1. The above audited results have been taken on record in the meeting of Board of Directors held on November 14, 2008.

2. The Depreciation on Cogen Assets upto September 30, 2007 was computed on written down value method From the financial year beginning October 01, 2007 the method of depreciation on Cogen assets has been changed to Straight Line Method. The effect of written back of depreciation with retrospective effect is Rs 182 Million which is accounted in the 1st Quarter.

3. 6,000,000 Equity Shares of Re 1/- each at a premium of Rs 61.571 per share were allotted on September 11, 2008 to promoters on exercise of options available through equity warrants allotted on September 07, 2007.

4. 18,000,000 Warrants Convertible into equity of Re 1 each at a premium of Rs. 113.37 per share having an option to exercise over a period of 18 months were allotted on September 11, 2008 on preferential basis to the promoters The allottees have deposited 10% of the entire value including amount of premium as par the terms of the issue.

5. The Consolidated financial results of the current quarter ended September 30, 2008 have been prepared in accordance with the Accounting Standards.

6. The Equity Shares of the Company have been sub divided w.e.f. April 21, 2008 from Rs 10 each fully paid up into 10 equity shares of Re 1/- each fully paid up. The Earnings Per Share for the current quarter and the current year ending September 30, 2008 has been worked out on the number of split shares of Re 1 each.

7. The Consolidated financial results include the audited results of all subsidiaries.

8. The Directors recommend a dividend of Re 0.20 per share (20%) subject to approval of Shareholders.

9. Previous years figures have been regrouped wherever necessary.

Narendra Murkumbi
Vice Chairman & Managing Director