Time Technoplast Limited — Investor Presentation 2021

Nov 12, 2021

==> picture [57 x 62] intentionally omitted <==

Earning

Presentation

==> picture [212 x 56] intentionally omitted <==

H1 / Q2 FY 2022

==> picture [416 x 52] intentionally omitted <==

B S E : 5 3 2 8 5 6 | N S E : T I M E T E C H N O | I S I N : I N E 5 0 8 G 0 1 0 2 9 | C I N : L 2 7 2 0 3 D D 1 9 8 9 P L C 0 0 3 2 4 0

==> picture [72 x 81] intentionally omitted <==

==> picture [173 x 198] intentionally omitted <==

©2021, Time Technoplast Ltd., All Rights Reserved

==> picture [49 x 75] intentionally omitted <==

“

Overall recovery has been quicker after the second wave and the Company has seen significant improvement in the performance with revenue growth of 21% Q-O-Q and 23% Y-O-Y. The performance this quarter was thus strong despite an increase in prices of key raw materials and logistics costs. We remain confident in the continued growth momentum with a steady business opportunity pipeline. Furthermore, supplies to Government owned Oil Marketing Companies (OMCs) for Type-IV LPG Composite cylinders have completed against the trial orders received for 30,000 cylinders (appx.) for various destinations in India. Discussion for repeat orders is ongoing. We are also happy to inform that within a short span of time, the Company has received excellent response for its Type-IV CNG Composite Cylinders with current order book of over ₹ 1,500 million. This brings us a step closer to our goal of becoming the largest composite product Company in the country. “ Mr. Anil Jain Managing Director

==> picture [236 x 354] intentionally omitted <==

Agenda

==> picture [890 x 162] intentionally omitted <==

----- Start of picture text -----

Financial Company
01 02 03
Appendix
Highlights Overview
----- End of picture text -----

==> picture [78 x 114] intentionally omitted <==

3

© 2021 Time Technoplast Limited, All Rights Reserved.

==> picture [937 x 11] intentionally omitted <==

01

Financial Highlights

==> picture [937 x 11] intentionally omitted <==

==> picture [72 x 81] intentionally omitted <==

4

© 2021 Time Technoplast Limited, All Rights Reserved.

Q2FY22 Financial Snapshot

==> picture [930 x 443] intentionally omitted <==

----- Start of picture text -----

Total Income (₹ Mn) EBITDA (₹ Mn) and Margin (%)
Particulars India Overseas
YoY Growth 23% YoY Growth 42% Volume Growth (16% YoY) 15% 16%
9,150 1,312 Revenue Growth (23% YoY) 21% 27%
7,444 7,547 1,009
926
Revenue Contribution 68% 32%
21% 14.3%
13.4% 30%
QoQ Growth 12.4% EBITDA Margin 14.4% 14.3%
QoQ Growth
PAT Margin 5.2% 6.1%
Q2 FY21 Q1 FY22 Q2 FY22 Q2 FY21 Q1FY22 Q2 FY22
Cash Profit Margin 9.7% 10.3%
PAT (₹ Mn) Cash Profit (₹ Mn)
YoY Growth 106% YoY Growth 43%  Value added products grew by 24.4% in Q2FY22 as compared
to Q2FY21, while established products grew by 22.5%. The
904
503 company’s focus remains to increase the share of value added
677
632
products in its revenue and improve margins.
285 76% 34%
245
QoQ Growth QoQ Growth
Q2 FY21 Q1FY22 Q2 FY22 Q2 FY21 Q1FY22 Q2 FY22
----- End of picture text -----

5

© 2021 Time Technoplast Limited, All Rights Reserved.

