---------- ~POLYPLE)(

May 30,2022

The Manager - Listing Department, The General Manager - Listing Department,

National Stock Exchange of India Limited, BSE Limited
Exchange Plaza, NSE Building, Phiroze Jeejeebhoy Towers,
Bandra Kurla Complex, Dalal Street,
Bandra East, Mumbai- 400 001
Mumbai- 400 051

SYMBOL: POLYPLEX BSE Scrip Code: 524051

Dear Sir(s),

Sub: Regulation ·30 of SEBI (LODR) Regulations, 2015

Ref: Presentation on Audited Financial Results for the Quarter and Year Ended March
31,2022

We are pleased to enclose herewith our presentation on Audited Financial Results for the
Quarter and Year ended March 31, 2022.

A Copy of the presentation is also being posted on Company's Website i.e. www.polyplex.com.

Thanking you,

Yours faithfully,
For Polyplex Corporation. Limited

~~-~/
Ashok Kumar Gumani Email: akgumani@polyplex.com
Company Secretary

Polyplex Corporation Limited

(CIN: L25209UR1984PLC011596)
. »

B-37, Sector-1, Noida - 201 301, Distt. Gautam Budh Nagar (U.P.) India
Board: +91.120.2443716-19, Fax: +91.120.2443723 & 24 Website: www.polyplex.com
Registered Office: Lohia Head Road, Khatima - 2~2308, Distt. Udham Singh Nagar, Uttarakhand, India
Polyplex Corporation Limited
May 30, 2022 Fourth Quarter FY 21-22
Financial Results & Business Profile

India - Bazpur India - Khatima

USA Thailand Indonesia

Ecoblue, Thailand Turkey

1
Contents

Company Overview

Quarter & Year under review

Success Enablers

Stability in Earnings

Industry Outlook

Growth Capex

Guidance

Annexures

2
Company Overview

3
Polyplex at a Glance

◼ Integrated and diversified manufacturer of plastic film substrates including BOPET (thin & thick), BOPP, CPP and Blown PP / PE
◼ Wide offering of specialty, innovative and differentiated products across a variety of packaging, electrical & electronic and
other industrial applications
◼ Unique value proposition of on-shoring, off-shoring and near-shoring for a global customer base, while maintaining cost
leadership
◼ Superior sales & distribution network and strong technical support in key demand centers driving deep customer relationships

Unique Global Business Model… …With a Diverse Product Profile…

Product Breakdown (FY22 Revenues)
Fully Integrated
4% 4%
Strong R&D and Upstream and 5%
Application Development Downstream 6%
Capability Capabilities
11%
54%
16%

34 Years of Thin PET Downstream BOPP Thick PET

Operation
PET Resin* CPP/Blown Other
At the Forefront 7 State-of-the-Art
of Sustainability Manufacturing
Facilities in 5 …Across a Wide Range of Applications
and Circular
Economy Countries Packaging Industrials
Electrical &
Food & Beverage
Electronic
Exceptional On- Building &
Labels
shore Sales and Construction
Distribution Beauty, Personal & Film for Liners, PV
~2,650 Customers, Network in Asia, Home Care and LiB for EV
Europe and North
~75 Countries Healthcare &
America Digital
Pharma

* Includes Recycled Resin

4
 Polyplex Journey so far: Ability to identify & capitalize on opportunities
Trend-Setter With Many ‘Firsts’ in the Industry

First in the industry to invest

First in the industry
First Indian manufacturer in post-consumer and post-
to operate 10.6-meter line @
to set up overseas operations industrial plastic waste
675 mpm
recycling

2019, 2020
Among the first to introduce Only multinational player ◼ TMP in Bazpur, India
First in the industry to foray
chemical recycling based integrated with resin at all ◼ Started manufacturing
into Digital Printing Films
rPET films locations in Indonesia 2023
◼ Expansion of OLC and
holography business ◼ New PET Film line and
in Khatima, India OLC in USA
First Indian producer to
First in the industry to forward ◼ Expansion of coating
undertake Direct Melt Casting
integrate into metallizing 2014 in Thailand (OLC &
for BOPET film manufacturing
Silicone)
◼ Started offline ◼ Started holography in
2012 coaters (OLC) in Turkey
2008 Turkey & India
◼ First silicone
◼ First extrusion
coating line in
coating line in
Thailand
Thailand
◼ Expanded Thin 2021
2005 BOPET Film in ◼ New BOPP film line in
Turkey Indonesia
2003 ◼ First Thin BOPET 2018
film line in Turkey ◼ Started holography ◼ Expansion of Blown
◼ First & second
Thin BOPET operations in India film line Thailand
1996/1997 2013
◼ First Resin plant and film line in ◼ Expansion of ◼ Batch resin in Turkey
expansion of Thin Thailand Blown Film line in
◼ Started ◼ New metallizer in India
BOPET film line 2010 manufacturing in Thailand
and Indonesia
capacity in Khatima, ◼ First BOPP & new Decatur, USA
India 2006 / 2007 BOPET film line in ◼ Started holography in
◼ Thick BOPET film Thailand
◼ Acquisition of Bazpur, India
line along with resin
Spectrum Marketing
◼ CPP line in Thailand capacity & Blown film 2022
for warehousing &
2004 line in Thailand
distribution of ◼ Expansion of recycling
◼ Public listing of
Polyplex products in ◼ Recycling plant in unit in Thailand
PTL
2002 USA Thailand – Ecoblue
◼ Batch resin in Thailand
1988 ◼ First Metallizer ◼ Added resin
◼ First silicone coating ◼ Second extrusion
◼ Public listing of in Khatima, capacity in
line in Khatima, ◼ OLC-2 and Blown line
coating line in
PCL India Thailand in Turkey
India Thailand
◼ First Thin BOPET
film line in Khatima, ◼ Added resin
India capacity in Turkey

5
Pioneer in Sustainable Products and Processes in the Industry
Strong Commitment Towards Sustainability Focused Innovative Solutions

◼ Spearheading post-consumer and post-industrial waste (PIW) recycling in the industry towards achieving the goal of circular
economy
◼ Has taken various initiatives to recycle waste, save energy and use clean technology to assert environmental commitment

