EPL LIMITED — Investor Presentation 2021

May 20, 2021

20 May 2021

Corporate Service DepartmentBSE Limited25th Floor, Phiroze Jeejeebhoy Towers,Dalal Street, Mumbai 400 001	The Listing DepartmentNational Stock Exchange of India LtdExchange Plaza, Plot no. C/1, G Block,Bandra-Kurla Complex, Bandra (E)
	Mumbai 400 051
Scrip: Equity 500135.	Trading Symbol: EPL
NCDs 960308, 960310 & 960311.

Ref.: EPL Limited (EPL)

Sub.: Investors notes/updates with respect to the Audited Financial Results for the Quarter and year ended 31 March 2021.

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

Suresh Savaliya Head - Legal & Company Secretary

Encl.: As above

Filed online

EPL LIMITED

Q4 FY21 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.

EPL 2.0

Market Leading Revenue Growth and Capital Efficient, Consistent Earnings Growth

FY21 – Transformed EPL to deliver market leading, double digit revenue growth

2

Demonstrated resilience in business performance despite impact of Covid-19

• Double digit revenue growth
• High teens EPS growth
• RoCE improved by 290 bps to 21.3%.
• Strengthened our competitive position across markets.
  • Acquired Creative Stylopack in India
• 3
  • Delivered strong progress across all our identified levers:
  • Accelerated growth in Personal Care
  • Continued leadership in Oral Care
  • Improved Performance in Europe
  • Industry leadership in eco-friendly solutions

Worked Proactively with All Stakeholders to Ensure Business Continuity and Minimize Covid-19 Impact

SupplyEnablement	All plantsoperational	Proactively worked with regulatory authorities and customers to classify EPL inthe "essential services" categoryAll plants are currently operational
DemandGeneration	New categorylaunched: HandSanitizer/Handwash	Product innovation extended to launch hand washes in tubes.Envisioning to become a large player in hand wash category going forward.Opportunity to increase wallet share in existing categories
EmployeeWellness	Crisis CommitteeConstituted	Rigorous employee safety measures adopted across all factoriesCrisis committee constituted comprising CEO, COO, CFO, and regional heads
Cost Management	Project Phoenix	Project Phoenix continues to contribute towards margin enhancement.Initiatives and targets identified for FY22.

FY21 - Double digit revenue growth coupled with strong earnings growth

(1) Refer page 31 for details on Adjusted EBITDA and Adjusted EPS

(2) Return on Capital Employed, defined as EBIT / Average Capital Employed, on a trailing twelve month basis and adjusted for INR 160 mn in Mar 21 (INR 98 mn for Mar20) of Transition Services Agreement (TSA) related expense , Nil in Mar 21 (INR 11 mn in Mar 20) of tax amnesty expenses and INR 144 mn for Mar 21(Nil for Mar 20) of ESOP related expenses.

FY21 Consolidated Financial Highlights :

Double digit revenue growth coupled with strong earnings growth (INR million)

• Robust revenue and PAT growth despite Covid-19. Organic revenue growth at 11.3%
• EBIDTA margin maintained despite steep RM price increase and Covid-19 situation.
• Net Debt to EBIDTA at strong 0.5 times.
• Focus on capital efficiency yielding results, driving increase in ROCE to 21.3%.
• (1) Excluding exceptional items (2) Return on Capital Employed, defined as EBIT / Average Capital Employed, on a trailing twelve-month basis and adjusted for INR 160 mn in Mar 21 (INR 98 mn for Mar20) of Transition Services Agreement (TSA) related expense , Nil in Mar 21 (INR 11 mn in Mar 20) of tax amnesty expenses and INR 144 mn for Mar 21(Nil for Mar 20) of ESOP related expenses.

EPL - Double digit revenue growth coupled with strong earnings growth

(1) Refer page 32 for details on Adjusted EBITDA and Adjusted EPS

(2) Return on Capital Employed, defined as EBIT / Average Capital Employed, on a trailing twelve month basis and adjusted for INR 160 mn in Mar 21 (INR 98 mn for Mar20) of Transition Services Agreement (TSA) related expense , Nil in Mar 21 (INR 11 mn in Mar 20) of tax amnesty expenses and INR 144 mn for Mar 21(Nil for Mar 20) of ESOP related expenses.

