pillars of Strength

Long-term connect with marquee clients spanning over 32 years

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

Deep-rooted Relationships

Innovative Products

Advanced Technology

Wide-spread Presence

Consistent investment in sustainable packaging solutions

Sustainability

Diversified Customer Base

(cid:0) Long

term relationships with

several

customers spanning over 33 years

(cid:0) 100+ customers

ranging

across

large

domestic & global corporates

(cid:0) Delivers innovative & sustainable packaging

solutions to customers across various industry

verticals such as FMCG, Food & Beverages,

Pharmaceuticals, Liquor & Tobacco

(cid:0) 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”

Marquee Clients

Electronics, Pharma & Others

G C M F

FMCG

Liquor

Tobacco

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

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”

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

Innovative & Diversified Packaging Solution Provider (2)

Appealing Print Finish

Valentina

Lux - matt/gloss combination, embossing, stamping. double pass Glued with hot melt on PE coated board

foil

Biodegradable Packaging

Antiquity – 100% biodegradable transfer pack, metallized board, with soft touch and gloss UV finish

printing

Afxigra Lens – Carton 3D hologram lens registered to +/-0.1mm accuracy

Hidden Images, Texture UV, Cast & Cure Holography

Uno Minda - modified the prevent packaging 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.

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

Expanding Global Footprint

Revenue Break-Up

Exports 26%

Domestic 74%

Export Revenue stood at Rs. 367 crore for FY23

“As a ‘Star Export House’, TCPL offers exemplary value to its clients along with world-class quality and service”

Manufacturing Excellence

(cid:0) Focus on achieving operational excellence by

adopting latest technology and practices

(cid:0) Established best-in-class equipment across

facilities

GRAVURE PROCESS

OFFSET PROCESS

(cid:0) State-of-the-art

laboratories at all plants to

ensure high quality

(cid:0) Ink management

systems

installed as per

international standards

(cid:0) Leveraging latest digital technology to improve

process control and minimize errors

QUALITY CONTROL PROCESS

FLEXIBLE PACKAGING

Sustainable Packaging – Renewable, Recyclable and Compostable

(cid:0) 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

(cid:0) Paperboard is a naturally Renewable, Recyclable and

Compostable material

o TCPL utilizes a mix of virgin (renewable) & recycled

paperboard as raw material

(cid:0) 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

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

BIODEGRADABL E EASY TO RECYCLE

Plastic Food Tray

NON- BIODEGRADABL E DIFFICULT TO RECYCLE

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

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

Investments towards driving higher sustainability in Flexible packaging

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)

(cid:0)

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 replace current multi-polymer, non-recyclable products prevalent in the market

(cid:0) One of the few companies in India to be equipped with such capability

Innofilms

specializes

the TCPL manufacturing of blown polyethylene (PE) film and sustainable packaging films, enabling customers to adopt fully recyclable and sustainable packaging structures

TCPL is in the process of merging TCPL Innofilms, a wholly owned subsidiary to achieve Cost Efficiency and Synergies

ESG Initiatives

Environment

(cid:0)

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

(cid:0) Majority of the Company’s products are renewable, recyclable, and compostable in nature – limiting the

overall carbon footprint

o 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

(cid:0)

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

(cid:0)

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

o The Business Responsibility Policy covers the key principals in detail and is available

on the Company’s website: TCPL - Business Responsibility Policy

Committed Management Team

K. K. Kanoria Executive Chairman

Saket Kanoria Managing Director

Rishav Kanoria Director

S. G. Nanavati 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

Akshay Kanoria Executive Director

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

Vidur Kanoria Executive Director

Vidur Kanoria is a Bachelor of Business Administration from Boston University and joined TCPL in the year 2016

Supervises the flexible packaging and export divisions within TCPL

Strong Independent Directors

Sunil Talati Independent Director

Sudhir Merchant Independent Director

Atul Sud 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.

An IIM Ahmedabad alumnus

He is a senior financial services specialist and businessman entrepreneur

Rabindra Jhunjhunwala Independent Director

Partner at Khaitan & Co, a leading law firm.