1 2 3 4 5 6

Ecoblue, a Developed and Ramp up of recent Increasing presence Developed Follows best
subsidiary of optimized “chemical investment for a in high potential monomeric PET practices relating to
Polyplex is a pioneer recycling” process for new post-consumer sustainability structures for the environment
in mechanical manufacturing Sarafil Polyolefin and PET related applications circularity; and health & safety
recycling and is rPET film with Post- washing and (Solar PV, Lithium- Promotes use of bio- of its employees and
amongst the leading Consumer Recycled recycling project in Ion Batteries, based raw the community
recycling (PCR) content up to Thailand Transfer Metallized materials and
companies in the 100%. film/paper) renewable energy
region Capacity addition in sources
Thailand & Turkey

Active Participation in Several Industry Groups

Partnering with Leading Brands to
Develop Sustainable Products
SPC

6
Quarter & Year under
review

7
Financial Performance – Snapshot
India Rating & Research
IND AA- (Positive Outlook)
Superior Value Creation Over the Years…

(Q4 FY 21-22) (FY 21-22)

$250mm $54mm $887mm $186mm

Revenue# Normalized Normalized
EBITDA* Revenue#
EBITDA*

22% 21%
Normalized 31% Normalized 27%
EBITDA* ROCE1 EBITDA* ROCE1
Margin Margin

…Driven by Strong, Sustainable Profitability

Widening of the Operational Efficiencies

Product Portfolio and Cost Optimization

Increasing Share of D-
Market Positioning
PAC Sales

8
* Normalized EBITDA: EBITDA excluding impact of unrealized FX gains/(losses) on long term loans; # Reported sales excluding other operating revenues;
1ROCE = Reported EBIT as % of Average Capital Employed; Capital Employed excludes Cash & Cash Equivalents
Q4 FY 21-22 Performance Snapshot
QoQ Growth YoY Growth
(Q4 FY 21-22 v/s Q3 FY 21-22) (Q4 FY 21-22 v/s Q4 FY 20-21)

Sales Volume
1% 10%
(All Films) 84,193 MT

Sales Revenue
8% 46%
1,882 INR Crores ($ 250 million)

Normalized EBITDA
409 INR Crores ($ 54 million) 10% 41%

PAT (Before Minority)

49%
304 INR Crores ($ 40 million)

EPS 59.18 INR/Share 6% 48%

Factors impacting QoQ: Factors impacting YoY:

▪ Higher Revenue due to rise in sales price on account of higher
RM cost
▪ Higher VA levels resulting in better EBITDA margins
▪ In Q4 21-22, there is an unrealized FX gain of INR 30.79 crores ($
4.09 million) as against unrealized FX gain of INR 65.39 crores ($
8.73 million) in Q3 21-22 on account of restatement of foreign
currency long term loans
▪ Higher volumes supplemented by start up of BOPP line in Indonesia
▪ Higher Revenue due to rise in sales price on account of higher RM
cost
▪ Higher VA resulting in better per unit EBITDA margin
▪ Favorable impact of FX fluctuation on change in stock on account of
consolidation. In Q4 22, there is a gain of INR 13.68 crores ($1.82
million) as against a loss of INR 14.36 crores ($1.93 million) in Q4 21

9
FY 21-22 Performance Snapshot

YoY Growth
(FY 21-22 v/s FY 20-21)

Sales Volume
6%
(All Films) 3,22,785 MT

Sales Revenue
35%
6,607 INR Crores ($ 887 million)

Normalized EBITDA
9%
1,382 INR Crores ($ 186 million)

PAT (Before Minority)

965 INR Crores ($ 130 million) 12%

EPS 181.19 INR/Share 11%

Factors impacting FY 22 vs. FY 21:

▪ Higher volumes supplemented by start up of BOPP line in Indonesia in Dec’21
▪ Higher Revenue due to rise in sales price on account of higher RM cost
▪ In FY 21-22, there is an unrealised FX gain of INR 53.88 crores ($ 7.23 million) as against unrealised FX gain of INR 5.79 crores ($
0.78 million) in FY 20-21 on account of restatement of foreign currency long term loans

10
EBITDA Evolution

Normalized EBITDA Bridge (Q4 21-22 vs Q3 21-22)

0.8 1.5 0.1

USD million

2.3
1.7 6.8
54.5 56.0 54.5 54.4 54.4
49.5 47.7 47.7

Normalised EBITDA - Volume VA variance Rate VA variance Other Film & Chips Other Variable Cost Fixed Cost Other Oprtnl Income Normalised EBITDA -
Q3 21-22 (Thin PET & OPP) (Thin PET & OPP) Operation Q4 21-22

▪ The above numbers have been translated using simple average of monthly exchange rates for Q4 FY 21-22
▪ Bracket shows negative numbers

Reported EBITDA % v/s Normalised EBITDA % - Trend

26%
22%
20% 21% 26%
21%
17%
21%
19%
18%
15%
FY18 FY19 FY20 FY21 FY22
Reported EBITDA Normalized EBITDA
Long term weighted average EBITDA %

▪ Fluctuation in Reported EBITDA is more than Normalized EBITDA due to impact of FX movement on restatement of long term FX loans
▪ Long term average (almost same for both Reported & Normalized EBITDA) shows that the differences are evened out as exchange
rates move up and down
▪ EBITDA margin in FY22 has fallen due to higher sales price resulting from higher RM cost - % margin shows reduction although per
unit margin has improved

11
Shareholders’ Return
Improving Shareholders’ Return

4,000 1,086 1,200

952 990
3,500
1,000
850
3,000 781
800
INR Crores

2,500

INR
2,000 600
3,410
1,500 3,046 3,109
2,499 2,719 400
1,000
200
500
- -
FY18 FY19 FY20 FY21 FY22

Shareholders' Fund (after adjusting for minority) - INR Crores Book Value/Share (excluding minority interest) - INR

Shareholders’ Return (CAGR) Last 1 year Last 3 years Last 5 years Since
IPO (1988)

