Date: 16.10.2018

To,

The Secretary BSE Limited Corporate Relationship Dept, 1st Floor, New Trading Ring, PJ Towers, Dalal Street, Fort Mumbai – 400001, Maharashtra.

Sir:

Ref : Scrip Code :531234

Sub: Newspaper Advertisement of Published Financial Results.

Please find enclosed a copy of the newspaper publication of the Financial results for the Quarter and Half year ended September 30, 2018 published on October 16, 2018 in English in Business Standard and in Malayalam in Mangalam.

The same is for your information and record.

Yours’ faithfully

For Victory Paper & Boards (India) Limited

Josmin Jose Company Secretary

QUICK TAKE: MARUTI TO SEE LIMITED IMPACT 1 The Maruti is down on worries over The Smart slowdown in auto sales. But Kotak Securities, which has cut its target price to KOCHI | ~8,522 due to adverse forex movement, TUESDAY, 16 OCTOBER 2018 says the impact on Maruti will be limited, Investor led by price hikes and operating leverage WWW.SMARTINVESTOR.IN.FOR INFORMED DECISION MAKING < CENTRE MAY UNDERSHOOT MF exposure to group NBFCs DISINVESTMENT TARGET The Centre could miss the 2018-19 disinvestment target by 20 per cent, global diversified financial group under regulator’s scanner Macquarie said in a note. This fiscal year’s disinvestment target has been In some cases, the SAFETY FIRST set at ~800 billion. However, in the investment is at Debt schemes’ exposure to NBFC papers first half, the Centre managed to mop has fallen in recent months up a little over 10 per cent. “Divestment 12% of funds corpus (In ~ trillion) has got off to a slow start, with only 10 2.80 per cent having been achieved till now. JASH KRIPLANI Despite the government’s confidence, Mumbai, 15 October there could be 20 per cent downside to TALL ASK So far the Centre has achieved just a he Securities and Exchange Board 2.60 its ~800-billion target,” the brokerage of India (Sebi) is looking into the firm said in a note. Macquarie observed fraction of the target (~ bn) 2.35 exposure taken by certain fund that the government would have to „Target „Achievement T 2.40 houses to debt papers of their own reply on big-ticket share sales in group’s non-banking financial compa- 1,000 2.27 companies such as Coal India, ONGC, nies (NBFCs), said people privy to the 725 800 development. 2.20 and ITC to shore up the In some cases, the exposure of a debt Apr ‘18 Sep ‘18 disinvestment kitty. Another option scheme to its group’s NBFCs is as high as Source: Securities and Exchange Board of India before the government is to push 12 per cent of the plan’s total corpus. ILLUSTRATION: AJAY MOHANTY government-owned companies for 92 Further, some of these investments fund house. Experts say while regulato- houses had taken significant exposure to in NBFCs in recent months. Data from large buybacks, it said. Last week, Nalco are in papers that are rated AA — known ry guidelines on this front would be help- debt papers issued by IL&FS and its sub- Sebi shows that fund houses cut their announced ~5-billion share buyback. FY18 FY19 to be relatively less liquid. While Sebi ful, investors should closely monitor the sidiaries. These schemes had to take exposure to debt papers of NBFCs by guidelines are not clear on the exposure portfolio of the schemes. sharp haircut on their exposures follow- ~220 billion in September. The exposure Cochin Shipyard is likely to announce limits to multiple group companies oper- “More clarity on the regulatory front ing the multi-notch downgrade of parent of debt schemes to NBFC papers stood at share repurchase programme on LIMITED OPTIONS ating in the same sector, they restrict will help in dealing with the risks related IL&FS. As these markdowns impacted ~2.27 trillion in September, down from Tuesday. Reports suggest large PSUs, Macquarie says the Centre could fall short of exposure to debt instrument of a single to such concentrated group exposures. NAVs of the schemes, investor returns ~2.66 trillion in July. including Indian Oil, ONGC and Oil the disinvestment target issuer to 10 per cent of a scheme’s net For investors, they must avoid schemes were also hit. The fear of contagion risk from the IL- India, too, are likely to consider ONGOING DISINVESTMENT PLANS asset value (NAV). Sources said Sebi is where the same short-term papers are Moreover, the default of IL&FS, which &FS default led to large outflows from buybacks. Market experts are of the closely monitoring lapses in risk man- getting rolled-over or multiple schemes had a quasi-sovereign status, created a the liquid and income schemes in Septe- opinion that besides the conventional Coal India - 5% stake sale 110 agement and could even come out with of a fund house are having exposure to liquidity crunch for NBFCs that rely mber. The combined net outflows from ONGC - 5% stake sale 89 more specific guidelines, if needed. debt papers of group companies across heavily on the corporate market. these plans amounted to ~2.4 trillion, 10 share sales and buy backs, the Centre Officials in the indus- different maturities. Such transactions Some AAA-rated debt papers of NBFCs per cent of the industry’s total assets will have to come out with something CPSE ETF 60 try are discussing ways to mitigate risks could mean that there is foul play,” said saw a spike of 200-300 basis points in under management as of August. While “out of the box” to have a real shot at IPOs - IRCON, Garden Reach 8 so that investor money stays protected. Vidya Bala, head of mutual fund (MF) their yields. The tight liquidity environ- experts suggest the MF industry was larg- meeting the target. “It will be OTHER OPTIONS “One of the ways in which fund houses research at FundsIndia. ment made it difficult to even offload ely able to meet the redemption