Segmental Performance

==> picture [842 x 372] intentionally omitted <==

----- Start of picture text -----

Polymer Products [ ] Composite Products []
Revenue (₹ Mn) EBITDA Margins (%) Revenue (₹ Mn) EBITDA Margins (%)
6,000 18.00%
14.1%
9,000 14.8%
12.3% 5,000
12.7%
21% 28%
6,152 4,000
YoY YoY
6,000
5,100 2,993
Revenue 3,000 Revenue
Share 2,337 Share
67% 33%
2,000
3,000
1,000
0 0.00% 0 0.00%
Q2 FY21 Q2 FY22 Q2 FY21 Q2 FY22
----- End of picture text -----*

*Polymer Products: HM-HDPE plastic Drums/Jerry Cans and Pails, Polyethylene (PE) pipes, Turf & Mattings, Disposable Bins and MOX Films

**Composite Products: Intermediate Bulk Containers (IBC), Composite Cylinders (LPG & CNG), Energy storage devices, Auto Products and Steel Drums.

6

© 2021 Time Technoplast Limited, All Rights Reserved.

Strategic Direction towards Value Added Products

==> picture [842 x 372] intentionally omitted <==

----- Start of picture text -----

Established Products Value Added Products
Revenue (₹ Mn) EBITDA Margins (%) Revenue (₹ Mn) EBITDA Margins (%)
15,000 6,000
13.5%
5,000
12,000 11.6%
17.4%
23% 18.00% 24%
15.6%
4,000
YoY YoY
9,000
7,129
Revenue 3,000 Revenue
5,819 Share Share
6,000 2,021
78% 22%
2,000 1,625
3,000
1,000
0 0.00% 0 0.00%
Q2 FY21 Q2 FY22 Q2 FY21 Q2 FY22
----- End of picture text -----*

*Established Products- HM-HDPE plastic Drums/Jerry Cans and Pails, Polyethylene (PE) pipes, Turf & Mattings, Disposable Bins, Energy storage devices, Auto Products and Steel Drums.

**Value Added Products- Intermediate Bulk Containers (IBC), Composite Cylinders (LPG and CNG) and MOX Films.

7

© 2021 Time Technoplast Limited, All Rights Reserved.

H1FY22 Financial Snapshot

==> picture [572 x 203] intentionally omitted <==

----- Start of picture text -----

Total Income (₹ Mn) EBITDA (₹ Mn) and Margin (%)
37%
YoY Growth 58%
YoY Growth
16,697 2,321
12,199
1,468
13.9%
12.0%
H1 FY21 H1 FY22 H1 FY21 H1 FY22
----- End of picture text -----

==> picture [572 x 208] intentionally omitted <==

----- Start of picture text -----

PAT (₹ Mn) Cash Profit (₹ Mn)
YoY Growth 517% YoY Growth 77%
788 1,581
891
128
H1 FY21 H1 FY22 H1 FY21 H1 FY22
----- End of picture text -----

==> picture [12 x 442] intentionally omitted <==

Particulars	India	Overseas
Volume Growth (32% YoY)	32%	33%
Revenue Growth (37% YoY)	37%	37%
Revenue Contribution	65%	35%
EBITDA Margin	13.9%	13.8%
PAT Margin	4.2%	5.7%
Cash Profit Margin (xx%)	9.2%	10.0%

• Total Debt in H1FY22 stood at ₹ 8,324 Mn

• Net cash from Operating Activities in H1FY22 is ₹ 644 Mn

• Value added products grew by 35.0% in H1FY22 as compared to H1FY21, while established products grew by 37.4%. The company’s focus remains to increase the share of value added products in its revenue and improve margins.

8

© 2021 Time Technoplast Limited, All Rights Reserved.

Segmental Performance

==> picture [842 x 372] intentionally omitted <==

----- Start of picture text -----

Polymer Products [ ] Composite Products []
Revenue (₹ Mn) EBITDA Margins (%) Revenue (₹ Mn) EBITDA Margins (%)
18,000 10,000 18.00%
13.8%
9,000
14.2%
15,000 12.0%
8,000
35% 12.2% 41%
12,000 11,402 7,000
YoY YoY
6,000
5,287
9,000 8,434 Revenue 5,000 Revenue
Share 3,756 Share
4,000
68% 32%
6,000
3,000
2,000
3,000
1,000
0 0.00% 0 0.00%
H1 FY21 H1 FY22 H1 FY21 H1 FY22
----- End of picture text -----*

*Polymer Products: HM-HDPE plastic Drums/Jerry Cans and Pails, Polyethylene (PE) pipes, Turf & Mattings, Disposable Bins and MOX Films

**Composite Products: Intermediate Bulk Containers (IBC), Composite Cylinders (LPG & CNG), Energy storage devices, Auto Products and Steel Drums.

