1. The Company has opted for accounting the exchange different arising on reporting of long term foreign currency monetary items in line with the Companies (Accounting Standard) Amendment Rules 2009 on AS 11 notified by the Ministry of corporate Affairs on March 31, 2009. Accordingly, the company has capitalized exchange, difference, amounting to Rs 11308 lacs to the cost of fixed assets and the balance amount Rs 15960 lacs (Consolidated Rs 27509 lacs) transferred to Foreign Currency Monetary Items Translation Difference Account. The exchange gain amounting to Rs 10306 lacs credited to Profit & loss account in the previous year is now reversed through General reserve. Accordingly the results for the pervious periods / year were recasted to reflect the said changes.

2. Exceptional items for the year include:

(i) Gain of Rs 5907 lacs an buyback of Foreign Currency Convertible Bonds of US $60.90 million due in FY 2011 and FY 2012.

(ii) Provision of loss of Rs 9429 lacs (Consolidated Rs 10130 lacs) an mark to market of unutilized Forward covers outstanding as on March 31, 2009.

3. Tax expense is net of deferred tax credit and applicable MAT credit entitlements.

4. Jubilant Employee Welfare Trust purchased 5,371,747 equity shares of the Company from the open market, out of loan provided by the Company.

5. The Board has recommended a dividend of Rs 1.50 per equity share of Re 1 totaling to Rs 2589.25 lacs, subject to approval in Annual General Meeting.

6. Previous year figures are not comparable due to acquisition of Draxis Health Inc. Canada and Specialty Molecules Ltd during the year. Figures for previous period / year have been regrouped / reclassified / restated wherever considered necessary.

7. The above Financial Results were taken on record by the Board of Directors at the meeting held on April 28, 2009.

Shyam S Bhartia
Chairman & Managing Director