requests interesting to see if the government can avoid credit risks is by avoiding con- The IL&FS default has put the spot- commercial papers of duration of as low this time, industry officials are putting SUUTI stake in ITC, AXIS Bank centrated exposures to AA or lower-rat- light on risk-management practices in as one or two days. Debt fund managers proposals in place so that the sector is ends up doing something like the ONGC–HPCL deal to push up OFS — NBCC, IOC, Hudco, BEL 450 ed papers,” said a senior official of a large the ~22-trillion MF industry. Some fund have been scaling back their investments better-equipped to deal with risks. Buybacks — NTPC, NHPC collections,” noted Macquarie. Last Other IPOs fiscal year, ONGC had acquired the Total 717 government’s 51 per cent stake in HPCL Source: Dipam, Macquarie Research; Note: As on THE COMPASS EM bulls start for ~370 billion. SAMIE MODAK September 2018 IndusInd Bank: IL&FS worries spook to overtake the Street, Q2 net profit grows at 5% bears: Survey Growth slowest in 42 quarters due to contingency The bulls are finally starting to assets. “The majority of EM provision related to loans to IL&FS outweigh the bears in emerg- countries are in relatively ing markets (EMs). After two healthy economic shape in HAMSINI KARTHIK per cent last year to 6.54 per quarters of declines, develop- both external and domestic cent, weighed on NIM. ing-nation assets will find a terms.” But there are head- IndusInd Bank, one of India’s This, given that yield on floor, and remain stable in the winds. The Federal Reserve’s top private sector lenders, is advances has only increased final three months of the year rate path, China’s growth among the few not to disap- from 11.27 per cent to 11.44 as central banks from prospects amid an escalation point the Street on the earn- per cent in Q2. Kumar is, Argentina to Turkey move to in trade frictions with the US, ings front. But the September however, hopeful that as the defend their currencies, a and rising oil prices are among quarter (Q2) was different, fresh loans (lent on fixed Bloomberg survey shows. the biggest risks, the survey thanks to IndusInd setting interest rate) mature, the Latin America eclipsed showed. aside ~2.75 billion as contin- bank will stand to gain. Eastern Europe, the Middle As part of the survey, gent provision towards the Another observation in Q2 East and Africa as the region respondents were asked to rank beleaguered Infrastructure is a faster growth in its whole- with the best prospects for cur- the most important drivers for Leasing & sale lending book at 35 per rencies and bonds, while Asia the emerging markets. Mexico (IL&FS). Thus, net profit cent, compared to 29 per cent was at the top for equities, was the favourite pick for all came at ~9.2 billion, up just 5 could be one-off. “Even growth posted by retail book according to the survey of 26 three assets — currencies, per cent year-on-year — the assuming another quarter of — possibly indicating a grow- investors, traders, strategists. bonds and equities — that weakest quarterly growth pain, I see downside risks of ing competition in the retail Mexico’s assets ranked as respondents expected to out- since March 2008. another ~2.75–3 billion,” says space. Nonetheless, overall the most favoured following perform in the current quarter. Adding up the contin- Rakesh Kumar of Elara loan growth at 32 per cent in the country’s presidential elec- Optimism for the new trade gency provisioning, the total Capital. However, given the Q2 (best in three years) tions, while Argentina and accord, which will replace the provisioning cost doubled to stock reaction, it seems the helped IndusInd expand its Turkey, which have faced North American Free Trade ~5.9 billion in Q2, marking the Street is awaiting more clari- net interest income by 21 per homegrown problems that Agreement, and a more mar- steepest acceleration in this ty on this front. cent to ~22 billion, and pre- fuelled contagion risks, were ket-friendly stance from metric in recent years. To The other niggling aspect provisioning profit by 22 per seen likely to continue under- President-elect Andres Manuel soothe investors, the bank in Q2 was further fall in prof- cent to ~20 billion in Q2. performing, the September 25 - Lopez Obrador have been sup- has indicated it does not itability. Measured as net With operational num- October 2 poll showed. porting the assets. The Mexican expect to take a further hit on interest margin (NIM), the bers holding strong, the Q2 “Some confidence in EM peso has strengthened more the account, as it is currently metric, which has been com- showing seems to be one-off. has been restored following than 4 per cent against the dol- classified as a standard loan. ing off from the 4 per cent While analysts would keep a strong policy responses in both lar this year — the only curren- Moreover, the loan being peak a year ago, fell to a watch on provisioning and Argentina and Turkey, and a cy that has risen among 22 secured against steady cash recent low of 3.84 per cent in NIM, they believe any cor- lighter political calendar major peers tracked by flows, analysts say trouble Q2. Cost of deposits, which rection would offer a good ahead,” said Marcelo Assalin, Bloomberg. Argentina and from the IL&FS exposure has gone up sharply from 5.9 entry point in the stock. head of emerging markets debt Turkey are at the bottom, with at NN Investment Partners in their currencies sinking almost The Hague, which oversees the 50 per cent and 40 per cent, Fresh triggers kick in for Natco Pharma, equivalent of $280 billion in respectively. BLOOMBERG firm hopes to do better in second half Market share gains for copaxone drug will be gradual Sensex up 132 pts on

