Slide 1: Filing cover letter to stock exchanges
6th December 2023 The Bombay Stock Exchange Ltd The National Stock Exchange of India Ltd Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot No. C/1, G Block Dalal Street, Bandra Kurla Complex, Mumbai 400 001 Bandra East, Mumbai 400 051 Security Code:-523301 Trading Symbol:- TCPLPACK Dear Sir(s), Re:- U
Slide 2: Investor Presentation December 2023
Investor Presentation December 2023
Slide 3: Disclaimer
Certain statements and opinions with respect to the anticipated future performance of TCPL Packaging Limited in the presentation (“forward- looking statements”), which reflect various assumptions concerning the strategies, objectives and anticipated results may or may not prove to be correct. Such f
Slide 4: Company Overview
Company Overview 3
Slide 5: At a Glance
At a Glance TCPL – One of India’s leading producers of sustainable packaging solutions for customers across industries 33 1,475 216 8 ~2,000 YEARS (RS. CRORE) (RS. CRORE) Of providing an array of Revenue Cash Profit Manufacturing Employees packaging solutions (FY23) (FY23) units (FY23) 18% 15% 15% 2
Slide 6: Mission Statement
Mission Statement Maintain and To be the acquire customers and most admired contribute to Indian their success packaging To drive long Company term profitable with an growth objective to: Get it right the first time every time 5
Slide 7: Business Overview
Business Overview 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 var
Slide 8: Folding Carton Division
Folding Carton Division One of India's leading Carton Packaging companies since 1990s driven by adoption of industry-leading technology Offers wide-range of innovative, sustainable & unique packaging solutions Well-positioned to support diverse customer requirements with PAN India presence and netwo
Slide 9: Flexible Packaging Division
Flexible Packaging Division Innovative player providing versatile and sustainable solutions to customers across industry verticals Offers a variety of products including Pouches, Laminates, Shrink Sleeves, and Wrap Around Labels POUCHES SHRINK SLEEVES WRAP AROUND LABELS BUNDLE PAPER, INNER LAMINATES
Slide 10: Key Milestones – Journey of TCPL Since 1990
Key Milestones – Journey of TCPL Since 1990 Branched into Added Third Crossed $100m sheeted offset Gravure Turnover printing Packaging line First machine Started Started Incorporated begins Haridwar Guwahati TCPL Innofilms production at Factory Factory Private Limited Silvassa 1990 1997 2001 2003 20
Slide 11: Pillars of Strength
Pillars of Strength Equipped with latest state-of-the- art machines Developing Operates multiple Several technical manufacturing units creative solutions collaborations to Long-term connect by a dedicated ensure efficiency & Vast market Consistent with marquee team with proven productivity network a
Slide 12: Diversified Customer Base
Diversified Customer Base Long term relationships with several customers spanning over 33 years 100+ 50+ 100+ customers ranging across large domestic & global corporates Delivers innovative & sustainable packaging Folding Flexible Cartons Packaging solutions to customers across various industry Cust
Slide 13: Marquee Clients
Marquee Clients Electronics, Pharma & Others FMCG FMCG Liquor bacco To Food & Beverages “Enables leading companies across industries identify the right packaging solutions” 12
Slide 14: Dedicated Team for Innovative Solutions
Dedicated Team for Innovative Solutions Delivers Customization Specialized Packaging Solution Expert Well equipped Interventions with advanced software Exclusive technical collaborations “Committed to developing best-in-class, high-quality, and cutting-edge packaging solutions” 13
Slide 15: Innovative & Diversified Packaging Solution Provider (1)
