Slide 1: Earnings Presentation Q2FY24 & H1FY24
Earnings Presentation Q2FY24 & H1FY24 November 16, 2023
Slide 2: Index
03 Key Highlights 15 Financial Summary 19 Business at a Glance INDEX 25 Sustainability 29 Management & Shareholders Information
Slide 3: Key Highlights
Key Highlights » Chairman’s Message » Performance Snapshot » Performance Highlights » Product Innovation » Awards » Standalone and Consolidated P&L Summary » Debt Profile
Slide 4: Chairman's Message
Chairman’s Message Mr. Ashok Chaturvedi, Chairman and Managing Director, UFlex Ltd. said, “In Q2, our Flexible Packaging business witnessed increased sales volumes both on QoQ and YoY basis. The Packaging Films business witnessed increased sales volumes on a QoQ basis but was almost flat on a YoY ba
Slide 5: Performance Snapshot
Performance Snapshot Q2FY24 H1FY24 About the Company Revenue Rs. 3,389 Cr. Rs. 6,668 Cr. (+3.4% QoQ, -11.9% YoY) (-15.5% YoY) 10,000 + 16 Rs. 406 Cr. Rs. 710 Cr. EBITDA (+33.6% QoQ, -17.7% YoY) (-41.8% YoY) State-of-the-art +12.0% EBITDA Margin +10.6% EBITDA Margin Global Workforce Manufacturing (+2
Slide 6: Performance Highlights
Performance Highlights ➢ Revenue was Rs. 3,389 Cr. (+3.4% QoQ and -11.9% YoY) in Q2FY24. Revenue improved on QoQ basis but lower on YoY basis due to lingering headwinds in the packaging films business ➢ EBITDA was Rs. 406 Cr. (+33.6% QoQ and -17.7% YoY) in Q2FY24. EBITDA margin improved by +271bps Q
Slide 7: Product Innovation (1/4)
Product Innovation (1/4) Packaging Films Business F-PTX High Barrier Thermal Stable Alox Film (Offline coating) ❖ High barrier thermal stable transparent Alox BOPET film ❖ Protective printable layer atop a high barrier vacuum deposit on one side and the other side is primer- coated or untreated ❖ Ex
Slide 8: Product Innovation (2/4)
Product Innovation (2/4) CWR White opaque retort-grade CPP film (Functional Raw Material) C-CPL-KP CPP transparent film for Ketchup packing ❖ C-CWR is a co-extruded white opaque film, (Functional Raw Material) treated for aseptic/retort packaging on one side ❖ C-CPL-KP is a co-extruded transparent f
Slide 9: Product Innovation (3/4)
Product Innovation (3/4) Chemicals Business FLEXBOND 666 FLEXGREEN LED INKS for flexible packaging and pet films ❖ High-viscosity water-based synthetic adhesive ❖ Innovative LED inks and coatings for diverse laminate ❖ Primarily used in production of paper bags, for materials pasting the sides, bott
Slide 10: Product Innovation (4/4)
Product Innovation (4/4) Flexible Packaging Business Printing Cylinders Business PFA 3D bags for Vivaldies Holographic Effect on leatherettes through steel Embossed ❖ Unique pouch designed for top slider 2 kg 3D bags for Cylinders customised PFS machines ❖ Holographic effect on leatherettes like PU
Slide 11: Awards
Awards Won 16 awards at IFCA Star Awards 2023 UFlex Chemicals business was 1st runner-up in the for market-leading innovation and creativity in the manufacturing category at the 10th CII - Northern packaging industry Region EHS Competition on Environment, Health, and Safety Management UFlex Earnings
Slide 12: Standalone P&L Summary
Standalone P&L Summary Particulars (Rs. Cr.) Q2 FY24 Q1 FY24 Q2 FY23 QoQ YoY H1 FY24 H1 FY23 YoY Revenue 1,651 1,671 1,721 -1.2% -4.1% 3,322 3,417 -2.8% EBITDA 168 206 153 -18.2% +9.7% 374 358 +4.2% EBITDA Margin (%) 10.2% 12.3% 8.9% -210bps +130bps 11.2% 10.5% +80bps Depreciation and 76 73 64 +3.7%
