To, Corporate Relationship Department,

BSE Limited, P.J Towers, Dalal Street, Fort, Mumbai- 400 001 Company Code- 540824

11th February, 2020

To, National Stock Exchange of India Ltd. Exchange Plaza, C-1, Block- G, Bandra- Mumbai- 400 051

Company Code- ASTRON

Subject: Outcome of the Board Meeting held on Tuesday, 11th February, 2020.

Dear Sir/ Madam,

This is to inform you that the Board of Directors of the Company at its Meeting held on Tuesday, 11th February, 2020 has inter alia, considerfollowings:

1. On the recommendation of the Audit Committee, Board of Directors has approved Un-audited

Standalone and Consolidated Financial Results for the Quarter ended on 31st December, 2019 and

the Limited review Certificate on Un-audited Standalone and Consolidated Financial Results for the

Quarter ended on 31st December, 2019. The copies of the same are enclosed herewith.

2. Approved Re-appointment of Ms. Chaitali Parikh as (DIN: 07189130) (Registration No:

06AAABI0159A1ZC Independent Director's Data Bank) as Woman Independent Director of the

Company for second term for the period of five years, subject to approval of members in Annual General Meeting to be held in calendar year of 2020.

The Board Meeting was commenced at 11:30 a.m. and concluded at 1.00 p.m.

Kindly take on your records.

Thanking You, Yours Faithfully, For, Astron Paper & Board Mill Limited

~~c~r & Compliance Officer ~ "'"" 'fl>, .,,..C'I ~~

?ots~ :?o,s~ --We are 2nd recipient of

FSC Certificate of India in our Trade

A UNIT UNDER MOU OF 5th VIBRANT GUJARAT GLOBAL INVESTORS SUMMITS 2011

S.W. SJ{}IJ{ elJISSOCijiPES

Chartered Accountants

S.N. Shah B.Com., LL.B., F.C.A., DISA(ICA) Firoj G. Bodla B.Com , F.C.A. Priyam S. Shah B. Com., F.C.A. Palak K. Patel B. Com., F.C.A. Kaivan R. Parekh B. Com., F.C.A. Gaurav R. Sharma B.Com., A.C.A. Bhoomi Patel B. Com., A.C.A. Deepika Saragoi B. Com., A.C.A.

"SAPAN HOUSE", 10-B Government Servant Co-Operative Society, Opp. Municipal Market,

e.G. Road, Ahmedabad - 380 009 Phone: 079-40098280

Independent Auditor's Review Report On Quarterly Unaudited Standalone Financial Results and Year to Date Financial Results of Astron Paper & Board Mill Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

Review Report to, The Board of Directors of, Astron Paper & Board Mill Limited Ahmedabad

1. We have reviewed the accompanying Statement of Unaudited Standalone Financial

Results of Astron Paper & Board Mill Limited ("the Company"), for the quarter ended on

31st December, 2019 ("the Statement") and year to date results from 1st April, 2019 to 31st

December, 2019, attached herewith, being submitted by the company pursuant to the

requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure

Requirements) Regulations, 2015 (as amended), including relevant circulars issued by

the SEBI from time to time.

2. This Statement is the responsibility of the Company's Management and is approved

by the Board of Directors, has been prepared in accordance with the recognition and

measurement principles laid down in Indian Accounting Standard 34, Interim

Financial Reporting ('Ind AS 34'), prescribed under Section 133 of the Companies Act,

2013 ('the Act') read with relevant rules issued thereunder and other accounting

principles generally accepted in India. Our responsibility is ~ff)(~""'~""""'·"" -:::-~

on the Statement based on our review. 0

3. We conducted our review of the Statement in accordance with the Standard on Review

Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the

Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of

India (the ICAI). This standard requires that we plan and perform the review to obtain

moderate assurance as to whether the Statement is free of material misstatement. A

review of interim financial information consists of making inquiries, primarily of persons

responsible for financial and accounting matters applying analytical and other review

procedures to financial data and thus provides less assurance than an audit. A review is

substantially less in scope than an audit conducted in accordance with the Standards on

Auditing specified under section 143(10) of the Act, and consequently, does not enable

us to obtain assurance that we would become aware of all significant matters that might

be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under

Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015, as amended, to the extent applicable.