Innovative & Diversified Packaging Solution Provider (1) SECURITY FEATURES – PRINTING, EMBELLISHMENT & SPECIALITY INKS SPECIALISED LENS EFFECT CODING Hidden Text/ Anti-copy feature Micro Text Images SUSTAINABLE ALTERNATIVE SPECIALTY COATINGS TO PLASTIC Random Auto paste alphanumeric coding QR code b
Slide 16: Innovative & Diversified Packaging Solution Provider (2)
Innovative & Diversified Packaging Solution Provider (2) Appealing Print Finish Appealing Print Finish Lux Valentina - matt/gloss combination, embossing, Afxigra Lens – Carton 3D double pass foil stamping. hologram lens registered to Glued with hot melt on PE +/-0.1mm accuracy coated board Hidden Im
Slide 17: Pan-India Presence
Pan-India Presence Close-to-demand strategy has enabled TCPL to emerge as one of India’s leading sustainable packaging solution providers *Haridwar Delhi Headquartered in Mumbai, TCPL Noida Guwahati operates 8 manufacturing units across 5 locations & has marketing *Silvassa Kolkata offices in key me
Slide 18: Expanding Global Footprint
Expanding Global Footprint Revenue Break-Up Exports 26% Domestic 74% Export Revenue stood at Rs. 367 crore for FY23 “As a ‘Star Export House’, TCPL offers exemplary value to its clients along with world-class quality and service” 17
Slide 19: Manufacturing Excellence
Manufacturing Excellence Focus on achieving operational excellence by adopting latest technology and practices Established best-in-class equipment across facilities GRAVURE PROCESS OFFSET PROCESS State-of-the-art laboratories at all plants to ensure high quality Ink management systems installed as p
Slide 20: Sustainable Packaging – Renewable, Recyclable and Compostable
Sustainable Packaging – Renewable, Recyclable and Compostable Growing global trend towards eco-friendly packaging solutions fueled considerable growth over the last decade o Ever increasing end-consumer awareness and demand for eco-friendly & recyclable offerings Paperboard is a naturally Renewable,
Slide 21: Sustainability Initiatives – Paperboard
Sustainability Initiatives – Paperboard Replacement of plastic in food packaging – Working on replacement Replacement of plastic in e-commerce – Working on solutions to cut of non-sustainable materials like plastic food trays with biodegradable down on plastics in e-commerce and online delivery plat
Slide 22: Sustainability Initiatives – Paperboard
Sustainability Initiatives – Paperboard Replacement of plastic film lamination and plastic extrusion for food Metallised Board – developed in-house facility to transfer metallised and other barrier packaging effects on paperboard, giving the same quality and finish as metallised We are also working
Slide 23: Investments towards driving higher sustainability in Flexible packaging
Investments towards driving higher sustainability in Flexible packaging TCPL INNOFILMS SPECIALTY CURRENT STRUCTURE NEW STRUCTURE PET InnoPure Adhesive Adhesive PE PE Non - RECYCLABLE 100% RECYCLABLE (Above is an example of a common (Above is an example of the use of our structure in the market) spec
Slide 24: ESG Initiatives
ESG Initiatives 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 Inves
Slide 25: Committed Management Team
Committed Management Team K. K. Kanoria Saket Kanoria Rishav Kanoria S. G. Nanavati Akshay Kanoria Vidur Kanoria Executive Chairman Managing Director Director Executive Director Executive Director Executive Director Graduate from Kolkata MBA-Finance from Graduate from Chartered Accountant & Graduate
Slide 26: Strong Independent Directors
Strong Independent Directors Rabindra Sunil Talati Sudhir Merchant Atul Sud Deepa Harris Andreas Blaschke Jhunjhunwala Independent Director Independent Director Independent Director Independent Director Independent Director Independent Director Senior Partner of An Industrialist having An IIM Ahmeda
Slide 27: Key Developments
