1.The growth in Net Sales (net of excise duty), excluding the Fine Chemicals business which was divested last year, was 10.1% and in Profit before Tax and Exceptional Items was 14.6% for the year ended 31st December, 2008 on a comparable basis. The growth in Gross Sales was impacted due to the sale of the Fine Chemicals business as on 30th September, 2007 and on account of lower selling prices as a result of the benefit of excise duty reduction being passed on to the consumer.

The figures for the year ended 31st December, 2008 are not comparable with those of the previous year in view of the sale of the Fine Chemicals business on 30th September 2007.

2.Exceptional items (net of tax) for the year ended 31st December, 2008 include profit on sale / redemption of investments Rs. 14603 lakhs and actuarial provision on employee benefits Rs. 1551 lakhs.

3.The Company has only one reportable segment which is Pharmaceuticals. Accordingly, no separate disclosures of segment information have been made.

4.There were no investor complaints pending as at the beginning of the quarter. The Company has received 6 complaints from the investors during the quarter and all of them have since been resolved, leaving no investor complaints unresolved at the end of the quarter.

5.The Board of Directors recommends a Dividend of Rs. 22 per equity share (Previous year Rs. 18 per equity share) and a special additional Dividend of Rs. 18 per equity share (Previous year Rs. 18 per equity share).

6.The figures for 2007 have been regrouped wherever necessary to facilitate comparison.

7.The above Results were reviewed by the Audit Committee and were thereafter approved by the Board of Directors at their respective meetings held on 18th February, 2009.

Dr. Hasit B. Joshipura
Managing Director