UJJVAL JAUHARI time. For generic of Revlimid (multiple myeloma treat- buying in IT Natco Pharma, which had ment drug), after certain fallen sharply by 20 per cent amendments to ANDAs PRESS TRUST OF INDIA INTRA-DAY in the past one month, and is (abbreviated new drug appli- Mumbai, 15 October currently trading near its 52- cations), if Natco can get MOVES week lows, surged over six approval by FY19-end, it can Extending gains for the second per cent on Monday. These significantly boost earnings. straight day, the benchmark gains follow a favourable Analysts estimate the addi- BSE Sensex on Monday surged judgment by a US court with tion to Natco's stock value on about 132 points to end at respect to Copaxone drug, account of this drug at ~217. 34,865.10 on the emergence of and is among the last few As a strategy, Natco buying in IT stocks, even as patent infringement cases launches complex (difficult headwinds in form of ongoing Natco's partner Mylan is to manufacture) molecules global trade tiff and rising defending. With this, and a increased, the June quarter in partnership with larger crude prices continued to hit good show expected in sec- was soft for Natco. peers. Ranvir Singh at investor sentiment. ond half of 2018-19, there Analysts are of the opin- Systematix Shares says Natco The NSE index Nifty gained Compiled by BS Research Bureau could be more gains ahead ion that Copaxone remains a has had a history of surpris- 40 points to close at 10,512.50. for Natco, which is among complex molecule, and will ing with earlier than expect- Investors’ mood remained Research, Geojit Financial top domestic drug makers see limited competition for ed launches of complex cautious owing to fresh weak- Services, said. that also exports to global long, allowing gradual mar- drugs, and expects the profit- ness in the rupee on rising The rupee again breached markets. ket share gains for Natco. share from key products in crude oil prices and a subdued the 74-mark against the dollar The latest news also eas- Analysts at Antique Stock the US to bounce back in the trend at other Asian markets, to quote at 74.05 (intra-day) in es earlier concerns on the Broking said while Mylan second half of FY19. The following worries over Sino-US the forex market. Brent crude, company's market share in had indicated it was likely to guidance of 15-20 per cent trade dispute, possible slow- the international benchmark, multibillion-dollar multiple be aggressive in gaining the growth in domestic formula- down in the Chinese economy, was trading higher by 0.98 per sclerosis treatment drug market share, the growth in tions business in FY19, and and signs of tighter monetary cent, to $81.79 per barrel. Copaxone generics. Natco market share was likely to be stabilisation in its Hepatitis- policy by the US Federal “Rupee continued to be had launched the product in back-ended. C business are also positive. Reserve. under pressure as oil prices collaboration with Mylan a Meanwhile, generics of Those at Antique Stock “Market traded in a range- started to move up due to sud- year ago. Copaxone, along drugs such as Traclear Broking say Natco remains bound manner, and ended on den spurt in tension between with generics of Tamiflu (flu (hypertension control) and one of the few Indian phar- a positive note. However, neg- the US and Saudi Arabia. Q2 treatment), had given signif- Imatinib Mesylate (oncolo- ma companies to have medi- ative sentiments over a slowing result season began on a posi- icant boost to Natco's earn- gy), whose deadlines for reg- um-term revenue visibility, world economy owing to trade tive note, with Index heavy ings in the second half of ulatory approvals are near- a potentially sticky emerging war and rising cost of funds is weights such as IT and FMCG 2017-18. But, as the flu season ing, could also provide markets portfolio and strong continuing to impact the mar- delivering in-line with expec- declined and competition triggers if approvals come in domestic oncology franchise. ket,” Vinod Nair, Head of tation,” Nair said.