Deepa Harris Independent Director

Andreas Blaschke Independent Director

Have over 3 decades of experience in escalating brands to leadership positions at Taj Group

Has 30 years of experience in the global paper, cartonboard & packaging industry

CEO of BrandsWeLove LLP, a firm specialized in branding & marketing consultancy

Served in various key management roles such as CEO Packaging and Member of the Group Board during his lengthy tenure at Mayr-Melnhof Group (MM Group)

Key Developments

Strengthening the Board with the Addition of Two New Independent Directors

Sanjiv Anand’s Appointment

q Mr. Sanjiv Anand, a globally recognized thought leader on strategy powered by the Balanced Scorecard, has been appointed as an Independent Director. As the Chairman of Cedar, a Forbes ranked global consulting firm, he brings a wealth of strategic expertise.

q With a rich history spanning over 35 years, Mr. Anand has helped Boards, CEO & leadership teams in the development of their strategy and the transformation of their business practices. He has worked with a diverse portfolio of prestigious clients, including those in the packaging sector

Tarang Jain’s Appointment

q Mr. Tarang Jain, Chairman and Managing Director of Varroc Engineering Limited, joins the board as an Independent Director. He brings to TCPL’s board a strategic vision that has propelled Varroc into a global tier-1 automotive component group, demonstrating his capacity for driving significant international expansion and innovation in technology.

q With over 35 years of leadership experience, his tenure is marked by strong values of integrity and a commitment to corporate social responsibility, illustrated by Varroc’s active role in environmental initiatives

Key Developments

Update on Capex Initiatives

q Successfully commissioned a new advanced offset printing line, complemented by modern ancillary

equipment at the Haridwar facility

COPPL Acquisition – Enters high potential rigid boxes segment

Update on Creative Offset Printer Private Limited (COPPL)

q TCPL has recently increased its stake in COPPL to ~95%

q TCPL further strengthened its equity stake in Creative Offset Printers Private Limited (COPPL), based in Greater Noida. COPPL specializes in the manufacture of packaging for the consumer electronics industry, as well as premium rigid box packaging. This acquisition offers several strategic advantages:

o Acquisition enables TCPL to tap into the high-potential rigid boxes segment, which is

focused on one of the fastest-growing smartphone markets in the world

o COPPL’s production facility is strategically located in Noida, allowing it to target India’s

largest electronics manufacturing hub

o Strategically diversifies TCPL’s product offering and strengthens its position as a leading

producer of sustainable packaging solutions for customers across various industries

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

282828

Awards & Accolades Received in H1 FY24

q TCPL has been recognized as

the "PrintWeek Printing Company of the Year 2023" at the prestigious PrintWeek Awards 2023

q The Company has also been recognized as "Innovative Printer of the Year 2023" (PET, LDPE, HDPE, PVC, PP, METAL/GLASS) by PrintWeek magazine

q Creative Offset Printers Pvt Ltd, Noida, a TCPL subsidiary, has been recognized by Samsung India as the Best Vendor for EHS Activities, with a perfect score of 100/100

Awards & Accolades Received in H1 FY24

q At the “IFCA Awards 2023,” organized by The Indian Flexible Packaging & Folding Carton Manufacturers Association (IFCA), TCPL won six awards across various categories, with accolades for the following SKUs:

q Folding Carton Category:

o Cavin Kare Meera Onion Hair Oil carton

o BC Hasaram’s Madhushani carton

Indulekha Bringha Oil carton

q Flexible Packaging Material:

o Bowlers Allana Pouch

Jimmy Joy Plenny Shake Pouch

o Paper Pouch for Rajnigandha

q These

acknowledgments

TCPL’s to maintaining a high standard of

commitment excellence and innovation in the packaging industry

underscore

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

Industry Overview

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”

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

n o t r a C g n d o F

g n g a k c a P e l b x e l F

India: Folding Cartons & Flexible Packaging Industry

Folding Carton Industry is largely unorganized

Flexible Packaging Industry

1,000+

4-5

Many

500+

200+

<200

Revenue (Rs. Crore)

4-5

Many

Small unorganized

Note – Number of Companies with Rs. 900+ crore, 500+ crore, 200+crore and <200 crore revenue

Financial Highlights

Robust Financial Trend – Revenue

Revenue (Rs. crore)

FY08 to FY23 - 15-year CAGR: 18.1%

1442.2

1065.4

889.8 903.8

815.8

698.1

592.6 612.9

497.8

373.3 394.9

283.4

240.2

157.2 186.1

116.7

(cid:0)

From 2008 to 2023, TCPL has reported a robust 15-year CAGR of 18%

The Company has delivered healthy revenue growth in the previous few years, despite a challenging external environment

(cid:0) Normalizing macro-economic environment combined with optimal utilization of capacities should enable the Company to register healthy revenue growth going forward

FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23

“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

Robust Financial Trend – EBITDA & Cash Profit

EBITDA (Rs. crore)