(A) Total Returns*

➢ Polyplex 121% 82% 52% 27%

➢ Nifty 500-TRI 10% 14% 12% 12%

➢ BSE Small Cap-TRI 16% 24% 13% 14%

(B) Stock Price Movement

➢ Polyplex 108% 62% 39% 17%

➢ Nifty 500 9% 13% 11% 11%

➢ BSE Small Cap 15% 22% 12% 13%

* Dividend Reinvestment Method; Dividend considered based on the pay-out dates; The returns have been calculated based on the stock price 12
data as on 20th May’22
Success Enablers

13
 Success Enablers

1 Global and Integrated Manufacturing Set-up

2 Diversified and Differentiated Product Portfolio

Polyplex is the ONLY Multifarious and Demanding Customer Base Served

Player to Combine Key 3 by an International Sales & Distribution Network
Attributes…

Continued Focus on Operational Efficiencies and

4 Costs
…Resulting in Stable
and Superior Margins
Track Record of Profitable Growth and Cash Flow
5 Generation

Focus on ESG (Environmental, Social and

6 Governance)

14
1 A Self-Contained Manufacturing & Sales Capability in Each Region
Manufacturing Proximity and an Entrenched Sales & Distribution Network in Major Demand
Centers Ensure a Reliable Supply Chain for Customers

7 Manufacturing Facilities In 5 Countries with Multiple Warehouses & Liaison Offices Worldwide with Total Base Films
Capacity1 of 436k MTPA (BOPET Films: 313k MTPA)

Netherlands Poland
Germany
Korea

Japan
USA Turkey

Mexico India Thailand

Singapore

Indonesia

Polyplex is Ranked #2
Globally (ex-China) in
Thin BOPET Film
Capacity1

Group Manufacturing Locations Warehouses Trading Company/Representative Office Countries with Direct Sales Presence Agent Presence

15
•1 Including capacity under implementation
1 Integrated Manufacturing Capacities Across Geographies
Ability to Provide a Comprehensive Suite of Products in Each Manufacturing Location

Resin Base Films Value Added Films

Mechanically
PET Film Recycled BOPET BOPET Blown PP /
Resin1 Resin2 Thin Thick BOPP CPP PE Metallized Holography Coated3 TMP
(MT) (MT) (MT) (MT) (MT) (MT) (MT) (MT) (MT) (mm SQM) (mm SQM)

55,000 35,000 32,500 4,080 257 83

77,600
India

25,550 42,000 28,800 10,000 13,645 21,700 960 985

43,000
80,500
Thailand

180
58,000 4,392 20,700 480
75,850 140
Turkey

50,000
9,250 120
28,400
31,000
57,600
USA

48,000 60,000 18,000

90,000
Indonesia

Total 435,500 43,000 284,000 28,800 95,000 10,000 18,037 102,150 5,520 1,682 83

Total Resin Capacity (incl. upcoming capacities): Total Base Films Capacity (incl. upcoming capacities): Upcoming capacity
478,500 in MTPA 435,837 in MTPA

16
Note: 1 Includes capacities for Chemical recycling; 2 Represents extrusion capacity for Ecoblue Thailand ; 3 Includes Saracote, Saralam and OLC (including Saraprint).
1 Integrated Manufacturing Has Broadened Product Portfolio
Base Film Lines with Upstream PET Resin Plants and Downstream Capabilities

◼ The only global player with resin plants at all manufacturing locations
◼ Forward integration provides ability to undertake one or more downstream processes on the Base film, leading to higher
innovation and value addition, while ensuring cost effectiveness and reduced volatility
◼ Backward integration is vital to developing resins required for specialty products, apart from enhancing cost competitiveness
and ensuring supply security
◼ In-house mechanical and chemical recycling furthers Polyplex’s sustainability goals, by replacing virgin PET resins (made from
PTA and MEG) with Post consumer PET bales / flakes

Natural Basic Raw

Resources Petrochemicals Materials Plastic & Intermediate Products Consumers

Packaging & Industrial CPGs /

Ethylene MEG Film
Converters OEMs
Grade
PET
Resin
Retail Chain /
E-Commerce
Coating
Natural Gas

Post End
Base Films
Consumer Customers
PET Flakes
Paraxylene PTA Metallizing

Polypropylene /
PP / PE Resin Transfer /
Polyethylene
Direct
Holography Metallized
Oil
Paper

Paper

Polyplex’s Area of Operation 17

1 Integrated Manufacturing Across Geographies
Ensures Supply Chain Efficiency, Cost Optimization & Lower Time to Access and Market New
Products and Applications

Backward integration into captive PET resin Forward integration to downstream capabilities
production at all film manufacturing locations is results in superior market positioning and higher
unique to Polyplex in this industry returns

Assured and consistent availability of quality raw material Wider product and application range

Reduced costs with adequate and secured return on

Diversified customer base
incremental investment

Protects proprietary composition and helps in film product

Increase customer and market penetration
development, especially for D-PAC portfolio

Significant premium saved in buy v/s make for specialty Increased ability to provide customized and more technical
resin products

Direct Melt Casting (DMC) ensures better quality and energy Increasing proportion of value-added films with
management, while being cost competitive corresponding reduction in standard film sales

Substantial savings including freight, packing costs,

Chemical recycling of post consumer & post-industrial waste
wastage, fixed costs and technical development

Opens merchandizing opportunities Provides platform for future growth

18
2 Polyplex – A Respected Plastic Film Manufacturer

In addition to Sarafil range of standard and specialty base films, Polyplex has diversified into several value-added downstream
products under Saracote, Saralam and Saraprint brands over the last 10-15 years

Sarafil Base Films are suitable for a range of applications with their The Saracote range of silicone coated films (PET/PP) is designed to
inherent properties of being clear, transparent, flexible, sealable, provide an excellent carrier to pressure sensitive material. The typical
chemical inertness, high barrier, superior mechanical properties and applications are in labels, tapes, roofing shingles and “peel & stick”
high heat resistance underlayment

