TCPL Packaging Limited — Earnings Release 2025

Feb 13, 2025

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February 13, 2025

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:- Earnings Presentation

We wish to inform you that Board of Directors of the company in their Meeting held today, inter-alia considered and approved the Un-audited Financial Results of the Company (Standalone and Consolidated) for the quarter and nine months ended December 31, 2024.

Attached is Earnings Presentation for Q3 & 9M FY2025. We request you to take the above on your records in the interest of general public at large.

Thanking You

For TCPL Packaging Limited

HARISH Digitally signed by HARISH ANCHAN ANCHAN Date: 2025.02.13 19:38:11 +05'30' Compliance Officer

Encl. As above

Q3 & 9M FY2025 Earnings Presentation 13 February 2025

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Disclaimer
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Certain statements and opinions with respect to the anticipated future performance of TCPL Packaging Limited in the presentation (“forwardlooking statements”), which reflect various assumptions concerning the strategies, objectives and anticipated results may or may not prove to be correct. Such forward-looking statements involve several risks, uncertainties and assumptions which could cause actual results or events to differ materially from those expressed or implied by the forwardlooking 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 statements to reflect new events or forward-looking 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 does not that the information herein is correct as presentation imply at time after the date hereof and TCPL has no any obligation whatsoever to update any of the information or the conclusions contained herein or to correct inaccuracies which become after the date any may apparent hereof.

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Q3 FY25 - Key Financial Highlights Consolidated

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Total Revenues (Rs. Cr.) EBITDA (Rs. Cr.) Cash Profit (Rs. Cr.)
70.6
67.6
479.7
54.6
363.6 46.4
Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25
Shift % (Y-o-Y) 31.9% Shift % (Y-o-Y) 29.4% Shift % (Y-o-Y) 45.6%
Margins (%) Margins (%)
15.0% 14.7% 12.8% 14.1%
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TCPL Records Highest Ever Quarterly Performance

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Q3 FY25 - Key Financial Highlights Standalone

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Total Revenues (Rs. Cr.) EBITDA (Rs. Cr.) Cash Profit (Rs. Cr.)
457.6
70.2
67.4
58.8
355.4
46.3
Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25
Shift % (Y-o-Y) 28.8% Shift % (Y-o-Y) 19.5% Shift % (Y-o-Y) 45.4%
Margins (%) Margins (%)
16.5% 15.3% 13.0% 14.7%
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Management
Message
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Commenting on the performance for Q3 & 9M FY2025 Mr. Saket Kanoria, Managing Director, TCPL Packaging Limited said

“We are pleased to announce yet another record quarter, reflecting our strong growth momentum and consistent performance. Growth was supported by both our key segments—paperboard and flexible packaging—driven by a favourable product mix, operational efficiencies, and a broadening customer base. Additionally, last year’s corresponding quarter was particularly weak, and we have bounced back strongly, resulting in significantly higher YoY growth. On a sequential basis, growth has remained healthy, showcasing sustained business progress. During the quarter, we reported a 32% YoY increase in consolidated revenues, reaching Rs. 480 crore. EBITDA grew by 29%, while PAT improved by 101%.

Our flexible packaging segment continues to perform exceptionally well in the domestic market, supported by resilient demand across key end-user industries. Meanwhile, our core paperboard packaging segment has delivered stable growth domestically, with stronger performance in overseas markets. This broad-based momentum, combined with our focus on operational efficiencies and product innovation, has enabled us to deliver healthy performance. With domestic trends expected to improve further in the coming quarters and steady growth drivers in place, we remain confident in maintaining our long-term growth trajectory.

Our New Greenfield facility in Southern India near Chennai, dedicated to manufacturing paperboard cartons, is progressing well and is set to be commissioned in the current quarter. This state-of-the-art facility will strengthen our pan-India presence, enhance logistics and service capabilities, and strategically position us to serve key industrial hubs across the region.

With a continued focus on diversification and expanding our manufacturing footprint, we are well-positioned to capitalize on emerging opportunities as the Indian packaging industry transitions towards organized, large-scale players. This evolution in the industry, combined with our strategic growth initiatives, reinforces our market position and strengthens our ability to drive sustainable growth and long-term value creation for all stakeholders.”

