1. The Company is engaged in the business segment, namely Engineering & Construction only. No separate geographical segment disclosure is considered necessary as the Company is engaged in the business only within India where uniform business conditions of significant nature prevail.

2. The Company’s claim for deduction under Section 80 IA of the Income Tax Act, 1961 for the Assessment Years 2001-02 to 2006-07 has been disallowed by the Income tax authorities in respect of which the Company had preferred an appeal. The claim of the Company has been disputed by the Tax Authorities and the matter was referred to the special bench of the Income Tax Appellate Tribunal. The Hon’ble ITAT has remanded back the Case to the Assessing Officer with a direction to consider the allowability of the deduction Under Section 80IA of the Act. Hence the tax effect amounting to Rs 14090 lakhs upto March 31, 2009 (Rs 10355 lakhs up to March 31, 2008) in respect of the above deduction has not been provided. Based on professional advice, management is of the view that the provisions made for taxation are adequate.

3. The Board of Directors recommended a dividend for the year 2008-09 @ 70% i.e. Rs 1.40 Per equity share of Rs 2/- each.

4. Figures were regrouped wherever necessary to facilitate comparison.

5. The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on May 29, 2009.

E Sudhir Reddy
Chairman & Managing Director