The Saralam range of extrusion coated film products cater to a variety Saraprint is an innovative non-tearable polyester film designed for
of end uses such as thermal lamination products including digital print media segment for photo album, general printing,
documents, identity cards, carton lamination and wide format promotional & customized digital printing, mini-offset printing and
commercial films labels

19
2 Focus on Highly Differentiated Specialty Film Sales
Differentiated Product, Application or Customer (D-PAC): Drives Polyplex’s Right to Win in a
Competitive Industry

Unique value proposition of differentiated products, applications and customers has led to a healthy growth in specialty portfolio

✓
◼ Products where the competition is
limited
Sustained higher
◼ Special features for the customer, contribution over the relevant
delivering higher value standard product
Differentiated
Product ◼ May be specific to CPGs / OEMs and ✓
hence difficult to dislodge

Pricing stability

Differentiated
D-PAC
Customer ✓

◼ Significant entry barriers due

to stringent quality focus,
long qualification timelines or
significant trial costs
Differentiated
◼ Limited competition and
ability to create better value
for select customers
High entry barrier
Application ◼ Specific application for a standard
✓
product (sometimes with minor
modification) which may not be well
known in the market Price variations between
markets as well as customers
◼ Creates unique value proposition for
within the same market
the customer

20
2 Increasing Contribution of D-PAC Sales

Continued Increase in D-PAC Volumes… …Resulting in Growth of Incremental1 D-PAC EBITDA

KMT (films) Incremental EBITDA for D-PAC ($ / kg) EBITDA ($ million)

323 0.72 0.72 0.70 0.75 0.81

306
274
253 $186
242 $171

229 $133
233 $115 $110
207 $116
188 192 $91
$86
$72
$53
94 $76
53 60 67 73 $38 $43 $47 $55

FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22

D-PAC Standard D-PAC Standard

Polyplex’s Unique Strategy

Constant addition of new products to the differentiated portfolio, effectively “replacing” older and standard products

Sustained investments in projects in Turkey, US, India and Thailand expected to drive growth in D-PAC sales

Strong relationships and continued engagement with anchor customers for an iterative product development process

1 The contribution from D-PAC sales to the overall EBITDA represents “incremental” margin over and above standard products net of additional costs (raw
materials, differential productivity, wastages and conversion costs). As an illustration, if standard film price is 100, D-PAC product price is 200 and additional cost 21
is 30, then the resulting incremental margin would be 70;
2 Product and Application Penetration (1/6)
Flexible Packaging - Food¹

Sugar & Confectionary Frozen Food Cheese & Dairy

Snacks & Cookies Tea & Coffee Cereals

Food Staples Soups Liquids

Specialty Food Others

¹ Sarafil Thin BOPET (Primarily). BOPP Specific 22

2 Product and Application Penetration (2/6)
Flexible Packaging – Non Food¹

Medical & Pharmaceutical Kitchen & Home Care Cigarettes & Tobacco

Personal Care & Hygiene Pet Food Garden & Outdoor

Electronics Packaging Miscellaneous Personal Care & Hygiene

Shrink Films Textile Bags Tapes

¹ Sarafil Thin BOPET, BOPP and CPP film. BOPP Specific 23

2 Product and Application Penetration (3/6)
CPP & Blown PP/ PE

Food Food Overwrap Flower Overwrap

CPP

Sealant Film Medical

Retort Anti-fog

Construction
Underlayment Metallized PE, Sealant,
Safety Air Bags Container Liner
Labels & Specialty
Blown PP

Blown PE

Retort PP Mulch Metal Protection Stretch Wrap

24
2 Product and Application Penetration (4/6)
Labels, Carton, Holography¹ and Paper

Labels Carton Packaging

Direct and Transfer Metallized Paper Brand Protection - Holography

1Sarafil Thin BOPET, BOPP 25

2 Product and Application Penetration (5/6)
Industrial1,2

Thin Films¹

Flexible Ducting Hot Stamping Foil Tapes Release Liners¹,² EV Battery

MLCC Construction, FRP 1,2 Window Films 1,2 Electronics 1,2 Others

Thick Films²

Media & Screen

PV Solar Electricals Face Shield Electronic Liner
Decoration Protection

¹ Sarafil Thin BOPET; ² Sarafil Thick BOPET 26

2 Product and Application Penetration (6/6)
Downstream

Construction Release Liners

Saracote

Saraprint
Saralam

27
2 Constantly Innovating to Ensure Sustained Differentiation
Dedicated R&D Ecosystem in India

Demonstrated ability to partner with customers for joint product development and co-innovation due to strong technical capabilities,
thereby deepening customer relationships

A separate R&D department registered with the Department of Scientific and Industrial Research (DSIR), Ministry of
Science and Technology (India)

14 dedicated personnel in corporate R&D supplemented by local technical service and R&D team with significant
experience in chemicals, coatings, resin, converting process and other relevant fields

Growing IPR portfolio (27 patents and 7 trademarks granted, 14 patents applied for)

Focus on innovation and

Better technical services and Collaborative research with Enhanced cross-learning and
collaborative application
new products are being government labs and sharing best
development to become a
facilitated by leveraging in- educational institutions to drive practices/benchmarking across
preferred supplier/partner of
house R&D capabilities and innovation and new various units to increase
several large multinational
experience sustainable products efficiency and synergy
customers

28
3 Global and Well-Diversified Customer Base
Deep-Rooted Relationships with Key Customers Spanning Over 15+ Years

◼ Tier I supplier to leading global and regional converters who cater to global CPGs / OEMs
◼ Strong manufacturing and distribution capabilities helps capitalize on the increasing preference of customers to source locally

Access to Global Customer Base…

Geographic Business Mix (FY22 Revenue) ~2,650 customers in ~75 countries
across Europe, Asia (ex-India), India, the
Americas and RoW
27%
27%
5%
Digitalized Packaging and Industrial
Processe applications (70% and 30% of
s FY22 turnover respectively)
22%
19%

