1. The results for the year ended March 31, 2009 are not comparable with the corresponding previous year as these accounts include:

a. Interest of Rs 11341 lakhs on the External Commercial Borrowings (ECB) of USD 475 million to part finance the acquisition of General Chemicals Industrial Products Inc. (GCIP) completed on March 27, 2008.

b. The notional exchange loss charged to the Profit and Loss Account of Rs 11066 Lakhs on the aforesaid loan, accounted in accordance with Accounting Standard 11, read with notification issued by Ministry of Corporate Affairs dated March 31, 2009 included in item no. 8. (see note 4 below).

The repayment of aforesaid loan commences from June 2012.

2. During the year fertiliser bonds of Rs.101906 Lakhs were received in settlement of subsidy receivable.

Out of the same, bonds worth Rs. 51627 lakhs were sold at a loss of Rs. 2337 lakhs during the year. On the balance bonds a mark to market loss of Rs. 5466 lakhs as on March 31, 2009 has been considered in item no. 2(j).

3. Cement cash Generating Unit was impaired in the year 2004-05. The same is reversed in the current year considering the improvement in margins.

4. The Company has exercised the option granted vide notification dated March 31, 2009 issued by the Ministry of Corporate Affairs and accordingly the exchange differences arising on revaluation of long term foreign currency monetary items for the year ended March 31, 2008 and 2009 have been recognised over the shorter of the maturity period or March 31, 2011. The amount amortised during the current year is Rs 12497 lakhs included in item no.8. Due to this, profit after tax for the current year is higher by Rs 24497 lakhs.

5. Segment Information has been presented in the Consolidated Financial Statements as permitted by Accounting Standards (AS-17) on Segment Reporting as notified under the Companies (Accounting Standards) Rules, 2006.

6. The consolidated results of the Group for the period are as follows : (Rs in Lakhs)

For the Year ended March 31, 2009 (Audited)

Revenue from Operations - Rs 1225766 Lakh
Net Profit after Tax - Rs 64810 lakh
Basic EPS - Rs 27.59
Diluted EPS - Rs 26.19

7. The Directors have recommended payment of dividend at Rs 9 per share aggregating to Rs.24762 Lakhs (previous year Rs 24715 lakhs @ Rs. 9 per share) including dividend tax.

8. The previous period figures have been regrouped / rearranged wherever necessary.

9. The above results were approved by the Board of Directors and the same have been audited by the Statutory Auditors.

Ratan N Tata
Chairman