Q4FY21 Consolidated Financial Highlights :

Strong revenue growth of 17.5% with high teen growth in PAT (INR million)

• Robust revenue and PAT growth despite Covid-19. Organic Revenue growth at 14.9%
• EBITDA growth lower than revenue growth because of steep increase in raw material prices, time lag in recoveries and Covid-19 related one-time operational expenses.

(1) Excluding exceptional items (2) Return on Capital Employed, defined as EBIT / Average Capital Employed, on a trailing twelve month basis and adjusted for INR 160 mn in Mar 21 (INR 98 mn for Mar20) of Transition Services Agreement (TSA) related expense , Nil in Mar 21 (INR 11 mn in Mar 20) of tax amnesty expenses and INR 144 mn for Mar 21(Nil for Mar 20) of ESOP related expenses.

Unprecedented price increase in key raw materials

Unprecedented RM price increase of ~ 25% QoQ as against historical movement in the broad band of +/-5%

Holistic EBITDA margin improvement plan in place

Holistic EBITDA margin improvement plan already in place for FY22 through a three-pronged approach:

Judicious Price Increases 1

• Contractual pass-through in long term contracts has a 3-month lag
• Price corrections being negotiated across geographies to offset the raw material price increase

Cost Productivity Initiatives: Project Phoenix Phase II 2

• "Modern Times": Improving manufacturing efficiency through automation
• Increased in-house manufacturing of caps and closures
• Scrap and wastage reduction
• Rationalization of energy consumption

Mix Improvement 3

Focus on higher-profit segments and value-added offerings

Continued Focus on Capital Efficiency

Prudent Capex Spend	2,305	1,405	3,040	1,286	1,760
	FY17	FY18	FY19	FY20	FY21
			Capital Expenditure (INR million)
Leading to Reductionin Net Debt	7,035	5,636	4,998	2,760	3,149
	FY17	FY18	FY19Net Debt (INR million)	FY20	FY21
…Continuousimprovement in ROCE1driven by prudent	16.9%	17.2%	17.0%	18.4%	21.3%
capital allocation	FY17	FY18	FY19ROCE1	FY20	FY21
	Final Dividend		Interim Dividend	2.05	2.05
And Higher Dividends	1.20	1.20	1.25	1.25	2.05
for Shareholders2	FY17	FY18	FY19	FY20	FY21
			Annual + Interim Dividend

(1) Return on Capital Employed, defined as EBIT / Average Capital Employed, on a trailing twelve-month basis and adjusted for INR 160 mn in Mar 21 (INR 98 mn for Mar20) of Transition Services Agreement (TSA) related expense , Nil in Mar 21 (INR 11 mn in Mar 20) of tax amnesty expenses and INR 144 mn for Mar 21(Nil for Mar 20) of ESOP related expenses.

(2) Dividend adjusted for bonus shares to make it comparable

Delivered strong progress across all our identified levers

• Accelerated growth in Personal Care
• Continued leadership in Oral Care
• Improved Performance in Europe
• Industry leadership in eco-friendly solutions

Personal Care has grown at a 15.7% CAGR Over the Last Ten Years and Continues to be the Major Growth Driver for EPL in FY21

Personal Care Contribution stood at 46% in FY21

Despite clear headwinds in B&C, Personal care share held by increased demand of Hygiene Products

Continued Growth in Personal Care (1/2)

• Personal Care contribution declined to 49.2% in FY21 (v/s 49.9% in FY20), due to sluggish demand in B&C on account of ongoing Covid-19 outbreak, However B&C has recovered in the second half.
• Timely innovation and launch of Hygiene products aided in boosting the FY21 performance.

Highlights

• Personal Care contribution increased to 40.4% in FY21 (v/s 34.5% in FY20). Growth is majorly driven by B&C and Pharma segments.
• Strong business pipeline and increased focus on fast-growing regional players has driven robust growth in FY21.

Continued Growth in Personal Care (2/2)

• Personal Care contribution is maintained at 25.0% in FY21 (v/s 25.4% FY20).
• New customer wins across categories; bottle to tube product conversions; cross-selling Personal Care products to existing Oral care customers

Highlights Highlights

• Personal Care contribution increased to 65.2% in FY21 (v/s 64% in FY20).
• Strong new customer wins across Personal Care categories; robust business development pipeline

Delivered strong progress across all our identified levers

• Accelerated growth in Personal Care
• Continued leadership in Oral Care
• Improved Performance in Europe
• Industry leadership in eco-friendly solutions

EPL has Established Global Leadership in Oral Care with the Segment Demonstrating Steady Long-Term Revenue Growth at a CAGR of 10.0%

• 1. Walletshare gain with marquee global consumer companies. Global major added in Europe.
• 1. Market share gain from regional players in China.
• 1. Walletshare gain in the leading Oral brands in Americas
• 1. Oral care category grew in India with strong walletshare gain.

