Dear Shareholders

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

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

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

arrangements. The Packaging Board Plant capacity further increased from 180000 TPA to200000 TPA during the year by adding balancing equipment.

Newsprint industry scenario has improved in the first half of 2018-19 with increase inprices of newsprint by about 30% and increase in demand for quality newsprint. Howevernewsprint industry witnessed a depressed market scenario in second half of the year due tohigher volume of imports at cheap rates. Considering the altered and challenging scenarioyour Company has decided to go in for a change in the product mix by converting 60000 MTNewsprint capacity to any other value added and premium quality product. Your Company iscurrently undertaking a market survey and obtaining expert views in the matter beforeproceeding further.

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

With warm regards

A. V. Agarwal

Executive Chairman