Orient Paper & Industries Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2018

1. The above results were reviewed by the Audit Committee and taken on record by the Board of Directors of the Company at their respective
meetings held on 23rd January, 2019. The financial results for the quarter ended 31st December, 2018 have been subjected to limited review
by the Company's Statutory Auditors.

2. Tax expenses include deferred tax and is after adjusting MAT credit entitlement.

3. The Company's application to the Central Government seeking waiver of excess remuneration paid to Managing Director for the financial
year 2015-16 has been abated consequent upon notification of Companies (Amendment) Act, 2017 on 12th September, 2018. The Company is in the process of obtaining requisite shareholder's approval within the prescribed time line.

4. Post applicability of Goods and Service Tax (GST) w.e.f. 1st July, 2017, revenue from operations is disclosed net of GST. However, revenue
for the nine months ended 31st December, 2017 is inclusive of excise duty for the period up to 30th June, 2017. Accordingly, revenue from
operations and total expenses for the nine months ended 31st December, 2018 are not comparable with the corresponding period presented in the results.

5. Effective 1st April, 2018, the Company has adopted Ind AS 115 "Revenue from Contracts with Customers" using the modified retrospective
approach which is applied to contracts that were not completed as of 1st April,2018. Accordingly, the comparatives have not been retrospectively adjusted. The effect on adoption of Ind AS 115 was insignificant on the financial results for the current quarter.

6. The Company is primarily engaged in single reportable operating segment viz. Paper and hence no segment disclosure is required.

7. Previous period figures have been regrouped / rearranged wherever necessary to conform to the current period's classification.

M L Pachisia
Managing Director