1. Net Sales for the full year 2008 have increased by 23.4% and for the quarter ended December 31, 2008 have increased by 21.7% compared with the same period of 2007. Domestic Sales for the year increased by 25.6% due to increase in volumes as well as realisations. The increase in Export sales by 2.6% is mainly due to the depreciation of Indian Rupee.

2. Other Income has increased largely due to higher rate of return supplemented by higher liquidities.

3. Profit from Operations before Impairments, Contingencies etc. for the year grew by 24.1%. The margin improvement to 18.0% from 17.9% is due to scale. Staggered price increases and cost optimization initiatives have contributed to offset steep increase in commodity prices like milk solids, green coffee, fuels, vegetable fat etc.

Reported Net Profit for the year has increased by 29.1% over 2007 with margin improvement to 12.3% from 11.8%, This has been positively Influenced by the tax holiday at Pantnagar for the full fiscal year ending March 31, 2008. However, factoring the tax benefit for only the calendar year 2008, the Net Profit has grown by 26.3%.

4. Provision for Contingencies (Net) for matters related to operations and others result mainly from matters relating to litigation/dispute in accordance with the Accounting Standard on Provisions, Contingent Liabilities and Contingent Assets (AS-29).

5. As the Company’s business activity falls within a single primary business segment, namely Food, the disclosure requirements of Clause 41 of the Listing Agreement in terms of Accounting Standard on Segment Reporting (AS-17) are not applicable.

6. The Board of Directors has recommended a final dividend for 2008 of Rs 12.00 per equity share (nominal value Rs 10/- per equity share). This is in addition to the two interim dividends for 2008 of Rs 8.50 & Rs 14.50 per equity share paid in May 2008 and November 2008 respectively, and the special dividend of Rs 7.50 per equity share paid in November 2008 pursuant to the Scheme of Arrangement. Aggregate of all aforesaid dividends is Rs 42.50 per share.

7. Previous period´s figures have been regrouped/ reclassified wherever necessary, to make them comparable.

The above results & this release have been reviewed by the Audit Committee of the Board & approved by the Board of Directors at their meeting held on March 06, 2009.

Martial G Rolland
Chairman and Managing Director