9

© 2021 Time Technoplast Limited, All Rights Reserved.

Strategic Direction towards Value Added Products

==> picture [842 x 372] intentionally omitted <==

----- Start of picture text -----

Established Products Value Added Products
Revenue (₹ Mn) EBITDA Margins (%) Revenue (₹ Mn) EBITDA Margins (%)
10,000
24,000
13.1% 9,000
21,000
8,000
11.2%
18,000 37% 16.9% 18.00% 35%
7,000
15.2%
YoY YoY
15,000 6,000
13,141
Revenue 5,000 Revenue
12,000
9,564 Share Share
4,000 3,556
9,000 79% 21%
3,000 2,635
6,000
2,000
3,000
1,000
0 0.00% 0 0.00%
H1 FY21 H1 FY22 H1 FY21 H1 FY22
----- End of picture text -----*

*Established Products- HM-HDPE plastic Drums/Jerry Cans and Pails, Polyethylene (PE) pipes, Turf & Mattings, Disposable Bins, Energy storage devices, Auto Products and Steel Drums.

**Value Added Products- Intermediate Bulk Containers (IBC), Composite Cylinders (LPG and CNG) and MOX Films.

10

© 2021 Time Technoplast Limited, All Rights Reserved.

Product Segment Wise Performance

	Value	Value	Value	Volume	Volume	Volume
Particulars	H1FY22	H1FY21	Y-o-Y Growth	Unit	H1FY22	H1FY21	Y-o-Y Growth
	(₹ Cr.)	(₹ Cr.)	%				%
TURNOVER
REGULAR BUSINESS
Packaging (Excl. IBC Business ), Lifestyle , Auto , Batteries Business etc.	12,248 8,906 37.5 M.T. 101,272 76,711						32.0
PE Pipes	893 658 35.8 M.T. 7,945 6,279						26.5
Sub - Total	13,141 9,564 37.4 109,218 82,990						31.6
VALUE ADDED PRODUCTS
IBC Business	1,965 1,406 39.8 Nos. 245,634 182,692						34.5
Composite Cylinders	913 649 40.6 Nos. 394,926 290,020						36.2
MOX Film	679 580 17.0 M.T. 2,825 2,479						14.0
Sub - Total	3,556 2,635 35.0						31.6
Total	16,697 12,199 36.9						31.6

11

© 2021 Time Technoplast Limited, All Rights Reserved.

H1FY22 Highlights

Total capex in H1FY22	₹ 732 Mn.
Established Products for capacity expansion, re-engineering and automation	₹ 403 Mn.
Value Added Products	₹ 330 Mn.

• Capacity utilization: Overall 72% (India: 67%; Overseas: 78%)

• Management focus on improving Working Capital cycle time to continue. In H1FY22, working capital cycle time reduced by 6 days (from 131 days to 125 days) and in the next 18 months targeting to achieve pre-COVID level of 90 days.

Industrial Packaging

• Continued good demand for IBCs and large sized drums, from all the three locations in the US i.e. Chicago, Houston and Iowa.

• Brownfield expansion in India and overseas locations to continue for future growth and leveraging of existing infrastructures

Pipes

• Unprecedented hike in resin prices resulting in delay in procurement by EPC contractors due to delay in hike from Government authorities, in spite of good order book in PE Pipe business of ~₹ 2,000 Mn.

• The pipes/ducts have substantial business potential specially in government projects like Smart Cities, Jal Jeevan Mission and Swachh Bharat Mission.

12

© 2021 Time Technoplast Limited, All Rights Reserved.

H1FY22 Highlights

MOX Films

• Company innovating new applications of the MOX films and is launching new products in the market like Truck covers, Pond Liners, Mulching Film, Poly house Films and Films for Agricultural use.

• Continued focus on export markets of Thailand, Malaysia, Germany UK & USA.

