1. The above results have been reviewed by the audit committee and approved by the Board of Directors at its meetings held on May 26, 2009 and May 27, 2009 respectively.

2. The Audited Accounts are subjected to review by the Comptroller and Auditor General of India under Section 619 (4) of the Companies Act, 1956.

3. a) Other operating income for the year ended March 31, 2009 include net exchange fluctuation gain of Rs 137.49 crore. respectively.

b) Other Expenditure for the year ended March 31, 2008, three months and year ended March 31, 2009 includes net exchange fluctuation loss of Rs 23.67 crore, Rs 188.53 crore and Rs 587.86 crore respectively.

c) Accounting Standard 30 (AS - 30) : Financial Instrument Recognition & Measurement issued by The Institute of Chartered Accountants of India is mandatory with effect from April 01, 2011. However as a matter of prudence the Company had been accounting the mark to market loss on the unexpired Forward Contracts entered into to hedge the risk of changes in Foreign currency exchange rate on future Export Sales against the existing long term contract and accordingly a provision of Rs 62.35 crore had been made upto December 31, 2008 and included in other expenditure. The Mark to Market losses on such unexpired forward contracts as on March 31, 2009 (net of matured with reference to exports effected during the quarter) have reduced to Rs 22.64 crore. Accordingly, the excess provisions of Rs 39.71 crore has been reversed during the quarter and reduced from the other expenditure. However the Company followed the practice of non provision of the same in the earlier period / year (gain Rs 15.84 crore and Rs 12.05 crore for the quarter and year ended March 31, 2008 respectively).

4. The Ministry of Petroleum and Natural Gas has approved revision of pay & allowances of management employees of the Company in line with the DPE approved scales of pay effective from January 01, 2007. The non-management employees wage revision is due for revision effective April 01, 2007 and the negotiation with the employees union is in progress. Pending final calculations in case of management employees and finalisation of negotiation in case of non-management employees. the company has made provisions for wage revision on estimated basis for three months ended March 31, 2009, three months ended March 31, 2008, year ended March 31, 2009 and year ended March 31, 2008 amounting to Rs 1 crore, Rs 16.50 crore, Rs 12 crore and Rs 16.50 crore respectively and the same is shown under Employees Cost.

5. The Company is engaged in refining crude oil and all activities of the Company revolve around this business in single segment. As such there is no other reportable segment as defined by the Accounting Standard 17 on ‘Segment Reporting’ issued by the Institute of Chartered Accountants of India.

6. The Board of Directors have recommended a dividend of Rs 1.20 per equity share (Previous year Rs 1.20 equity share) (12% (Previous year 12%) on par value of Rs 10 per Equity Share) for the financial year ended March 31, 2009, subject to Shareholders approval in the ensuing Annual General Meeting.

7. Figures for the previous year/period are regrouped / rearranged wherever considered necessary.

L K Gupta
Director (Finance)