Slide 1: UFlex Limited Earnings Presentation
UFLEX LIMITED Earnings Presentation February 17, 2025 Stock Code: BSE – 500148, NSE – UFLEX Noida, India Common Stock Outstanding: 72.2mn as of December 31, 2024
Slide 2: Disclaimer
Disclaimer No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the d
Slide 3: Key Highlights
➢ Chairman’s Message ➢ Industry Trends ➢ Performance Snapshot ➢ Performance and Business Highlights Key ➢ Capex Update ➢ Packaging Films Production volume Highlights ➢ Financial Summary ➢ Sustainability & circularity ➢ Product Innovation ➢ Business at a Glance ➢ Management & Shareholders
Slide 4: Chairman's Message
Chairman’s Message Mr. Ashok Chaturvedi, Chairman and Managing Director, “We are pleased to announce that we are setting up a woven polypropylene (WPP) bags manufacturing plant in Mexico for pet food packaging. With an estimated investment of USD 50 Million, this plant will be the first WPP packagin
Slide 5: Industry Trends
Industry Trends Domestic International ➢ Demand-supply imbalance in BOPET market continues, ➢ India's exports of BOPET and BOPP packaging films though growing exports drive growth. maintained strong growth momentum. ➢ Packaging Films continue to experience price volatility. ➢ Food inflation in India
Slide 6: Consolidated Performance Snapshot – Q3 and 9MFY25
Consolidated Performance Snapshot – Q3 and 9MFY25 Q3FY25 9MFY25 Q3FY25 9MFY25 Revenue Capex Rs. 37,742 Mn Rs. 113,100 Mn (-2.0% QoQ, +12.8% YoY) (+13.0% YoY) Rs. 3,647 Mn Rs. 10,577 Mn Domestic: 47% Domestic: 45% International: 53% International: 55% Net Debt Norm. EBITDA* Rs. 5,207 Mn Rs.14,242 Mn
Slide 7: Q3FY25 – Consolidated Performance Highlights
Q3FY25 – Consolidated Performance Highlights Revenue grew +12.8% YoY to Rs. 37,742 Mn in Q3 FY25, driven by strong growth in packaging films (+17.9% YoY) and the packaging business (+15.0% YoY). The packaging business rebounded with 15.0% YoY revenue growth in Q3 FY25, recovering from a -1.7% declin
Slide 8: Capex Update
Capex Update ➢ Incurred total project capex of Rs 3,647 Mn during the quarter, with major allocation to the three projects: a) Egypt: Rs. 1,609 Mn for the aseptic packaging facility b) Rs. 1,303 Mn for the virgin PET chips line Capex in Q3 FY25 c) India: Rs 125 Mn allocated for the debottlenecking p
Slide 9: Packaging Films Production Volume across Geographies
Packaging Films Production Volume across Geographies Geographic % contribution to total Capacity, Production and Utilization Production volume change packaging film production vol. Q3 FY25 India Dubai Egypt Nigeria CIS Poland Hungary USA Mexico 11% 24% 7% QoQ YoY Capacity Q3 FY25 Production (Utiliza
Slide 10: Packaging and Chemicals Production Volume
Packaging and Chemicals Production Volume % Breakdown of production vol. by Capacity, Production and Utilization Production volume change packaging products & chemicals Liquid packaging Flexible packaging Chemicals (Inks & Adhesives) Q3 FY25 24% 34% 45,916 MTPQ Capacity Q3 FY25 Production (Utilizati
Slide 11: Global Manufacturing Footprints
Global Manufacturing Footprints 16 State-of-the-Art Manufacturing Facilities Strategically Located across 5 Continents and 9 Countries Overall Global Capacity of 1 mn+ MTPA: Ready to deliver Anywhere in the World within 15 Days Americas India Plant Capacity (MTPA) Capacity Plant US 30,000 (MTPA) Mex