Europe India Other Asian countries America's RoW

…Given Capability of Catering to Customers’ Diversified end-use across

Preference for Local Sourcing several industries
✓ Domestic availability helps in improving supply chain
reliability and optimizing inventory
✓ Changing needs of CPGs/ OEMs requiring quick
turnaround
✓ Flexibility in small order deliveries and responding to Low customer concentration risk
unplanned requirements with top 10 film customers accounting
for 27% of total turnover
✓ Domestic purchase reduces risk from pricing and foreign
exchange movements
✓ Limited financial capability of small customers 29
4 Continued Focus on Operational Efficiencies and Costs

◼ Business process continuous improvement and excellence programs

— Undertaking several initiatives to improve business processes and optimize costs through continuous
improvement in the areas of productivity, wastage, freight, packing, energy conservation, inventory
management and other processes
— Benefits from these programs have been accruing over the last several years and incremental benefits are
expected in the future as well

◼ Structure new investments to build on leadership in delivered cost

— Near-shore and on-shore manufacturing strategy
— Benefit from logistics and trade duty differentials

◼ Capacity utilization
— Ensuring ~100% CUF across all manufacturing plants even in the context of global over-capacity (if any):
– Swift ramp up in capacity utilization of new BOPET, BOPP and other downstream assets
— Debottlenecking existing assets

◼ Asset configuration
— Cost efficiency through large contemporary assets being used for standard products
— Continue to repurpose older lines for producing specialty films efficiently
— Economies of scale through minimum asset base of two base film lines, resin plant and downstream
capabilities at each manufacturing location

30
4 Superior Utilization Relative to Industry

Polyplex has consistently improved capacity utilization through debottlenecking and outperformed the industry

(Thin BOPET Film utilization)

250 99% 99% 120%

99% 100%
200 95%
100%
150
80%
100 80% 82% 82% 80%
74% 60%
50
177 184 203 229 232
- 40%
FY18 FY19 FY20 FY21 FY22
Polyplex Production (KMT) Polyplex Capacity Utilization (%) Industry Capacity Utilization (%)

Key Drivers for Strong Capacity Utilization

Diversification
Deep customer
across packaging
access and higher Ability to move Consistent
Higher and Extensive sales and industrial
market penetration material between improvement in
increasing and distribution segment and in-
in key demand different regions productivity and
proportion of network with local house downstream
centers due to depending on local cost
specialty films warehousing businesses with
multi location market conditions competitiveness
varying market
manufacturing
conditions

31
Note: Industry CUF as per CY, Polyplex CUF as per FY; Industry CUF is based on internal estimates; Polyplex CUF is calculated based on the extant capacity.
5 Sustained and Profitable Growth (1/3)

Improving Steady Robust

Strong
Profit Cash Flow Balance
Growth
Margins Generation Sheet

Sales Volume Across All Films (KMT) EBITDA ($mm) and EBITDA Margin (%) & $/kg

3% 8% 12% 6% 17% 18% 21% 26% 21%

5%
0.38 0.45 0.49 0.56 0.57

306 323
242 253 274 171 186
115 133
91

FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22

Sales Volume (KMT) Growth % EBITDA ($mm) Margin % EBITDA ($/kg)

Cash Flow from Operations1 ($mm) Capex ($mm) & Net Debt ($mm)

(60) (57) (66) (75) (38)

160 170 71
67
123 53 54
105
85
149 21
109
84 76
50

FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22
Cash Flow after change in NWC ($mm) Change in NWC ($mm)
Capex ($mm) Net Debt ($mm)

32
Note: 1 Cash flow from operations have been adjusted for tax on dividend; Significant increase in Net Working Capital (NWC) in FY22 is due to spike in RM
cost, increase in volume and selling prices
5 Sustained and Profitable Growth (2/3)

Improving Steady Robust

Strong
Profit Cash Flow Balance
Growth
Margins Generation Sheet

Revenue (USD million) Effective Tax Rate

16.50%
12.91%
11.41%
9.01%
887 7.66%
650 630 660 12.05%
551 9.04%
7.04%
4.68% 5.69%

FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22
Current tax adjusted for tax on inter company dividend Current tax (unadjusted)

Free Cash Flow Deployment Trend (INR Crores)

1,277
1,227
479
90
33

723 864
61 542
103 695
562 209
236
159 97 82
79 146
224 472 529
370 402
137
-37 -104 -2 -49
-244
-55

FY18 FY19 FY20 FY21 FY22

Capex Increase/(Decrease) in NWC Dividend Paid BuyBack of shares (incl. Tax) Net Repayment/(Borrowings) incl. Interest Other items
33
5 Sustained and Profitable Growth (3/3)

Improving Steady Robust

Strong
Profit Cash Flow Balance
Growth
Margins Generation Sheet

EPS (INR/Share) Dividend Per Share (INR/Share)

132

163 181 68
103 88 31
50 30 36
20 17 32
10
FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22

Normal Dividend Special Dividend

ROCE ROE

26% 27% 25% 25%

23%
21%
18%
16%
12% 21% 13%
19% 18% 19%
16% 16%
14%
12%
8% 8%

FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22
ROCE (With Cash & Cash Equivalents) ROE (With Cash & Cash Equivalents)
ROCE (Excluding Cash & Cash Equivalents) ROE (Excluding Cash & Cash Equivalents)

34
6 Polyplex’s Commitment to Sustainable Development & Growth

Commitment Towards Sustainable Environment

A ◼ Strive to work on sustainable products and processes

◼ Continue to make multiple and substantial investments in recycling operations to

provide solutions for post industrial as well as post-consumer plastic waste

Meaningful Social Impact

◼ Focused on the health and safety of employees
B
◼ Makes monetary contributions to NGOs, hospitals and Government relief funds and
helped support the infrastructure in hospitals, especially during COVID-19

◼ Has undertaken various initiatives to help communities in areas adjoining its plants

Strong Governance And Accountability

◼ Promoting fundamental values of honesty, integrity, and ethical conduct among all
C stakeholders

◼ Ensuring strict adherence to laws and regulations across all jurisdictions where it
functions

