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Founders' message

The greater the challenge,
the more spirited is our response

We are proud to present the performance of Emami Limited for 2020-21.

We are happy with an important reality that could possibly get over-shadowed by the attention being paid to the record numbers of our performance for the year. This reality was the resurgence of the distinctive Emami spirit.

This leap of faith was validated in 2020- 21. The circumstances were challenging in an unprecedented way. A nationwide lockdown affected consumer sentiment national morale and the intra-country movement of most products and services. The disruptions caused by the severity

of the pandemic was difficult to address. There was an erosion in savings that affected people's willingness to spend. Seldom have we witnessed so many unprecedented challenges coming together in such a short period as we did during the first quarter of the last financial year.

In this challenging hour, Emami delved into its personality to leverage its distinctive spirit. This spirit was about demonstrating the courage to counter convention. The spirit was about whispering 'Yes' to oneself with assured self-confidence when the rest of the world was telling us 'No!' The spirit was about of taking a leap of faith when the rest of the sector was hesitant. The spirit was about engaging deeper and helping humankind deal with an unprecedented crisis. The spirit was about getting every single Emamian across levels and locations to collaborate with the objective of prevailing. The spirit was about leveraging the power of our research, product development, supply chain and distribution to put products on shelves across the country. The spirit was about doing everything 'now'.

The outcomes of this agile spirit extended into numerical and financial achievements during the year under review. Emami emerged a more purpose-driven and happier company; Emami emerged a more integrated company; Emami emerged a more employee-driven company where each individual made a difference.

Even as we were addressing the unprecedented reality of the pandemic on the one hand, Emami was engaged concurrently in restructuring its business on the other. This ability to manage the needs of the moment and the future translated into the ability to transform an unprecedented challenge into a decisive opportunity. The superior business outcomes flowed from this distinctive spirit. Emami's growth was formidable: revenues grew by 8% but EBIDTA strengthened by 28% and profit after tax grew by 50%.

On the one hand, these numbers represent the culmination of various investments we made during the last couple of years, responding to the challenges that had arisen from the economic slowdown and demonetisation. On the other hand, these numbers represent the foundation of the next phase of our Company when growth is expected to be quicker, decisive and marked by a wider competitive moat.

If there is a singular message that we would like to leave for our shareholders, it would be this: the Emami body language will re-assert during the current year as well.

RS Agarwal | RS Goenka
Founders