Key Developments Strengthening the Board with the Addition of Two New Independent Directors Sanjiv Anand’s Appointment q Mr. Sanjiv Anand, a globally recognized thought leader on strategy powered by the Balanced Scorecard, has been appointed as an Independent Director. As the Chairman of Cedar, a Fo
Slide 28: Key Developments
Key Developments Update on Capex Initiatives q Successfully commissioned a new advanced offset printing line, complemented by modern ancillary equipment at the Haridwar facility 27
Slide 29: COPPL Acquisition – Enters high potential rigid boxes segment
COPPL Acquisition – Enters high potential rigid boxes segment Update on Creative Offset Printer Private Limited (COPPL) Since both companies have production facilities in close q TCPL has recently increased its stake in COPPL to ~95% proximity, TCPL aims to capitalize from key synergies, like cost r
Slide 30: Awards & Accolades Received in H1 FY24
Awards & Accolades Received in H1 FY24 q TCPL has been recognized as the "PrintWeek Printing Company of the Year 2023" at the prestigious PrintWeek Awards 2023 q The Company has also been recognized as "Innovative Printer of the Year 2023" (PET, LDPE, HDPE, PVC, PP, METAL/GLASS) by PrintWeek magazin
Slide 31: Awards & Accolades Received in H1 FY24
Awards & Accolades Received in H1 FY24 q At the “IFCA Awards 2023,” organized by The Indian Flexible Packaging & Folding Carton Manufacturers Association (IFCA), TCPL won six awards across various categories, with accolades for the following SKUs: q Folding Carton Category: o Cavin Kare Meera Onion
Slide 32: Key Growth Levers
Key Growth Levers Scale Pan-India Presence Improving consolidation in a Close-to-demand strategy to largely unorganized industry drive growth Sustainable Packaging Partnership with Solutions Customers Emerging as a major growth Leverage existing relationship opportunity to gain higher wallet share I
Slide 33: Industry Overview
; Industry Overview packaging limited
Slide 34: India: Folding Cartons & Flexible Packaging Industry
India: Folding Cartons & Flexible Packaging Industry India is one of the fastest growing consumers of packaging solutions in the world due to growing domestic consumption trends Paperboard industry is expected to grow at a healthy rate led by significant demand from Consumer, Food & Beverage, Liquor
Slide 35: Packaging Industry Value Chain
Packaging Industry Value Chain Paper Pulp Paper Mill Folding Carton Solutions Provider Folding Carton Packaging Solution Provider Key Raw Feedstock Material to producer packaging Brand Flexible Packaging Owner Key Attributes: Customized Design Innovation Flexible Packaging Solutions Provider Plastic
Slide 36: India: Folding Cartons & Flexible Packaging Industry
India: Folding Cartons & Flexible Packaging Industry Folding Carton Industry is Flexible Packaging Industry largely unorganized 2 2 1,000+ 1 500+ 4-5 4-5 200+ Many Many <200 Small unorganized Revenue (Rs. Crore) Note – Number of Companies with Rs. 900+ crore, 500+ crore, 200+crore and <200 crore rev
Slide 37: Financial Highlights
Financial Highlights 36
Slide 38: Robust Financial Trend – Revenue
Robust Financial Trend – Revenue Revenue (Rs. crore) FY08 to FY23 - 15-year CAGR: 18.1% 1442.2 From 2008 to 2023, TCPL has reported a robust 15-year CAGR of 18% The Company has delivered 1065.4 healthy revenue growth in the previous few years, despite a 889.8 903.8 challenging external 815.8 environ
Slide 39: Robust Financial Trend – EBITDA & Cash Profit
Robust Financial Trend – EBITDA & Cash Profit EBITDA (Rs. crore) EBITDA Margin (%) FY13 to FY23 - 10-year CAGR: 15.2% 16.6% Historically, the Company’s 16.5% 17.0% 15.3% 15.5% 15.9% 15.1% 14.8% EBITDA and Cash Profit margins 14.4% 12.6% 13.0% have remained in a steady range Tough macro environment 1
