TCPL Packaging Limited — Investor Presentation 2021

Jul 1, 2021

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01.07.2021

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:- Investors Presentation

Enclosed is copy of presentation for Investors. 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

Digitally signed by NANAVATI NANAVATI SOHAN SOHAN GAMANLAL GAMANLAL Date: 2021.07.01 15:38:26 +05'30' Compliance Officer

Encl. As above

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July 2021

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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 is in of information in this or that implied) given respect any presentation 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 whatsoever any obligation 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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TCPL – One of India’s leading producers of sustainable packaging solutions for customers across industries

YEARS

(RS. CRORE) (RS. CRORE)

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17.7%
15 years
Revenue
CAGR
(FY07 to FY21)
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7
Manufacturing
units
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~1,900
Employees
(FY21)
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*Note – Calculation for Cash Profit = PBT + Depreciation

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To be the
most admired
Indian
packaging
Company with
an objective
to:
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Maintain and acquire customers and contribute to their success To drive long term profitable growth Get it right the first time every time

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One of India’s largest Folding Carton manufacturers and convertors of paperboard Innovative player in the Flexible packaging industry Close-to-Demand Pan-India Footprint to fast-track growth Caters to Consumer Goods, Food & Beverage, Tobacco, Liquor, Agro-Chemicals, Pharma, and various other industries Accredited with international certifications of quality and implemented Integrated Management System (IMS) for allround quality assurance

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~
85%
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~
15%
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Revenue Mix (FY21)

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Folding Cartons

Flexible Packaging

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One of India's leading Carton Packaging companies since 1990s driven by adoption of industryleading technology

Offers wide-range of innovative, sustainable & unique packaging solutions Well-positioned to support diverse customer requirements with PAN India presence and network

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MONOCARTONS SPECIALTY & GIFT PACKAGING SHELF READY PACKS
FOOD & BEVERAGES PACKAGING
PHARMA PACKAGING
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Innovative versatile and sustainable solutions to customers across player providing industry verticals

Offers a variety of products including Pouches, Laminates, Shrink Sleeves, and Wrap Around Labels

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POUCHES
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SHRINK SLEEVES
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WRAP AROUND LABELS
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LAMINATES
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TIPPING PAPER

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BUNDLE PAPER, INNER
FRAMES & SOFT PACKS
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			Branched into				Added						Crossed $100m	Crossed $100m	Crossed $100m
	First machine		sheetfed offset printing		Started		Third Gravure Packaging line			Started			Turnover			Incorporated TCPL Innofilms Private Limited
	begins production				Haridwar					Guwahati
	at Silvassa				Factory					Factory
	1990	1997	2001		2005 2003	2008	2010	2012		2015	2016			2018	2019	2021
		First	Indian
		Packaging company				Crossed Rs					Ventured into
		to receive ISO 9002				100	crore (Rs 1				Flexible
		certification				Bn) turnover					Packaging
								Started		Goa
					First Indian			Factory
					packaging company to receive ISO 9001-2008 & ISO 22000 certification			Started 2nd plant in Haridwar							Inaugurated Greenfield unit in Goa
																	9

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Long-term connect with marquee clients spanning over 31 years

Deep-rooted Relationships

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Developing creative solutions by a dedicated team with proven capabilities

Innovative Products

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Equipped with latest state-ofthe-art machines

Several technical collaborations to ensure efficiency & productivity

Advanced Technology

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Operates multiple manufacturing units

Vast market network across India and Oversees Consistent investment in sustainable packaging solutions

Wide-spread

Sustainability

Presence

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Long term relationships with several customers spanning over 31 years

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• 100+ customers ranging across large domestic

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& global corporates

Delivers innovative & sustainable packaging solutions to customers across various industry verticals such as FMCG, Food & Beverages, Pharmaceuticals, Liquor & Tobacco

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Partners with customers to develop reliable high-quality products

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100+ 50+
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Folding Flexible
Cartons Packaging
Customers Customers
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“Deep partnerships with a diverse customer base, built upon a portfolio of sustainable & quality products”

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Liquor Agrochemical, Pharma & Others FMCG
Tobacco
Food & Beverages
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“Enables leading companies across industries identify the right packaging solutions”

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Delivers
Specialized
Customization
Packaging
Solution
Expert Well equipped
Interventions with advanced
software
Exclusive
technical
collaborations
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“Committed to developing best-in-class, high-quality, and cutting-edge packaging solutions”

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SPECIALITY INKS
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SPECIALTY COATINGS
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SPECIALISED LENS EFFECT
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SUSTAINABLE ALTERNATIVE TO
PLASTIC
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SECURITY FEATURES – PRINTING, EMBELLISHMENT &
CODING
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Anti-copy feature

Hidden Text/ Images

Micro Text

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Random alphanumeric coding

Auto paste barcodes /scratch & read tags

QR code

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Micro - embossing

Hologram pasting

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Appealing Print Finish

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

Appealing Print Finish

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

Biodegradable Packaging

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

Hidden Images, Texture UV, Cast & Cure Holography

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Uno Minda - modified the packaging to prevent widespread counterfeiting of their products

Gift Box Printing

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Karmiq gift box – Gift boxes innovated and formed by the TCPL team for Future Consumer Limited

Anti-counterfeit Solution

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Fair & Handsome Relaunch - Both the carton and flow-wrap laminate were printed with tactile varnish.