Slide 13: Consolidated P&L Summary
Consolidated P&L Summary Particulars (Rs. Cr.) Q2 FY24 Q1 FY24 Q2 FY23 QoQ YoY H1 FY24 H1 FY23 YoY Revenue 3,389 3,278 3,849 +3.4% -11.9% 6,668 7,895 -15.5% EBITDA 406 304 493 +33.6% -17.7% 710 1,218 -41.8% EBITDA Margin (%) 12.0% 9.3% 12.8% +271bps -84bps 10.6% 15.4% -479bps Depreciation and Amorti
Slide 14: Debt Profile
Debt Profile Debt Breakdown Split of Long-Term Debt Particulars Rs. Cr. Long Term 4,789 Working Capital 1,270 Domestic 42% Short Term 159 Overseas 58% Total Debt 6,218 Net Debt 4,759 Key Lenders Qatar National Bank BBVA J&K State Bank of India Woori UniCredit Bank RBL Punjab National Bank Commercial
Slide 15: Financial Summary
Financial Summary » Key Standalone Financial Performance » Key Consolidated Financial Performance » Consolidated Financial Overview
Slide 16: Key Standalone Financial Performance
Key Standalone Financial Performance Sales (Vol’s MT) Revenue (Rs Cr) EBITDA (Rs Cr) 15% 16% 12% 11% 10% 11% 231,757 209,693 194,802 176,846 6,817 5,721 128,120 116,037 766 762 4,655 680 4,152 616 3,417 3,322 358 374 FY20 FY21 FY22 FY23 H1FY23 H1FY24 FY20 FY21 FY22 FY23 H1FY23 H1FY24 FY20 FY21 FY22
Slide 17: Key Consolidated Financial Performance
Key Consolidated Financial Performance Sales (Vol’s MT) Revenue (Rs Cr) EBITDA (Rs Cr) 14.9% 20.5% 17.2% 14.0% 15.4% 10.6% 599,259 587,118 466,390 14,784 13,237 2,280 380,744 2,068 1,827 304,548 293,999 8,915 7,895 6,668 1,218 1,109 7,432 710 FY20 FY21 FY22 FY23 H1FY23 H1FY24 FY20 FY21 FY22 FY23 H1F
Slide 18: Consolidated Financial Overview
Consolidated Financial Overview Key Financials Ratios FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 EBITDA Margin 12% 12% 13% 13% 13% 13% 15% 20% 17% 14% PAT Margin 3% 4% 5% 5% 5% 4% 5% 9% 8% 3% Net Debt to Equity 0.78 0.65 0.52 0.51 0.47 0.44 0.69 0.62 0.60 0.59 Net Debt to EBIDTA 3.08 2.69 2.1
Slide 19: Business at a Glance
Business at a Glance » Journey so far » Diversified Product Portfolio » Manufacturing Presence » Backward Integrated Value Chain » Capex Update
Slide 20: Journey so far
Journey so far Doubling of Added BOPET Aseptic Company went Film Line Packaging public (IPO) Expanded a Added in Russia and capacity in Added Flexible Added 1st BOPP Added into Added PET BOPET & CPP BOPET Film line expanded in Sanand, Gujarat Target Films Packaging Films line in Holography Film Capa
Slide 21: Diversified Product Portfolio
Diversified Product Portfolio Packaging Films Flexible Packaging Holography business Aseptic Liquid Packaging Cylinders Packaging Rolls Engineering Chemical (Ink & Adhesive) UFlex Earnings Presentation Q2 FY24 & H1 FY24 21
Slide 22: State-of-the-Art Manufacturing Infrastructure
16 State-of-the Art Manufacturing Infrastructure 16 Strategically located manufacturing facilities across 5 continents and 9 countries Global Capacity of ~780,000 MTPA: Deliver Anywhere in the World Within 15 Days Americas Capacity % Utilization Plant (MTPA) (Q2FY24) India US 30,000 109% Capacity %
Slide 23: Fully integrated player across the entire value chain
Fully integrated player with presence across the entire value chain Packaging Film Business Flexible Packaging Business Aseptic Packaging Business Rotogravure Design PP Granules Holograms Converting Packaging Metalized films Cylinders & Poly Granules & Shims Machines Machines Shims PPC PET Packaging