◼ Operates with a strong governance and accountability framework

35
6 Continued Focus and Thrust on Sustainability
5 1
◼ Industry Collaboration
— Working in close collaboration
with industry associations,
CPGs/OEM, Converters and
research organizations to
develop viable solutions
4 3
◼ Ecoblue Initiative
— New facility being set up, which
uses post-consumer bottle /
container waste (PET and
Olefin) as input with wash lines
— Most countries now permit the
use of recycled PET in food
contact applications which
provides strong growth
opportunity
2
◼ Eliminate Scrap Sales
— Recycle BOPP / EVA thermal
films and sell as resin
— Planned to chemically recycle
and reuse BOPET film line
lumps in film line
— Considering delaminating
BOPET / EVA thermal films
and recycling separated layers
to produce resin
◼ Increase in Post-consumer /
Post-industrial Recycling
Capacity
◼ New Product Development
— Promoting use of rPET in
different end applications
— Develop and promote products
to enable conversion to mono-
PET structures
36
6 Recent Initiatives Undertaken by Polyplex
Sustainable Products That Have Already Been Delivered

Polyplex has successfully executed several sustainability initiatives till date

Post-Consumer Foil Replacement

Recycled PET Film - Mono PET structures (High Barrier
30% - 100% PCR Metallized films)

PVC Replacement
Eco Friendly BOPET Transfer Metallized
(Formable, Dead
Film (Heavy Metal Films, Paper, Board
Fold, Twist
Free) (Plastic Free Cartons)
Properties)

PVDC Replacement Source Reduction –

Digital Printable –
(Transparent Barrier Down Gauging,
Solvent Free
Chlorine Free) Internal Recycling

37
6 Ecoblue - A Recycling Initiative of Polyplex

Ecoblue is helping brands meet their sustainability goals

About Ecoblue
Key Products
◼ Starting operations in 2013, Ecoblue provides sustainable solutions for film-based process waste as well rPET resin
as post-consumer plastic waste for varied applications rPP resin
rHDPE resin
◼ Only recycler in the region to develop food grade products across different polymers including rPET,
rHDPE and rPP spanning several applications

◼ Has been working with different post-consumer and industrial wastes (both PET and Polyolefin based)
over the years Certifications
FDA approval & GRS certification
◼ Focused on developing and producing high quality recycled materials which can replace virgin resin in for rPET, rPP, rPE
high end applications such as Bottles, BOPET Film and Filament Yarn

◼ First in Thailand to produce food grade rPET resin for bottle application

◼ Recycling of Ocean-bound plastics Current Capacity

rPET – 32,000 TPA
— Working with Ocean-bound plastics marketplace platforms – Plastic Bank and Oceanworks Polyofelin – 4,000 TPA
Manufacturing in Thailand
— Ocean bound plastics certification – under progress

Global Partnerships

Empowering the world to stop ocean plastic

Plastic Bank has pioneered in the concept of Social Plastic,

UPM Raflatac, a part of the Eur10 billion where the individual waste collectors are rewarded by
Avery, a Fortune 500 company,
UPM group, is one of the world's leading preventing marine litter in high risk zones. This has positive
is a global leader in labeling
producers of self-adhesive label social impact along with the environmental benefits.
industry.
materials. EcoBlue’s partnership with Plastic Bank extends to setting up
On going partnership for
Ongoing partnership for recycling for the Waste Collection system in Thailand and processing it into
recycling for Filmic Liner Waste
Filmic Liner Waste high quality recycled materials

38
6 Promoting Sustainability Through Ecoblue
Engaged in Adopting Innovative Recycling Solutions

Ecoblue is a specialist in recycling a wide spectrum of materials

Recycled Polyolefin for Virgin
Recycling Unrecyclable Materials rPET for Virgin Replacement Replacement

Ecoblue Strap2Strap
Solution Bottles rHD for Bottles
(under development)
US FDA approved

Metallized BOPET Film

Recycling (Patented) rPP COPO with High
BOPET Film Impact
US FDA approved

Ecoblue CircuLiner
Solution
rPP Clear HOPO
Injection Molding &
High Quality Fiber Filaments

Ecoblue Laminate
Solution

39
6 Meaningful Social Impact
Conscientious Approach to Contribute to the Community

◼ Ensured safety and security of staff members during COVID-19

— A robust health monitoring mechanism has been put in place including handling of emergency situations
— Proactive communication and prevention has been the hallmark of these initiatives
Fight ◼ Sustained employment for all employees during COVID-19 pandemic, including payout of additional bonus to recognize the efforts
Against and boost the morale of the employees
COVID-19 ◼ Monetary contributions to NGOs, hospitals and Government relief funds across all its locations
— Donated medical equipment, supplies and protective gear for healthcare workers
— Supported various NGOs by providing necessary food supplies to the communities around Polyplex’s locations
— Provided infrastructure facilities to Government hospitals at the plant locations in India

Job ◼ Committed to hiring and promoting local talent in each of the geographies
Creation ◼ Equal opportunity employer across geographies

◼ Has been running a school at its Khatima plant for the past three decades
— The school provides over 1,750 students with best-in-class educational facilities
— Under a PPP model at Bazpur and Khatima, Polyplex has adopted two local schools and
provides them with the necessary infrastructure
Education
◼ Contributed to the Rekhta Foundation, which is a non-profit organization established to promote
and and disseminate literature and culture
Culture
◼ Offers a slew of sports and educational sponsorships as well as full scholarships to the
school-going children of deceased employees
◼ Has made contributions to various other schools/educational institutes in order to promote
education and help contributing to a better society

40
 6 Focus on SCORE
Core Values Binding the Employees

◼ We leverage synergies across hierarchies, functions and

Seamlessness locations

Professional, highly Stable management

qualified and team with almost
◼ We value our people and are committed to their experienced zero attrition over
leadership team the last several
development years
Care ◼ We are sensitive to and respect diversity
◼ We take a long-term approach to all our relationships

◼ We display ownership and feel responsible for the

Ownership and organization’s performance
Responsibility ◼ We trust in the capabilities of our people and believe in Strong and Holistic
delegation while adopting a hands-on approach institutionalized development with
employee opportunities for
engagement cross-learning &
◼ We exhibit a passion to excel and strive to continuously schemes/programs growth
improve the way we work
Excellence
◼ We constantly pursue newer and better ideas, processes,
products and practices