Slide 12: Integrated Manufacturing Capacities Across Geographies
Integrated 1 Manufacturing Capacities Across Geographies Extensive Suite of Products in Every Region We Operate Resins & Moulding Base Packaging Films Specialty Films Value Added Products (VAP) Locations 2,42,317 MTPA 6,18,160 MTPA 2,45,600 MTPA (Capacities Chemicals Aseptic Data as of vPET rPET rML
Slide 13: India's Decade of Outperformance
India’s Decade of Outperformance India to Become 3rd Largest Economy by FY29 India's Rising GDP per Capita ➔ Higher Consumer Spending GDP in US$ trillion (Real GDP growth %) GDP per Capita at current prices in US$ (‘000) per capita 2025F 2029F 2025F 2029F USA 30.3 ; (2.2%) USA 35.5 ; (2.2%) USA 89.7
Slide 14: Evolving Business Landscape of Packaging and Packaging Films
Evolving Business Landscape of Packaging and Packaging Films 01 02 03 STEADY FMCG SUSTAINABLE ECONOMIC DEMAND PACKAGING GROWTH Steady economic Gradual uptick in rural EPR commitments to growth amidst global demand as urban lags promote sustainable challenges packaging 14
Slide 15: Macro Economic Environment
Macro Economic Environment Global Growth expected to remain Stable India Growth to remain robust at 6.4% in FY25e Real GDP Growth (YoY) 7.7 Real GDP Growth (YoY) 8.2 3.7 7.0 2.4 6.5 6.4 2.1 1.4 3.3 3.2 3.3 1.7 1.7 1.9 2.9 2.8 2.7 0.4 1.0 5.2 4.8 4.6 0.8 World Advanced US Euro Area China FY19 FY23 FY
Slide 16: Evolving Consumption Trends
Evolving Consumption Trends Recovery in both Value & Volume Growth Volume: Rural continue to surpass Urban Growth Rainfall Status: -3% LPA (1st Oct’24 – 31st Dec’24) FMCG growth % FMCG volume growth % in Rural & Urban 10.6% 9.9% 7.1% 7.9% 6.5% 6.8% 6.7% 6.6% 5.6% 7.2% 5.8% 6.2% 5.7% 3.9% 4.8% 5.0% 3
Slide 17: Pricing Trends of Packaging Films and Related Commodities
Jan-23 98.5 135.5 Feb-23 99.8 145.0 Mar-23 97.5 129.0 Apr-23 101.0 115.5 May-23 108.5 126.2 Jun-23 101.6 123.8 Jul-23 100.3 121.4 Aug-23 103.3 129.3 Sep-23 98.3 129.1 Oct-23 96.3 112.0 Nov-23 92.8 110.7 Dec-23 92.9 106.0 Jan-24 94.0 109.0 Feb-24 92.2 113.0 Mar-24 94.3 119.3 Apr-24 93.8 122.1 May-24
Slide 18: Financial Summary
➢ Key Standalone Financial Performance Financial ➢ Key Consolidated Financial Performance Summary ➢ Consolidated Financial Overview
Slide 19: Standalone P&L Summary
Standalone P&L Summary Particulars (Rs. Mn.) Q3 FY25 Q2 FY25 Q3 FY24 QoQ YoY 9M FY25 9M FY24 YoY Revenue 19,549 19,690 16,589 -0.7% 17.8% 57,979 49,807 16.4% EBITDA 2,538 2,152 1,715 17.9% 48.0% 6,922 5,451 27.0% EBITDA Margin (%) 13.0% 10.9% 10.3% 210 bps 270 bps 11.9% 10.9% 100 bps Depreciation an
Slide 20: Standalone Spotlight on Key Financials over the Years
Standalone Spotlight on Key Financials over the Years Sales (Vol. MT) Revenue (Rs. Mn) EBITDA (Rs. Mn) and Margin 14.8% 16.5% 11.9% 11.2% 11.6% 11.9% 57,979 258,220 197,561 68,170 231,757 66,516 209,693 57,206 194,802 6,922 176,846 46,554 7,701 7,660 7,618 41,524 6,797 6,164 FY20 FY21 FY22 FY23 FY24
Slide 21: Consolidated P&L Summary
Consolidated P&L Summary Particulars (Rs. Mn.) Q3 FY25 Q2 FY25 Q3 FY24 QoQ YoY 9M FY25 9M FY24 YoY Total Revenue 37,742 38,532 33,454 (2.0%) 12.8% 113,100 100,131 13.0% Expenditure 32,806 34,409 29,779 (4.7%) 10.2% 99,638 89,360 11.5% Normalized EBITDA 5,207 4,383 4,258 18.8% 22.3% 14,242 11,553 23.