Composite Cylinder- LPG application

• Continued good response from overseas customers for Composite Cylinder for use in filling of LPG. The Company currently has approvals in over 50 countries and is exporting Composite Cylinders to over 42 nations.

• Supplies to Government owned Oil Marketing Companies (OMCs) for Type-IV LPG Composite cylinders have completed against the trial orders received for 30,000 cylinders (appx.) for various destinations in India. Discussions for repeat orders is ongoing.

• Good potential in period ahead on account of the Pradhan Mantri Ujjwala Yojana of the Government of India.

Composite Cylinder- CNG application (Cascades)

• The Company in August 2020 has received coveted approval from Petroleum And Explosives Safety Organization (PESO) and Bureau Veritas for the first time for Indian Cylinder under International Standard ISO:11119-3:2013 as applicable for manufacturing of Fully Wrapped Carbon Fibre Reinforced Type-IV Composite Cylinder for CNG Cascades.

• Company is receiving over whelming response in a short period of time with current order book position of over ₹ 1,500 million.

• In addition, there are several RFQs / Tender at advanced stage of finalization with various Gas Distribution Companies / Institutions where the company is participating.

13

© 2021 Time Technoplast Limited, All Rights Reserved.

H1FY22 Highlights

Composite Cylinder- CNG application (on-board)

• During the month of May 2021, the Company has finally received approval from PESO and Bureau Veritas under ISO: 11439-2013 as applicable for manufacturing of Fully Wrapped Carbon Fibre Reinforced Type-IV Composite Cylinder for On Board (vehicle) applications, for the first time in India.

• Besides the OEMs, who have explicitly expressed their preference for Type-IV cylinders vis-à-vis Type-I (steel cylinders), the Company is also going to target the secondary market in the Automobile industry.

• The company has started receiving small initial orders.

Composite Cylinder- Oxygen application (under development)

• With the ongoing shortage for Oxygen cylinder, the Company has successfully developed Carbon Fibre Reinforced Composite Cylinder (TypeIII) for Oxygen.

• The first prototype has been developed in 10 litre capacity at 200 bar pressure carrying sufficient medical grade oxygen to serve a patient for 7 hours @5 Litre Per Minute (LPM). The company is also working on developing a 20 Litre capacity cylinder.

• These cylinders shall now undergo extensive tests/trials by third party inspection agency and PESO.

14

© 2021 Time Technoplast Limited, All Rights Reserved.

==> picture [238 x 492] intentionally omitted <==

02 Company Overview

==> picture [72 x 81] intentionally omitted <==

15

© 2021 Time Technoplast Limited, All Rights Reserved.

Time Technoplast

• Time Technoplast Limited (Time Tech) is a multinational company and one of the leading manufacturer of technology based polymer and composite products

• Strong presence in Asia & MENA regions with presence in 10 different countries outside India

• Has 14+ recognized brands and works with > 900 institutional customers globally

 Well established inhouse R&D team of around 30 people having experience of more than 15 years for upgrading existing and developing futuristic products by using latest processing technology

==> picture [12 x 442] intentionally omitted <==

Business Mix

~~Established Products Value-Added Products~~

==> picture [23 x 25] intentionally omitted <==

==> picture [53 x 24] intentionally omitted <==

==> picture [42 x 41] intentionally omitted <==

==> picture [56 x 47] intentionally omitted <==

==> picture [51 x 56] intentionally omitted <==

==> picture [73 x 55] intentionally omitted <==

==> picture [82 x 47] intentionally omitted <==

==> picture [47 x 43] intentionally omitted <==

==> picture [55 x 31] intentionally omitted <==

==> picture [54 x 35] intentionally omitted <==

==> picture [55 x 34] intentionally omitted <==

Industrial Packaging Infrastructure Technical & Lifestyle Intermediate Polymer Drums, Polyethylene (PE) Pipes, Turf & Matting, Bulk Jerry Cans, Energy storage devices Disposable Bins, Container Auto Products (IBC) Pails

Composite MOX Film Cylinders (Techpaulin)

Marquee Clients

==> picture [58 x 57] intentionally omitted <==

==> picture [40 x 46] intentionally omitted <==

==> picture [42 x 42] intentionally omitted <==

==> picture [31 x 41] intentionally omitted <==

Chemicals BASF, Huntsman, Bayer, Aditya Birla Chemicals, Du Pont, Dow, Eco Lab, Solvay, Etc.

