EPL LIMITED — Interim / Quarterly Report 2023

Feb 7, 2023

1 Corporate Service Department	lThe Listing Department
1 BSE Limited	INational Stock Exchange of India Ltd
/ 25th Floor, Phiroze Jeejeebhoy Towers,	IExchange Plaza, Plot no. C/1, G Block,
/ Dalal Street, Mumbai 400001	lBandra-Kurla Complex, Bandra (E)
l	IMumbai 400051. .-.
	1._Scrip:. Equity. 5001.35 NCDs.9603·1·1···························.lTrading SYmbol: .EPL 1

Ref.: EPL Limited (EPL)

Sub.:	Investors notes/updates with respect to the Unaudited Financial Results for the
	third quarter and nine month ended 31 December 2022.

Dear Sirs,

Please find attached copy of the Investors notes/updates as mentioned in the subject line.

We request you to kindly take note of the aforesaid and acknowledge receipt.

Thanking You

Yours faithfully For EPL Limited ..LA Suresh Savaliya . " l \ SVP - Legal & Company Secretary SURESH KANUBHAI SAVALIYA Digitally signed by SURESH KANUBHAI SAVALIYA Date: 2023.02.07 16:48:17 +05'30'

-%- Encl.: As above

Filed online

EPL LIMITED

Q3 FY23 Earnings Presentation (Formerly known as Essel Propack Limited)

Safe Harbour

Certain statements in this presentation concerning our future growth prospects are forward-looking statements. The Company cautions that, by their nature, forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in packaging industry including those factors which may affect our cost advantage, wage increases, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, industry segment concentration, our ability to manage our operations, reduced demand for packaging products in our key focus areas, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which is EPL (Formerly known as Essel Propack Limited) has made strategic investments, withdrawal of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies, and unauthorized use of our intellectual property and general economic conditions affecting our industry. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company.

Key topics

• Q3 FY23 Highlights and Financial Performance

[Quarterly financial performance in the following slides is based on company performance excluding Brazil operations to make it comparable. Brazil greenfield investment is for future business growth. Financial performance including Brazil is on page 25]

• Costs and Comprehensive Margin Improvement Plan
• Progress on Sustainability
• Looking Ahead
• Appendix

• Q3 FY23 Highlights EBITDA margin recovery YoY and on sequential basis 1 Strong double digit revenue growth excluding EAP at 12.1% (12.7% at constant currency). Overall Revenue growth of 7% (7.8% at constant currency)
• 2 EBITDA margin increased to 16.6% (sequentially from 16.3% and YoY from 15.7%) despite EAP challenges. EBITDA grew by 13.2% YoY. EPL among Leadership band in CDP rating for Climate change. Rating upgraded to A- from
• 3 Strong PAT growth at 11.9% YoY
• B last year. 4
• 5 Brazil project is on track; customer trials underway

Q3 FY23 Consolidated Financial Highlights

(INR million)

5 Transition Services Agreement (TSA) related expense and INR 123 mn for Dec 22 (INR 154 mn for Dec 21) of ESOP related expenses

EPL Limited

Q3FY23 Earnings Presentation

Transition Services Agreement (TSA) related expense and INR 123 mn for Dec 22 (INR 154 mn for Sep 21) of ESOP related expenses

• Q3 FY23 Highlights and Financial Performance
• Costs and Comprehensive Margin Improvement Plan
• Progress on Sustainability
• Looking Ahead
• Appendix

Input material prices still higher than pre-pandemic level; decline seen from Q2 FY23

• Polymer and foil prices still higher than pre-pandemic level in dollar terms and further impacted by exchange rate
• Decline in polymer and foil prices seen in dollar and landed cost terms starting Q2 FY23
• Ocean freight rates started declining

EPL Limited Q3FY23 Earnings Presentation

Comprehensive plan in place to control and recover costs Increased in-house manufacturing of caps and closures – implemented for India; benefit accruing in the current year

Consistent efforts on inflation-led price Increases 1

• Continuous price increase efforts for non contracted customers; Contractual pass-through as per 3-month lag
• Good progress on additional price increases to cover for inflationary overheads and continuing