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Key Developments

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TCPL signs an exclusive manufacturing agreement with Ventit, a pioneer and patent holder
in ventilated pizza box technology
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• To strengthen TCPL’s presence in the fastfood with an

• growing packaging segment innovative, value-added product

• TCPL will leverage its large-scale manufacturing capabilities to support Ventit’s expansion and meet rising demand from national QSR chains

• This partnership reinforces TCPL’s commitment to product innovation and strategic collaborations to drive growth

• First supplies are set to commence soon, the start of a

• marking long-term growth opportunity in the food delivery packaging space

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Key Developments

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TCPL appoints Mr. Aniket S. Talati as an Independent Director on its Board
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• Aniket Talati, Senior Partner at Talati & Talati LLP, recently served as the President of the Institute of Chartered Accountants of India (ICAI) for 2023-24. He is recognized for his expertise in finance, regulation, digital transformation, and sustainability

• He holds key positions on several prestigious boards and committees, including the Government Accounting Standards Advisory Board (GASAB) and the Insurance Regulatory and Development Authority of India (IRDAI)

• He also represents India's interests globally as a member of the PAIB Advisory Group at the International Federation of Accountants (IFAC) and serves on the Board of the Confederation of Asian and Pacific Accountants (CAPA)

• His deep expertise in governance, sustainability, and digital innovation will play a role in strengthening TCPL’s strategic direction and long-term value creation

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Consolidated P&L Statement

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Particulars (Rs. crore)	Q3 FY25	Q3 FY24	Y-o-Y Change (%)	9M FY25	9M FY24	Y-o-Y Change (%)
Revenues from Operations	472.3	356.9	32.3%	1326.3	1119.4	18.5%
Other Operating Income	7.4	6.7	10.9%	21.6	21.5	0.4%
Total Revenues	479.7	363.6	31.9%	1347.9	1140.9	18.1%
Total Expenditure
• Raw Material expenses	286.7	212.2	35.1%	776.0	661.0	17.4%
• Employee benefits expense	41.4	36.6	13.0%	124.7	108.8	14.6%
• Other expenses	81.0	60.2	34.5%	228.3	189.9	20.2%
EBITDA	70.6	54.6	29.4%	218.9	181.1	20.9%
EBITDA Margin (%)	14.7%	15.0%	-29 bps	16.2%	15.9%	37 bps
Other Income	12.0	6.7	78.4%	14.3	10.1	41.7%
Finance Costs	15.0	14.9	0.9%	41.9	41.5	0.9%
Depreciation and Amortization	19.3	18.2	6.1%	57.1	52.7	8.4%
PBT	48.3	28.2	71.1%	134.2	96.9	38.5%
Exceptional Items		0.0			0.0
PBT after Exceptional Items	48.3	28.2	71.1%	134.2	96.9	38.5%
Tax expense	10.5	9.4	12.0%	29.2	26.1	11.7%
PAT	37.7	18.8	100.8%	105.0	70.7	48.4%
PAT Margin (%)	7.9%	5.2%	270 bps	7.8%	6.2%	159 bps
Cash Profit	67.6	46.4	45.6%	191.3	149.6	27.9%
EPS Diluted(Rs.)	41.46	20.65	100.8%	115.37	77.75	48.4%