4. Based on our review conducted as above, nothing has come to our attention that causes

us to believe that the accompanying Statement of Unaudited Financial Results, prepared

in accordance with the recognition and measurement principles laid down in the

applicable Indian Accounting Standards (Ind-AS) specified under section 133 of the

Companies Act, 2013, read with applicable rules issued thereunder and other

recognized accounting practices and policies has not disclosed the information required

to be disclosed in terms of regulation 33 of the SEBI (Listing Obligations and Disclosure

Requirements) Regulations, 2015, as amended including the manner in which it is to

be disclosed, or that it contains any material misstatement.

~--------~

I Astron Paper & Board M111 Limited

§ i.PE ~&~r.~ .. t~ i

l C!N : L21090GJ2010PLC063428 Reg. Offi ce: D- 702, Seventh Floor, Ganesh Meridian, Opp . High Court, S.G Highway, Ahmedabad- 380060.

Stat€ment of Standalone Unaudited Financial Results for the Quarter Ended 31st December, 2019 . (Amount in l ac)

i-· Quarter Ended Nine M onth Ended Year Ended

Particulars 31 Dec 20191 30 Sep 20191 31 Dec 2018 31 Dec 2019] 31 Dec 2018 31 Mar 2019

Unaudited ! Unaudit ed ! Unaudited Unaudited! Unaudited Audited

INCOM E

I Revenue From Operat ions 9,075.38 8,519.09 9,906.60 25,865.03 28,111.03 37,394.89

II Other Income 0.06 32.40 13.15 47.41 39.97 63 .11

Ill Total Revenue {1+11) 9,075.44 8,551.49 9,919.75 25,912.44 28,151.00 37,458.00

IV EXPENSES

a) Cost of Material Consumed 5,160.44 4,886.54 5,333.29 15,022.95 15,225.39 20,556.82

b) Purchase of Stock In Trade - 0.97 592.26 6.49 1,578.04 1,581.19 c) Change in inventories of f inished goods, work in progress 192.96 -171.84 -57.47 -82.56 96.13 30.58 d) Employee benefit expenses 371.33 426.42 349.60 1,103.31 952.85 1,282.20 e) Finance cost 205.85 215.44 290.51 619.16 728.48 976.84 f) Depreciation and Amortisation Exp 189.51 132.59 132.58 452.18 330.40 .506.84

g) Other Expenses 2,723.66 2,567.16 2,286.45 7,372.63 6,352.84 :8,880.71 Total Expenses 8,843.75 8,057.28 8,927.22 24,494.16 25,264.13 33,815:18

v Profit before exceptional and extra ordinary items and Tax( III-IV) 231.69 494.21 992.53 1,418.28 2,886.87 3,642.82 · VI F::ceptionai/Extra Ordinary Items - - - - -VII Profit Before Tax (V-VI) 231.69 494.21 .992.53 1,418.28 2,886;87 3,642.82

' V III Tax Expense

a) Current Tax -49.93 -100.58 -228.44 -305 .62 -643 .85 -861.41 b) MAT Credit 21.02 6.28 58.59 27.30 -21.77 -

c) Deferred Tax -36.42 -117.95 -129.92 -155.81 -197.28 -318.28

IX Profit For The Period (VII-VIII) 166.36 281.96 692.76 984.15 2,023.97 2,463.13

X Other Comprehensive Income

a) Items that will not be reclassified to profit or loss - - - - - 1.54 i

Income Tax related to above - - - - - -0.44 b) Items that wi ll be reclassified to profit or loss - - - - - -

Income Tax related to above - - - - - -

' Tota l Other Comprehensive income for the period( net of tax) - - - - - 1.10

Xl Net Profit after other comprehensive income for the Period (IX+X) 166.36 281.96 692.76 984.15 2,023.97 2,464.23 · XII Paid Up Equity Capital (Face Value of Rs 10 each) 4,650.00 4,650.00 4,650.00 4,650.00 4,650.00 4,650.00 • XIII Other Equity excluding revaluation reserve 10,412.56 XIV Earning Per Equity Share

i) Basic EPS 0.36 0.61 1.49 2.12 4.35 5.30 ii) Diluted EPS 0.36 0.61 1.49 2.12 4.35 5.30 {See accompanying not es to financial result)

>NOTES:

1. Jl'he .above Results have been reviewd by the Audit Committee and approved by the Board of Directors of the Company at its Meeting held on 11th February, .2020. The 'Statutory auditors have carried out a Limited Review of the aforesaid results.