Mix Improvement 2

Focus on higher-profit segments and value-added offerings led to revenue growth mainly driven by 'Personal Care & beyond'*

Cost Productivity 3

• Operating expenses growth lower than revenue growth
• Global program to further reduce scrap and wastage on track

Procurement 4

Dynamic sourcing strategy and manufacturing location optimization

Organizational Review 5

Program to enhance organizational effectiveness and efficiency

Implementation of comprehensive plan on track

* 'Personal Care and beyond' includes Beauty & Cosmetics, Pharma etc

'Personal Care & beyond'* category contribution stood at 47% YTD FY23

'Personal Care & beyond'* revenue growth higher than Oral Care

* 'Personal Care and beyond' includes Beauty & Cosmetics, Pharma etc

EPL Limited

Q3FY23 Earnings Presentation

'Personal Care & beyond'* category has grown at a 15.3% CAGR over the last 12 years and continues to be the major growth driver for EPL in FY23

EPL Limited

Q3FY23 Earnings Presentation

Established Global Leadership in Oral Care with the segment demonstrating steady longterm revenue growth at a CAGR of 10.1%

EPL Limited Q3FY23 Earnings Presentation

*YTDFY23 revenue impacted by decline in EAP business; excl EAP category growth @ 13.7%

Sustained momentum on new business wins through innovation and sustainable offerings

EPL LimitedQ3FY23 Earnings Presentation
offerings						Sustained momentum on new business wins through innovation and sustainable
	Venturing intonew categoriesand businesses		LaminateConversion		StrengtheningSustainability -Platina	Design Disruption	Awards
XinyueD30Oral tubewith airlesspump -China	FoxtaleAcneCream -India	UL ChinaSkinD22&D40 superoval &D50VSLtubeconvertedfromextrudetube	RaptakosBrett –Zytee–Aluminiumto Laminateconversion -India	GSKSensodyneThailand	P&G ChinaPantene HairCare-	Neo Seam –Minimizing VisualImpact of Side Seam –Europe	•Abbott IndiaAppreciation Award•BIS certification for EPLHDPE Tubes•Colgate IndiaAppreciation certificate

Brazil Update

• Brazil project progressing well
• Customer trials underway

• Q3 FY23 Highlights and Financial Performance
• Costs and Comprehensive Margin Improvement Plan
• Progress on Sustainability
• Looking Ahead
• Appendix

Sustainability : "Leading the Pack"

Product Sustainability

• Emergence of Platina as a benchmark for Sustainable Solutions and a market success across all categories

• Plan to double Platina volumes in FY23 on track

• Process Sustainability CDP A- rating (Leadership band) on climate change over B last year, best amongst the industry Reaffirmed CDP B rating on water security Positive ranking in all our commitments by Ellen Macarthur Foundation Company wide effort for EcoVadis Go for Gold on track

People Sustainability: Corporate Social Responsibility

1. Green Communities Program: - 486 benches made from plastic recycled from our factory scrap donated across 8 schools in Wada, Vasind and Vapi - Plan to donate further 200 such benches in the current FY in Goa and Nalagarh - Training in progress for 228 apprentices with diverse skillset to improve their employability - Supporting communities near our plants by strategic investment for building infrastructure and promote health & education Our CSR vision is in alignment with the overall EPL ambition of becoming the most sustainable packaging company in the world. All CSR works are undertaken as part of People Sustainability, and all actions are a step further towards "Greening Lives" by enabling its employees, customers, communities, and all other stakeholders live sustainably.

2. Skill Development Program:

3. Community Welfare Program:

• Q3 FY23 Highlights and Financial Performance
• Costs and Comprehensive Margin Improvement Plan
• Progress on Sustainability
• Looking Ahead
• Appendix

Looking Ahead: Double digit revenue growth with margin recovery

1

EPL Limited Q3FY23 Earnings Presentation

• 2 Deliver double-digit revenue growth as China recovers Continued focus on (i) margin improvement through mix and cost efficiency and (ii) efficient capital allocation Several concerns of last 2 years behind us; however possible global recession risk
• 3 Price increase actions to continue to cover inflation related cost increases, particularly in western geographies
• 4
• 5 Continued focus on customer conversion to sustainable solutions