Slide 22: Consolidated Spotlight on Key Financials over the Years
Consolidated Spotlight on Key Financials over the Years Sales (Vol. MT) Revenue (Rs. Mn) Norm. EBITDA (Rs. Mn) and Margin (%) Packaging Films Packaging Domestic International Films - Domestic Films - International 14.9% 20.5% 17.1% 14.0% 11.9% 12.6% 380,744 463,620 599,259 587,118 599,616 482,352 14
Slide 23: Consolidated Revenue Split
Consolidated Revenue Split Q3FY25: Revenue split by business as % of total rev. Q3FY24: Revenue split by business as % of total rev Packaging, Packaging, 27.2% 26.7% Packaging Packaging films, 63.9% films, 61.2% Rs. 37,347 Rs. 33,095 Million Engineering, Million Engineering, 2.0% 2.6% Others VAP, Ot
Slide 24: Q3 FY25 EBITDA Bridge
Q3 FY25 EBITDA Bridge Normalized EBITDA Bridge (Q3FY24 vs Q3FY25) EBITDA improvement led by healthy performance in the packaging films, holography and chemicals (inks & adhesives). Increase Decrease Total 4,289 114 4,936 271 5,207 (2,817) (1) (324) 3,675 EBITDA Q3FY24 Revenue COGS Power & fuel Emp.
Slide 25: Q3 FY25 EBITDA to Normalized PAT
Q3 FY25 EBITDA to Normalized PAT EBITDA to Normalized PAT (Q3FY25) BASIC EPS Q3FY25 4,936 Weighted Av. No. of shares (millions) 72.2 Normalized earnings per share1 Rs 15.40 (1,720) 257 1,729 1,473 1,368 (1,743) (361) 1,112 (257) D&A PBT (excl. excep.) PBT PAT Normalized PAT EBITDA Finance Costs Exce
Slide 26: 9M FY25 EBITDA Bridge
9M FY25 EBITDA Bridge Normalized EBITDA Bridge (9MFY24 vs 9MFY25) Increase Decrease Total 12,969 (7,299) (54) 780 14,242 (1,078) 13,462 (1,847) 10,771 Revenue Power & fuel Other exp. Exch. & der. EBITDA 9MFY24 COGS Emp. exp. EBITDA 9MFY25 Norm. EBITDA 9MFY25 • Revenue increased by 13.0% YoY, driven
Slide 27: Consolidated Debt Profile
Consolidated Debt Profile Debt breakdown Split of gross debt as of Dec 2024 Particulars (Rs. Mn) Dec-2024 Sep-2024 Jun-2024 Mar-2024 Long Term 54,460 54,952 52,040 49,620 Working Capital 17,641 14,477 15,040 15,065 Rs. 72,241 Working capital Short Term 140 128 2,266 2,511 Long term debt Million 2
Slide 28: Consolidated Financial Overview (1/2)
Consolidated Financial Overview (1/2) Key Financials Ratios FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 EBITDA Margin 12.2% 12.1% 13.2% 13.8% 13.2% 12.6% 14.9% 20.5% 17.2% 12.7% 11.2% Normalized EBITDA Margin 12.2% 12.4% 14.5% 14.2% 13.1% 12.7% 14.7% 20.0% 17.1% 14.0% 11.9% PAT Margin 3.4
Slide 29: Consolidated Financial Overview (2/2)
Consolidated Financial Overview (2/2) Key Financials Ratios FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Net Debt to Equity 0.75 0.63 0.49 0.48 0.43 0.42 0.67 0.60 0.59 0.58 0.77 Net Debt to EBIDTA 2.97 2.58 1.99 1.95 1.91 1.79 2.83 1.82 1.72 2.34 3.68 Net Debt to Normalized 2.95 2.52 1.81
Slide 30: Project Plastic Fix: Paving the way to a circular, greener, and sustainable future
At UFlex, circular economy innovations such as packaging Film: “ASCLEPIUS ”, made of 100% PCR PET (rPET) chips, and injection molding items made from recycled MLP granules, are paving the way for a more sustainable and greener tomorrow. ➢ Vision of circularity Project Plastic Fix: Paving ➢ ‘Project
Slide 31: Circularity
Circular vision of UFlex Extended Producer Responsibility (EPR) for Packaging Mechanism Collect Recycle/ Reuse Biodegrade Problem Solution Sustainable Space High C B Govt. Govt. EPR - Guidelines Circularity UFlex Project Plastic Fix Industry Compliance to EPR A Consumer Responsible Disposal Low High