2. This Statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules,2015 (lnd As), prescribed under section 133 of the Companies Act, 2013, and other recognized accounting practices and policies to the extent applicable.

3. The figures have been regrouped /reclassified, wherever nece·ssary.

4. The Disclosure is as per Regulation 33 of SEBI (Listing Obligations & Discloser Requirements) Regulations, 2015. 5. The Company is operating in single segment, so above results are fo r single segment only.

Date: 11th Feb 2020 . Place: Ahmedabad

,o,, A'''"" •••• , & "Wu Ltd . Sh,; Kl 'it Potel )j5J 4-r Chairman & ~g Director (DIN: 03353684)

S.N. SJf)f:J{ e:l )fSSOCI}lfJ!ES

Chartered Accountants

S.N. Shah B.Com., LL . B . , F.C.A., DISA(ICA) Firoj G. Bodla B.Com , F.C.A. Priyam S. Shah B. Com., F.C.A. Palak K. Patel B. Com., F.C.A. Kaivan R. Parekh B. Com., F.C.A. Gaurav R. Sharma B.Com., A.C.A. Bhoomi Patel B. Com., A.C.A. Deepika Saragoi B. Com., A.C.A.

"SAPAN HOUSE", 10-B Government Servant Co-Operative Society, Opp. Municipal Market,

e.G. Road, Ahmedabad - 380 009

Independent Auditor's Review Report On Quarterly Unaudited Consolidated Financial Results and Year to Date Financial Results of Astron Paper & Board Mill Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

Review Report to, The Board of Directors of, Astron Paper & Board Mill Limited Ahmedabad

1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial

Results of Astron Paper & Board Mill Limited ("the Holding Company") and its

subsidiary Balaram Papers Private Limited (together referred to as "Group"), for the

quarter ended 31st December, 2019 ("the Statement") and consolidated year to date

results from 1st April, 2019 to 31st December, 2019, attached herewith being submitted

by the Holding company pursuant to the requirement of Regulation 33 of the SEBI

(Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended),

including relevant circulars issued by the SEBI from time to time.

2. This Statement, which is the responsibility of the Holding Company's Management

and approved by the Board of Directors of the Holding Company, has been prepared

in accordance with the recognition and measurement principles laid down in Indian

Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), prescribed under

Section 133 of the Companies Act, 2013 ('the Act'), as amended, read with relevant

rules issued thereunder and other accounting principles generally accepte :::l:" rril'iifl:~ .-~'Q soC' .

Our responsibility is to express a conclusion on the Statement based on .,'? review. ~

"' * (I)

3. We conducted our review of the Statement in accordance with the Standard on Review

Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the

Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of

India (the ICAI). This standard requires that we plan and perform the review to obtain

moderate assurance as to whether the Statement is free of material misstatement. A

review of interim financial information consists of making inquiries, primarily of persons

responsible for financial and accounting matters and applying analytical and other

review procedures to financial data and thus provides less assurance than an audit. A

review is substantially less in scope than an audit conducted in accordance with the

Standards on Auditing specified under section 143(10) of the Act and consequently, does

not enable us to obtain assurance that we would become aware of all significant matters

that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the Circular issued by the Securities

and Exchange Board of India under Regulation 33(8) of the SEBI (Listing Obligations and

Disclosure Requirements) Regulations, 2015 as amended, to the extent applicable.

4. The statement includes result of Balaram Papers Private Limited being subsidiary of the

Holding Company reviewed by us.