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Close-to-demand strategy has enabled TCPL to emerge as one of India’s leading sustainable packaging solution providers

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Close-to-demand strategy has enabled TCPL to emerge
as one of India’s leading sustainable packaging solution
providers
Haridwar
Mumbai Delhi
Headquartered in ,
Guwahati
TCPL operates 7 manufacturing
Silvassa
units across 4 locations & has Kolkata
marketing offices in key metro Mumbai
Goa
cities
Production
Bangalore
Sales & Business
Support
Note: Silvasa and Haridwar have 3 & 2 manufacturing units, respectively
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Note: Silvasa and Haridwar have 3 & 2 manufacturing units, respectively

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Revenue Break-Up

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Exports
22%
Domestic
78%
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Export Revenue stood at
Rs. 198.9 crore for FY21
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“As a ‘Star Export House’, TCPL offers exemplary value to its clients along with world-class quality and service”

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Focus on achieving operational excellence by adopting latest technology and practices

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Established best-in-class equipment across facilities State-of-the-art laboratories at all plants to ensure high quality

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Ink management systems installed as per international standards

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Leveraging latest digital technology to improve process control and minimize errors

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GRAVURE PROCESS

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QUALITY CONTROL PROCESS

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OFFSET PROCESS

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FLEXIBLE PACKAGING

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Growing global trend towards eco-friendly packaging solutions fueled considerable growth over the last decade

• Ever end-consumer awareness and demand for eco- increasing

• friendly & recyclable offerings

Paperboard is a naturally Renewable, Recyclable and Compostable material

• TCPL utilizes a mix of virgin (renewable) & recycled paperboard as raw material

TCPL is continuously working with potential and existing clients to transition from plastic to paper-based packaging

• Most of the Company’s packaging solutions are 100% Renewable, Recyclable and Compostable

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Considering the plastic waste disposal crisis, there is increasing pressure on brand owners to use recyclable packaging solutions

• To meet this growing demand, TCPL Innofilms Private Limited , a wholly owned subsidiary of TCPL, is setting up a Poly-ethylene (PE) blown film line from Reifenhauser (Germany) to produce film to be used in packaging applications

• Facility is expected to be commissioned in FY2022

Currently, most flexible packaging consists of multiple polymer usage, which renders it non recyclable

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• TCPL aims to use a single polymer and still fulfill all required parameters, helping the switch to recyclable packaging

• Environment friendly product anticipated to garner robust traction given recent consumer preference for sustainable and recyclable offerings

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Environment

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

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Invested
future
❑
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Invested in roof top solar at two of its facilities at Silvassa – plans to take up similar projects at all units in the future

Majority of the Company’s products are renewable, recyclable, and compostable in nature – limiting the overall carbon footprint

• ❑ 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

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

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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

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Governance

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

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• ❑ The Business Responsibility Policy covers the key principals in detail and is available on the Company’s website: TCPL - Business Responsibility Policy

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Saket Kanoria Managing Director

Rishav Kanoria Director

K. K. Kanoria Executive Chairman

Graduate from Kolkata University with Hons. in Economics and Political Science.

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

Supervises the day to-day activities of the Company mainly related to policy decisions and financial matters

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S. G. Nanavati Executive Director

Chartered Accountant & Company Secretary, looks after Finance, Legal and General Administration matters

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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

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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

An Industrialist having more than 40 years of experience

An IIM Ahmedabad alumnus

He is a senior financial services specialist and businessman entrepreneur

Chairman of Encore Natural Polymers Pvt. Ltd.

Past President of I.C.A.I.

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Rabindra Jhunjhunwala Independent Director

Partner at Khaitan & Co, a leading law firm.

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Deepa Harris Independent Director

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

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

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Pan-India Presence

Scale

Close-to-demand strategy to drive growth

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Improving consolidation in a
largely unorganized industry
Sustainable Packaging
Solutions
Emerging as a major growth
opportunity
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Partnership with Customers

Leverage existing relationship to gain higher wallet share

Investment in New Technologies Leveraging latest technology to expand market opportunity

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Diversification
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Focused approach towards growth through diversification

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India is one of the fastest growing consumers of packaging solutions in the world due to growing
domestic consumption trends
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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
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Reduction in single-use plastic to provide notable impetus to the paperboard-based industry
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Shift towards flexible packaging owing to its multi -fold energy & environmental benefits
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Some of the key trends include use of biodegradable packaging, invention of smart packaging &
next-generation technology
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“Multiple tailwinds in the Folding Cartons & Flexible Packaging Industry expected to drive robust growth”

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2 1000+ 2-3 4-5 500+ 4-5 200+ Many Many Small <200 unorganized Revenue (Rs. Crore)

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Note – Number of Companies with Rs. 1000+ crore, 500+ crore, 200+crore and <200 crore revenue

28

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Revenue (Rs. Cr.)