Slide 32: Extended Producer Responsibility Guidelines in India
Extended Producer Responsibility Guidelines in India Under Plastic Waste Management (Amendment) Rules, 2022, the classification of plastics is defined below: • Category I: Rigid plastic packaging. • Category II: Flexible plastic packaging of a single layer/multilayer (more than one layer with differ
Slide 33: Sustainability: 'Project Plastic Fix' Continues to Turn Waste into Wealth
Sustainability: 'Project Plastic Fix’ Continues to Turn Waste into Wealth 478 mn (6,638 MT) PET Bottles Recycled in FY24 618 mn (8,579 MT) PET Bottles Recycled in 9M FY25 6,964 MT of MLP waste recycled in FY24 and 5,942 MT in 9M FY25 741,936 units in FY24 and 490,868 units in 9M FY25 of Core Plug &
Slide 34: Recycling Plants Across Geographies
Recycling Plants Across Geographies Global India Mexico Noida Particulars Capacity(MTPA) Particulars Capacity(MTPA) PCR PET Chips 15,000 PCR PET Chips 10,020 rMLP Granules 6,000 rMLP Granules 9,600 Egypt Jammu Particulars Capacity(MTPA) Particulars Capacity(MTPA) PCR PET Chips 18,000 rMLP Granules 1
Slide 35: 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 36: Sustainability Initiatives Towards Green Packaging
Sustainability Initiatives Towards Green Packaging Converting Waste Plastic into Fuel with Pyrolysis Plant Asclepius Green Packaging Film to Create a Circular ▪ Commissioned Pyrolysis Plant, at Noida facility in October 2018 Economy ▪ Can convert 6 tonnes of discarded waste material generated every
Slide 37: Product Innovation – Chemicals (Inks & Adhesives)
Product Innovation – Chemicals (Inks & Adhesives) Flexcure Flexgreen Flexcoat Flexbon Flexcote Flexcure PVC Structure & Flexgreen NW Texture Flexcoat Soft Touch Flexbon 801A/888C Flexcote AL 985/ HF Matt Coating Matt Base Coat Coating-1035 200 ▪ UV-curable Flexcure PVC ▪ The UV-LED curable ▪ Primari
Slide 38: Product Innovation – Flexible Packaging
Product Innovation – Flexible Packaging DetoXyFi Spout Pouch 50mm Dia Oval Tubes Gel Based Hair Dye Sachet Packaging for Frozen Food Innovative 10 Ltr Double Spout Commercialization of 50mm Dia Streax Gel Hair Colour 24 ml / Innovative laminate to prevent Pouch for a startup Oval Tubes – setting a n
Slide 39: Product Innovation – Films
Product Innovation – Films B-DSC-AA B-DSC-AL B-DSC-DA B-DSC-DL Both side Acrylic Coated BOPP Low SIT & Acrylic COATED High Barrier PVDC-Acrylic High Barrier PVDC Coated BOPP Film BOPP Film COATED BOPP Film Film ▪ Key properties: Outstanding heat ▪ Key properties: Low temperature ▪ Key properties: Ou
Slide 40: Product Innovation – Printing Cylinders
Product Innovation – Printing Cylinders Geometric Chevron Intricate Vines and Crocodile Skin Pattern Grid Weave Pattern Reptile Retreat Tangled Threads Design Embossed Tile Design Floral Design ▪ This pattern shows ▪ This pattern showcases ▪ Grid weave pattern ▪ This laser embossed ▪ Artificial leat
Slide 41: Business at a Glance
➢ An overview Business ➢ Journey so far at a Glance ➢ Customer relationship ➢ One stop shop for packaging solutions
Slide 42: An Overview
An Overview Rich Legacy of 40 Years in Providing Packaging Solutions to our Partners 1985 16 Established Manufacturing Units 5000+ 1,074,110 MTPA1 Customer Base Global Capacity* Presence Across 150+ 10,000+ Workforce Countries 7bn+ 74,317 MTPA 5.4 bn+ 64,330 MTPA 300 mn+ 1,090 mn+ PCR PET2 Bottles C
