Polyplex Corporation Limited

195 million

Rating & Research IND AA- (Stable Outlook) Q1 21-22 Highlights FY 20-21 Highlights 1,436 Cr ($ 195 million) Sales Revenue# 328 Cr ($ 44 million) Normalized EBITDA* (23% EBITDA Margin) +11% QoQ +24% YoY

44 million

look) Q1 21-22 Highlights FY 20-21 Highlights 1,436 Cr ($ 195 million) Sales Revenue# 328 Cr ($ 44 million) Normalized EBITDA* (23% EBITDA Margin) +11% QoQ +24% YoY +13% +10% 35bps QoQ -308bps YoY

23%

0-21 Highlights 1,436 Cr ($ 195 million) Sales Revenue# 328 Cr ($ 44 million) Normalized EBITDA* (23% EBITDA Margin) +11% QoQ +24% YoY +13% +10% 35bps QoQ -308bps YoY 4,903 Cr ($ 660 million)

11%

6 Cr ($ 195 million) Sales Revenue# 328 Cr ($ 44 million) Normalized EBITDA* (23% EBITDA Margin) +11% QoQ +24% YoY +13% +10% 35bps QoQ -308bps YoY 4,903 Cr ($ 660 million) Sales Revenue# 1,27

24%

million) Sales Revenue# 328 Cr ($ 44 million) Normalized EBITDA* (23% EBITDA Margin) +11% QoQ +24% YoY +13% +10% 35bps QoQ -308bps YoY 4,903 Cr ($ 660 million) Sales Revenue# 1,270 Cr ($ 171

13%

ales Revenue# 328 Cr ($ 44 million) Normalized EBITDA* (23% EBITDA Margin) +11% QoQ +24% YoY +13% +10% 35bps QoQ -308bps YoY 4,903 Cr ($ 660 million) Sales Revenue# 1,270 Cr ($ 171 million) N

10%

evenue# 328 Cr ($ 44 million) Normalized EBITDA* (23% EBITDA Margin) +11% QoQ +24% YoY +13% +10% 35bps QoQ -308bps YoY 4,903 Cr ($ 660 million) Sales Revenue# 1,270 Cr ($ 171 million) Normali

35bps

# 328 Cr ($ 44 million) Normalized EBITDA* (23% EBITDA Margin) +11% QoQ +24% YoY +13% +10% 35bps QoQ -308bps YoY 4,903 Cr ($ 660 million) Sales Revenue# 1,270 Cr ($ 171 million) Normalized EBIT

308bps

44 million) Normalized EBITDA* (23% EBITDA Margin) +11% QoQ +24% YoY +13% +10% 35bps QoQ -308bps YoY 4,903 Cr ($ 660 million) Sales Revenue# 1,270 Cr ($ 171 million) Normalized EBITDA* (26% EBIT

660 million

EBITDA* (23% EBITDA Margin) +11% QoQ +24% YoY +13% +10% 35bps QoQ -308bps YoY 4,903 Cr ($ 660 million) Sales Revenue# 1,270 Cr ($ 171 million) Normalized EBITDA* (26% EBITDA Margin) +10% YoY +35%

171 million

24% YoY +13% +10% 35bps QoQ -308bps YoY 4,903 Cr ($ 660 million) Sales Revenue# 1,270 Cr ($ 171 million) Normalized EBITDA* (26% EBITDA Margin) +10% YoY +35% 476bps YoY # Excludes other operating re

26%

-308bps YoY 4,903 Cr ($ 660 million) Sales Revenue# 1,270 Cr ($ 171 million) Normalized EBITDA* (26% EBITDA Margin) +10% YoY +35% 476bps YoY # Excludes other operating revenues * Normalised EBITD

“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.”

