September 26, 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: 37th Annual General Meeting Presentation.

We are pleased to enclose herewith our presentation made at the 37th Annual General
Meeting held on September 26, 2022.

A Copy of this presentation is also being posted on Company’s Website i.e.

[Link].

Thanking you,

Yours faithfully,
For Polyplex Corporation Limited
Ashok Digitally signed
by Ashok Kumar
Kumar Gurnani
Date: 2022.09.26
Gurnani 16:48:39 +05'30'
Ashok Kumar Gurnani Email : akgurnani@[Link]
Company Secretary

Polyplex Corporation Limited

CIN : L25209UR1984PLC011596

B-37, Sector-1, Noida-201301, Distt. Gautam Budh Nagar (U.P.) India

Board: +91.120.2443716-19, Fax: +91.120.2443723 & 24 Website : [Link]
Registered Office: Lohia Head Road, Khatima - 262308, Distt. Udham Singh Nagar,
Uttarakhand, India
 Polyplex Corporation Limited
2021-22 Annual General Meeting of Shareholders
September 26, 2022

India - Bazpur India - Khatima

USA Thailand Indonesia

Ecoblue, Thailand Turkey

1
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

2
 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

3
 Success Enablers

1 Global and Integrated Manufacturing Set-up

Polyplex is the ONLY

2 Diversified and Differentiated Product Portfolio
Player to Combine Key
Attributes…

Multifarious and Demanding Customer Base Served

3 by an International Sales & Distribution Network
…Resulting in Stable
and Superior Margins
Continued Focus on Operational Efficiencies and
4
Costs

Focus on ESG (Environmental, Social and

5 Governance)

Global market share of ~10% (ex. China) in Thin BOPET Films

4
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

5
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

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

1,06,050 43,000
Thailand

58,000 4,392 20,700 480 320

75,850
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

6
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 7

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 High entry barrier
significant trial costs
Differentiated
◼ Limited competition and Application ◼ Specific application for a standard
✓
ability to create better value product (sometimes with minor
for select customers 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

8
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)

0.72 0.70 0.75 0.81 0.98

323
306
274
253 $186
$171
229 $133
233 $115
207 $110
192 $116
$86
$72

94 62 $76 $28
60 67 73 $43 $47 $55
25 $24
FY19 FY20 FY21 FY22 Q1FY23 FY19 FY20 FY21 FY22 Q1FY23
D-PAC Standard Annualised D-PAC Standard Annualised

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 9
is 30, then the resulting incremental margin would be 70;
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
22%
19%

5%
27% Digitalized Packaging and Industrial
Processe applications (70% and 30% of
s FY22 turnover respectively)
27%

Americas Other Asia Europe India 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 FY22 turnover
✓ Domestic purchase reduces risk from pricing and foreign
exchange movements
✓ Limited financial capability of small customers 10
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

11
4 Strong Capacity Utilization

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

(Thin BOPET Film utilization)

250 99% 100% 99% 99% 101%

200 100%

150 80%
100 80% 82% 82% 80%
60%
50
184 203 229 232 59
- 40%
FY19 FY20 FY21 FY22 Q1FY23
Annualised
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

Note:
Polyplex CUF is calculated based on the extant capacity; 12
Industry CUF as per CY, Polyplex CUF as per FY; Industry CUF is based on internal estimates;
Expected Global CUF of the Industry will decline in CY22 as per demand supply estimates
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

13
Significant Value Creation Potential Ahead
Self-Funded Business Model with Several Growth Drivers in Place

With a net cash positive balance sheet, strong financing capability and a deeply embedded global sales and distribution network, the
platform is capable of self-funding investments needed to drive multiple initiatives for sustained and profitable growth

◼ Focus on increasing the volume of ◼ Applications with limited or no presence ◼ Capacity addition in pipeline:
specialty films in the existing product — BOPET: US
portfolio ◼ Potential new applications: LiBs for EV — OLC: US
◼ Introduce new products for existing
applications — Metallizer: Turkey

Increase Product Portfolio and

Expanding End-use Applications Capacity Expansion
Specialty Focus

◼ Strengthening market leadership and ◼ Promoting usage of sustainable products ◼ Potential to evaluate value accretive M&A
optimizing cost base by: and develop recycling programs for opportunities
customers — Further enabled by strong balance
— Repurposing the older lines to
specialty film production ◼ Working in close collaboration with sheet and cash flow generation
industry associations, converters, brand
— Adopting the latest technology owners, recyclers and research
— Increasing productivity organizations on post-consumer flexible
packaging waste