Slide 43: Journey so far: Growing as a Global Player in Flexible Packaging
Journey so far: Growing as a Global Player in Flexible Packaging • Hungary: Forayed with a BOPP Line • Nigeria: Forayed with a • Aseptic Packaging: Annual BOPET Line 2021 2022 Capacity Doubled to 7 Bn • Egypt: Added 2nd BOPP Packs • Diversified into Film line Holography Business • Dharwad (India): S
Slide 44: Enduring Customer Relationship
Enduring Customer Relationship Length of Customer Relationships Kolak Truda UPM American Dupont Nestle Snacks Foods P&G Pepsi Co Mondelez Bemis Amcor Huhtamaki Raflatac* Pkg Teijin films 8+ 8+ 8+ 5+ 7+ 10+ 8+ 9+ 6+ 9+ 8+ 9+ Our clients *Note: UPM is pioneer customer of 100% PCR Asclepius Films; All
Slide 45: Presence across all Verticals of Packaging Value Chain
Presence across all Verticals of Packaging Value Chain Process flow diagram UFlex Presence Main feed stock Key downstream RM RM for films Packaging Flexible packaging business Aseptic films business packaging Ethylene MEG1 business NGL Ink & Flexi-tubes, BOPP8 Ethane, vPET resin Adhesives Lids and p
Slide 46: Presence across all Verticals of Packaging Value Chain
2.b Presence across all Verticals of Packaging Value Chain Interconnected Strengths, Boundless Possibilities Resins Packaging Films Intermediaries Flexible Packaging vPET Chips Film Grade Chemicals (inks and adhesives) BOPET Films BOPP Films vPET Chips Bottle Grade Holography CPP Films Value Added F
Slide 47: Management & Shareholders Information
➢ Management Team Management & ➢ Shareholding Pattern Shareholders Information ➢ Auditors Information
Slide 48: Management Team
Management Team Professional Management with an average experience of > 25 years in Business, Corporate, Project & Operational excellence 41 35 Jeevaraj Gopal Pillai, Whole Time Director, Director - Sustainability, Ashok Chaturvedi, Chairman & Managing Director President - Flexible Packaging and New
Slide 49: Management Team
Management Team Professional Management with an average experience of > 25 years in Business, Corporate, Project & Operational excellence 30 28 Chandan Chattaraj, President, Human Resources (India and Global) Amit Shah, Joint President and Chief Marketing Officer, Flexible • Three decades of experie
Slide 50: Shareholding Pattern – December 2024
Shareholding Pattern – December 2024 Historical Shareholding Pattern ( in %) Shareholding Categories Dec’23 Mar'24 Jun'24 Sep'24 Dec'24 Promoter Group 44.58 44.58 44.58 44.58 44.58 Others 24.13% FIIs, FPIs and FC 14.6 15.04 15.60 15.20 15.51 MF and AIF Promoter Group 0.28% CBO, Insurance and FI 15.3
Slide 51: Group structure
Group structure CORPORATE STRUCTURE Integrated Flexible Packaging Solution Provider Outside India India Sales & 68% Special Purpose Cultivation, 59.17% Internation Sales & Sales & Business Marketing Holding Vehicle for Freeze, Drying Plastic Films Holding al Holding Marketing- Marketing- activities
Slide 52: Auditors Information
Auditors Information Locations Auditors India Lodha & Co LLP & Vijay Sehgal & Co. Dubai Shah & Al-shamali Associates Egypt BDO, Khaled & Co Poland BDO USA Crowe LLP Mexico Gutierrez Saldivar & Asociados Hungary BDO Nigeria PKF CIS Unicon JSC Process Auditor for UFlex Limited Group Ernst & Young (EY)
Slide 53: UFlex Limited
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 Website: www.uflexltd.com IR Contact Mr. Surajit Pal Mr. Manoj Pandey Email: investorrelations@uflexltd.com