41
6 Creating Impact Through Strong Governance
Continuously Strives to Follow Best Practices

✓ Committed to promoting fundamental values of honesty, integrity, and ethical conduct among all stakeholders

✓ Strong compliance orientation

— Adheres to all applicable laws, regulations and guidelines across all jurisdictions
— Undertakes a wide variety of steps to keep employees informed about current and proposed laws, regulations, and guidelines

✓ Strong governance and accountability framework

— Accomplished and experienced Board of Directors in India and Thailand

— Board of Directors have constituted various committees in India

– Audit Committee, Nomination and Remuneration Committee, Stakeholder’s Relationship Committee, Corporate Social Responsibility
Committee and Risk Management Committee

✓ Unwavering commitment towards occupational health and safety performance

— Best practices relating to the health and safety standards by continuously improving working conditions, minimizing workplace hazards
and raising awareness through involvement, participation and continuous training of the shop floor workforce

– Focus is on ensuring that the health and safety standards are adhered to as per the local legislations and standards

– The approach is reflected in the Environmental, Health and Safety (EHS) policy that emphasizes continuous improvement

— All the manufacturing facilities are certified on occupational health and safety management system

42
6 Recipient of Prestigious Awards and Accolades Globally

Polyplex has been a recipient of some of the most prestigious awards in the industry, demonstrating its commitment towards
becoming a global leader in the industry

Best Public Company Prime Minister’s Best Public Company

Asia’s Most of 2020 – Industrial Green Innovation Award for Innovation of 2021 – Industrial
Influential Companies Group at Money & Award 2021 at ACES – Chemical Recycling Group at Money &
Award 2019 at ACES Banking Awards in Thailand Banking Awards

43
Stability in Earnings

44
 Key Attributes of the Business Model Creates a Natural Hedge Against
Industry Volatility

Global S&D Network => diversified

and fragmented customer base;
optimized market mix to improve
margins Diversified portfolio
Global – local manufacturing with increasing share
=> cater to local market of D-PAC sales
needs
Significant proportion
of Raw Material linked
Integrated manufacturing and to Sales
productivity improvement => Preferred supplier &
cost reduction
improved pricing power
$ 0.57
$ 0.56
Flexible packaging and
industrial end-use => $ 0.49
resilient and growing $ 0.45
demand
$ 0.38

Normalized
EBITDA ($ / kg)
FY18 FY19 FY20 FY21 FY22

45
Polyplex Has Consistently Generated Superior and Stable Gross Margins
Relative to the Industry
VA Stability

Polyplex’s strength as a diversified and specialty - focused business enables it to achieve steadier gross margins

1.40 120
101
1.20 1.09 1.11 1.10 100
1.25 1.05 1.05
1.00 1.01 1.03
0.97 0.97 0.99 1.00 0.98
0.93 0.95 80
1.00 0.92 63
75 75 74 80
69 69 0.97 69

$/Barrel
0.80 62 63 61
$/Kg

0.76 0.77 0.76 0.76 60

0.72 0.72 0.70
0.60 43 44
0.65
0.61
0.56 40
50 30
0.40 0.51
0.43 0.45
0.41
0.20 20

- 0
Q1 18-19

Q2 18-19

Q3 18-19

Q4 18-19

Q1 19-20

Q2 19-20

Q3 19-20

Q4 19-20

Q1 20-21

Q2 20-21

Q3 20-21

Q4 20-21

Q1 21-22

Q2 21-22

Q3 21-22

Q4 21-22
China VA over Index RM (on 12 mic) - $/Kg PCL VA (Consol-all films) - $/Kg Crude Oil - $/Barrel

◼ Raw Material (PTA/MEG melt cost) tracks crude oil ◼ The gap between Polyplex and Chinese players’ gross
margin increases significantly during the trough of
◼ Raw material movements tend to be ‘pass through’ industry cycle
in film prices
◼ Chinese players achieved a higher margin for a short
◼ Value Addition (VA/material margin) is dependent on period in second half of 2021 owing to supply constraints
industry CUF resulting from logistic disruption / energy crisis

46
Industry Outlook

47
Thin BOPET Demand

Thin BOPET Film Demand Expected to Stay Resilient and Accounts for 80% of Global BOPET Film Demand

Thin BOPET Films Expected to Be the Fastest Growing Segment in

the Global BOPET Films Market

Global Thin BOPET Film Demand (KMT)

7,000 6,035 6,397 8.0%

5,380 5,696
6,000 4,808 5,084
4,101 4,289 4,549
5,000
4,000
5.0%
3,000
2,000
1,000
0 2.0%
2019

2020

2021

2022E

2023E

2024E

2025E

2026E

2027E
Demand (KTPA) Demand Growth

Key Trends - Demand

Ageing population, evolving retail formats and penetration of

e-commerce, together with focus on safety and hygiene has led
Global thin film growth expected at 5-6% in the
to rise in per capita packaging material consumption. There is a
next few years
continued shift from rigid to flexible packaging, and from loose
to packaged products

Growth drivers include population growth, Demand driven by higher disposable income. Technological
increasing urbanization, changing developments are leading to accelerated demand in electrical,
demographics, trend towards nuclear families electronics and other industrial applications, along with new
and increase in purchasing power in applications like LiB for EVs, which is expected to further
developing countries increase demand
48

Source: Industry Publications/Company Estimates

Thin BOPET Industry Outlook

Upcoming Capacity Additions Expected to Track Demand Growth Expected Capacity in the Industry
KTPA

◼ ~1.2MMT of global capacity is expected to be added in Thin BOPET segment by

2024; majority of the new capacity is being installed in low-cost developing
countries - China and India, together accounting for ~85% of the total upcoming capacity
7,255 7,274 7,274 7,274 7,274
— Capacities aggregating to ~1.1MMT had already commenced over the last 3 years 6,691
till Dec’21 and have been absorbed in the market
5,783
5,014 5,240
◼ Some of the largest players in the industry are Chinese, but they primarily cater to the
domestic market with some limited presence in Southeast Asia, and have negligible
presence in the US and Europe

