Uflex Ltd

- There are currently **no plans to raise equity** through QIP or any other means. (Page 10) - On the **debt front**, the company expects debt to peak around FY25 due to ongoing CAPEX projects. Net debt is currently about Rs. 5,250 crores, expected to increase by approximately Rs. 500 crores but likely not to exceed Rs. 5,500 crores after amortization. (Pages 11-12) - Debt servicing is planned to be managed through cash generation from normal business operations, with no indication of new major fundraising beyond this. (Page 10) - Any new investment plans requiring additional funds will be communicated to the market as they arise. (Page 10)

- FY25 CAPEX planned at about $100 million, including: - PET chips resin plants (Egypt: $70 million; India: $20-25 million residual CAPEX) - Aseptic packaging debottlenecking - Other miscellaneous expansions - Maintenance CAPEX of approximately Rs. 140-150 crores per year is separate and additional - PET chips plant in India expected to be fully operational by end of the current fiscal; cost benefits expected from Q2 FY25 onwards - PCR (Post-Consumer Recycled) line CAPEX in Egypt: about $13-15 million with a 3-year payback period - No current plans to expand PCR facility in India beyond pilot scale due to economic feasibility concerns - No plans to raise equity through QIP or asset sales currently - Debt levels expected to peak around Rs. 5,500 crores in FY25, with amortization ongoing

- India market demand growth is healthy at 10%-12% annually; overall demand-supply mismatch expected to resolve in a couple of years (Page 14). - Packaging films business in India is currently under pricing pressure due to oversupply; margins and volumes expected to improve with demand-supply equilibrium (Pages 14, 17). - Exports from India increased by 13% this quarter, indicating growth momentum (Page 5). - Nigeria volumes up 60% YoY with utilization at 70%; target utilization 75%-80% considering export opportunities to America and ECOWAS (Page 6). - Mexico plant volume grew nearly 100% YoY, with America markets robust and capacity at 92%-100% utilization (Page 7, 9). - Completion of backward integration facilities for PET chips in India and Egypt expected to add price benefits and volume reliability, aiding growth (Pages 5, 6). - Aseptic packaging capacity expansion to 12 billion packs expected to contribute positively by FY25 (Page 5). - Overall, cautious optimism for sharper recovery in next few quarters amid global market uncertainties (Pages 4, 11).

- EBITDA margins are expected to improve from the current ~12.5% towards a normalized range of 14.5% to 15%, driven by better demand-supply equilibrium and improved European market sentiment. - Margins may see positive impact due to local sourcing benefits amid global supply chain disruptions like the Red Sea crisis. - The backlog CAPEX, including PET chips plants in India and Egypt (about Rs. 150 crores), will lead to better cost control from FY25, potentially improving margins from Q2 FY25 onward. - Volume growth continues, e.g., packaging films up 6.5% YoY and packaging up 3.6% YoY; Nigerian plant utilization is expected to ramp from current ~70% to 75-80%. - Debt levels expected to peak in FY25 (~Rs. 5,500 crores) with no major equity raise planned, and cash flow from operations will service debt. - Recovery in spreads depends on market conditions; improvement expected with correction in oversupply and demand recovery globally over next 4-6 months.

The transcript does not explicitly mention current or expected orderbook/pending orders for UFlex Limited in the Q3 FY24 earnings call held on February 13, 2024. - There is no direct reference to orderbook size or pending orders in the provided sections. - The discussion primarily focuses on capacity utilization, margins, market demand-supply dynamics, expansions, and operational highlights. - India and overseas capacity utilization and volume growth were discussed but without mention of orderbook specifics. - Expansion plans and capacity utilization in regions like Nigeria, Mexico, and America were mentioned in the context of market demand. - The company expects growth with normalized utilization and improved demand-supply balance over the next 1-2 years, but no quantified orderbook details are shared. Hence, specific data on current or expected orderbook/pending orders was not disclosed in the referenced transcript.