The strong performance of the domestic economy provided a favourable environment for
our continued growth.
Dear Shareholders,
Reflecting on the past year and the initiatives we undertook, I am filled with a sense
of optimism. The efforts we put in have positioned us on a trajectory that seems poised to
propel us to the next level of success. It is encouraging to see how far we've come and
the positive impact our initiatives have had. As we move forward, I believe we are
well-equipped to tackle new challenges and seize opportunities for growth. The year gone
by had its share of challenges and opportunities both domestic and global front and the
Company navigated them with right strategy and resilience. I am happy to share with you
the Annual Report for the FY 2023-24—a year that has been marked by substantial
progress. Last year witnessed global economic uncertainties, geopolitical tensions which
resulted in businesses worldwide facing multitude of headwinds, accelerating climate
emergency, supply chain disruptions, escalating commodity prices and more, which added to
the challenging operating environment. However, the Indian economy, buoyed by its robust
macroeconomic fundamentals, has achieved remarkable growth.
The strong performance of the domestic economy provided a favourable environment for
our continued growth. This has enabled us to maintain our growth momentum, ensuring that
our financial performance for the year under review remains consistent and robust.
Notwithstanding the long annual outage, During the reporting year, our revenue from
operations was _1,80,058 lakhs. Our EBITDA for the year was _52,593 lakhs and our
Profit After Tax stood at _33,974 lakhs. On the operational front, we recorded a
production volume of 2,35,749 MT and a sales volume of 2,33,480 MT during the last fiscal
year. This performance reinforces our strong market presence and the growing demand for
our offerings.
Going forward, we will continue to focus on sustaining the strength of our balance
sheet by judiciously managing our debt. Our persistent focus on client satisfaction, cost
competitiveness, machine optimisation and enhanced operational efficiencies have helped us
sustain our robust financial performance this year. Prioritising these areas helped us
expand our production volumes and serve our clients better. "The Board had approved a
capital expenditure of _520 crores for upgrading its production facilities in phases
starting last year. Out of which _301 Crores has been expended by FY 2023-24 and
the remaining work is expected to be completed by this financial year. The benefits of
this upgradation will be realised in the long term and will enhance shareholders value in
the years to come.
Our steadfast commitment to environmental sustainability is reflected in our Vision
2030 strategy. We manufacture our products responsibly and actively work to reduce our
environmental impact by promoting sustainable operations.To ensure the seamless supply of
our raw materials, we have planted 906 lakhs saplings under the forestry programme. This
has helped us become ‘wood positive' and offered farmers an additional source of
income.
Moreover, we are upgrading our facilities to minimise waste and emissions while
improving energy efficiency. We utilise water recycling and reuse techniques to minimise
our water footprint.
Additionally, we recycle wastepaper in our manufacturing process as part of our ongoing
environmental stewardship efforts.
To address the pressing issue of environmental pollution, a major concern for the paper
industry, we have adopted greener technologies that significantly reduce energy
consumption during the manufacturing process and minimise the use of steam, coal and
power.
Our commitment to sustainability encompasses not only our responsibility towards the
planet but also our deep dedication to enhancing the quality of life for the communities
we serve. To contribute to holistic community development, we undertake several
initiatives focused on education, healthcare, the provision of safe drinking water and
women's empowerment. For our team members, we prioritise providing them with a conducive
work environment, one that drives their personal and professional growth. We adhere to
stringent safety standards to ensure that our workplace is free from hazards and
accidents.
Our commitment to sustainability encompasses not only our responsibility towards the
planet but also our deep dedication to enhancing the quality of life for the communities
we serve.
Throughout our journey thus far, we have remained steadfast in our commitment to
conducting business with fairness, transparency and accountability. This strategy has
earned the trust and confidence of both investors and other stakeholders. We believe that
good governance has been and will remain the cornerstone of success, enabling us to
maximise value creation through ethical business conduct.
As this message draws to a close, I would like to reaffirm our continuous endeavour to
integrating sustainable business practices into our operations. This commitment not only
reflects our values but also positions us to thrive in a dynamic and interconnected global
economy.
We anticipate that our future journey will be driven by factors such as rising per
capita paper consumption in India, opportunities arising from the ban on single-use
plastic and the growing demand for paper products in the domestic education and e-commerce
sectors.
Before I conclude, I want to extend my heartfelt gratitude to all our shareholders for
their continued support. I am confident that with your trust and cooperation, we will be
able to capitalise on emerging opportunities and make this a fulfilling journey for all
our stakeholders.
Warm Regards,
Shree Kumar Bangur
Chairman & Managing Director