EBITDA Margin (%)

FY13 to FY23 - 10-year CAGR: 15.2%

15.3% 15.5% 16.5% 17.0%

15.9%

12.6% 13.0%

14.4% 15.1% 14.8%

16.6%

2 7 5

2 1 6

0 2 8

5 0 0 1

2 7 9

7 7 8

7 5 0 1

1 8 2 1

3 6 3 1

0 5 5 1

0 6 3 2

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

Cash Profit (Rs. crore)

Cash Profit Margin (%)

FY13 to FY23 - 10-year CAGR: 18.1%

11.1% 11.2%

13.2% 13.8%

12.6%

9.2%

9.7%

10.4% 11.2% 11.6%

15.2%

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

7 3 2 1

5 5 1 2

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

(cid:0) Historically, the Company’s

EBITDA and Cash Profit margins have remained in a steady range

(cid:0)

Tough macro environment along with venture into Flexible packaging category significantly impacted TCPL's profitability in FY18 and FY19

In FY23, the Company delivered robust margin performance by successfully mitigating the effects of increased raw material costs and leveraging operational efficiencies

Note – Calculation for Cash Profit = PBT + Depreciation

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

1.30

1.26

1.08

1.29

1.09

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

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

10.6% 7.19%

5.3%

4 8 4

2 5 1 1

0 6 0 1

(cid:0)

Investments over the years have enabled TCPL to emerge as one of India's leading packaging manufacturers

(cid:0) Comfortable Net-Debt position – cash flows prudently utilized towards capacity expansion and reduction in Debt

(cid:0) Continues to explore various other strategic initiatives to promote sustainable packaging solutions

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

Key Financial Ratios

ROCE

13.8%

17.4% 16.3%

22.7% 23.1%

16.4%

13.3% 13.3% 13.3% 14.3%

20.0%

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

10.9%

18.6%

15.1%

12.1%

RONW

31.9% 29.6%

20.6%

10.3%

12.7% 14.3% 11.8% 14.6%

28.1%

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

(cid:0)

TCPL achieved impressive return ratios in FY23, with consolidated ROCE and ROE reaching 20% and 28% respectively, reflecting strong financial performance and effective capital utilization

In the past few years, return ratios have been below internal expectations due to lower utilization of newly commissioned capacities

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

Note – Calculation for ROCE = EBIT / Avg. CE and RONW = PAT / Avg. Net Worth

Financial Snapshot

Particulars

FY12

FY13

FY14

FY15

FY16

FY17 FY18 FY19 FY20 FY21 FY22 FY23

Net Worth (Rs. crore)

114

145

178

216

241

269

301

342

444

Gross Block (Pre-IndAS)

251

280

328

392

478

585

612

700

779

818

994

1,086

Cash & cash equivalents (Rs. crore)

Capital Employed (Rs. crore)

195

233

Book Value (Rs.)

Net Debt (Rs. crore)

125

150

248

101

157

297

384

487

519

578

659

581

791

932

131

166

205

237

265

296

331

376

487

174

229

296

283

314

340

325

443

481

Net Working Capital Days

100

113

114

115

105

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%

20.00

19.4%

16.5%

6.00

7.35

6.25

3.70

5.25

4.00

10.00

7.35

10.0%

2.00

2.65

2.50

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

“One of the first companies to announce a dividend policy – Committed to healthy dividend payouts ”

*Note – Calculation for Dividend Payout Ratio = Dividend/PAT

Q2 & H1 FY2024 Results Overview

Q2 FY24 - Key Financial Highlights Consolidated

Total Revenues (Rs. Cr.)

EBITDA (Rs. Cr.)

*Cash Profit (Rs. Cr.)

361.7

406.0

57.5

65.1

65.8

54.8

Q2 FY23

Q2 FY24

Q2 FY23

Q2 FY24

Q2 FY23

Q2 FY24

Shift % (Y-o-Y)

12%

Shift % (Y-o-Y)

13%

Margins (%)

Shift % (Y-o-Y)

-17%

Margins (%)

15.9%

16.0%

18.2%

13.5%

*Note: Q2 & H1 FY23 figures include exceptional one-off income of Rs. 17.3 crore received as insurance claim

Q2 FY24 - Key Financial Highlights Standalone

Total Revenues (Rs. Cr.)

EBITDA (Rs. Cr.)

*Cash Profit (Rs. Cr.)