Note

3

Notes

1

Note

• Industry CUF as per CY, Polyplex CUF as per FY (Q1 for FY’2021-22) • Industry CUF is based on internal estimates. For 2021, the numbers are considered upto H1 2021 !10 82%82%81%79%74%99%99%100%99%95%2,28,7882,03,4811,84,3001,76,74274%79%81%82%82%95%99%100%99%99%56,976 Strong financial & operational track record !11 Q1 21-22 Performance Snapshot QoQ Growth (Q1 21-22 v/s Q4 20-21) YoY Growth (Q1 21-22 v/s Q1 20-21) Sales Volume (All Films) 76,955 MT Sales Revenue# 1,436 INR Crores ($ 195 million) Normalized EBITDA* 328 INR Crores ($ 44 million) PAT (Before Minority) 186 INR Crores ($ 25 million) EPS 35.52 INR/Share 1% 11% 13% -9% -11% 9% 24% 10% -44% -37%

Notes

• Higher EBITDA in Q1 FY 2021-22 as compared to Q4 FY 2020-21 resulting from: Higher VA in PET Films • Factors impacting reported PAT & EPS in Q1 FY 2021-22 as compared to Q4 FY 2020-21 - In Q1 FY 2021-22, there is an unrealised FX loss of INR 46.58 crores ($ 6.32 million) as against unrealised FX gain of INR 30.77 crores ($ 4.22 million) in Q4 FY 2020-21 on account of re- statement of foreign currency long term loans # Excludes other operating revenues * Normalised EBITDA: EBITDA excluding impact of unrealised FX gains / (losses) on long term loans !12 Thin PET Film - Trend Thin PET Film* Sales Volume (MT) Ex-Factory Price - Thin PET Film* (USD/Kg) Value Addition** - Thin PET Film* (USD/Kg) 17-18 18-19 19-20 20-21 Q1 21-22 Annualised 17-18 18-19 19-20 20-21 Q1 21-22 * Includes : - film transferred to Silicon Coating & Extrusion Coating lines but excludes sales of final product from these lines - volume of value added films - Metallized, Holography, General purpose offline coated, Transfer

Note

• Dividend considered based on the payout dates • The returns have been calculated based on the stock price data as on 09th Aug 2021 !18 1,0489909528507813,2233,0533,0292,7712,5487818509529901,048 Awards Recently Polyplex (Thailand) Public Co. Ltd has been awarded the esteemed title of “Green Innovation Award” at the prestigious Asia Corporate Excellence & Sustainability Awards 2021 GREEN INNOVATION AWARD This award is bestowed upon organisations, which showcases exemplary innovation in sustainability, where initiatives championed include elements of reducing the environmental impact of products, improving resources efficiency and/or the use of alternate technologies and processes. Polyplex (Thailand) Public Co. Ltd won the Money & Banking Awards 2020 in the ‘Best Public Company’ Category !19 Second Quarter 21-22 Guidance Q1 19-20 Q2 19-20 Q3 19-20 Q4 19-20 Q1 20-21 Q2 20-21 Q3 20-21 Q4 20-21 Q1 21-22 Q2 21-22 Normalised EBITDA (USD million) The forward-looking statements reflect Polyplex

Note

Includes Post Consumer Bottle Recycling Project (Ecoblue, Thailand) Brownfield BOPP Project (Indonesia) 10.4 Meter Line - 60 KTPA Film Capacity, 5 layer machine with inline coating Capex: 52 Million USD ✴Board Approved June’19 ✴20 Million USD funding 1.Expansion of product portfolio 2.De-bottlenecking of existing film lines 3.Increasing the share of speciality films 4.Recycling Project - additional step towards sustainability Brownfield BOPET Project (US) 10.6 Meter Line - 50 KTPA Film Capacity, 650 mpm design speed Resin plant de-bottlenecking - increase in capacity from 58 KTPA to 86 KTPA Capex: 83 Million USD ✴Board Approved Sep’20 ✴25 Million USD funding ✴Estimated Date of Start Up Sep-2021 ✴Estimated Date of Start Up H2 2022-23 !33 Brownfield BOPP Project: • Expansion in BOPP segment will enable the Company broaden its product offering in the regional markets and also help mitigate certain risks on the sustainability front Brownfield BOPET Project: • This expansion would help tap into th