5. Based on our review conducted and procedures performed as stated in paragraph 3

above, nothing has come to our attention that causes us to believe that the

accompanying Statement of Unaudited Financial Results, prepared in accordance with

the recognition and measurement principles laid down in the applicable Indian

Accounting Standards (Ind-AS) specified under section 133 of the Companies Act 2013,

read with applicable rules issued thereunder and other recognized accounting practices

and policies has not disclosed the information required to be disclosed in terms of

regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015 (as amended) including the manner in which it is to be disclosed, or

that it contains any material misstatement.

..-----"---Astron Paper & Board Mill limited § as: -~ f,_ CIN: L21090GJ2010PLC063428

Reg. Office: D- 702, Seventh Floor, Ga nesh Meridi an, Opp. High Court, PAPER~. 9GA>l0 MIL i..

S.G Highway, Ahmedabad- 380060. Statement of Consolidated Unaudited Financial Results for the Quarter Ended 31st December, 2019.

f-~-(Amount in Lac)

Quarter Ended Nine Month Ended Year Ended

Particulars 31Dec 20191 30Sep 2019 1 31 Dec2018 31 Dec 2019 1 31 Dec 2018 31 M ar 2019

Unaudited ! Unaudited! u 'naudited Una.uditedJ Unaudited Audited

INCOME

i Revenue From Operations 9,100.27 8,504.86 9,909.89 25,875.69 28,114.32 37,398.13 II Other Income 1.23 5.06 13.16 21.24 39.98 147.39 Ill Tota l Revenue (1+11) 9,101.50 8,509.92 9,923.05 25,896.93 28,154.30 37.,545.52 IV EXPENSES

a) Cost of Material Consumed 5,330.57 4,982.95 5,442.09 15,402.02 15,389.33 . 20,804.60

b) Purchase of Stock In Trade - 0.97 592.26 6.49 1,578.04 1,581.19 c) Change in inventories of f inished goods, work in progress 192.96 -171.84 -57.48 -82.56 96.13 30.58 d) Employee benefit expenses 449.90 489.95 408.15 1,298.38 1,070.45 1,472.02 e) Finance cost 240.97 259.46 328.89 721.42 793.43 1,089.18

f) Depreciation and Amortisation Exp 208.21 155.56 146.89 508.08 353.51 544.66 g) Other Expenses 2,553.28 2,312.18 2,016.98 6,730.62 5,907.17 8,143.67 Tota I Expenses 8,975.89 '8,029.23 8,877.78 24,584.45 25,188.()6 33,665.90

v Profit before exceptional and extra ordinary items and Tax{ III-IV) 125.61 480.69 1,045.27 1,312.48 2,966.24 3)179.62 VI Exceptional/Extra Ordinary Items - - - - -VII Profit Before Tax (V-VI) 125.61 480.69 1,045.27 1,312.48 2,966.24 3,'879.62 VIII Tax Expense

a) Current Tax -27.07 -103.58 -230.92 -282.82 -£52.06 -841.61 b) MAT Credit 48.99 36.48 6.00 85.47 12.86 71.83 c) Deferred Tax 59.99 -60.89 -71 .86 -56.35 -146.54 -269.04

IX Profit For The Period (VII-VIII) 207.52 352.70 748.49 1,058.78 2,180.50 2,840.80

· X Other Comprehensive Income ! a) Items that will not be reclassified to profit or loss - - - - - -

Income Tax related to above - - - - - -b) Items that will be reclassified to profit or loss - - - - - 1.54

Income Tax related to above - - - - - -0.45 Total Other Comprehensive inwme for the period{ net of tax) - - - - - 1.09

XI Net Profit after other comprehensive income for the Period {IX+ X) 207.52 352.70 748.49 1,058.78 2,180.50 2,841.89 XII Paid Up Equity Capital (Face Value of Rs 10 each) 4,650.00 4,650.00 4,650.00 4,650.00 4,650.00 4,650.00 XIII Other Equity excluding revaluation reserve 10,625.86 XIV Earning Per Equity Share

i) Basic EPS 0.45 0.76 1.61 2.28 4.69 6.11 ii) Diluted EPS 0.45 0.76 1.61 2.28 4.69 6.11 (See accompanying notes to financial result)

NOT·ES:

1. The .above Results have been reviewd by the Audit Committee and approved by the Board of Directors of the Company at its Meeting held .on 11th Feruary, 2020. The statutory auditors have carried out a Limited ReView of the aforesaid results.