Petrochemicals Auto Others Shell, Indian Oil, Gulf, Ashok Leyland, Tata Cargill, GE, L&T, Nestle, ExxonMobil, Total, etc. Motors, Eicher Motors, Wipro, LEAP India, Etc. Volvo, Etc.

16

© 2021 Time Technoplast Limited, All Rights Reserved.

Innovative and Tech Oriented Products

==> picture [697 x 425] intentionally omitted <==

----- Start of picture text -----

Industrial Packaging Infrastructure
Drums & Containers Jerry Cans Conipack Pails HDPE Pipes DWC Pipes Energy Storage
Devices
Auto Components and Lifestyle
Fuel Tanks
Rain Flaps Mats
Composite IBCs Composite Cylinders MOX Films
CNG CNG (On Board
DEF (Urea) Tanks
Cascade Application)
and more…
----- End of picture text -----

Focus on Innovative & Tech oriented polymer products and have several firsts to our credit-

• 1[st ] to launch PE drums to replace steel

• 1[st ] to launch Tubular Gel Batteries

• 1[st ] to launch Anti-Spray Rain Flaps

• 1[s][t ] Plastic Fuel tanks in CVs

• 1[st ] to launch IBC

• 1[s][t ] to launch Composite Gas cylinders

17

© 2021 Time Technoplast Limited, All Rights Reserved.

==> picture [960 x 492] intentionally omitted <==

----- Start of picture text -----

03
Appendix
----- End of picture text -----

18

© 2021 Time Technoplast Limited, All Rights Reserved.

Consolidated Income Statement

Particulars (₹ Mn)	Q2FY22	Q2FY21	H1FY22	H1FY21	FY21
Total Income	9,150	7,444	16,697	12,199	30,087
Total Expenses	7,838	6,518	14,376	10,731	26,178
EBITDA	1,312	926	2,321	1,468	3,909
EBITDA Margin (%)	14.3%	12.4%	13.9%	12.0%	13.0%
Finance Cost (Net)	230	247	464	500	977
Depreciation	391	374	776	749	1510
PBT	691	304	1,081	218	1,422
Tax	178	46	275	76	364
PAT before Minority Interest	513	258	805	142	1,058
Minority Interest	10	13	17	14	24
PAT after Minority Interest	503	245	788	128	1,034
PAT Margins (%)	5.5%	3.3%	4.7%	1.1%	3.4%
EPS (₹)	2.22	1.08	3.48	0.56	4.57

19

© 2021 Time Technoplast Limited, All Rights Reserved.

Consolidated Balance Sheet

Particulars (₹ Mn) H1FY22 FY21 FY20 Equity & Liabilities Shareholder's Funds Share Capital 226 226 226 Other Equity 19,437 18,803 17,925 Total Shareholder's Fund 19,663 19,029 18,151 Minority Interest 500 483 521 Non-Current Liabilities Long-Term Borrowings 2,223 2,616 3,315 Lease Liabilities 483 534 581 Deferred Tax Liabilities (Net) 854 825 792 Total Non Current Liabilities 3,560 3,975 4,688 Current Liabilities Short-Term Borrowings 4,945 4,157 4,309 Trade Payables 3,030 3,244 4,435 Other Financial Liabilities 1,252 1,415 776 Other Current Liabilities 331 335 350 Short-Term Provisions 113 136 106 Current Tax Liabilities 203 271 307 Total Current Liabilities 9,874 9,558 10,283 TOTAL - EQUITY AND LIABILITIES 33,597 33,045 33,643