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FY07 to FY21 - 15-year CAGR: 17.7%
891.9 [906.4]
817.1
FY07 to FY17 - 10-year CAGR: 19.8%
700.7
592.6 [613.5]
497.8
373.3 [394.9]
283.4
240.2
188.5
159.4
100.9 [119.7]
FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
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Till 2017, the Company had reported a robust 10-year CAGR of 19.8%

Challenging external environment owing to demonetization, GST and Covid19 pandemic impacted the Company’s topline growth in the previous few years

Normalizing macro-economic environment combined with optimal utilization of capacities commissioned in the past few years should enable the Company to register healthy revenue growth going forward

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EBITDA (Rs. Cr.) EBITDA Margin (%)

FY12 to FY21 - 10-year CAGR: 14.8%

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17.3%
16.7% 16.3%
14.8% 15.1% 15.7% 14.7% 15.4%
12.9% 13.3%
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
41.3 55.7 61.2 82.0 100.5 97.2 87.7 105.7 128.1 136.3
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Cash Profit (Rs. Cr.) Cash Profit Margin (%)

FY12 to FY21 - 10-year CAGR: 15.1%

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13.8%
13.2%
12.6%
11.1% 11.2% 11.2%
10.5% 10.4%
9.7%
9.2%
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
29.4 40.7 43.5 64.7 80.4 75.3 62.3 77.4 90.7 99.1
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Note – Calculation for Cash Profit = PBT + Depreciation

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

Historically, the Company’s EBIDTA and Cash Profit margins have remained in a steady range On the back of healthy contribution from the Flexible packaging division and normalizing demand scenario, TCPL anticipates achieving higher profitability going ahead

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Net Debt to Equity

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1.87 1.93
1.79
1.66
1.53 1.58
1.31 1.3 1.26
1.08
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
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Capital Expenditure (Rs. Cr.) Capex (As a % of Revenue)
19.4%
18.5%
13.4% 13.4%
11.7% 11.8%
8.5%
9.7%
5.3%
4.0%
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
54.9 36.2 46.4 66.6 79.7 113.4 28.2 96.0 75.4 48.4
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Investments over the years have enabled TCPL to emerge as one of India's leading packaging manufacturers

Comfortable Net-Debt position – cash flows prudently utilized towards capacity expansion and reduction in Debt

Major investments in FY21 & FY22 towards doubling flexible packaging capacity, new MDO line, and upgradation of Folding Carton line

After achieving optimal utilization levels, incremental capex to support higher returns in the future

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ROCE

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22.7% 23.1%
17.4% 16.3% 16.4%
13.8% 13.3% 13.3% 12.7%
10.9%
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
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RONW

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31.9%
29.6%
20.6%
18.6%
12.1% 15.1% 12.7% 14.3% 11.8%
10.3%
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
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Over the past few years, return ratios have been below internal expectations due to lower utilization of newly commissioned capacities

Optimal utilization of capacities to facilitate better returns going forward

In addition, capex intensity as a % of sales is expected to reduce from FY23 onwards leading to higher return ratios

Endeavour to achieve 20%+ ROCE and 25%+ RONW over the longer-term

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

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Particulars	FY12	FY13	FY14	FY15	FY16	FY17	FY18	FY19	FY20	FY21
Net Worth (Rs. Cr)	67	78	88	114	145	178	216	241	269	301
Gross Block	251*	280*	328*	392*	478*	585*	426	516	595	632
Cash and cash equivalents (Rs. Cr)	1	3	3	6	6	11	15	6	16	6
Capital Employed (Rs. Cr)	195	233	248	297	384	487	519	578	659	581
Book Value (Rs.)	76	90	101	131	166	205	237	265	296	331
Net Debt (Rs. Cr)	125	150	157	174	229	296	283	314	340	325
Net Working Capital Days	92	94	92	100	85	83	113	114	115	91

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*Note: FY12 to FY17 gross block value is before IndAS adoption

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Dividend Per Share (Rs.) Dividend Payout Ratio
26.2%
23.9%
20.0%
20.0% 20.4% 19.5% 19.7% 20.1% 19.9%
7.35 7.35
6.00 6.25 10.0%
5.25
4.00
3.70
2.65 2.50
2.00
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
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“One of the first companies to announce a dividend policy – Committed to healthy dividend payouts ”

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

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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

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Key Market Statistics	As on 30-June-2021
BSE/NSE Ticker	523301 / TCPLPACK
CMP (Rs)	546.3
Market Cap (Rs Crore)	497.1
Number of outstanding shares (Crore)	0.91
Face Value	10.0
52-week High / Low (Rs)	546.3 / 255.9

Key Institutional Shareholders	Holding as on 31-March-21
DSP Core Fund	5.35%
V E C*	3.07%

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Shareholding Pattern*

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Domestic
Foreign Institutions Others, 8.50%
Institutions (MF), 0.01%
(FPI, FII) & NRI,
0.86%
AIF, 8.13%
Individual -
>1%, 26.76% Promoter &
Promoter
Group, 55.74%
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*Note: Holding across funds

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*Holding as on 31-March-21

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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 7 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

Anoop Poojari / Jenny Rose CDR India

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

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