Slide 40: Robust Financial Trend – Net Debt:Equity & Capital Expenditure
Robust Financial Trend – Net Debt:Equity & Capital Expenditure Net Debt to Equity 1.87 1.93 1.79 Investments over the years have 1.53 1.58 1.66 1.31 1.30 1.26 1.29 enabled TCPL to emerge as one 1.08 1.09 of India's leading packaging manufacturers Comfortable Net-Debt position – FY12 FY13 FY14 FY15 F
Slide 41: Key Financial Ratios
Key Financial Ratios ROCE TCPL achieved impressive 22.7% 23.1% return ratios in FY23, with 20.0% 17.4% 16.3% 16.4% 14.3% consolidated ROCE and ROE 13.8% 13.3% 13.3% 13.3% reaching 20% and 28% respectively, reflecting strong 10.9% financial performance and FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20
Slide 42: Financial Snapshot
Financial Snapshot Particulars FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 Net Worth (Rs. crore) 67 78 88 114 145 178 216 241 269 301 342 444 Gross Block (Pre-IndAS) 251 280 328 392 478 585 612 700 779 818 994 1,086 Cash & cash equivalents 1 3 3 6 6 11 15 6 16 6 6 4 (Rs. crore) Capit
Slide 43: Consistent Returns to Shareholders
Consistent Returns to Shareholders Dividend Per Share (Rs.) Dividend Payout Ratio 26.2% 23.9% 20.00 20.0% 20.4% 20.1% 19.9% 20.0% 19.5% 19.7% 19.4% 16.5% 10.00 7.35 7.35 6.25 10.0% 6.00 5.25 3.70 4.00 2.65 2.50 2.00 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 “One of the first compan
Slide 44: Q2 & H1 FY2024 Results Overview
Q2 & H1 FY2024 Results Overview 43
Slide 45: Q2 FY24 - Key Financial Highlights Consolidated
Q2 FY24 - Key Financial Highlights Consolidated Total Revenues (Rs. Cr.) EBITDA (Rs. Cr.) *Cash Profit (Rs. Cr.) 65.1 65.8 406.0 361.7 57.5 54.8 Q2 FY23 Q2 FY24 Q2 FY23 Q2 FY24 Q2 FY23 Q2 FY24 Shift % (Y-o-Y) Shift % (Y-o-Y) Shift % (Y-o-Y) 12% 13% -17% Margins (%) Margins (%) 15.9% 16.0% 18.2% 13.5
Slide 46: Q2 FY24 - Key Financial Highlights Standalone
Q2 FY24 - Key Financial Highlights Standalone Total Revenues (Rs. Cr.) EBITDA (Rs. Cr.) *Cash Profit (Rs. Cr.) 63.6 65.9 389.0 56.1 349.0 55.0 Q2 FY23 Q2 FY24 Q2 FY23 Q2 FY24 Q2 FY23 Q2 FY24 Shift % (Y-o-Y) 11% Shift % (Y-o-Y) 13% Shift % (Y-o-Y) -17% Margins (%) Margins (%) 16.1% 16.3% 18.9% 14.1%
Slide 47: Consolidated P&L Statement
Consolidated P&L Statement Y-o-Y Change Y-o-Y Change Particulars (Rs. crore) Q2 FY24 Q2 FY23 H1 FY24 H1 FY23 (%) (%) Revenues from Operations 398.7 354.6 12.5% 762.5 688.8 10.7% Other Operating Income 7.2 7.2 1.0% 14.8 15.5 -4.3% Total Revenues 406.0 361.7 12.2% 777.3 704.2 10.4% Total Expenditure •
Slide 48: Standalone P&L Statement
Standalone P&L Statement Y-o-Y Change Y-o-Y Change Particulars (Rs. crore) Q2 FY24 Q2 FY23 H1 FY24 H1 FY23 (%) (%) Revenues from Operations 382.1 341.9 11.8% 734.3 669.0 9.8% Other Operating Income 7.0 7.2 -2.5% 14.4 15.5 -6.8% Total Revenues 389.0 349.0 11.5% 748.7 684.5 9.4% Total Expenditure • Ra
Slide 49: Balance Sheet Snapshot – Consolidated
Balance Sheet Snapshot – Consolidated Rs. 477.6 Rs. 1,084.1 Rs. 968.2 Crore Crore Crore Net-worth Capital Employed Fixed Assets (Gross) Rs. 44.7 Rs. 526.6 100 Crore Crore Days Cash & Investments Net Debt Net Working Capital Days Note: As on 30th September 2023 48
Slide 50: Summary
Summary 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 under
Slide 51: Annexure
Annexure \ \\ A
Slide 52: Market Snapshot
Market Snapshot Key Market Statistics As on 31-October-2023 Shareholding Pattern* Others, 5.8% BSE/NSE Ticker 523301 / TCPLPACK Individual - >1%, 30.9% CMP (Rs.) 2,079.3 Market Cap (Rs. Crore) 1,892.2 Promoter & Number of outstanding shares (Crore) Promoter 0.91 Group, 55.7% Face Value 10.0 Domestic
Slide 53: About Us
About Us TCPL Packaging Limited (TCPL) (BSE: 523301, NSE: TCPLPACK), For further information, please contact: 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 Vivek Dave s
Slide 54: Thank You
Thank You 53