Slide 24: Capex Update: Backward Integration Projects
Capex Update Backward Integration Projects PET Chips Plant, Egypt PET Chips Plant, Panipat ➢ Setting up of a poly ➢ Setting up of a poly condensation condensation plant through plant through CP and SSP process CP process to produce to produce polyester chips polyester chips ➢ Equipped with technolog
Slide 25: Sustainability
Sustainability » Pioneer in building circularity in multi-layered plastics » Sustainability at UFLEX » Sustainability Initiatives Towards Green Packaging
Slide 26: Pioneer in building circularity in multi-layered plastics
Pioneer in building circularity in multi-layered plastics 20+ years of experience in building circularity in plastics One of the First in the World to Recycle Mixed Plastic Waste Recycled MLP 0.5mn+ tons so far Invested $20mn+ in FY23 at the Poland and Mexico Plants Recycling Machine Initiatives Tak
Slide 27: Sustainability at UFLEX
Sustainability at UFLEX The Ultimate Destination Sustainability Initiatives towards Green Packaging ▪ First company in the world to recycle mix plastic waste ▪ Ensuring 100% Recyclability of Multi-Layer Packaging with RELAM 250 recycling machine that enables recycling of multi-layer packaging and re
Slide 28: Sustainability Initiatives Towards Green Packaging
Sustainability Initiatives Towards Green Packaging Sustainability at UFLEX Converting Waste Plastic into Fuel with Pyrolysis Plant Asclepius™ Green Packaging Film to Create a Circular Economy ▪ Commissioned Pyrolysis Plant, at Noida facility in October 2018 ▪ Flex Films is offering an entire range o
Slide 29: Management & Shareholders Information
Management & Shareholders Information » Management Team » Shareholding Pattern » Auditors Information
Slide 30: High Performing Team
High Performing Team Professional Management with an average experience of > 25 years in Business, Corporate, Project & Operational excellence 41 35 Jeevaraj Pillai, Whole Time Director, Director- Sustainability, President, Ashok Chaturvedi, Chairman & MD Flexible Packaging and New Product Developme
Slide 31: High Performing Team
High Performing Team Professional Management with an average experience of > 25 years in Business, Corporate, Project & Operational excellence 30 Chandan Chattaraj, President, Human Resources 28 • Three decades of experience with esteemed organizations like Aircel, The Amit Shah, Joint President and
Slide 32: Shareholding Pattern – September 2023
Shareholding Pattern – September 2023 Shareholding Historical Shareholding Pattern ( in %) Categories Sep ‘22 Dec ‘22 Mar ’23 June ’23 Sep ’23 Others 25.98% Promoter Group 44.58 44.58 44.58 44.58 44.58 Promoter FIIs and FPIs 16.23 15.91 14.83 14.68 14.08 MF and AIF Group 0.19% 44.58% CBO, Insurance
Slide 33: Auditors Information
Auditors Information Locations Auditors India MSKA & Associates (BDO) & Vijay Sehgal & Co. Dubai Shah & Al-shamali Associates Egypt MSKA & Associates (BDO) Poland Ernst & Young (EY) USA Crowe LLP Mexico GS&A Hungary Leitner Leitner Nigeria PKF Accountants & business advisers Russia MSKA & Associates
Slide 34: Contact Us
Contact Us UFlex Limited Address: A – 107 - 108, Sector - IV, Noida - 201301 (U.P.), India. Phone No : +91 120 4012345 (30 Lines) Fax No.: +91 120 2556040 Corporate ID :L74899DL1988PLC032166 Email: investorrelations@uflexltd.com Website: www.uflexltd.com Disclaimer No representation or warranty, exp