Dear Shareholders

Your Company registered another commendable performance with impressive top line growth despite a challenging economy. Your Company recorded its highest turnover of ?.1528.48 crores as compared to ?.1366.37 crores in 2017-18 registering a growth of 11.9%. Earnings before Interest Depreciation and Tax (EBIDTA) increased by 41% to ?.242.32 crores as against ?.171.87 crores in 2017-18. During the year under review the combined production from Packaging Board Newsprint and Writing & Printing paper stood at 322359 MT and the capacity utilization stood at around 100%. The Company also recorded its highest sales volumes of 304089 MT. Exports accounted for 16754 MT as against 13209 MT in the Previous Year. The Company is continuously focusing on improving operating efficiencies and reducing manufacturing cost for better financial performance.

Your Company has achieved remarkable performance with all-round growth in Multi-layer Coated Board Plant and recorded 178534 MT of Board production. This was clocked through focus on product quality process innovation improved manufacturing efficiencies and enhanced service level with better logistic

Your Company has maintained its leadership position in the high-end packaging board segment and continues to consolidate its preferred supplier status amongst leading end-use customers & brands. The Company has also enjoyed dominant position in India being a world class quality manufacturer of Newsprint.

The Packaging Board Plant capacity further increased from 180000 TPA to 200000 TPA during the year by adding balancing equipment.

Newsprint industry scenario has improved in the first half of 2018-19 with increase in prices of newsprint by about 30% and increase in demand for quality newsprint. However newsprint industry witnessed a depressed market scenario in second half of the year due to higher volume of imports at cheap rates. Considering the altered and challenging scenario your Company has decided to go in for a change in the product mix by converting 60000 MT Newsprint capacity to any other value added and premium quality product. Your Company is currently undertaking a market survey and obtaining expert views in the matter before proceeding further.

The year 2018-19 was a market with volatility and disruptions. Your Company however continued to perform consistently well even under these challenging times and delivered better results.

With warm regards

A. V. Agarwal

Executive Chairman