Delivered strong progress across all our identified levers

• Accelerated growth in Personal Care
• Continued leadership in Oral Care
• Improved Performance in Europe
• Industry leadership in eco-friendly solutions

Continued Growth Momentum in Europe across Oral and Personal Care Categories

Efforts/Investments in last few quarters starting to show results

• 1. Strengthening of front-end organization
• 1. Improved pipeline development process
• 1. Investments in capabilities and flexibilities
• 1. High customer engagement driven by best-in-class offerings and service levels

Impact

• 1. Accelerated growth across categories
• 1. With the recent key customer wins in Europe, EPL now serves all major Oral Care players in the region

EPL continues to deliver robust growth driven by new customer wins and wallet share gain

Leading to Strong EBITDA Growth and Margin Improvement

Sustained momentum will lead to continuous performance improvement

Delivered strong progress across all our identified levers

• Accelerated growth in Personal Care
• Continued leadership in Oral Care
• Improved Performance in Europe
• Industry leadership in eco-friendly solutions

Sustainability: An Intrinsic Value at EPL

Platina laminated tubes fully recyclable in HDPE bottle stream

• Recognized and certified by APR / RecyClass / Cyclos
• Widest thickness range of tubes offering: 220u 350u
• Designed to incorporate > 50% Green "Sustainably Sourced PE"
• Designed to incorporate > 30% PCR resins

Sustainability : "Leading the Pack"

Platina Pro - Next gen sustainable laminated tubes

• Fully recyclable tubes in HDPE bottle stream approved by APR and RecyClass
• Enhanced haptics
• Enhanced chemical resistance
• Enhanced flavor barrier

Etain tubes with Post Consumer Recycled (PCR) resin content

• Eco-friendly tube from EPL with up to 30% PCR content in the tube wins the prestigious ETMA "Tube of the Year" Award 2020
• Successfully launched laminated tubes with up to 50% PCR content.

Building a portfolio through industry-leading pipeline

• Platina vision
• Platina me
• Platina shine
• Platina pcrmax
• Platina biomax

Sustainability: A Promising Start

First tube supplier in the world to get approval from APR for full tube along with barrier shoulder and cap

Commercialization begins with 100 mm units

Corporate Social Responsibility

Focus area:

EPL's Strategy will focus on Sustainability and Sustainable Development with core values of Prosperity, Balance & Harmony, Vitality, Regeneration & Renewal, and Invigoration

Partnership:

EPL has Partnered with Samhita to build a comprehensive CSR strategy.

Governance:

CSR Board Committee will review all the activities. In addition to this all the CSR activities will be governed by a 5 member CSR Governing Council consisting of the senior leaders of EPL.

Our Vision: Greening Lives

Green communities:

Working on Waste management programs in communities to encourage and facilitate circular economy.

Support for Health care workers:

Donated INR 5 mm to India Protector Alliance via Collective Good Foundation to support India's fight against COVID 19.

Provided PPE kits, hand sanitizers, masks and other medical equipment to several health care workers in India

Creative is a Subsidiary of EPL effective Feb 2021

Transaction was consummated on 1 st February 2021. The acquisition will help EPL further strengthen its position in the Personal Care segment.

Enterprise Value: INR 2,539 mn

• Deal structure:
  • Purchase of 72.5% stake through cash
  • Purchase of balance 27.5% stake through issuance of 2.34 mm EPL shares to Creative founders pursuant to merger of Creative into EPL
• Creative founders will become part of EPL's senior management team after the transaction and will play role in expansion of EPL's global business.
• Merger process as per the scheme of merger approved by board of directors is ongoing.

1

Looking Ahead: FY22

• Sustain double digit revenue growth
  • Strong business development pipeline, FY22 entry 29% higher (April 2021 vs April 2020)
• 2 Plan in place for Quarter-on-Quarter improvement in EBITDA margin through:
  • Judicious price increases
  • Cost productivity initiatives
  • Mix improvement
• 3 Sustainability will be a key driver and EPL is leading the way for the industry.
• We are committed to delivering market leading revenue growth and capital efficient, consistent earnings growth. 4
• 5 Severe Covid Wave 3 remains a concern.