◼ CUF levels between 80-85% are considered high and close to the full producible
capacity for the industry
— Excluding impact of China, the CUF rates are steadier with lower variance in
peaks and troughs

◼ Deferment / delay in new capacity additions and the expected closure /

2019

2020

2021

2022E

2023E

2024E

2025E

2026E

2027E
underutilization of older lines due to changing cost dynamics and impact of Covid-19
are expected to positively impact the outlook on utilization rates

◼ Incremental demand over the next 6 years would exceed the new capacity added for Capacity(KTPA)
most of the key demand centers

◼ Trend towards Deglobalization, Protectionism and preference for local and regional
supplies

Polyplex Strengths

◼ Players with global footprint can better withstand the regional imbalances and industry volatility
◼ With its global manufacturing presence in key demand centers, Polyplex can cater to all geographies, thereby maintaining
~100% CUF levels and superior margin profile over the years
◼ Focus on speciality and high value added products thus making earnings more predictable
◼ Competitive cost structure (on DDP basis) helps sustain competitive advantage
◼ Pricing is a function of demand/supply - effect of crude is limited as RM prices are passed through to customers with a varying
lag
◼ Tax Efficient Structure
◼ Ongoing Capex on various line upgrades to enable optimal utilization of assets
49
Growth Capex

50
Continuous Growth

Polyplex growth more that the average market growth rate

Capacity is in ‘000 MT
1,200
1,077
996
1,000 Capacity CAGR 8% 968

838
800 745
671
642 642 649 649

600 572

452

400

200

-
FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24

Base Film Resins (incl. Recycled) Downstream

51
Investment Under Implementation
Key Investment Rationale

◼ New investment rationale:

— High level of confidence owing to established sales and distribution network

Base Film Capacity Expansion (i.e., Second
BOPET Film and Debottlenecking Resin — Market growth of 10-12 KT p.a.
plant) in USA
— Availability of captive resin
Investment in Offline Coater in USA
— Successful strategy deployed at all locations – 2 film lines and a resin plant
Total Capex: $121 mm
◼ Expected Start-up - H2 2023

◼ Post this investment, Polyplex will be the most cost competitive producer of Thin BOPET films in
the US

52
Guidance

53
First Quarter 22-23 Guidance

50 54
45 46 44
39 40 37

Q1 20-21 Q2 20-21 Q3 20-21 Q4 20-21 Q1 21-22 Q2 21-22 Q3 21-22 Q4 21-22 Q1 22-23

Q1 20-21 Q2 20-21 Q3 20-21 Q4 20-21 Q1 21-22 Q2 21-22 Q3 21-22 Q4 21-22 Q1 22-23

The forward-looking statements reflect Polyplex’s expectations of its next quarter earnings. These are based on certain assumptions as
on date and are subject to significant risks and uncertainties, as they could be substantially influenced by several factors which are
beyond Company’s control including, but not limited to, fluctuations in foreign exchange rates, changes in key raw material prices,
changes in market dynamics, impact of consolidation of subsidiaries and any unexpected production down times due to machinery
breakdown, unforeseen delays in project start up etc. The Company does not make any representation, warranty or prediction that the
results anticipated by such forward-looking statements will actually be achieved.

54
Annexures

55
Shareholder Pattern

• Polyplex Corporation Limited (PCL) is the Group Holding Company

• PCL’s economic interest in the overseas businesses is 51%
• PCL listed on BSE/NSE in India and the Thai subsidiary (PTL) on the Stock Exchange of Thailand (SET)
• Shareholding of the Company (as on 31st Mar’22) is as below:

PCL Shareholding PTL Shareholding

34.25%
41.18%

50.97% 51.00%

14.78%
7.82%

Promotor Institutions Non-Institutions Promotor Institutions Non-Institutions

56
Group Structure

57
Disclaimer

• This presentation may contain forward-looking statements which are based on the
Company’s current expectations and estimates about the industry, management’s
beliefs and various other assumptions. These forward-looking statements are subject
to various risks, uncertainties and other factors, some of which maybe beyond our
control. No assurance is given with regard to future events or the actual results, which
may differ materially from those projected herein.
• This presentation does not constitute an offer to sell or a solicitation of an offer to buy
or sell PCL stock and in no event shall the Company be held responsible or liable for
any damages or lost opportunities resulting from use of this material.
• Numbers for previous periods may have been regrouped/rearranged/reworked for
comparison purpose and for better analysis.
• Financial information provided in US Dollars have been illustratively translated from
reported financial information in Indian Rupees to US Dollars using simple average of
monthly exchange rates for the respective applicable period(s) for the P&L related
items and respective period ending exchange rate(s) for the Balance Sheet related
items.
• Growth rates have been calculated based on reported INR financial information.

58
Glossary

• EBITDA: Reported Earning before interest, tax, depreciation and amortisation

• Normalized EBITDA: EBITDA excluding impact of unrealized FX gains/(losses) on long term loans
• Revenue: Reported sales excluding other operating revenues
• Net debt: Long-term debt + short term debt + current maturities of long-term debt – cash & cash equivalents
• Cash & Cash Equivalent: Cash & bank balance + other bank balances + fixed deposits with bank + other
investments in bonds and liquid funds
• RoW: Rest of the World
• PET: Polyethylene Terephthalate
• BOPP: Biaxially Oriented Polypropylene
• CPP: Cast Polypropylene
• TMP: Transfer Metallized Paper
• TRI: Total Return Index
• VA: Value Addition
• MEG: Mono Ethylene Glycol
• PTA: Purified Terephthalic Acid
• RM: Raw Material

59
 Thank You
Polyplex Corporation Limited
B-37, Sector-1, NOIDA
Distt. Gautam Budh Nagar
Uttar Pradesh-201 301
Board:+91.120.2443716-19
Fax:+91.120.2443723 & 24

BSE (scrip code) : 524051 Symbol : PTL

NSE (symbol) : POLYPLEX
ISIN : INE633B01018

Polyplex India Polyplex Thailand

60