349.0

389.0

56.1

63.6

65.9

55.0

Q2 FY23

Q2 FY24

Q2 FY23

Q2 FY24

Q2 FY23

Q2 FY24

Shift % (Y-o-Y)

11%

Shift % (Y-o-Y)

13%

Shift % (Y-o-Y)

-17%

Margins (%)

16.1%

16.3%

18.9%

14.1%

*Note: Q2 & H1 FY23 figures include exceptional one-off income of Rs. 17.3 crore received as insurance claim

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.)

Q2 FY24

Q2 FY23

398.7 7.2 406.0

235.3 36.4 69.1 65.1 16.0% 2.8 13.1 18.2 36.6 - 36.6 7.3 29.3 7.2% 54.8 32.19

354.6 7.2 361.7

218.7 30.0 55.6 57.5 15.9% 2.4 11.4 15.9 32.7 17.3 49.9 10.4 39.5 10.9% 65.8 43.43

Y-o-Y Change (%) 12.5% 1.0% 12.2%

7.6% 21.7% 24.4% 13.3% 15 15.4% 15.0% 14.9% 12.0%

-26.7% -29.9% -25.9% -371 -16.7% -25.9%

H1 FY24

H1 FY23

762.5 14.8 777.3

448.9 72.2 129.7 126.5 16.3% 3.3 26.7 34.5 68.7 - 68.7 15.8 52.9 6.8% 103.2 58.12

688.8 15.5 704.2

423.3 59.8 109.1 111.9 15.9% 5.9 22.1 31.4 64.4 17.3 81.7 19.7 62.0 8.8% 113.1 68.16

*Note: Q2 & H1 FY23 figures include exceptional one-off income of Rs. 17.3 crore received as insurance claim

Y-o-Y Change (%) 10.7% -4.3% 10.4%

6.0% 20.7% 18.9% 13.1% 39 -43.6% 20.9% 9.9% 6.7%

-15.9% -19.6% -14.7% -200 -8.7% -14.7%

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

Q2 FY24

Q2 FY23

382.1 7.0 389.0

227.8 33.7 63.9 63.6 16.3% 3.6 12.2 17.2 37.8

37.8 7.4 30.4 7.8% 55.0

Y-o-Y Change (%) 11.8% -2.5% 11.5%

6.9% 20.0% 23.6% 13.4% 27 30.1% 18.8% 14.7% 12.5%

H1 FY24

H1 FY23

734.3 14.4 748.7

437.4 66.8 120.6 123.9 16.5% 5.0 24.8 32.5 71.6

669.0 15.5 684.5

415.1 56.5 103.2 109.6 16.0% 6.3 20.4 30.0 65.4

-25.7% -27.9% -25.2% -382 -16.5% -25.2%

71.6 16.1 55.5 7.4% 104.1 61.04

82.7 19.6 63.1 9.2% 112.7 69.37

341.9 7.2 349.0

213.1 28.1 51.7 56.1 16.1% 2.8 10.3 15.0 33.6

50.9 10.3 40.6 11.6% 65.9 44.56

17.28

Y-o-Y Change (%) 9.8% -6.8% 9.4%

5.4% 18.3% 16.8% 13.0% 53 -19.4% 21.2% 8.4% 9.4%

-13.4% -18.0% -12.0% -181 -7.6% -12.0%

EPS Diluted (Rs.)

33.35 *Note: Q2 & H1 FY23 figures include exceptional one-off income of Rs. 17.3 crore received as insurance claim

Balance Sheet Snapshot – Consolidated

Rs. 477.6 Crore

Rs. 1,084.1 Crore

Rs. 968.2 Crore

Net-worth

Capital Employed

Fixed Assets (Gross)

Rs. 44.7 Crore

Rs. 526.6 Crore

100 Days

Cash & Investments

Net Debt

Net Working Capital Days

Note: As on 30th September 2023

48 48

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

Annexure

Market Snapshot

Key Market Statistics

As on 31-October-2023

BSE/NSE Ticker

523301 / TCPLPACK

CMP (Rs.)

Market Cap (Rs. Crore)

Number of outstanding shares (Crore)

Face Value

2,079.3

1,892.2

0.91

10.0

52-week High / Low (Rs.)

2323.5 / 1137.5

Shareholding Pattern*

Others, 5.8%

Individual - >1%, 30.9%

Promoter & Promoter Group, 55.7%

Domestic Institutions (MF & AIF), 5.9%

Foreign Institutions (FPI, FII & NRI), 1.6%

*Holding as on 30-September-2023

About Us

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 printed cork-tipping paper, 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

Thank You

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