We remain cautiously optimistic on continuous improvement

Our 4X4 Mantra for Growth

EPL Limited Q3FY23 Earnings Presentation

20 20

• Q3 FY23 Highlights and Financial Performance
• Costs and Comprehensive Margin Improvement Plan
• Progress on Sustainability
• Looking Ahead
• Appendix

Q3 FY23: Adjusted EBITDA

EPL LimitedQ3FY23 Earnings Presentation
Q3 FY23: Adjusted EBITDA		(INR million)
Adjustments	EBITDA	PAT1
Reported Q3FY23numbers	1,570	639
•TSA2related expenses	+40	+30
•One time acquisition/ merger/ FX / patent related costs	+3	+73
•ESOP relatedcost	+23	+23
Adjusted Q3FY23 numbers	1,636	765
Reported Q3FY22numbers	1,387	571
•TSA2related expenses	+40	+30
•One time acquisition/ merger/ patent related costs	+16	+13
•ESOP relatedcost	+46	+46
Adjusted Q3FY22 numbers	1,489	660
Like for Like Y-o-Y Growth (%)	9.9%	15.9%

EPL LimitedQ3FY23 Earnings Presentation
Q3 FY23 Performance –	AMESA and EAP
			(INR million)
		AMESA
Particulars	Q3FY23	Q3FY22	% change
Revenue	3,521	3,225	9.2%
EBITDA	731	701	4.3%
EBITDA %	20.8%	21.7%
EBIT	464	448	3.6%
EBIT %	13.2%	13.9%
Particulars	Q3FY23	EAPQ3FY22	% change
Revenue	2,262	2,459	-8.0%
EBITDA	490	549	-10.8%
EBITDA %	21.7%	22.3%
	365	419	-12.9%
EBIT

EPL LimitedQ3FY23 Earnings Presentation
Q3 FY23 Performance –	Americas and Europe		(INR million)
		Americas
Particulars	Q3FY23	Q3FY22	% change
Revenue	2,260	1,899	19.0%
EBITDA	274	175	56.8%
EBITDA %	12.1%	9.2%
EBIT	117	56	108.9%
EBIT %	5.2%	2.9%
		Europe
Particulars	Q3FY23	Q3FY22	% change
Revenue	1,911	1,732	10.3%
EBITDA	109	118	-7.8%
EBITDA %	5.7%	6.8%
	-34	-18	88.9%
EBIT

Q3 FY23 Consolidated Financial Highlights Including Brazil

(INR million)

PAT1 and EPS (INR)

1,387 1,566 EBITDA1 and EBITDA Margins

Net Debt and Net Debt/ LTM EBITDA

Transition Services Agreement (TSA) related expense and INR 123 mn for Dec 22 (INR 154 mn for Dec 21) of ESOP related expenses

About EPL

(Formerly known as Essel Propack Limited)

EPL: Company Overview

* 'Personal Care and beyond' includes Beauty & Cosmetics, Pharma etc

Note: Numbers on this page are as of 31 March, 2022

EPL Caters to Marquee Customers Across Trillion Dollar Categories

EPL Limited

Q3FY23 Earnings Presentation

28 28 * 'Personal Care and beyond' includes Beauty & Cosmetics, Pharma etc

About EPL

EPL is the largest global specialty packaging company, manufacturing laminated plastic tubes catering to the FMCG and Pharma space. Employing over 3,366 people representing over 25 different nationalities, EPL functions in nine countries through 20 state

of the art facilities, and is continuing to grow every year. EPL is the world's largest laminated tube manufacturer with units operating across countries such as USA, Mexico, Colombia, Poland, Germany, Egypt, China, Philippines and India. These facilities cater to diverse categories that include brands in Oral Care, Beauty & Cosmetics, Pharma & Health, Food, and Home, offering customized solutions through continuously pioneering first-inclass innovations in materials, technology and processes. EPL (Formerly known as Essel Propack Limited) CIN : L74950MH1982PLC028947 For further information contact: Chaitali Talele

chaitali.talele@eplglobal.com

Top Floor, Times Tower, Kamala City Senapati Bapat Marg, Lower Parel