Dear Shareholders

The Challenging FY 19-20 has been embarked by a combination of a slowdown in the Indianand world economies due to COVID-19 pandemic. Notwithstanding these challenges we havetaken several steps by maximising operating efficiencies and generating more from less byexpanding the scope of our social service initiatives.

You will be reassured to know that your company has taken steps to adhere to theguidelines for social distancing and other safety measures provided by the government andits authorities keeping in mind utmost safety health and well being of our employees andother stakeholders. To ensure smooth continuation of operation and to survive tough timeand respond to any unexpected events in the future due to the pandemic your Company tookall possible cost control measures across the organisation mainly to preserve liquidity.With these steps the company has emerged to meet its business commitments and financialobligations.

Covid-19 pandemic led to the lockdown which affected the Company's performance in the 4^thQuarter of the fiscal year as it resulted in delay of operations and productivity offinished goods and resultant revenue recognition. Your company has generated annualrevenue of Rs. 253.93 Crores in FY20 against FY19 revenue of Rs. 431.44 Crores as there isa downfall in the revenue during the year due to the termination of Kraft papermanufacturing facility located at Kashipur Uttrakhand. The EBIDTA (Earnings beforeInterest Tax Depreciation and Amortization) stood at Rs. 27.16 Crores and PAT (Profitafter Tax) stood at Rs. 8.91 Crores with EPS (Earning per Share) of Rs. 0.35 at the facevalue of Re. 1.

During the latter part of the financial year the world was affected by the COVID-19pandemic which resulted in lockdowns and widespread demand destruction. During thischallenging period most Indian Industries lost the opportunity to generate revenues whilecontinuing to be expensed in full.

Genus is a 100% recycling-based paper mill. Over the years Genus has spent money andresources on technology to manufacture Kraft paper under the eco-friendly environment.

All the segments of paper are experiencing good growth both locally andinternationally. Amidst this scenario of COVID-19 pandemic Genus Paper is well poised toleverage its growth story. We have never compromised on the product quality and made therequired investments to achieve the same. Differentiation innovation and automation areour mantras for success.

Company would continue to focus on its key strengths to achieve healthy growth byfurther enhancement of quality. Though we enjoy premium in pricing compared to othermarket players we hope to improve the sales realization further due to our thrust onquality and brand positioning. We are constantly looking for growth opportunities in themanner most beneficial to all Stakeholders.

I am grateful to our shareholders customers bankers our board of directors and ouremployees for their unstinted faith and support. All this gives us immense strength andconfidence towards the journey of your company towards greater heights of growth andsuccess in coming days.

Mr. Ishwar Chand Agarwal