Appendix

FY21: Adjusted EBITDA grew 13.4% Y-o-Y & Adjusted PAT grew 34.6% Y-o-Y

		(INR million)
Adjustments	EBITDA	PAT1
Reported FY21numbers	6,155	2,552
•China Tax refund	-	-25
TSA2•related expenses	+160	+120
•Onetime acquisition related costs	+13	+13
•ESOP relatedcost	+144	+144
Adjusted FY21 numbers	6,472	2,804
Reported FY20 numbers	5,600	2,166
•China Tax refund	-	-112
Tax benefit from one-time provision3•	-	-51
•Tax amnesty	+11	+7
TSA2•related expenses	+98	+73
Adjusted FY20 numbers	5,709	2,083
Like for Like Y-o-Y Growth (%)	13.4%	34.6%

(1) PAT excluding exceptional items; (2) Transition Services Agreement (3)Tax impact of provision of INR 203 mm taken for outstanding inter company deposits

31

Q4FY21: Adjusted EBITDA grew 5.3% Y-o-Y & Adjusted PAT grew 29.7% Y-o-Y

		(INR million)
Adjustments	EBITDA	PAT1
Reported Q4FY21numbers	1,416	568
TSA2•related expenses	+40	+30
•Onetime acquisition related costs	+13	+13
•ESOP relatedcost	+58	+58
Adjusted Q4FY21 numbers	1,527	669
Reported Q4FY20 numbers	1,410	486
TSA2•related expenses	+40	+30
Adjusted Q4FY20 numbers	1,450	516
Like for Like Y-o-Y Growth (%)	5.3%	29.7%

(1) PAT excluding exceptional items; (2) Transition Services Agreement

FY21 Regional Performance – 1/2

• The revenue grew by 12.0% Y-o-Y, majorly driven by EAP and EUROPE.
• Despite Covid-19, all regions contributed to the strong performance for the year.
• Strong business pipeline across regions to enable continued growth momentum

(INR million)

FY21 Regional Performance – 2/2

EAP AMESA Americas Europe Margin 7,820 9,934 6,521 7,686 25.5% 6.1% 5.4% 13.5% 1,901 2,324 1,133 1,137 24.3% 23.4% 17.4% 14.8% Revenue YoY Growth EBITDA1

(1) EBITDA is adjusted for ESOP cost for all the regions and also TSA related regions for AMESA

Q4FY21 Performance – AMESA and EAP

(INR million)

		AMESA
Particulars	Q4FY21	Q4FY20	% change
Revenue	2,766	2,158	28.2%
EBITDA	565	526	7.4%
EBITDA %	20.4%	24.4%
EBIT	310	281	10.3%
EBIT %	11.2%	13.0%
EAP
Particulars	Q4FY21	Q4FY20	% change
Revenue	1,849	1,353	36.7%
EBITDA	329	259	27.0%
EBITDA %	17.8%	19.1%
EBIT	217	149	45.6%

EBITDA and EBIT is adjusted for ESOP cost for all the regions and also TSA related cost for AMESA

Q4FY21 Performance – Americas and Europe

(INR million)

Americas
Particulars	Q4FY21	Q4FY20	% change
Revenue	1,749	1,715	2.0%
EBITDA	309	390	-20.9%
EBITDA %	17.6%	22.7%
EBIT	207	297	-30.4%
EBIT %	11.8%	17.3%
	Europe
Particulars	Q4FY21	Q4FY20	% change
Revenue	2,002	1,897	5.5%
EBITDA	323	258	25.3%
EBITDA %	16.1%	13.6%
EBIT	196	135	45.3%
EBIT %	9.8%	7.1%

EBITDA and EBIT is adjusted for ESOP cost for all the regions.

About EPL

(Formerly known as Essel Propack Limited)

EPL: Company Overview

Note: Numbers on this page are as of 31 March, 2021. ROCE on trailing twelve month basis; adjusted for INR 160 mn of Transition Services Agreement (TSA) related expense and INR 144 mn of ESOP related expenses.

EPL Caters to Marquee Customers Across Trillion Dollar Categories

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 ten countries through 19 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, Russia, 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 firstin-class innovationsin materials, technology and processes.

EPL (Formerly known as Essel Propack Limited) CIN : L74950MH1982PLC028947

For further information contact: Amit Jain amit.jain@eplglobal.com

(Formerly known as Essel Propack Limited)

Top Floor, Times Tower, Kamala City Senapati Bapat Marg, Lower Parel Mumbai - 400 013, India