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Standalone P&L Statement

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Particulars (Rs. crore)	Q3 FY25	Q3 FY24	Y-o-Y Change (%)	9M FY25	9M FY24	Y-o-Y Change (%)
Revenues from Operations	450.4	348.9	29.1%	1266.0	1085.9	16.6%
Other Operating Income	7.2	6.5	11.4%	20.8	20.9	-0.7%
Total Revenues	457.6	355.4	28.8%	1286.7	1106.9	16.3%
Total Expenditure
• Raw Material expenses	280.6	206.1	36.2%	755.9	644.3	17.3%
• Employee benefits expense	38.5	34.1	13.0%	116.3	101.7	14.3%
• Other expenses	68.2	56.5	20.8%	199.0	178.3	11.6%
EBITDA	70.2	58.8	19.5%	215.7	182.6	18.1%
EBITDA Margin (%)	15.3%	16.5%	-119 bps	16.8%	16.5%	26 bps
Other Income	11.7	1.9	502.3%	15.1	6.9	118.3%
Finance Costs	14.5	14.4	1.3%	40.5	40.1	0.9%
Depreciation and Amortization	18.6	17.6	5.9%	55.1	50.9	8.2%
PBT	48.8	28.8	69.6%	135.2	98.6	37.2%
Exceptional Items		0.0			0.0
PBT after Exceptional Items	48.8	28.8	69.6%	135.2	98.6	37.2%
Tax expense	10.6	9.1	15.5%	29.3	26.1	12.1%
PAT	38.2	19.6	94.8%	106.0	72.4	46.3%
PAT Margin (%)	8.3%	5.5%	283 bps	8.2%	6.5%	169 bps
Cash Profit	67.4	46.3	45.4%	190.3	149.4	27.3%
EPS Diluted(Rs.)	41.99	21.55	94.8%	116.44	79.60	46.3%

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Q3 FY25: Financial & Operational Discussions (Y-o-Y)

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Total Revenues

On a Consolidated basis, Total Revenues stood at Rs. 479.7 crore as against Rs. 363.6 crore, higher by 31.9%

• ❑ The Company achieved its highest-ever quarterly performance this quarter driven by strong growth in key segments, paperboard, and flexible packaging

• ❑ Revenues rebounded strongly from a lower base last year, achieving significant YoY growth. Sequential revenue also remained healthy, reflecting sustained business progress

EBITDA

On a Consolidated basis, EBITDA improved by 29.4% to Rs. 70.6 crore, translating to EBITDA margins of 14.7%

• ❑ EBITDA grew by 29%, reflecting the company’s operational efficiencies, favorable product mix, and continued expansion in customer base

Cash Profit After Tax

On a Consolidated basis, Cash PAT recorded Rs. 67.6 crore, with Cash PAT Margins at 14.1%

• ❑ PAT came in at Rs. 37.7 crore, up 100.8%

• ❑ Depreciation increased to Rs. 19.3 crore and finance cost stood stable at Rs. 15.0 crore

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Awards & Accolades Received in Q3FY25

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TCPL’s commitment to excellence
was further as Mr. K K
recognized
Kanoria, Chairman, received the
Hurun Award for the Most
Respected Entrepreneur and Leader
in Sustainable Packaging
o This accolade
prestigious
acknowledges the Company’s
success and growth in
advancing sustainable
packaging solutions
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Awards & Accolades Received in Q3FY25

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TCPL was honored with five prestigious awards at the
IFCA Awards 2024 , organized by the Indian Flexible
Packaging & Folding Carton Manufacturers
Association (IFCA), held on December 12, 2024.
These awards recognized innovation and creativity in
packaging design. Below are the winning SKUs:
o
Folding Carton Category:
▪
Bellavita
▪
Dark Fantasy Dessert
▪
Olivia Bright Boost Serum
▪
Glow & Lovely Serum
o
Flexible Packaging Material:
▪
Kido by Aquatic Science Pouch
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Annexure

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Conference Call Details

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Q3 & 9M FY2025 Earnings Conference Call

Time

Pre-registration

• 12:00 noon IST on Monday, February 17, 2025

To enable participants to connect to the conference call without having to wait for an operator, please register at the below mentioned link:

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Primary dial-in number

• + 91 22 6280 1141 / 7115 8042

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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 with customers to provide paperboard-based packaging 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 9 state-of-the-art manufacturing facilities and marketing offices in key metro cities. Over the years, the Company has diversified and broadened its to service a effectively operations wide of while range packaging products, consistently adding new customers and increasing its share of business in established customers and markets.

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For further information, please contact:

Vivek Dave TCPL Packaging Limited

Tel: +91 70454 57686 Email: vivek.dave@tcpl.in / investors@tcpl.in

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Anoop Poojari / Jenny Rose Kunnappally CDR India

Tel: +91 98330 90434 / 86899 72124 Email: anoop@cdr-india.com / jenny@cdr-india.com

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Thank You

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