2. This 'Statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules,2015 {lnd As), prescribed under section 133 of the Companies Act,

2.013, :anu other recognized accounting practices and policies to the extent applicable.

3. The figures have been regrouped /reclassified, wherever necessary.

4: The Disclosure is as per Regulation 33 of SEBI {Listing Obligations & Discloser Requirements) Regulations, 2015.

5. The Company is operating in single segment, so above results are for single segment only.

Date: 11th Feb 2020 Place: Ahmedabad

For, Astron Pape)WrBoard ill Ltd.

{Ci & Shri Kirit Pate~ v \ { Chairman & Managing Director (DIN: 03353684)

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Average Realizations for Kraft paper by almost 16.50% in last six months,which declinedin line with the fall in Raw Material waste paper in global market. Capacity Utilisation: The Company operated at 103420 MT in 9 months of FY20 comparative production in previous year 9 months were at 90830 MT, being 59.23% capacity utilisation in the 9M of FY20 of its installed capacity of kraft paper of 174,600 MT per annum.And Growth in volume by 13.86%. And Company expects to remain overall utilization at 85% for FY 1920.

Exports: Demand from overseas is strong, especially for the new paper products being developed to cater to the export market. In 3rd quarter exports (including merchant export) accounted for 25.52% of total sales volume of Q3 and In the 9M FY20, exports (including merchant export) accounted for 16.24% of total sales volume near to our target of 20%. Demand from the export market remains strong and should see an increase in contribution to total revenues going forward.

EBIDTA: The EBIDTA for the 9M FY20 at Rs.25.42crores was down by38.19% YoY.The reduction in average realisations in Kraft paper led to an impact on margins, given thelong inventory cycle of imported raw material which has been booked at at high prices and also no reduction in cost of power & fuel. But we would also like to inform that from mid of Dec-2019 price has started improving.

Key Financial Ratios for 9MFY20 & FY19 Particulars 9M FY 2019-20 FY 2018-19 EBITDA Margin % 9.74% 14.69% Net Profit Margin % 2.28% 7.57% Interest Coverage Ratio x 2.83 4.56 Both EBITDA and Net profit margin reduced due to impact ofcontinuous reduction in selling pricein global market and there is also reduction in waste paper price but entire impact of reduction in raw material not reflected in same quarter due to long inventory cycle and also another major cost of power and fuel has also no reduction compare to selling price and the same has resulted in reduction of interest coverage ratio with compare to FY 1819.

Management Comments Commenting on the results Mr.Kirit Patel, Chairman and Managing Director said “We are happy to share with you that our company recently entered into a strategic partnership with Shandong Zhongui Supply Chain Management Co, China. This agreement is for a period of three years during which ABC Paper will transfer

Technology and technical knowledge. We are confident of gaining immensely from this tie-up both in terms of Improving plant operating efficiency &increasing our exports to China. We have over the last two years been increasing our manufacturing capacity, currently standing at 174600 mtpa through expansion and also acquisitions. The demand for Kraft paper both in India and export market is strong, with global move to reduce the use of plastics. We remain confident of the prospects for strong growth and improved profitability in the period ahead because in last two quarters our margin has been reduced due to continuous reduction in selling price by almost 16.50% compare to 1st Quarter of FY20 and which is due to global impact and also longinventory cycle in our case and so it is for short term and from mid of December price has improved. I thank the entire team of for their constant efforts. I would also like to thank all our stakeholders and our valued shareholders, who have reposed faith in our Company and supported us in our growth journey.”

For more details please visit: www.astronpaper.com

For any Investor Relations query please contact:

Uttam Patel, Company Secretary, Email Contact:cs@astronpaper.com

Shahina Mukadam, Investor Relations, Email Contact:shahina@valuewiseir.com Disclaimer : Certain statements in this document may be forward-looking, these are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward-looking statements. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other risk factors, viewers are cautioned not to place undue reliance on these forward-looking statements. Astron Paper & Board Mill Limited will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events.