Dear Stakeholders,

The last fiscal year witnessed troughs and peaks in business due to a remarkable slowdown in the international markets. Despite, the unstable macroeconomic scenario CTIL demonstrated commendable business flexibility, achieved a revenue growth of 10.86%, and maintained optimum financial health. The ability to stay strong and deliver value to stakeholders amid evolving market dynamics reflected CTIL’s spirit, adaptability, and responsibility as a dependable Company. The total profit before tax from the continuing operations of the Company stood at ₹ 449.89 Crores in FY 2023-24.

A multi-pronged approach to balancing strategy and sustainability across the core areas of business helped accomplish this sound financial performance. Revenue expansion and increased market penetration in the real estate business, sustainability initiatives in the pulp and paper business, and a laser-sharp focus on capacity expansion, product innovation, operational efficiency and strategic partnerships have cumulatively supported the accomplishments of the year gone by.

The Company this year comprehended that investors closely monitor CTIL’s financial performance, including revenue growth, profitability, cash flow generation, corporate governance, and the transparency of disclosures. CTIL has also delved deep into the various risks with the help of robust ERM framework. The ERM framework mitigates all risks be they emerging, static, legal thus ensuring ethical business and a positive reputation of the Company in front of the stakeholders. Hence, while trying to deliver from a long-term value creation perspective we have exerted significant effort in understanding investor sentiment which involves analysing a range of factors that influence investors’ perceptions, attitudes, risks, and behaviours’ regarding the Company’s stock.

Building on that, I would like to mention that CTIL has developed a vital component of risk management, a comprehensive Business Continuity Plan (BCP) document as a part of the business continuity strategy. This document outlines the strategies and procedures for maintaining essential business functions during disruptions. The document provides valuable insights into how investors perceive CTIL and its prospects, which can, in turn, impact the

Company’s stock price and overall market performance.

The BCP identifies the potential risks across the business segments and then the risks are prioritised according to the likelihood of it occurring. There is a specific team called the Business Continuity Management (BCM) team comprising senior management who oversees the business continuity plan. Thereafter the BCM conducts training, drills, and test sessions with the employees to educate them about their roles and responsibilities in the business continuity plan. Finally, the BCM documents the real-world incidents to refine and update the business continuity plan.

While maintaining financial credibility and clarity, CTIL is simultaneously continuing to weave sustainability into its business strategy like last year. This will align CTIL with the movements in the current business landscape and the regulatory trends aiding brand differentiation, thus enhancing stakeholder value. The Company is chiselling its sustainability agenda by adopting initiatives to reduce environmental impact, promoting social responsibility, and enhancing corporate governance through timely and effective material disclosures to mitigate environmental, social, operational, and reputational risks.

On the social front, CTIL continues to invest in its people and communities. Higher employee engagement, productivity, and retention rates foster a positive work culture at CTIL. To ensure a safe environment for employees across all facilities, various health and safety protocols have been deployed. While physical safety is reassuring, the Company also stays invested in the overall growth and development of its people with training and development programmes to enhance skills and promote diversity and inclusion to improve employee well-being. The Company, through CSR continues to engage with local communities in various social development initiatives, such as education, healthcare, and infrastructure development projects. This year CTIL spent ₹ 4.88 Crores on CSR activities.

Governance and risk mitigation are fundamental pillars of CTIL’s corporate framework, ensuring that the Company operates ethically, transparently, and resiliently in pursuit of its strategic goals. For this CTIL has a well-defined governance structure in place, consisting of the Board of Directors with crucial role in strategy and legal regulation. This governance structure also comprises executive management, and various committees.

From an environment standpoint, the Company took effort to reduce energy consumption, water usage, greenhouse gas emissions, adoption of renewable energy sources and energy-efficient technologies to decrease carbon emissions and mitigate climate change impacts in the pulp and paper business. In the real estate business, waste management and recycling programmes were employed to promote the principles of circular economy. While nurturing the planet and reducing the footprint of the Company, embedding sustainability principles in business will also save costs and improve operational efficiencies. All this will cumulatively attract socially responsible investors and provide access to capital markets more effectively.

This year, I see CTIL growing with the same commitment and spring of growth, proactively mitigating risks and ensuring the continuity of operations of its key business units and critical assets. This momentum of expansion, growth, and collective interests I feel, will organically safeguard the interests of all its stakeholders and make the business truly sustainable strengthening the reigns of financial stability at CTIL.

Sincerely,

Snehal Shah

Chief Financial Officer