Particulars (₹ Mn) H1FY22 FY21 FY20 ASSETS Non-Current Assets Fixed Assets Property, Plant & Equipment 1,2,211 12,233 12,857 Capital Work-in-Progress 408 403 805 Right-to-Use Assets 548 575 633 Intangible Assets 2 2 4 Others Financial Assets/Long Term Loans & Advances 303 289 294 Total Non Current Assets 13,472 13,502 14,593 Current Assets Inventories 7,928 7,598 7,577 Trade Receivables 8,049 7,983 8,207 Cash and Cash Equivalents & Bank Balance 955 870 825 Other Advances 1,549 1,497 1,463 Other Current Assets 1,043 994 978 Total Current Assets 19,524 18.942 19,050 Assets Classified As Held For Sale 601 601 - TOTAL - ASSETS 33,597 33,045 33,643*

*In accordance with Ind AS 105 for Non-current Assets Held for Sale and Discontinued Operations, the management has identified and classified certain assets as held for sale.

20

© 2021 Time Technoplast Limited, All Rights Reserved.

Consolidated Cash Flow

Particulars(₹ Mn)	H1FY22	FY21	FY20
Net cash flow from operating activities	1,108	2,570	3,012
Profit before tax & extraordinaryitems	1,081	1,422	2,367
Depreciation	776	1,510	1,562
Interest	464	977	1,082
Others	34	(25)	91
WorkingCapital Changes	(1035)	(972)	(1,466)
Tax Payment	(212)	(343)	(624)
Net cash used in Investing Activities	(733)	(1,018)	(1,376)
Purchase of fixed assets	(733)	(1,020)	(1,376)
Sale of fixed assets	-	2	0
Net cash used in financing activities	(290)	(1,507)	(1,477)
Netproceeds from borrowings	227	(223)	(79)
Repayment of lease liability	(46)	(85)	(63)
Dividendpaid & tax on dividend	(7)	(222)	(253)
Interestpaid	(464)	(977)	(1,082)
Net increase/(decrease) in cash & cash equivalents	85	45	159
Cash & cash equivalents as at(openingbalance)	870	825	666
Cash & cash equivalents as at(closingbalance)	955	870	825

21

© 2021 Time Technoplast Limited, All Rights Reserved.

Capital Market Information

Marquee Investors as on 30[th ] September 2021 (% of Total Equity)

Promoter

NT Asian Discovery Fund 14.6 HDFC Trustee 9.0

Grandeur Peak 2.3

Life Insurance Corporation of India 1.6

Kapitalforeningen Investin Pro - Dalton 1.1

Total Shareholders > 58,000

==> picture [365 x 276] intentionally omitted <==

----- Start of picture text -----

51%
17% Public
11%
21%
FIIs and Foreign
Mutual Funds/
Companies
Insurance
companies
----- End of picture text -----

22

© 2021 Time Technoplast Limited, All Rights Reserved.

==> picture [49 x 75] intentionally omitted <==

Except for the historical information contained herein, statements in this presentation and the subsequent discussions, which include words or phrases such as "will", "aim", "will likely result", "would", "believe", "may", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", seek to", "future", "objective", "goal", "likely", "project", "should", "potential", "will pursue", and similar expressions of such expressions may constitute "forward-looking statements", These forward looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to successfully implement our strategy, our growth and expansion plans, obtain regulatory approvals, our provisioning policies, technological changes, investment and business income, cash flow projections, our exposure to market risks as well as other risks. The Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date thereof.

==> picture [49 x 56] intentionally omitted <==

For further information, please contact: Mr. Digvijay Singh Rathore Mr. Siddesh Chawan Manager – Investor Relations Christensen Advisory +91 22 7111 9304 +91 22 4215 0210 digvijay.rathore@timetechnoplast.com schawan@christensenir.com

© 2021 Time Technoplast Limited, All Rights Reserved.

“Time Technoplast” and The Time Technoplast Logo are trademarks of Time Technoplast Limited. In addition to Company data, data from market research agencies, Stock Exchanges and industry publications has been used for this presentation. This material was used during an oral presentation; it is not a complete record of the discussion. This work may not be used, sold, transferred, adapted, abridged, copied or reproduced in whole on or in part in any manner or form or in any media without the prior written consent. All product names and company names and logos mentioned herein are the trademarks or registered trademarks of their respective owners.

==> picture [85 x 104] intentionally omitted <==