1. The outstanding guarantees issued by the company on behalf of the subsidiaries / associates as on date amounts to Rs 6,912.56 Crore. Although certain guarantees have been invoked, the concerned subsidiary has undertaken to honuor the commitment. Till date there has been no devolvement in respect of any of the guarantees.

2. Tax expense includes income tax, Fringe Benefit Tax and Deferred tax liability.

3. The investment in subsidiaries (including step down subsidiaries) are considered as long term strategic investments and diminution in their market value / net worth of certain subsidiaries is considered temporary and has not therefore been considered in the accounts.

4. Figures for the comparable period / year have been re-grouped wherever necessary.

5. A limited review of the above financial results has been carried out by the Statutory Auditors of the Company.

6. The above un-audited financial results have been reviewed by the Audit Committee and taken on record by the Board of Directors at the meeting held on April 27, 2009.

R N Pillai
Managing Director