Continued Focus on Optimal Cost Geographical Expansion

Thrust on Sustainability
Structure (Organic / Inorganic)

14
Financial Performance – Snapshot
India Rating & Research
IND AA- (Positive Outlook)
Superior Value Creation Over the Years…

(Q1 FY 22-23) (FY 21-22)

$263mm $52mm $887mm $186mm

Revenue# Normalized Normalized
EBITDA* Revenue#
EBITDA*

20% 21%
Normalized 29% 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

15
* 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
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

16
Sustained and Profitable Growth (1/2)

Improving Steady Robust

Strong
Profit Cash Flow Balance
Growth
Margins Generation Sheet

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

8% 12% 6% 7% 18% 21% 26% 21% 20%

0.45 0.49 0.56 0.57 0.61

306 323
253 274 186
171
115 133
87 52
FY19 FY20 FY21 FY22 Q1FY23 FY19 FY20 FY21 FY22 Q1FY23
Annualised Annualised
Sales Volume (KMT) Growth % EBITDA ($mm) Margin % EBITDA ($/kg)

Revenue (USD million) Capex ($mm) & Net Debt ($mm)

(57) (66) (75) (38) (53)

67 71
53 54

887
650 630 660
263 4

FY19 FY20 FY21 FY22 Q1FY23 FY19 FY20 FY21 FY22 Q1FY23
Annualised
Capex ($mm) Net Debt ($mm)

17
 Sustained and Profitable Growth (2/2)

Improving Steady Robust

Strong
Profit Cash Flow Balance
Growth
Margins Generation Sheet

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

132
68
162.57 181.19
31
103.19 88.18
59.58 32 36
20 17
FY19 FY20 FY21 FY22 Q1FY23 FY19 FY20 FY21 FY22
Annualised
Normal Dividend Special Dividend

ROCE ROE

29% 29%
26% 27% 25% 25%
23%
21%
18% 16%
21% 23% 22%
19% 18% 19%
16% 16%
14% 12%

FY19 FY20 FY21 FY22 Q1FY23 FY19 FY20 FY21 FY22 Q1FY23
ROCE (With Cash & Cash Equivalents) ROE (With Cash & Cash Equivalents)
ROCE (Excluding Cash & Cash Equivalents) ROE (Excluding Cash & Cash Equivalents)

18
 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
Flexible packaging and
industrial end-use =>
resilient and growing
demand

$ 0.61
$ 0.56 $ 0.57
$ 0.49
$ 0.45

Normalized
EBITDA ($ / kg)
FY19 FY20 FY21 FY22 Q1FY23

19
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

1.40 114 120

101
1.20 1.09 1.11 1.10 1.09 100
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
0.22

- 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

Q1 22-23
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

◼ Raw material movements tend to be ‘pass through’ in increases significantly during the trough of industry cycle

film prices ◼ Chinese players achieved a higher margin for a short period in

◼ Value Addition (VA/material margin) is dependent on second half of 2021 owing to supply constraints resulting from

industry CUF logistic disruption / energy crisis

20
Industry Outlook - Thin BOPET Global Demand (1/2)

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)

10,000 7.0%
9,000
8,000 6.0%
7,000
6,000 5.0%
5,000
4,000 4.0%
3,000 5,696 6,035 6,397
4,549 4,808 5,084 5,380
2,000 4,101 4,289 3.0%
1,000
0 2.0%

2022E

2023E

2024E

2025E

2026E

2027E
2019

2020

2021

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
21

Source: Industry Publications/Company Estimates

Industry Outlook - Thin BOPET Global Capacity (2/2)

Upcoming Capacity Additions Expected Capacity in the Industry

KTPA

◼ 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
◼ Based on the latest information, additional lines (over and above what we have factored in) 6,691
may be added (primarily in China). Several of these are expected to be in non-packaging 5,783
segment with focus on optical applications, high release liners etc. 5,014 5,240

◼ The impact may be significant in China with moderate influence in other regions, as
Chinese players have typically focused only on the domestic market and select SEA
markets with standard products due to variety of reasons

◼ Excluding impact of China, the capacity utilization (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
most of the key demand centers excluding China Capacity(KTPA)

◼ 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

22
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: $122 mm
◼ Expected Start-up - H2 2023

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

23
 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 2021 – Chemical Group at Money &
Award 2019 at ACES Banking Awards Recycling in Thailand Banking Awards

24
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.

25
 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

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